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"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2021-03-28T00:00:00/2022-03-27T00:00:00",
"unit": "iso4217:GBP"
}
},
"f19425": {
"value": "2478700000",
"decimals": -5,
"dimensions": {
"concept": "fgp:CashReceivedOnSellingDivisions",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-26T00:00:00",
"unit": "iso4217:GBP"
}
},
"f19426": {
"value": "158700000",
"decimals": -5,
"dimensions": {
"concept": "fgp:CashSoldOnSellingDivisions",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-26T00:00:00",
"unit": "iso4217:GBP"
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"f19517": {
"value": "1 General information
\nFirstGroup plc is a company incorporated in the United Kingdom under the Companies Act\u00a02006. The address of the registered office is 395
\nKing Street, Aberdeen, Scotland, United Kingdom AB24 5RP. The nature of the Group\u2019s operations and its principal activities are set out in
\nthe Strategic report on pages 04\u201182.
\nThese financial statements are presented in pounds Sterling. Foreign operations are included in accordance with the accounting policies set
\nout in note\u00a02.
\n2
Significant accounting policies
\nBasis of accounting
\nThe financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) in conformity with the
\nrequirements of the Companies Act\u00a02006 (IFRS) and the applicable legal requirements of the Companies Act\u00a02006, in addition to complying
\nwith international accounting standards in conformity with requirements of the Companies Act\u00a02006.
\nThe consolidated financial statements of FirstGroup plc comply with UK\u2011adopted international accounting standards and with the
\nrequirements of the Companies Act\u00a02006. These financial statements are also prepared in accordance with IFRSs as issued by the IASB,
\nincluding interpretations issued by the IFRS\u00a0Interpretations Committee, as there are no applicable differences from IFRSs as issued by
\nthe IASB for the periods presented. There were no unendorsed standards effective for the period ended 25\u00a0March\u00a02023 affecting these
\nconsolidated and separate financial statements.
\nThe financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments, and on a
\ngoing concern basis as described in the going concern statement within the Strategic report on page 77.
\nAs set out on page 77, the Group has undertaken detailed reviews of a range of severe but plausible financial and operational scenarios
\nusing financial outlook modelling. Based on their review of the financial forecasts and having regard to the risks and uncertainties to which
\nthe Group is exposed, the Directors believe that the Company and the Group have adequate resources to continue in operational existence
\nfor at least a 12\u2011month period from the date on which the financial statements were approved. Accordingly, the financial statements have
\nbeen prepared on a going concern basis.
\nThe financial statements for the 52\u00a0weeks ended 25 March 2023 include the results and financial position of the First Rail business for the
\nyear ended 31\u00a0March\u00a02023 and the results and financial position of all the other businesses for the 52\u00a0weeks ended 25\u00a0March\u00a02023. The
\nfinancial statements for the 52\u00a0weeks ended 26\u00a0March\u00a02022 include the results and financial position of the First Rail businesses for the year
\nended 31\u00a0March\u00a02022 and the results and financial position of all the other businesses for the 52\u00a0weeks ended 26\u00a0March\u00a02022.
\nBasis of consolidation
\nThe consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its
\nsubsidiaries). Control exists when the Company has power over an investee entity, exposure to variable returns from its involvement with the
\nentity and the ability to use its power over the entity to affect its returns.
\nNon\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity interest therein. The present ownership interests
\nof non\u2011controlling shareholders entitle their holders to a proportionate share of net assets upon liquidation, and may initially be measured
\nat fair value, or at the non\u2011controlling interests\u2019 proportionate share of their fair value of the acquiree\u2019s identifiable net assets. The choice of
\nmeasurement is made on an acquisition by acquisition basis. Other non\u2011controlling interests are initially measured at fair value. Subsequent
\nto acquisition, the carrying amount of non\u2011controlling interests is the amount of those interests at initial recognition plus the non\u2011controlling
\ninterests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non\u2011controlling interests even if this results in
\nthe non\u2011controlling interests having a deficit balance.
\nThe results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date
\nof acquisition or up to the effective date of disposal, as appropriate.
\nWhere necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those
\nused by the Group.
\nAll intra\u2011group transactions, balances, income and expenses are eliminated on consolidation.
\nRestatements
\nDuring the year, management reassessed the classification of cash flows in relation to capital grants received from the Department for
\nTransport (DfT) and Transport Scotland, which had previously been reported within net cash from operating activities. As these grants
\ntypically relate to the funding of capital investment by the Group, management concluded that these cash flows represented investing
\nactivities, rather than operating activities, and accordingly have classified them as such in the FY\u00a02023 financial statements and restated the
\nFY\u00a02022 presentation. The consolidated cash flow statement and the net cash from operating activities note\u00a0(note\u00a032) have been updated
\nto reclassify the capital grant funding. In the FY 2022 restatement, an inflow of \u00a377.6m was reclassified from operating activities to investing
\nactivities.
\n
\n
\nBusiness combinations
\nThe acquisition of subsidiaries is accounted for using the acquisitions method. The consideration for each acquisition is measured at the
\naggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the
\nGroup in exchange for control of the acquiree. Acquisition\u2011related costs are recognised in the income statement as incurred.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS\u00a03 Business
\nCombinations are recognised at their fair value at the acquisition date.
\nAssets and disposal groups held for sale and discontinued operations
\nNon\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be
\nrecovered primarily through sale rather than through continuing use. This condition is regarded as met only when the sale is highly probable
\nand the asset is available for immediate sale in its present condition. Management must be committed to the sale which should be expected
\nto qualify for recognition as a completed sale within one year of the date of classification.
\nSuch assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on
\ninitial classification as held for sale and subsequent gains and losses on remeasurement are recognised in profit or loss.
\nA disposal group qualifies as a discontinued operation if it is a component of an entity that either has been disposed of, or is classified as
\nheld for sale, and:
\n\u25a0
\nrepresents a separate major line of business or geographical area of operations; or
\n\u25a0
\nis part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or
\n\u25a0
\nis a subsidiary acquired exclusively with a view to resale.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after
\ntax from discontinued operations in the income statement.
\nGoodwill and intangible assets
\nGoodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill is measured as the excess of the
\nsum of the consideration transferred, the amount of any non\u2011controlling interest in the acquiree and the fair value of the acquirer\u2019s previously
\nheld equity interest (if any) in the entity over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
\nFor the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units (CGUs) which are tested for
\nimpairment annually, or more frequently where there is an indication that the CGU may be impaired. If the recoverable amount of the CGU
\nis less than the carrying amount of the CGU, the impairment loss is allocated to the goodwill of the CGU and then to the other assets of the
\nCGU pro rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in
\na subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the
\ndetermination of the profit or loss on disposal.
\nComputer software is recognised separately as an intangible asset and is carried at cost less accumulated amortisation and accumulated
\nimpairment losses. Costs include software licences, website development, costs attributable to the development, design and
\nimplementation of the computer software and internal costs directly attributable to the software.
\nThe existing finite life intangible assets have a residual value of nil and are amortised on a straight\u2011line basis over their useful economic lives
\nas follows:
\n\u25a0
\nCustomer contracts \u2013 over the estimated life of the contract (nine to ten years)
\n\u25a0
\nFranchise agreements \u2013 over the initial term of the franchise (two to ten years)
\n\u25a0
\nSoftware \u2013 over the estimated life of the software (three to five years)
\nRevenue recognition
\nUnder IFRS\u00a015 revenue is recognised when control of a good or service transfers to the customer. The point at which goods and services
\nare transferred to the customer is based on the fulfilment of performance obligations.
\nAs the Group has the right to consideration corresponding directly with the value of performance completed to date, customer contract
\nrevenue is recognised consistent with the amount that the Group has a right to invoice. The Group is therefore exercising the practical
\nexpedient not to explain transaction prices allocated to unsatisfied performance obligations at the end of the reporting period.
\nRevenue principally comprises revenue from train passenger services, road passenger transport, and certain management and maintenance
\nservices in the UK. Where appropriate, amounts are shown net of rebates and sales taxes. An explanation of the types of revenue is set
\nout\u00a0below.
\nNote that revenues include contractual and direct fiscal support as a result of coronavirus, including post\u2011pandemic recovery funding. This is
\ncovered in more detail further on in this note.
\n
\n
\n
\nPassenger revenues
\nPassenger revenues primarily relate to ticket sales through First Bus and First Rail. Passenger revenue is recognised at both a point in
\ntime and over time. Ticket sales for journeys of less than one week\u2019s duration are recognised on the first date of travel. Ticket sales for
\nseason tickets, travel cards and open\u2011return tickets are initially deferred then recognised over the period covered by the relevant ticket.
\nConcessionary amounts are recognised in the period in which the service is provided.
\nContract revenues
\nContract revenues mainly relate to tenders in First Bus, and in the prior year to First Student school bus contracts and First Transit contracts
\nin North America. Revenues are recognised as the services are provided over the length of the contract and based on a transaction price
\nwhich is defined in the terms of the contract.
\nCharter/private hire
\nCharter and private hire predominantly related to charter work in First Student (generated before the sale of the division in the prior year) for
\nboth school districts with extracurricular activities and third parties with general transportation needs. Revenue was recognised over the
\nperiod in which the charter/private hire was provided to the customer.
\nRail contract subsidy receipts
\nRevenue in First Rail includes subsidy receipts from the Department for Transport (DfT) for Emergency Measures Agreements (EMA),
\nEmergency Recovery Measures Agreements (ERMA), National Rail Contracts (NRC) and amounts receivable under these arrangements
\nincluding certain funded operational projects. Revenue also includes amounts attributable to the Train Operating Companies (TOCs),
\npredominantly based on models of route usage, by the Railway Settlement Plan in respect of passenger receipts. Revenue is recognised
\nover time as the performance obligations are met as agreed between the individual TOCs and the DfT.
\nOther revenues
\nOther revenues mainly relate to non\u2011rail subsidies, revenue arising from ancillary services to other rail and road passenger service providers
\nfor maintenance, refuelling and other associated services and to sundry third parties for the use of space at terminals and on\u2011board vehicles
\nfor other business activities, e.g. retail outlets, taxi ranks, catering and advertising. Other revenues are recognised at both a point in time and
\nover time.
\nContractual and direct fiscal support
\nThe principal direct fiscal support recognised during the year comprised \u00a3848.8m (2022:\u00a0\u00a31,635.6m) of EMA/ERMA/NRC funding in First
\nRail, and \u00a376.3m (2022:\u00a0\u00a3190.2m) of BRG, NSG+, BES, concessions and other funding (including the \u00a32 fare cap in England) in First Bus.
\nThese are recognised within revenue in accordance with IFRS\u00a015 when control of the good or service is transferred to the customer and the
\nGroup is entitled to the consideration.
\nIn the legacy North America business (discontinued operations), there were \u00a3nil (2022:\u00a0\u00a310.7m) of CARES Act employee retention credits
\naccounted for through operating costs. These amounts were recognised as an offset to the related costs when conditions were met and
\nexpenses were incurred.
\nThe main direct fiscal support recognised in revenue over time for each division has been as follows:
\nFirst Bus
\nFunding schemes were in place across the vast majority of the operation (BRG\u2011E in England, NSG+ in Scotland, and BES2.0 and BES3.0
\nin Wales). BRG\u2011E was the extension to the BRG scheme that was in place in FY\u00a02022 and ran from the start of the year providing operators
\nwith a fixed monthly payment to enable them to maintain a higher level of commercial mileage than the current passenger levels would allow.
\nNSG+ also ran throughout FY\u00a02023 replacing the less commercially orientated CSG\u2011R scheme and provided operators across Scotland
\nwith a fixed payment per kilometre operated again to enable a higher level of commercial mileage to be maintained. Both BRG\u2011E and NSG+
\ncontain profitability clauses meaning that any profits over a certain threshold should be shared or returned to the relevant authority, up to the
\ntotal value of the funding provided. BES2.0 was in place from the start of the year before being replaced by BES 3.0 and takes the form of a
\ngrant payable to operators to offset any losses incurred from running an agreed level of mileage. In England, the \u00a32 fare cap, underpinned by
\nUK Government support, was announced by the Department for Transport in December\u00a02022.
\nFirst Rail
\nThe Emergency Measures Agreements (EMAs), the Emergency Recovery Measures Agreement (ERMAs) and the National Rail Contracts
\n(NRCs) transferred substantially all revenue and substantially all cost risk to the government and for the full period our First Rail contracts
\nwere operated under the terms of these arrangements.
\n\u25a0
\nEMA in respect of GWR up to 26\u00a0June\u00a02022, whereupon GWR transitioned to a new, three\u2011year NRC with an option for the DfT to extend
\nby a further three years to June\u00a02028
\n\u25a0
\nERMA in respect of WCP / Avanti up to 16\u00a0October\u00a02022, where the existing arrangement was extended by a further six months by the DfT
\nto March\u00a02023. On 20\u00a0March\u00a02023, the existing arrangement was again extended, to 15\u00a0October\u00a02023
\n
\n
\n\u25a0
\nNRCs for SWR and TPE throughout the year. On 10\u00a0February\u00a02023, the DfT exercised its option to continue SWR\u2019s NRC for a full two\u2011year
\nextension period, to run to 25\u00a0May\u00a02025. On 11\u00a0May\u00a02023, the DfT confirmed that it would not exercise its option to extend the existing
\narrangements for FirstGroup\u2019s TransPennine Express (TPE) National Rail Contract, which was due to expire on 28\u00a0May\u00a02023. On that date
\nthe DfT appointed its Operator of Last Resort to take over delivery of passenger services on the TPE network.
\nUnder the arrangements, our franchised TOCs are paid a fixed management fee to continue to operate the rail network at a service level
\nagreed with the government. Net DfT funding including the management and performance fee is recognised as revenue in Rail contracts
\nsubsidy receipts, in line with the revenue recognition policy for contract subsidy receipts from the DfT.
\nGreyhound
\nSubsidy funding was made available under section 5311(f) of the terms of the US CARES Act and under the American Rescue Plan Act.
\nThese Acts allow Greyhound to claim for losses made from operating intercity bus services in the US after 20\u00a0January\u00a02020. In the prior year
\nand up to the date that the business was divested, the subsidy funding receivable was recognised as other revenue in the period in which
\nthe services were provided and the operational costs were incurred.
\nDisaggregated revenue by operating segment is set out in note\u00a04.
\nFirst Bus pandemic\u2011related grants
\nFirst Bus has received coronavirus related grants which are government grants receivable in light of the pandemic. The amounts principally
\nreflect grants receivable under the Bus Recovery Grant \u2013 Extension (BRG\u2011E), the Bus Emergency Scheme (BES) for Wales and the Network
\nSupport Grant Plus (NSG+) with all grants being disclosed in revenue. Under the BRG\u2011E, NSG+ and BES schemes, grant income may be
\nclaimed by operators of local bus services to close the shortfall of revenue earned by them during the period affected by coronavirus and the
\ncosts incurred by them in that period. The extent to which certain costs are eligible for inclusion in claiming bus support grant income and
\nhow certain costs should be determined for the purposes of the schemes remains subject to reconciliation processes. Income is recognised
\nin the income statement in the same period in which the related shortfall of revenue over costs is incurred to the extent there is reasonable
\ncertainty that:\u00a0(a) the Group will comply with the conditions attaching to the grant and (b) the grant will be received and retained by the
\nGroup, taking account of the potential adjustments to grant payments as a result of any reconciliation process.
\nLeasing
\nLease identification
\nAt inception of a contract, the Group shall assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
\nconveys the right to control the use of an identified asset for a period of time in exchange for consideration.
\nRight of use asset
\nAt the commencement date, the right of use asset is initially measured at cost, which comprises the initial amount of the lease liability
\nadjusted for any lease payments made at or before the commencement date, less any incentives received, plus any initial direct costs
\nincurred and an estimate of costs to be incurred by the Group to dismantle and remove the underlying asset or restore the underlying asset
\nor the site on which it is located.
\nThe right of use asset is depreciated on a straight\u2011line basis over the shorter of the estimated useful life of the asset, the lease term or current
\ncontract terms for rail TOCs. In addition, the right of use asset is periodically reduced by impairment losses, if applicable, and adjusted for
\ncertain remeasurements of the lease liability.
\nLease liability
\nAt the commencement date of the lease, the lease liability is initially measured at the present value of lease payments to be made over the
\nlease term. The lease payments include fixed payments (including in\u2011substance fixed payments) less any lease incentives receivable, variable
\nlease payments that depend on an index or a rate, and amounts expected to be paid by the Group under residual value guarantees. The
\nlease payments also include the exercise price of a purchase option if the Group is reasonably certain to exercise that option. Payments
\nof penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate the lease, are also included. The
\npayments are discounted at the incremental borrowing rate since the rates implicit in the leases are not readily available.
\nThe lease liability is measured by increasing the carrying amount to reflect the interest on the lease liability and reducing the carrying
\namount to reflect the lease payments made. The carrying value is remeasured when there is a change in future lease payments arising
\nfrom 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
\nguarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.
\nShort\u2011term leases and leases of low\u2011value assets
\nThe Group applies the short\u2011term lease recognition exemption to selected leases that have a lease term of 12 months or less from the
\ncommencement date and do not contain a purchase option and where it is not reasonably certain that the lease term will be extended.
\nIt also applies the low\u2011value assets recognition exemption to leases of assets of low value based on the value of the asset when it is new,
\nregardless of the age of the asset being leased. Lease payments on short\u2011term leases and leases of low\u2011value assets are recognised as an
\nexpense on a straight\u2011line basis over the lease term.
\nOn the balance sheet, right of use assets have been included in property, plant and equipment and lease liabilities have been included in
\nborrowings.
\n
\n
\n
\nForeign currencies
\nThe individual financial statements of each Group company are presented in the currency of the primary economic environment in which
\nit operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each
\nGroup company are expressed in pounds Sterling, which is the functional currency of the Company, and the presentation currency for the
\nconsolidated financial statements.
\nIn preparing the financial statements of the individual companies, transactions in currencies other than the functional currency are recorded
\nat the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are
\ndenominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non\u2011monetary assets and liabilities
\ncarried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was
\ndetermined. Non\u2011monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
\nExchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss
\nfor the period. Exchange differences arising on the retranslation of non\u2011monetary items carried at fair value are included in profit or loss for
\nthe period, except for differences arising on the retranslation of non\u2011monetary items in respect of which gains and losses are recognised
\nwithin other comprehensive income. For such non\u2011monetary items, any exchange component of that gain or loss is also recognised within
\nother comprehensive income.
\nIn order to hedge its exposure to certain foreign exchange risks, the Group holds currency swaps and borrowings in foreign currencies (see
\nnote\u00a025 for details of the Group\u2019s policies in respect of foreign exchange risks).
\nOn consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at the closing exchange rates on the balance
\nsheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising from the
\naverage exchange rates used and the period end rate, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such
\ntranslation differences are recognised as income or as expenses in the period in which the operation is disposed of.
\nBorrowing costs
\nBorrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take
\na substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
\nsubstantially ready for their intended use or sale.
\nAll other borrowing costs are recognised in profit or loss in the period in which they are incurred.
\nNon\u2011GAAP measures and performance
\nIn measuring the Group and divisional adjusted operating performance, additional financial measures derived from the reported results have
\nbeen used by management in order to eliminate factors which distort year\u2011on\u2011year comparisons. The Group\u2019s adjusted performance is used
\nto explain year\u2011on\u2011year changes when the effect of certain items is significant, including strategic items (including material M&A and group
\nrestructuring projects), costs of acquisitions including aborted acquisitions, and impairment of assets. Other items below \u00a35.0m would not
\nnormally be considered as adjusting items unless part of a larger strategic project, but items which distort year\u2011on\u2011year comparisons that
\nexceed this amount could potentially be classified as an adjusting item and are assessed on a case\u2011by\u2011case basis. Such potential adjusting
\nother items may include:\u00a0restructuring and reorganisation costs; property gains or losses; aged legal and self\u2011insurance claims; movements on
\ninsurance discount rates; onerous contract provisions; pension settlement gains or losses; and other items which management has
\ndetermined as not being relevant to an understanding of the Group\u2019s underlying business performance. Subsequent remeasurements of
\nadjusting items are also recognised as an adjusting item in the future period in which the remeasurement occurs.
\nIn addition, management assess divisional performance before other intangible asset amortisation charges, as these are typically a result of
\nGroup decisions and therefore the divisions have little or no control over these charges. Management considers that this overall basis supports
\nyear\u2011on\u2011year business performance comparisons, to underpin planning and decision\u2011making on resource allocation. The Group does not
\nconsider the non\u2011GAAP measures to be more important than, or superior to, IFRS\u00a0measures. See note\u00a04 for the reconciliation to non\u2011GAAP
\nmeasures and performance.
\nRetirement benefit costs
\nThe Group operates or participates in a number of pension schemes, which include both defined benefit schemes and defined contribution
\nschemes.
\nPayments to defined contribution plans are charged as an expense as they fall due. There is no further obligation to pay contributions into a
\ndefined contribution plan once the contributions specified in the plan rules have been paid.
\nFor defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial updates
\nbeing carried out at each balance sheet date. Actuarial gains and losses are recognised in full in the period in which they occur. They are
\nrecognised outside the income statement and presented in the consolidated statement of other comprehensive income.
\nAll past service costs are recognised immediately in the consolidated income statement.
\n
\n 2
Significant accounting policies
continued
\nWhere changes to the benefits in payment on defined benefit pension schemes require a change in scheme rules or ratification by the
\nTrustees, the change is recognised as a past service charge or credit in the income statement. Where changes in assumptions can be made
\nwithout changing the Trustee agreement, these are recognised as a change in assumptions in other comprehensive income.
\nThe retirement benefit position recognised in the balance sheet represents the present value of the defined benefit obligation as reduced by
\nthe fair value of scheme assets. Any residual asset resulting from this calculation is limited to refunds economically available to the Company,
\nin the form of either a public sector payment or the present value of future service costs recognised via suspension of cash contributions.
\nVarious TOCs in the First Rail business participate in the Railways Pension Scheme (RPS), which is an industry\u2011wide defined benefit scheme.
\nThe Group is obligated to fund the relevant section of the scheme over the period for which the contract is held. The full liability is recognised
\non the balance sheet, which is then reduced by a \u2018contract adjustment\u2019 so that the net liability reflects the Group\u2019s obligations to fund the
\nscheme over the contract term, subject to any changes in the schedule of contributions following a statutory valuation.
\nCertain Transit Management contracts have defined benefit pension arrangements that are fully indemnified by the authority to which the
\ncontract relates. The gross assets and liabilities are recognised along with an amount recoverable from the contracting authorities on the
\nbasis that there is limited risk of default and which is also limited to the period of the contract.
\nRetirement benefits are also covered in the Key sources of estimation uncertainty section of note\u00a02 below.
\nTax
\nThe tax expense represents the sum of the tax currently payable and deferred tax.
\nThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement
\nbecause it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never
\ntaxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
\nthe balance sheet date and includes an estimate of the tax which could be payable as a result of differing interpretation of tax laws.
\nDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
\nfinancial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance
\nsheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
\nrecognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be
\nutilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill, or from the
\ninitial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor
\nthe accounting profit.
\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests
\nin joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary
\ndifference will not reverse in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
\nthat sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised and
\nis based on the estimated tax consequences of items that are subject to differing interpretations of tax laws. Deferred tax is charged or
\ncredited in the income statement, except when it relates to items charged or credited in other comprehensive income or directly to equity, in
\nwhich case the deferred tax is also dealt with within other comprehensive income or directly in equity respectively.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
\nand when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on
\na net basis.
\nThe Group follows IFRIC 23 Uncertainty over Income Tax Treatments. IFRIC 23 sets out how to determine the accounting tax position when
\nthere is uncertainty over income tax treatments. The interpretation requires the Group to determine whether uncertain tax positions are
\nassessed separately or as a Group:\u00a0and
\n\u25a0
\nAssess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its
\nincome tax filings:
\n\u2013 If yes, the Group should determine its accounting tax position consistently with the tax treatment used or planned to be used in its income
\ntax filings.
\n\u2013 If no, the Group should reflect the effect of uncertainty in determining its accounting tax position using either the most likely amount or the
\nexpected value method.
\n
\n
\n
continued
\nProperty, plant and equipment
\nProperties for provision of services or administrative purposes are carried at cost, less any recognised impairment loss. Cost includes
\nprofessional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy. Depreciation of
\nthese assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
\nPassenger carrying vehicles and other plant and equipment are stated at cost less accumulated depreciation and any recognised
\nimpairment loss.
\nDepreciation is charged so as to write off the cost of assets, other than freehold land, the land element of long leasehold properties or on
\nassets in the course of construction, over their estimated useful lives, using the straight\u2011line method, on the following bases:
\nFreehold buildings
50 years straight\u2011line
\nPassenger carrying vehicles
seven to 17 years straight\u2011line
\nOther plant and equipment
three to 25 years straight\u2011line
\nAssets specific to Train Operating Companies are depreciated over the lesser of their estimated useful lives or the rail contract term.
\nThe gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
\ncarrying amount of the asset and is recognised in income.
\nCapital grants
\nCapital grants relating to property, plant and equipment are held in other payables and released to the income statement over the expected
\nuseful lives of the assets concerned. Capital grants are not recognised until there is a reasonable assurance that the Group will comply with
\nthe conditions attaching to them and that the grants will be received.
\nImpairment of tangible and intangible assets excluding goodwill
\nAt each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any
\nindication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated
\nin order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from
\nother assets, the Group estimates the recoverable amount of the CGU to which the asset belongs.
\nRecoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows
\nare discounted to their present value using a pre\u2011tax discount rate that reflects current market assessments of the time value of money and
\nthe risks specific to the asset for which the estimates of future cash flows have not been adjusted.
\nIf the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is
\nreduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
\nWhere an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its
\nrecoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined
\nhad no impairment loss been recognised for the asset or CGU in prior years. A reversal of an impairment loss is recognised as income
\nimmediately.
\nInventories
\nInventories of spare parts and consumables are stated at the lower of cost and net realisable value, after making appropriate allowances
\nfor obsolete and slow\u2011moving items. Cost comprises direct materials and, where applicable, those overheads that have been incurred in
\nbringing the inventories to their present location and condition. Cost is calculated using the weighted average cost method. Where the
\npurchase of inventory was the hedged item in a cash flow hedge relationship, the initial carrying amount of the recognised inventory is
\nadjusted by the associated hedging gain or loss transferred from the hedging reserve (a basis adjustment). There are no material inventory
\nallowances.
\nFinancial instruments
\nFinancial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual
\nprovisions of the instrument.
\nFinancial assets
\nFinancial assets can be measured at amortised cost, fair value through profit or loss or fair value through other comprehensive income. The
\nmeasurement basis is determined by reference to both the business model for managing the financial asset and the contractual cash flow
\ncharacteristics of the financial asset.
\n
\n
\nFinancial assets are classified into one of three primary categories:
\nFinancial assets at amortised cost
\nFinancial assets at amortised costs are non\u2011derivative financial assets held for collection of contractual cash flows where those cash flows
\nrepresent solely payments of principal and interest. Financial assets at amortised cost are subsequently measured using the effective
\ninterest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or
\nimpaired.
\nFair value through profit and loss
\nFinancial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition
\nat fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held
\nfor trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading
\nunless they are designated as effective hedging instruments.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair
\nvalue recognised in the income statement within finance costs. Transaction costs arising on initial recognition are expensed in the income
\nstatement.
\nFair value through other comprehensive income
\nThe Group does not have any financial assets held at fair value through other comprehensive income.
\nFinancial liabilities and equity instruments
\nFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity
\ninstrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments
\nissued by the Company are recorded at the proceeds received net of direct issue costs.
\nFinancial liabilities
\nBank borrowings
\nInterest\u2011bearing bank loans and overdrafts are measured on an amortised cost basis.
\nBonds and loan notes
\nThese are measured either on an amortised cost basis or at fair value, if designated.
\nTrade payables
\nTrade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate
\nmethod.
\nDerivative financial instruments and hedge accounting
\nThe Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. Use of such
\nfinancial instruments is governed by policies and delegated authorities approved by the Board. The Group does not hold or issue derivative
\nfinancial instruments for trading purposes. The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps,
\nand cross currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair value at
\nthe reported balance sheet date. The fair values are calculated by reference to market exchange rates, interest rates and fuel prices at the
\nperiod end, and supported by counterparty confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on
\nre\u2011measurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of
\nany resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging
\nrelationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being
\nhedged and the economic relationship between the item being hedged and the hedging instrument.
\nFair value hedging:\u00a0The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount of a hedged
\nitem not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit
\nor loss.
\nCash flow hedging:\u00a0The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
\ndesignated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of
\nhedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating
\nto the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and
\naccumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the
\nrecognised hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item such as inventory,
\nthe gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and
\nincluded as a basis adjustment in the initial measurement of the cost of that item. This transfer does not affect other comprehensive income,
\nhowever the hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts that may be
\nreclassified subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no longer expected
\nto occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in
\nthe future, that amount is immediately reclassified to profit or loss.
\n
\n
\n
continued
\nNet investment hedging:\u00a0Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s net
\ninvestment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the derivative instrument
\nis recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. Any ineffective element
\nis recognised immediately in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve are
\nincluded in the Group income statement on the disposal or partial disposal of the foreign operation.
\nProvisions
\nProvisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be
\nrequired to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation
\nat the balance sheet date and are discounted to present value where the effect is material.
\nSelf\u2011insurance
\nThe Group\u2019s policy is to self\u2011insure high frequency, low value claims within the businesses. In addition there are typically a smaller
\nnumber of major claims during a financial year for which cover is obtained through third\u2011party insurance policies subject to an insurance
\ndeductible. Where the Group holds legacy self\u2011insurance exposures related to disposed businesses, insurance and re\u2011insurance policies
\nhave been purchased to de\u2011risk this exposure. Provision is made under IAS 37 Provisions, Contingent Liabilities and Contingent Assets
\nfor the estimated cost of settling uninsured claims for incidents occurring prior to the balance sheet date. The provision is discounted to
\nappropriately reflect the timing of future cash claims settlements. Self\u2011insurance is also covered in the key sources of estimation uncertainty
\nsection of note\u00a02 below.
\nShare\u2011based payments
\nThe Group issues equity\u2011settled share\u2011based payments to certain employees. Equity\u2011settled share\u2011based payments are measured at fair
\nvalue at the date of grant. The fair value is expensed over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest
\nand is adjusted for the effects of non\u2011market\u2011based vesting conditions.
\nFair value is measured by use of a Black\u2011Scholes or other appropriate valuation models. The expected life used in the model has been
\nadjusted, based on management\u2019s best estimate, for the effects of non\u2011transferability, exercise restrictions and behavioural considerations.
\nDividend distributions
\nDividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which
\nthe dividends are approved by the Company\u2019s shareholders.
\nAdoption of new and revised standards
\nThe accounting policies adopted are consistent with those of the previous financial year except for the changes arising from new standards
\nand amendments to existing standards which have been adopted in the current year.
\nThe following amended standards and interpretations were adopted by the Group during the year.
\n\u2013 Property, plant and equipment:\u00a0Proceeds before Intended Use (Amendments to IAS 16)
\n\u2013 Reference to the Conceptual Framework (Amendments to IFRS\u00a03)
\n\u2013 Onerous contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS\u00a037)
\n\u2013 Annual improvements to IFRS\u00a0Standards\u00a02018\u20112020
\nThere has been no material change as a result of applying these amendments and no significant impact is expected from any of the future
\nstandards and amendments that are visible.
\nKey sources of estimation uncertainty and significant judgements
\nThe preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and
\nassumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of
\nrevenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge, actual results
\nmay ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
\naccounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of
\nrevision and future periods if the revision affects both current and future periods.
\nThe following are the critical estimates and judgements that the Directors have made in the process of applying the Group\u2019s accounting
\npolicies and that have the most significant effect on the amounts recognised in the financial statements.
\nFirst Transit earnout valuation
\nOn 26\u00a0October\u00a02022, EQT Infrastructure announced its agreement to sell First Transit to Transdev North America, Inc. As part of the
\nFirst Transit disposal to EQT Infrastructure, FirstGroup is entitled to an earnout consideration. The Group currently estimates the earnout
\nconsideration to be c.$89m (\u00a372.3m). While the earnout is considered to have crystallised following the sale, with proceeds anticipated in the
\nfirst half of FY\u00a02024, there remains a degree of estimation uncertainty regarding the amount to be received, depending on the finalisation of
\ncustomary closing transaction adjustments.
\n
\n
\nImpairment of assets in CGUs
\nThe key sources of estimation uncertainty in relation to the potential risk of impairment of assets in CGUs relate to the cash flow forecasts
\nincluding significant judgements in deciding what assumptions to make regarding the future financial performance of the CGU in a
\npost\u2011pandemic environment, the ongoing macroeconomic uncertainty, and the Group\u2019s future climate\u2011related targets and ambitions. This is
\ncovered in more detail in note\u00a011.
\nDefined benefit pension arrangements
\nRailway Pension Scheme
\nThe Group sponsors six sections of the Railway Pension Scheme (RPS) in the current year, relating to its obligations for its contracted\u2011TOCs,
\nand a further section for Hull Trains, its Open Access operator. RPS is a defined benefit pension scheme which covers the whole of the UK
\nrail industry. In contrast to the pension schemes operated by most businesses the RPS is a shared cost scheme which means that costs
\nare formally shared 60% employer and 40% employee. The Group only recognises amounts in relation to its share of costs in the income
\nstatement. The RPS is partitioned into sections and, for the sections that relate to contracts, the Group is responsible for the funding of these
\nsections only while it operates the relevant contract.
\nAt the end of the contract term, responsibility for funding the relevant section of the scheme, and consequentially any deficit or surplus
\nexisting at that date, is passed to the next contractor. At each balance sheet date a contract adjustment is recognised against the IAS 19 net
\npension asset or liability to reflect that portion expected to pass to the next contractor.
\nThe Directors view this arrangement as analogous to the circumstances described in paragraphs 92\u201194 of IAS 19 (Revised) with a third party
\ntaking on the obligation for future contributions. As there is no requirement to make contributions to fund the current deficit, it is assumed
\nthat all of the current deficit will be funded by another party and hence none of that deficit is attributable to the current contractor. In respect
\nof the future service costs, there is currently no pension obligation in respect of those costs. When the costs are recognised in the income
\nstatement, the extent to which the committed contributions fall short determines the amount that is to be covered by contributions of another
\nparty in future, which is recognised as an adjustment to service cost in the income statement. Under circumstances where contributions are
\nrenegotiated, such as following a statutory valuation, an adjustment will be recognised in the income statement, whilst changes in actuarial
\nassumptions continue to be recognised through other comprehensive income.
\nThe Directors consider this judgement to be the most appropriate interpretation of IAS 19 to reflect the specific circumstances of the RPS
\nwhere the contract commitment is only to pay contributions during the period in which we run the contract. An alternative approach would
\ninvolve not limiting the measurement of the service cost through the recognition of an income statement contract adjustment but recognising
\nall changes in the contract adjustment as a reimbursement right in Other Comprehensive Income (OCI).
\nFor illustrative purposes, for the year ended 31\u00a0March\u00a02023 the impact of this alternative approach would be an increase in costs of \u00a3102.9m
\n(2022:\u00a0\u00a3102.7m) in the income statement and a credit to OCI of \u00a3113.1m (2022:\u00a0credit of \u00a370.9m). In addition, the balance sheet would reflect
\na surplus of \u00a335.2m (2022:\u00a0surplus of \u00a325.0m). Since the contract only refers to the contribution requirements during its term, and not any
\nreimbursement rights, in the Directors\u2019 view contributions are shared with the next contractor and therefore the treatment of the arrangement
\nas contribution\u2011sharing is considered the most appropriate.
\nActuarial assumptions
\nThe UK schemes retirement benefit obligations are discounted at a rate set by reference to market yields at the end of the reporting period
\non high\u2011quality corporate bonds. Significant judgement is required when setting the criteria for bonds to be included in the population from
\nwhich the yield curve is derived. The most significant criteria considered for the selection of bonds include the issue size of the corporate
\nbonds, quality of the bonds and the identification of outliers which are excluded. Management follows actuarial advice from a third party
\nwhen determining these judgements. Another key estimate is the longevity of members. We take specialist advice on this from our actuarial
\nadvisers which aims to consider the likely experience taking into account each scheme\u2019s characteristics. Our approach is to review these
\nassumptions for each scheme following completion of their funding valuations, and more frequently only if appropriate to do so. Given pay
\nincreases for employees in the Rail division are under negotiation, the gross figures for the contract Rail pensions disclosures may be under\u2011
\nor overstated, but there will be nil impact on the balance sheet as a result of the contract adjustment. Additionally, in terms of the value
\nof the assets held by one of the Local Government Pension Scheme funds, around \u00a3200m is held co\u2011mingled with a considerably larger
\npool of assets held for the interests of the local authority and a significant number of other admitted employers. This means that the value
\nattributable to the Company\u2019s share of the overall fund requires a degree of estimation, allowing for returns and outgo. Management review
\nthe approach, taking consideration and advice from actuarial and other professional advisors.
\nThe Pension Regulator (TPR) has been in discussions with the RPS (the Scheme) regarding the long\u2011term funding strategy of the Scheme.
\nWhilst TPR believes that the Scheme should be funded on a more prudent basis, it is not possible at this stage to determine the impact to
\nongoing contribution requirements.
\nThe carrying amount of the Group\u2019s continuing retirement benefit arrangements at 31\u00a0March\u00a02023 was an asset of \u00a327.8m (2022:\u00a0asset of
\n\u00a3186.7m). Further details and sensitivities are set out in note\u00a037.
\n
\n
\n
\nSelf\u2011insurance
\nProvision is made for all known incidents for which there is self\u2011insurance using management\u2019s best estimate of the likely settlement of these
\nincidents. The estimated settlement is reviewed on a regular basis with independent actuarial advice and the amount provided (including
\nthe Incurred But Not Reported (IBNR) element) is adjusted as required. Given the diversity of claim types, their size, the range of possible
\noutcomes and the time involved in settling these claims, a material change could be required to the carrying value of claims provisions in the
\nnext financial year. These factors also make it impractical to provide sensitivity analysis on one single measure and its potential impact on
\noverall insurance provisions. The Group\u2019s total self\u2011insurance provisions as at the balance sheet date were \u00a3129.9m (2022:\u00a0\u00a3148.0m) as set
\nout in note\u00a027. Of this \u00a379.1m relates to North America of which \u00a373.3m is de\u2011risked with insurance, leaving \u00a35.8m where the actuarial range
\nis \u00a35.1m to \u00a35.8m (2022:\u00a0\u00a39.6m and actuarial range \u00a38.6m to \u00a39.5m). A receivable matching the value of the de\u2011risked provision of \u00a373.3m is
\nrecorded within Other receivables to account for the recovery from the third\u2011party insurer.
\nDetermining the incremental borrowing rate used to measure lease liabilities
\nThe Group is required to determine its incremental borrowing rate (IBR) to measure its lease liabilities. Judgement is required to determine
\nthe components of the IBR used for each lease, including risk\u2011free rates, credit risk and any lease specific adjustments.
\nIBRs applied to new (or modified) leases are determined quarterly or at the time of a new franchise. They depend on the term, country and
\nstart and end date of the lease. They are estimated based on several factors which include the risk\u2011free rate based on government bond
\nrates, a country\u2011specific adjustment and a credit risk adjustment based on the average credit spread of entities with similar ratings to the
\nGroup.
\nClimate change
\nIn the preparation of the Group\u2019s consolidated financial statements, management has considered the potential impact of climate change,
\nparticularly in the context of the disclosures included in the Strategic Report (including the Task Force for Climate\u2011related Disclosures),
\nand the Group\u2019s own climate\u2011related ambitions and targets. This includes an assessment of how the Group\u2019s accounting estimates and
\njudgements are impacted by the Group\u2019s pathway to achieving its stated ambitions and targets, as well as by climate\u2011related risks and
\nopportunities for the Group.
\nActions required to drive the Group\u2019s climate\u2011related ambitions and targets, including their financial impacts, are factored into the longer\u2011term
\nbusiness planning cycles of the Group. The following areas of estimation have been considered as part of these planning cycles, in addition
\nthose detailed in the \u2018Key sources of estimation uncertainty\u2019 section below. Management do not believe that these areas will have a material
\nimpact on financial reporting estimates and judgements in the next year. Owing to the inherent medium/longer\u2011term uncertainty with regard
\nto climate\u2011related risks and opportunities, it is not currently possible to assess whether in the future, these areas of estimation and judgement
\nmay have a more material impact on carrying values of assets and liabilities. Management will continue to regularly assess climate\u2011related
\nrisks in the context of the estimates and judgements made in the preparation of the Group\u2019s financial statements.
\nGoing concern and viability
\nThere may be a risk of increased future costs and capital investment requirements to ensure compliance with environmental regulatory
\nrequirements (for example carbon taxes/charges, or other emissions\u2011related restrictions), and to achieve the Group\u2019s stated sustainability
\ntargets and ambitions. However, the Group believes that there is likely to be an increasing modal shift towards public transport, as
\nawareness grows among customers of climate\u2011related issues, and with governmental support for transport decarbonisation, which could
\ncreate new opportunities for the Group.
\nCarrying value of non\u2011current assets
\nEnvironmental regulatory requirements, in parallel with the Group\u2019s climate\u2011related targets and ambitions, may further accelerate the
\ntransition to electrification of vehicle fleets. Transitional risks relating to the evolution of climate\u2011related technologies may alter the expected
\nobsolescence profile of existing vehicle fleets. These factors may impact the Group\u2019s estimates of the useful lives of existing assets, their
\nresidual values, and the risk of asset impairment. The Group monitors closely the accounting estimates in relation to its vehicle fleets to
\nensure they remain reasonable.
\nProvisions
\nClimate\u2011related legislative and regulatory changes may, in future, require the Group to assess whether environmental provisions are
\nnecessary, for example the potential introduction of carbon taxes/charges. In parallel with the work towards achieving its climate\u2011related
\nambitions and targets, the Group tracks such legislative changes to ensure the impact on the business is well understood and managed
\neffectively.
\nGoing concern
\nThe Board carried out a review of the Group\u2019s financial projections for the 18\u00a0months to 30\u00a0September\u00a02024 and on a going concern basis.
\nIn doing so, the Board considered whether any material uncertainties exist that cast doubt on the Group\u2019s and the Company\u2019s ability to
\ncontinue as a going concern over the going concern period.
\nConsistent with prior years, the Board\u2019s going concern assessment is based on a review of future trading projections, including whether
\nbanking covenants are likely to be met and whether there is sufficient committed facility headroom to accommodate future cash flows for the
\ngoing concern period.
\n
\n
\nDivisional management teams prepared detailed, bottom\u2011up projections for their businesses reflecting the impact of the post\u2011pandemic
\noperating environment, including assumptions on passenger volume recovery and government support, as well as the impact of actions
\nrequired to address the Group\u2019s climate\u2011related targets and ambitions.
\nBase case scenario
\nThe Board considered the annual budget to 31\u00a0March\u00a02024 and medium\u2011term plan to be the base case scenario for the purpose of the
\ngoing concern assessment for the FY\u00a02023 year end. These projections were the subject of a series of executive management reviews
\nand were used to update the base case scenario that was used for the purposes of the going concern assessment at the\u00a02023 year end.
\nThe base case assumes a continuing recovery in passenger volumes and yields in FY\u00a02024, but that passenger volumes remain below
\npre\u2011pandemic levels in the going concern assessment period. The base case also reflects the expiry and non\u2011renewal of the TransPennine
\nExpress rail contract in May\u00a02023. The macro projections in the updated base case assume that the UK operates in a recovering coronavirus
\neconomy. The annual budget and medium\u2011term plan also capture the expected financial impact of the actions required to support the
\nGroup\u2019s climate\u2011related targets and ambitions.
\nDownside scenario
\nIn addition, a downside case was also modelled which assumes a more protracted post\u2011pandemic recovery profile. In First Bus the
\ndownside case assumes a reduction in passenger volumes driving a 25% reduction in Bus profitability. In First Rail, the downside case
\nassumes TOC performance fee awards at 50% of expected levels; revenue reduction in Hull Trains and Lumo of\u00a020%; and loss of one
\nNational Rail Contract at the end of its current term. The downside scenario also assumes a delay in receipt of final Greyhound property
\nproceeds until after the going concern period; a lower realised value for the First Transit earnout; and a \u00a310m impact of a significant
\nclimate\u2011related event.
\nMitigating actions
\nIf the performance of the Group were to be more adversely impacted than assumed in the base case or downside case scenarios, the
\nGroup would reduce and defer planned growth capex spend and further reduce costs in line with a lower volume operating environment to
\nthe extent that the essential services we operate in First Bus are not required to be run for the governments and communities we support.
\nGoing concern statement
\nBased on the review of the financial forecasts for the period to September\u00a02024 and having regard to the risks and uncertainties to which the
\nGroup is exposed, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence
\nfor at least the 12\u2011month period from the date on which the financial statements were approved, including compliance with banking
\ncovenants under both the base case and downside scenarios. Accordingly, they continue to adopt a going concern basis of accounting in
\npreparing the consolidated financial statements in this full year report.
\n3
Revenue
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nServices rendered
3,483.0
2,537.0
\nFirst Rail contract subsidy receipts
893.0
1,662.1
\nOther revenues
379.0
392.0
\nRevenue from continuing operations
4,755.0
4,591.1
\nDiscontinued operations
4.0
996.9
\nRevenue
4,759.0
5,588.0
\nDisaggregated revenue by operating segment is set out in note\u00a05.
\nOther revenues principally represent post\u2011pandemic funding mechanisms in First Bus and First Rail.
\n
\n
\n4
Reconciliation to non\u2011GAAP measures and performance
\nIn measuring the Group and divisional adjusted operating performance, additional financial measures derived from the reported results have
\nbeen used by management in order to eliminate factors which distort year\u2011on\u2011year comparisons. The Group\u2019s adjusted performance is used
\nto explain year\u2011on\u2011year changes when the effect of certain items is significant, including strategic items (including material M&A and group
\nrestructuring projects), costs of acquisitions including aborted acquisitions, and impairment of assets. Other items below \u00a35.0m would not
\nnormally be considered as adjusting items unless part of a larger strategic project, but items which distort year\u2011on\u2011year comparisons that
\nexceed this amount could potentially be classified as an adjusting item and are assessed on a case\u2011by\u2011case basis. Such potential adjusting
\nother items may include:\u00a0restructuring and reorganisation costs; property gains or losses; aged legal and self\u2011insurance claims; movements
\non insurance discount rates; onerous contract provisions; pension settlement gains or losses; and other items which management has
\ndetermined as not being relevant to an understanding of the Group\u2019s underlying business performance. Subsequent remeasurements of
\nadjusting items are also recognised as an adjusting item in the future period in which the remeasurement occurs.
\nReconciliation of operating profit to adjusted operating profit on a continuing basis
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOperating profit on a continuing basis
153.9
122.8
\nAdjustments for:
\nFirst Bus divisional restructuring costs
7.0
\u2013
\nStrategic items
(1.4)
\u2013
\nGreyhound Canada
1.5
1.7
\nRail termination sums net of impairment reversal
\u2013
(4.0)
\nGain on disposal of properties
\u2013
(13.8)
\nTotal operating profit adjustments on a continuing basis
7.1
(16.1)
\nAdjusted operating profit on a continuing basis (note\u00a05)
161.0
106.7
\nReconciliation of operating profit/(loss) to adjusted operating profit on a discontinued basis
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOperating profit from discontinued operations
31.3
683.3
\nGain on sale of First Student and First Transit
\u2013
(501.1)
\nGain on sale of Greyhound
\u2013
(109.0)
\nOperating profit from discontinued operations (excluding gain on sale of First Student, First Transit and Greyhound)
31.3
73.2
\nAdjustments for:
\nTransit earnout charge
33.8
\u2013
\nGain on disposal of Greyhound properties
(71.4)
(6.5)
\nStrategy costs
(0.3)
\u2013
\nOther intangible asset amortisation charges
\u2013
0.4
\nOther costs associated with the disposal of First Student and First Transit
\u2013
32.7
\nOther costs associated with the disposal of Greyhound
\u2013
11.1
\nGreyhound insurance de\u2011risking
\u2013
19.3
\nEmployment taxes relating to First Student and First Transit
\u2013
6.6
\nPartial reversal of prior year impairments of Greyhound
\u2013
(55.4)
\nImpairment of land and buildings
\u2013
7.2
\nNorth America insurance provisions
\u2013
31.5
\nTotal operating profit adjustments from discontinued operations (excluding gain on sale of First Student,
\nFirst Transit and Greyhound)
(37.9)
46.9
\nAdjusted operating (loss)/profit from discontinued operations
(6.6)
120.1
Introduction
\n
\n4
\nReconciliation of profit/(loss) before tax to adjusted profit before tax and adjusted earnings
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nProfit before tax (including discontinued operations)
128.7
654.1
\nAdjusting operating profit adjustments \u2013 continuing operations
7.1
(16.1)
\nAdjusting operating profit adjustments \u2013 discontinued operations excluding gain on sale
(37.9)
46.9
\nGain on sale of First Student and First Transit
\u2013
(501.1)
\nGain on sale of Greyhound
\u2013
(109.0)
\nOperating profit adjustments \u2013 total operations
(30.8)
(579.3)
\nAdjusting finance cost items \u2013 continuing operations
\u2013
58.6
\nAdjusted profit before tax including discontinued operations
97.9
133.4
\nAdjusted tax charge
(20.7)
(20.4)
\nNon\u2011controlling interests
\n1
\n(5.1)
(5.6)
\nAdjusted earnings including discontinued operations
72.1
107.4
\n1
Statutory non\u2011controlling interests in\u00a02023 and\u00a02022 principally reflect Avanti West Coast and South Western Railway.
\nReconciliation of tax charge to adjusted tax charge
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTax charge (note\u00a09)
33.4
12.1
\nTax effect of adjusting items (note\u00a010)
(12.7)
21.8
\nAdjustments attributable to changes in tax rates and laws
1.4
1.4
\nWrite back of previously unrecognised deferred tax assets (note\u00a09)
\u2013
25.7
\nWrite down of previously recognised deferred tax assets (note\u00a09)
(1.4)
(40.6)
\nAdjusted tax charge (including discontinued)
20.7
20.4
\nAdjusted tax charge \u2013 continuing operations
20.4
2.7
\nAdjusted tax charge \u2013 discontinued operations
0.3
17.7
\nAdjusting items
\u2013
\u00a02023
\nThe principal adjusting items in the year are as follows:
\nFirst Bus restructuring
\nAs part of the restructuring of the First Bus division to exit loss\u2011making markets and to align networks with post\u2011pandemic demand, the
\nGroup completed the sale of its First Scotland East business in September\u00a02022, realising a loss on disposal of \u00a3(3.7)m, and closed the
\nSouthampton depot resulting in closure costs and a release of prior impairment for a net credit of \u00a32.3m. In line with this transition plan, the
\nGroup also incurred costs of \u00a3(5.6)m relating to surplus vehicle write\u2011downs and other reorganisation charges in the division.
\nStrategic items
\nA final net credit of \u00a31.4m was recognised, being costs incurred in relation to the Group\u2019s central functions as part of its ongoing cost
\nefficiency initiatives following the exit from North America, offset by the release of accruals following the disposal of North America and the
\nexecution of the strategy.
\nGreyhound Canada
\nNet restructuring and closure costs of \u00a3(1.5)m relating to the continued winding down of Greyhound Canada operations were incurred during
\nthe year.
\nAdjusting items \u2013 discontinued operations
\nFirst Transit earnout
\nFollowing the announcement on 26\u00a0October\u00a02022 of EQT Infrastructure\u2019s agreement to sell First Transit to Transdev North America, Inc., the
\nGroup now estimates its earnout consideration to be around $88.5m (\u00a372.3m) based on the information received on the sale by EQT. This
\ngives rise to a non\u2011cash, adjusting charge of \u00a333.8m relative to the carrying value of the earnout of \u00a3106.1m as at 26\u00a0March\u00a02022.
\nGain on disposal of properties
\nA gain of \u00a371.4m arose on the completion of the sale of the majority of the remaining Greyhound US properties in December\u00a02022.
\nAdjusting items
\u2013
\u00a02022
\nThe principal adjusting items in relation to the continuing business for\u00a02022 were as follows:
\n
\n
\n
\nGain on disposal of properties
\nAn overall gain of \u00a313.8m was realised in the prior year on the disposal of Greyhound Canadian properties.
\nGreyhound Canada closure
\n\u00a31.7m in relation to Greyhound Canada restructuring and closure costs were incurred during the prior year.
\nFirst Rail termination sums net of impairment reversal
\nA \u00a34.0m credit was recognised in the prior year, representing final adjustments of residual matters regarding the TPE and SWR termination
\nsums.
\nThe principal adjusting items in relation to the discontinued operations for\u00a02022 were as follows:
\nOther intangible asset amortisation charges
\nThe amortisation charge for the prior year was \u00a30.4m.
\nGain on sale of First Student and First Transit
\nAs a result of the disposal of First Student and First Transit, a gain on sale of \u00a3501.1m was realised in the prior year.
\nOther costs associated with the disposal of First Student and First Transit
\n\u00a332.7m of costs were incurred in the prior year associated with the disposal of First Student and First Transit that were not directly
\nattributable to the sale and were therefore not included in the gain on disposal calculation.
\nGain on sale and partial reversal of prior year impairments of Greyhound
\nAs a result of the terms of the disposal of the Greyhound US business, there was a gain on disposal in the prior year of \u00a3109.0m and a credit
\nof \u00a355.4m representing the partial reversal of the prior years\u2019 impairment charges.
\nOther costs associated with the disposal of Greyhound
\nThere was a charge of \u00a311.1m in the prior year principally comprising legal and professional costs.
\nEmployment taxes relating to First Student and First Transit
\nThere was a charge of \u00a36.6m during the prior year for a one\u2011off charge for accelerated state and federal employment taxes.
\nNorth American insurance provisions and Greyhound insurance de\u2011risking
\nThere was a prior year charge of \u00a331.5m for insurance costs due to deteriorations in respect of prior years\u2019 claims, and for the de\u2011risking of
\nlegacy Greyhound insurance liabilities.
\nGain on disposal of properties and impairment of land and buildings
\nAn overall gain on disposal of Greyhound US properties of \u00a36.5m was realised in the prior year. There was also an impairment charge of
\n\u00a37.2m for properties where market value was less than the book value.
\nThe adjusting items in relation to finance cost adjustments \u2013 continuing operations for\u00a02022 were as follows:
\nTotal make\u2011whole costs (bonds and facilities)
\nCosts of \u00a350.0m in the prior year comprised a charge of \u00a330.4m for the early repayment of the $275m US Private Placement (USPP) and a
\ncharge of \u00a319.6m for the early repayment of the \u00a3325m\u00a02022 bond.
\n
\n
\nWrite\u2011off of unamortised bridge, bond and facility costs
\nThere was a charge of \u00a38.6m in the prior year for unamortised fees for various facilities which were cancelled on completion of the sale of
\nFirst Student and First Transit.
\nOther measures
\nFirst Bus EBITDA comprises:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nPre\u2011IFRS\u00a016 EBITDA
105.0
87.6
\nIFRS\u00a016 adjustments
\n1
\n15.9
16.8
\nFirst\u00a0Bus adjusted EBITDA per segmental results table above
120.9
104.4
\nFirst\u00a0Rail EBITDA comprises:
\nNon\u2011management fees\u2011based TOCs pre\u2011IFRS\u00a016 EBITDA
32.5
(9.7)
\nGroup\u2019s share of management fee income available for dividends (net of tax and minority interest)
38.7
45.5
\nTax on management fee income
10.2
12.0
\nMinority interest at management fee TOCs
5.1
5.8
\nOther adjustments
\u2013
3.0
\nIFRS\u00a016 adjustments
\n1
\n574.5
593.3
\nFirst Rail adjusted EBITDA per segmental results table above
661.0
649.9
\nGroup items EBITDA comprises:
\nPre\u2011IFRS\u00a016 EBITDA
(21.2)
(24.8)
\nIFRS\u00a016 adjustments
\n1
\n1.7
1.7
\nGroup items adjusted EBITDA per segmental results table above
(19.5)
(23.1)
\nFirst\u00a0Rail adjusted operating profit comprises:
\nNon\u2011management fees based TOCs
31.5
(9.7)
\nGroup\u2019s share of management fee income available for dividends (net of tax and minority interest)
38.7
45.5
\nTax on management fee income
10.2
12.0
\nMinority interest at management fee TOCs
5.1
5.8
\nIFRS\u00a016 adjustments/other
\n1
\n39.3
34.2
\nFirst\u00a0Rail adjusted operating profit per segmental results table above
124.8
87.8
\nGroup adjusted attributable profit comprises:
\nFirst\u00a0Bus operating profit
58.4
45.2
\nAttributable net income from First\u00a0Rail management fee\u2011based operations
38.7
45.5
\nFirst Rail adjusted operating profit from open access and additional services
31.5
(9.7)
\nGroup central costs (operating profit basis)
(22.2)
(26.3)
\nTreasury interest
\n2
\n(14.1)
(20.7)
\nTax
\n3
\n(10.2)
2.2
\nGroup adjusted attributable profit
82.1
36.2
\n1
IFRS\u00a016 adjustments to EBITDA principally reflect the add back of operating lease rental costs charged to the income statement before the adoption of IFRS\u00a016.
\nIFRS\u00a016 adjustments to operating profit reflect operating lease rental costs less depreciation charges on Right of Use Assets.
\n2
Interest charge excluding notional interest and IFRS\u00a016 lease interest.
\n3 Pro forma taxation at 19%.
\n
\n
\n5
Business segments and geographical information
\nFor management purposes, the Group was organised into five operating divisions \u2013 First Bus, First Rail, First Student, First Transit and
\nGreyhound. First Student and First Transit were categorised as Discontinued Operations at 27\u00a0March\u00a02021 and the sale of these completed
\non 21\u00a0July\u00a02021. Greyhound US and Mexico were categorised as Discontinued Operations at 25\u00a0September\u00a02021 and the sale of this
\ncompleted on 21\u00a0October\u00a02021. The properties relating to the retained Greyhound US business were classified as held for sale and treated
\nas discontinued up to their disposal in December\u00a02022. Greyhound Canada was retained and was categorised as a Continuing Operation
\nhowever, trading operations have ceased. The divisions are managed separately in line with the differing services that they provide and the
\ngeographical markets which they operate in. There is a clear distinction between each division and no judgement is required to identify each
\nreportable segment.
\nThe segment results for the 52\u00a0weeks ended 25\u00a0March\u00a02023 are as follows:
\nContinuing Operations
\nDiscontinued
\nOperations
\nFirst
\nBus
\n\u00a3m
\nFirst
\nRail
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nIntra\u2011group
\nelimination
\n\u00a3m
\nContinuing
\nOperations
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nTotal
\n\u00a3m
\nPassenger revenue
660.0
2,713.8
\u2013
\u2013
\u2013
3,373.8
\u2013
\u2013
3,373.8
\nContract revenue
149.9
\u2013
\u2013
\u2013
(40.7)
109.2
\u2013
\u2013
109.2
\nRail contract subsidy receipts
\u2013
893.0
\u2013
\u2013
\u2013
893.0
\u2013
\u2013
893.0
\nOther revenues
92.6
286.4
\u2013
\u2013
\u2013
379.0
4.0
\u2013
383.0
\nRevenue
902.5
3,893.2
\u2013
\u2013
(40.7)
4,755.0
4.0
\u2013
4,759.0
\nEBITDA
\n2
\n120.9
661.0
\u2013
(19.5)
\u2013
762.4
(6.6)
\u2013
755.8
\nDepreciation
(68.6)
(651.2)
\u2013
(2.1)
\u2013
(721.9)
\u2013
\u2013
(721.9)
\nSoftware amortisation
(1.7)
(6.3)
\u2013
(0.6)
\u2013
(8.6)
\u2013
\u2013
(8.6)
\nCapital grant amortisation
7.8
121.3
\u2013
\u2013
\u2013
129.1
\u2013
\u2013
129.1
\nSegment results
58.4
124.8
\u2013
(22.2)
\u2013
161.0
(6.6)
\u2013
154.4
\nOther adjustments (note\u00a04)
(7.0)
\u2013
(1.5)
1.4
\u2013
(7.1)
71.7
(33.8)
30.8
\nOperating profit/(loss)
\n3
\n51.4
124.8
(1.5)
(20.8)
\u2013
153.9
65.1
(33.8)
185.2
\nInvestment income
\u2013
2.0
\u2013
10.3
\u2013
12.3
0.5
\u2013
12.8
\nFinance costs
(2.5)
(49.4)
\u2013
(17.2)
\u2013
(69.1)
(0.2)
\u2013
(69.3)
\nProfit before tax
48.9
77.4
(1.5)
(27.7)
\u2013
97.1
65.4
(33.8)
128.7
\nTax
(33.4)
\nProfit after tax
95.3
\nContinuing Operations
Discontinued Operations
\nFirst
\nBus
\n\u00a3m
\nFirst
\nRail
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nContinuing
\nOperations
\n\u00a3m
\nFirst
\nStudent
\n\u00a3m
\nFirst
\nTransit
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nTotal
\n\u00a3m
\nCapital additions
150.1
56.7
\u2013
1.1
207.9
\u2013
\u2013
\u2013
\u2013
207.9
\nCapital additions comprises of intangible asset additions and acquisitions (note\u00a012) and property plant and equipment acquisitions, additions
\nand transfers from right of use assets (note\u00a013).
\n
\n
\nBalance sheet
\n4
\nTotal
\nassets
\n\u00a3m
\nTotal
\nliabilities
\n\u00a3m
\nNet assets/
\n(liabilities)
\n\u00a3m
\nGreyhound retained
79.8
(101.6)
(21.8)
\nFirst Bus
775.5
(263.6)
511.9
\nFirst Rail
2,460.4
(1,092.1)
1,368.3
\n3,315.7
(1,457.3)
1,858.4
\nGroup items
251.5
(89.4)
162.1
\nBorrowings and cash
791.4
(2,067.0)
(1,275.6)
\nTaxation
47.0
(41.7)
5.3
\nTotal
4,405.6
(3,655.4)
750.2
\nGreyhound (held for sale)
0.6
\u2013
0.6
\nTotal
4,406.2
(3,655.4)
750.8
\n1 Group items comprise central management and other items.
\n2 EBITDA is adjusted operating profit less capital grant amortisation plus depreciation plus software amortisation.
\n3 Although the segment results are used by management to measure performance, statutory operating profit by operating division is also disclosed for completeness.
\n4 Segment assets and liabilities are determined by identifying the assets and liabilities that relate to the business of each segment but excluding intercompany balances,
\nnet debt and taxation.
\nThe segment results for the 52\u00a0weeks ended 26\u00a0March\u00a02022 are as follows:
\nContinuing Operations
Discontinued Operations
\nFirst
\nBus
\n\u00a3m
\nFirst
\nRail
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nContinuing
\nOperations
\n\u00a3m
\nFirst
\nStudent
\n\u00a3m
\nFirst
\nTransit
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nTotal
\n\u00a3m
\nPassenger revenue
570.0 1,886.4
\u2013
\u2013
2,456.4
\u2013
\u2013
150.4
\u2013
2,606.8
\nContract revenue
80.6
\u2013
\u2013
\u2013
80.6
450.3
203.2
\u2013
\u2013
734.1
\nCharter/private hire
\u2013
\u2013
\u2013
\u2013
\u2013
21.8
0.1
0.9
\u2013
22.8
\nRail contract subsidy receipts
\u2013 1,662.1
\u2013
\u2013
1,662.1
\u2013
\u2013
\u2013
\u2013
1,662.1
\nOther revenues
139.3
252.7
\u2013
\u2013
392.0
7.4
96.4
66.4
\u2013
562.2
\nRevenue
789.9 3,801.2
\u2013
\u2013
4,591.1
479.5
299.7
217.7
\u2013
5,588.0
\nEBITDA
\n2
\n104.4
649.9
\u2013
(23.1)
731.2
88.2
15.6
27.1
\u2013
862.1
\nDepreciation
(63.3) (669.5)
\u2013
(2.6)
(735.4)
\u2013
\u2013
(11.0)
\u2013
(746.4)
\nSoftware amortisation
(1.6)
(2.1)
\u2013
(0.6)
(4.3)
\u2013
\u2013
(0.4)
\u2013
(4.7)
\nCapital grant amortisation
5.7
109.5
\u2013
\u2013
115.2
\u2013
\u2013
0.6
\u2013
115.8
\nSegment results
45.2
87.8
\u2013
(26.3)
106.7
88.2
15.6
16.3
\u2013
226.8
\nOther intangible asset amortisation
\ncharges
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
\nOther adjustments (note\u00a04)
\u2013
4.0
12.1
\u2013
16.1
(14.8)
(6.5)
28.7
556.2
579.7
\nOperating profit/(loss)
\n3
\n45.2
91.8
12.1
(26.3)
122.8
73.4
9.1
44.6
556.2
806.1
\nInvestment income
\u2013
0.6
\u2013
0.5
1.1
\u2013
\u2013
0.4
\u2013
1.5
\nFinance costs
(2.8)
(37.6)
(1.1)
(100.1)
(141.6)
(7.5)
(0.7)
(3.7)
\u2013
(153.5)
\nProfit before tax
42.4
54.8
11.0
(125.9)
(17.7)
65.9
8.4
41.3
556.2
654.1
\nTax
(12.1)
\nProfit after tax
642.0
\nContinuing Operations
Discontinued Operations
\nFirst
\nBus
\n\u00a3m
\nFirst
\nRail
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nContinuing
\nOperations
\n\u00a3m
\nFirst
\nStudent
\n\u00a3m
\nFirst
\nTransit
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nTotal
\n\u00a3m
\nCapital additions
113.8
52.6
\u2013
5.1
171.5
87.7
12.2
37.1
\u2013
308.5
\nCapital additions comprises of intangible asset additions and acquisitions (note\u00a012) and property plant and equipment acquisitions, additions
\nand transfers from right of use assets (note\u00a013).
\n
\n
\n
\nBalance sheet
\n4
\nTotal
\nassets
\n\u00a3m
\nTotal
\nliabilities
\n\u00a3m
\nNet assets/
\n(liabilities)
\n\u00a3m
\nGreyhound retained
170.7
(137.0)
33.7
\nFirst Bus
806.0
(179.6)
626.4
\nFirst Rail
1,659.9
(1,062.6)
597.3
\n2,636.6
(1,379.2)
1,257.4
\nGroup items
370.4
(124.6)
245.8
\nBorrowings and cash
787.7
(1,406.7)
(619.0)
\nTaxation
39.2
(38.3)
0.9
\nTotal
3,833.9
(2,948.8)
885.1
\n1 Group items comprise central management and other items.
\n2 EBITDA is adjusted operating profit less capital grant amortisation plus depreciation plus software amortisation.
\n3 Although the segment results are used by management to measure performance, statutory operating profit by operating division is also disclosed for completeness.
\n4 Segment assets and liabilities are determined by identifying the assets and liabilities that relate to the business of each segment but excluding intercompany balances,
\nnet debt and taxation.
\nGeographical information
\nThe Group\u2019s operations are located predominantly in the United Kingdom, with the prior year also including United States of America and
\nCanada until the point of disposal of those businesses. The following table provides an analysis of the Group\u2019s revenue by geographical
\nmarket:
\nRevenue
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nUnited Kingdom
4,755.0
4,591.1
\nTotal continuing operations
4,755.0
4,591.1
\nUnited States of America \u2013 discontinued operations
4.0
908.2
\nCanada \u2013 discontinued operations
\u2013
88.7
\nTotal discontinued operations
4.0
996.9
\nTotal revenue
4,759.0
5,588.0
\nThe following is an analysis of non\u2011current assets excluding financial instruments, deferred tax and pensions, the carrying amount of
\nsegment assets, and additions to property, plant and equipment and intangible assets, analysed by the geographical area in which the
\nassets are located:
\nNon\u2011current assets excluding
\n\ufb01nancial instruments deferred
\ntax and pensions
\nAdditions to property,
\nplant and equipment and
\nintangible assets
\nCarrying amount
\nof segment total assets
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nUnited Kingdom
2,557.6
2,021.7
207.9
171.5
4,278.8
3,613.2
\nUnited States of America \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
\u2013
179.3
\nCanada \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
0.7
2.2
\nUnallocated corporate items
\u2013
\u2013
\u2013
\u2013
47.0
39.2
\nTotal \u2013 continuing operations
2,557.6
2,021.7
207.9
171.5
4,326.5
3,833.9
\nUnited States of America \u2013 discontinued operations
2.6
2.2
\u2013
128.6
79.7
\u2013
\nCanada \u2013 discontinued operations
\u2013
\u2013
\u2013
8.4
\u2013
\u2013
\nUnallocated corporate items
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nTotal \u2013 discontinued operations
2.6
2.2
\u2013
137.0
79.7
\u2013
\n2,560.2
2,023.9
207.9
308.5
4,406.2
3,833.9
\n
\n6
Operating profit
\nOperating profit has been arrived at after charging/(crediting):
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDepreciation \u2013 owned assets
171.4
157.1
\nDepreciation \u2013 right of use assets
550.5
578.3
\nOperating commitments
516.2
483.3
\nOther intangible asset amortisation charges
8.6
4.3
\nCapital grant amortisation
(129.1)
(115.2)
\nCost of inventories recognised as an expense
268.1
236.6
\nEmployee costs (note\u00a07)
1,517.9
1,469.4
\nGain on disposal of property, plant and equipment
(0.7)
(13.8)
\nRail termination sums net of impairment reversal (note\u00a04)
\u2013
(4.0)
\nImpairment charges
13.6
\u2013
\nReversal of impairment
(4.3)
\u2013
\nAuditor\u2019s remuneration (see below)
3.4
4.7
\nRail franchise payments
3.4
24.6
\nForeign exchange
(0.4)
(1.0)
\nOther operating costs
\n1
\n1,682.5
1,644.0
\nOperating costs \u2013 continuing operations
4,601.1
4,468.3
\nOperating (income)/costs \u2013 discontinued operations
(27.3)
313.6
\nOperating costs \u2013 continuing and discontinued operations
4,573.8
4,781.9
\n1
Other operating costs includes \u00a332.6m (2022:\u00a0\u00a348.0m) received or receivable from Government bodies in respect of bus service operator grants and fuel duty
\nrebates.
\n2
Discontinued operations\u2019 operating income in\u00a02023 consists primarily of the Greyhound US property gains on disposal (\u00a371.4m), partly offset by the First Transit
\nearnout charge (\u00a333.8m). See note\u00a04 for more details.
\nAmounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary undertakings for continuing and
\ndiscontinued operations in respect of audit and non\u2011audit services are shown below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
0.2
0.2
\nFees payable to the Company\u2019s auditor and its associates for the audit of the
\nCompany\u2019s subsidiaries pursuant to legislation
3.0
3.4
\nTotal audit fees
3.2
3.6
\nAudit\u2011related assurance services
0.1
0.5
\nOther non\u2011audit services
0.1
0.6
\nTotal non\u2011audit fees
0.2
1.1
\nFees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company are not required to be disclosed
\nbecause the consolidated financial statements are required to disclose such fees on a consolidated basis.
\nDetails of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was used rather than another supplier
\nand how the auditor\u2019s independence and objectivity were safeguarded are set out in the Corporate Governance report on page\u00a0104. No
\nservices were provided pursuant to contingent fee arrangements.
\nNon\u2011audit services principally reflect the review of the half yearly financial information and other regulatory reporting.
\n
\n
\n7
Employee costs
\nThe average monthly number of employees including discontinued operations (including Executive Directors) was:
\n2023
\nNumber
\n2022
\nNumber
\nOperational
26,708
49,162
\nAdministration
3,275
4,161
\n29,983
53,323
\nLess \u2013 discontinued operations
\u2013
(22,513)
\n29,983
30,810
\nThe aggregate remuneration including discontinued operations (including Executive Directors) comprised:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nWages and salaries
1,296.8
1,946.8
\nEmployee retention credits
\n1
\n\u2013
(69.9)
\nSocial security costs
137.1
186.6
\nPension costs (note\u00a037)
86.4
90.7
\n1,520.3
2,154.2
\nLess \u2013 discontinued operations
(2.4)
(684.8)
\n1,517.9
1,469.4
\n1 \u00a3nil (2022:\u00a0\u00a361.1m) of these credits were in First Student, First Transit and Greyhound as part of the coronavirus temporary relief measures through the CARES Act in
\nthe US and the Canada Emergency Wage Subsidy (CEWS) in Canada. In addition, \u00a3nil (2022:\u00a0\u00a38.8m) relates to relief in First Bus from the Coronavirus Job Retention
\nScheme (CJRS).
\nWages and salaries include a charge in respect of share\u2011based payments of \u00a36.4m (2022:\u00a0\u00a35.4m).
\nDisclosures on Directors\u2019 remuneration, share options, long\u2011term incentive schemes and pension entitlements required by the Companies
\nAct\u00a02006 and those specified for audit by the Financial Conduct Authority (FCA) are contained in the tables/notes within the Annual report on
\nremuneration on pages\u00a0118\u2011133. Directors\u2019 emoluments in aggregate were \u00a35.1m (2022:\u00a0\u00a35.1m).
\n
\n8
Investment income and finance costs
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nInvestment income
\nBank interest receivable
(6.3)
(1.5)
\nInterest on pensions
(6.5)
\u2013
\nTotal investment income (including discontinued operations)
(12.8)
(1.5)
\nFinance costs
\nBonds
13.5
22.2
\nBank borrowings
3.5
14.1
\nTotal make\u2011whole costs (bonds and facilities)
\u2013
50.0
\nWrite off of unamortised bridge, bond and facility costs
\u2013
8.6
\nCCFF funding
\u2013
0.7
\nSupplier financing
\u2013
1.5
\nSenior unsecured loan notes
\u2013
3.2
\nFinance charges payable in respect of lease liabilities
50.6
41.0
\nFinance charges payable in respect of asset backed financial liabilities
1.5
2.3
\nInterest on long\u2011term provisions
0.2
4.9
\nInterest on pensions
\u2013
2.6
\nInterest \u2013 other
\u2013
2.4
\nTotal finance costs (including discontinued operations)
69.3
153.5
\nFinance costs before adjustments
69.3
153.5
\nInvestment income
(12.8)
(1.5)
\nNet finance cost before adjustments
56.5
152.0
\nSplit:
\nAdjusted net finance costs
56.5
93.4
\nOther adjustments (note\u00a04)
\u2013
58.6
\n56.5
152.0
\nFinance costs are stated after charging fee expenses of \u00a30.6m (2022:\u00a0\u00a34.2m). There was no interest capitalised into qualifying assets in either
\nthe 52\u00a0weeks ending 25\u00a0March\u00a02023 or 26\u00a0March\u00a02022.
\nInvestment income of \u00a30.5m (2022:\u00a0\u00a30.4m) and finance costs of \u00a30.2m (2022:\u00a0\u00a311.9m) relate to discontinued operations (note\u00a021).
\n
\n
\n9
Tax on profit/(loss) on ordinary activities
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nCurrent tax
1.1
2.9
\nAdjustments with respect to prior years
1.7
1.2
\nTotal current tax charge (including discontinued operations)
2.8
4.1
\nOrigination and reversal of temporary differences
40.9
5.2
\nAdjustment in respect of prior years
(10.3)
(10.7)
\nAdjustments attributable to changes in tax rates and laws
(1.4)
(1.4)
\nWriting down of previously recognised deferred tax assets
1.4
40.6
\nWrite back of previously unrecognised deferred tax assets
\u2013
(25.7)
\nTotal deferred tax charge (note\u00a026)
30.6
8.0
\nTotal tax charge (including discontinued operations)
33.4
12.1
\nTax charge attributable to:
\nProfit from continuing operations
10.4
(11.9)
\nProfit from discontinued operations
23.0
24.0
\nThe adjustments with respect to prior years includes the release of tax provisions.
\nUK corporation tax is calculated at 19% (2022:\u00a019%) of the estimated assessable profit for the year. Tax for other jurisdictions is calculated at
\nthe rates prevailing in the respective jurisdictions. From 1\u00a0April\u00a02023 the corporation tax rate will increase to 25% and deferred tax has been
\nprovided at 25% on temporary differences at the balance sheet date.
\nAs the Group\u2019s parent company is domiciled and listed in the UK, the Group uses the UK corporation tax rate to reconcile its effective tax
\nrate. The tax charge for the year can be reconciled to the UK corporation tax rate as follows:
\n2023
\n\u00a3m
\n2023
\n%
\n2022
\n\u00a3m
\n2022
\n%
\nProfit/(loss) from continuing operations before income tax expense
97.1
n/a
(17.7)
n/a
\nProfit from discontinued operations before income tax expense
31.6
n/a
671.8
n/a
\nProfit from total operations
128.7
100.0
654.1
100.0
\nTax at the UK corporation tax rate of 19% (2022:\u00a019%)
24.5
19.0
124.3
19.0
\nNon deductible expenditure
7.6
5.9
8.7
1.3
\nNon taxable income
\u2013
\u2013
(3.2)
(0.5)
\nCapital expenditure super deduction
(1.9)
(1.5)
(1.6)
(0.2)
\nTax rates outside of the UK
6.7
5.2
(2.8)
(0.4)
\nUnrecognised losses
1.2
1.0
(0.9)
(0.1)
\nNon taxable income statement effects of the disposals of US businesses
\u2013
\u2013
(104.3)
(16.0)
\nOther adjustments in relation to prior years
(8.6)
(6.7)
(9.5)
(1.5)
\nReversal of previously unrecognised deferred tax assets on Greyhound
\u2013
\u2013
(11.6)
(1.8)
\nWriting down of previously recognised deferred tax assets
1.4
1.1
40.6
6.2
\nWrite back of previously unrecognised deferred tax assets
\u2013
\u2013
(25.7)
(3.9)
\nIncreased deferred tax rates on current year temporary differences
3.9
3.1
(0.5)
(0.1)
\nAdjustments attributable to changes in tax rates and laws
(1.4)
(1.1)
(1.4)
(0.2)
\nTax charge and effective tax rate for the year
33.4
26.0
12.1
1.8
\nFuture years\u2019 tax charges would be impacted if the final liability for currently open years is different from the amount currently provided for.
\nThe future tax charge may also be affected by the levels and mix of profits in the countries in which we operate including differing foreign
\nexchange rates that apply to those profits. Changes to the prevailing tax rates and tax rules in any of the countries in which we operate may
\nalso impact future tax charges. From 1\u00a0April\u00a02023 the UK corporation tax rate will increase from 19% to 25%.
\nIn addition to the amount charged/(credited) to the income statement, deferred tax relating to actuarial losses on defined benefit pension
\nschemes \u00a3(37.2)m (2022:\u00a0\u00a3(22.1)m) and cash flow hedges \u00a31.3m (2022:\u00a0\u00a310.8m) have been charged/(credited) to comprehensive income
\ntogether with a further \u00a3(7.8)m (2022:\u00a0\u00a3(5.0)m) on cash flow hedges and \u00a3(0.9)m (2022:\u00a0\u00a3nil) on share\u2011based payments taken directly to
\nequity. These amount to a total charge/(credit) of \u00a3(44.6)m (2022:\u00a0\u00a327.9m) recognised in other comprehensive income and equity.
\n
\n10
Earnings per share (EPS)
\nEPS is calculated by dividing the profit attributable to equity shareholders of \u00a387.1m (2022:\u00a0profit \u00a3636.4m) by the weighted average number
\nof ordinary shares of 739.5m (2022:\u00a01,057.5m). The number of ordinary shares used for the basic and diluted calculations are shown in the
\ntable below.
\nThe difference in the number of shares between the basic calculation and the diluted calculation represents the weighted average number of
\npotentially dilutive ordinary share options.
\n2023
\nNumber
\nm
\n2022
\nNumber
\nm
\nWeighted average number of shares used in basic calculation
739.5
1,057.5
\nExecutive share options
24.0
35.6
\nWeighted average number of shares used in the diluted calculation
763.5
1,093.1
\nThe adjusted EPS is intended to highlight the recurring operating results of the Group before amortisation charges and certain other
\nadjustments as set out in note\u00a04. A reconciliation is set out below:
\n2023
2022
\n\u00a3m
\nEPS
\n(pence)
\u00a3m
\nEPS
\n(pence)
\nBasic profit/EPS
87.1
11.8
636.4
60.2
\nAmortisation charges (note\u00a04)
\u2013
\u2013
0.4
\u2013
\nOther adjustments (note\u00a04)
(30.8)
(4.2)
(579.7)
(54.7)
\nNon\u2011controlling interest on SWR
3.1
0.4
\u2013
\u2013
\nAdjusting finance costs (note\u00a04)
\u2013
\u2013
58.6
5.5
\nTax effect of above adjustments
12.7
1.7
(21.8)
(2.1)
\nAdjustments attributable to changes in tax rates and laws
(1.4)
(0.2)
(1.4)
(0.1)
\nWrite down of previously recognised deferred tax assets
1.4
0.2
40.6
3.8
\nWrite back of previously unrecognised deferred tax assets
\u2013
\u2013
(25.7)
(2.4)
\nAdjusted profit and EPS attributable to the ordinary equity holders of the Company
72.1
9.7
107.4
10.2
\nAdjusted (loss)/profit/EPS from dis operations
(6.6)
(0.9)
90.9
8.6
\nAdjusted profit/EPS from continuing operations
78.7
10.6
16.5
1.6
\n2023
\npence
\n2022
\npence
\nDiluted EPS
11.4
60.2
\nAdjusted diluted EPS
9.4
9.8
\n
\n
\n
\nThe adjusted EPS on a continuing basis is set out below:
\n2023
2022
\n\u00a3m
\nEPS
\n(pence)
\u00a3m
\nEPS
\n(pence)
\nBasic profit/(loss)/EPS
78.5
10.6
(11.4)
(1.1)
\nOther adjustments (note\u00a04)
7.1
1.0
(16.1)
(1.4)
\nNCI on SWR
3.1
0.4
\u2013
\u2013
\nAdjusting finance costs (note\u00a04)
\u2013
\u2013
58.6
5.5
\nTax effect of above adjustments
(10.0)
(1.4)
(7.1)
(0.7)
\nAdjustments attributable to changes in tax rates and laws
(1.4)
(0.2)
(1.4)
(0.1)
\nWrite back of previously unrecognised deferred tax assets
1.4
0.2
(6.1)
(0.6)
\nAdjusted profit/(loss)/EPS from continuing operations
78.7
10.6
16.5
1.6
\n2023
\npence
\n2022
\npence
\nDiluted EPS
10.3
(1.1)
\nAdjusted diluted EPS
10.3
1.5
\n11 Goodwill
\n2023
\n\u00a3m
\nCost
\nAt 27\u00a0March\u00a02022
93.5
\nAdditions
\n1
\n6.1
\nAt 25\u00a0March\u00a02023
99.6
\nAccumulated impairment losses
\nAt 27\u00a0March\u00a02022
\u2013
\nAt 25\u00a0March\u00a02023
\u2013
\nCarrying amount
\nAt 25\u00a0March\u00a02023
99.6
\nAt 26\u00a0March\u00a02022
93.5
\n1
Additions of \u00a34.3m relate to goodwill on the acquisition of Ensign Bus Company Ltd and \u00a31.8m relates to goodwill on the acquisition of Airporter Ltd.
\nGoodwill in the above table primarily relates to First Bus.
\nImpairment testing
\nAt the year end, the carrying value of goodwill was reviewed for impairment in accordance with IAS 36 Impairment of Assets.
\nIn carrying out this review, climate\u2011related impacts were considered, in line with the TCFD disclosures. This work assessed FirstGroup\u2019s
\npotential exposure to climate\u2011related transition and physical risks, across different climate scenarios, over the short, medium and long term,
\nand estimated cumulative Enterprise Value at Risk over the period FY\u00a02024 to FY\u00a02028.
\nTransition risks included potential impacts from increased carbon prices and route constraints due to new zero\u2011emission zones, as well
\nas technology costs from an accelerated shift to a zero\u2011emission fleet and the impairment of carbon\u2011intensive vehicles. Physical risks
\nconcentrated mainly on flooding as the most material impact. Key findings are outlined on pages 63\u201164 of this report and focus on direct
\nrisks to FirstGroup, recognising that under the current National Rail Contracts some of the wider risks and opportunities would be shared
\nwith/transferred to third parties.
\nFor impairment calculations, the 2.5\u00b0C (\u2018Stated Policy\u2019) scenario modelled by Marsh was used, which identified technology risks as \u2018medium
\nimpact\u2019 and flooding risks as \u2018low impact\u2019 over the next five years.
\n
\n11 ill
\nFull detailed impairment testing has been performed on a value in use basis on First Bus. The value of the Franchised TOC asset base is
\nprotected by the passthrough and termination arrangements of the respective EMA/ERMAs or NRCs, such that no impairment is expected
\nto arise on these assets.
\nThe Group prepares cash flow forecasts derived from the Board approved plan for\u00a02023/24 to\u00a02025/26 which takes account of both past
\nperformance and expectations for future developments. Cash flows beyond the plan period are extrapolated using estimated long\u2011term
\ngrowth rates which do not exceed the long\u2011term average growth rate for the market. Cash flows are discounted using a pre\u2011tax discount rate
\nderived from a market participant\u2019s weighted average cost of capital, benchmarked to externally available data.
\nImpairment testing \u2013 First Bus
\nFirst Bus value in use has been assessed based on the projected cash flows for\u00a02023/24 to\u00a02025/26 from the Board\u2011approved forecasts.
\nThese have been extrapolated to perpetuity cash flows and discounted to a net present value based on the following assumptions.
\nFirst Bus has \u00a3496m of positive headroom at 25\u00a0March\u00a02023 (26\u00a0March\u00a02022:\u00a0\u00a3628m) based on a 10.0% discount rate (2022:\u00a09.3%) and
\n11.2% terminal margin (2022:\u00a010.6%), which reflects the impact of expected future passenger volumes and yields, as well as planned resizing
\nof the network.
\nBreak\u2011even would arise at:
\n15.5% discount rate (with a 11.2% terminal margin),
\n4.9% terminal margin (applying the cap to just the final year/terminal value) using a 10.0% discount rate, or
\n6.4% terminal margin throughout the forecast period and terminal margin (applying the cap in all years at 6.4%, not just in the terminal years)
\nusing a 10.0% discount rate.
\nAs the break\u2011even points lie outside management\u2019s range of reasonable expectation, no impairment of First Bus is proposed.
\n
\n12 Other intangible assets
\nGreyhound
\nbrand and
\ntrade name
\n\u00a3m
\nSoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nCost
\nAt 27\u00a0March\u00a02021
68.4
60.1
128.5
\nAcquisitions (note\u00a031)
\u2013
0.2
0.2
\nAdditions
\u2013
9.7
9.7
\nTransfers to held for sale \u2013 discontinued operations
(57.7)
(39.4)
(97.1)
\nDisposals
(14.0)
(0.3)
(14.3)
\nForeign exchange movements
3.3
1.7
5.0
\nAt 26\u00a0March\u00a02022
\u2013
32.0
32.0
\nAt 27\u00a0March\u00a02022
\u2013
32.0
32.0
\nAdditions
\u2013
4.2
4.2
\nTransfers from property, plant and equipment
\u2013
3.6
3.6
\nAt 25\u00a0March\u00a02023
\u2013
39.8
39.8
\nAccumulated amortisation and impairment
\nAt 27\u00a0March\u00a02021
60.8
51.5
112.3
\nCharge for year
0.3
6.1
6.4
\nImpairment
\n1
\n1.6
\u2013
1.6
\nImpairment reversal
\n2
\n(3.4)
(0.8)
(4.2)
\nTransfers to held for sale \u2013 discontinued operations
(48.2)
(38.7)
(86.9)
\nDisposals
(14.0)
(0.3)
(14.3)
\nForeign exchange movements
2.9
1.8
4.7
\nAt 26\u00a0March\u00a02022
\u2013
19.6
19.6
\nAt 27\u00a0March\u00a02022
\u2013
19.6
19.6
\nCharge for year
\u2013
8.6
8.6
\nTransfers from property, plant and equipment
\u2013
0.8
0.8
\nAt 25\u00a0March\u00a02023
\u2013
29.0
29.0
\nCarrying amount
\nAt 25\u00a0March\u00a02023
\u2013
10.8
10.8
\nAt 26\u00a0March\u00a02022
\u2013
12.4
12.4
\n1
Impairment relates to the closure of the Greyhound business in Canada.
\n2
The impairment reversal of \u00a34.2m relates to Greyhound prior to disposal.
\n
\n
\n13
Property, plant and equipment
\nOwned assets
\nLand and
\nbuildings
\n\u00a3m
\nPassenger
\ncarrying
\nvehicle fleet
\n\u00a3m
\nOther
\nplant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 28\u00a0March\u00a02021
275.4
1,026.9
634.6
1,936.9
\nAdditions
3.7
92.6
51.7
148.0
\nTransfers from right of use assets
\u2013
50.8
\u2013
50.8
\nDisposals
(5.4)
(42.2)
(6.8)
(54.4)
\nReclassified as assets held for sale
(47.6)
(10.3)
\u2013
(57.9)
\nTransfers
10.3
\u2013
16.8
27.1
\nTransferred to held for sale \u2013 discontinued operations
(36.7)
(326.9)
(36.6)
(400.2)
\nForeign exchange movements
3.9
8.2
3.1
15.2
\nAt 26\u00a0March\u00a02022
203.6
799.1
662.8
1,665.5
\nAt 27\u00a0March\u00a02022
203.6
799.1
662.8
1,665.5
\nAcquisitions
\n2
\n20.2
7.6
0.5
28.3
\nAdditions
16.1
80.1
79.2
175.4
\nDisposals
(8.2)
(134.0)
(23.8)
(166.0)
\nReclassified as assets held for sale
(18.4)
\u2013
(2.7)
(21.1)
\nTransfers
(0.2)
0.7
(4.4)
(3.9)
\nAt 25\u00a0March\u00a02023
213.1
753.5
711.6
1,678.2
\nAccumulated depreciation and impairment
\nAt 28\u00a0March\u00a02021
77.5
720.2
389.9
1,187.6
\nCharge for year
6.0
44.2
106.6
156.8
\nTransfers from right of use assets
\u2013
6.3
\u2013
6.3
\nDisposals
(2.5)
(42.5)
(4.0)
(49.0)
\nImpairment
\n1
\n7.3
(34.8)
(2.6)
(30.1)
\nReclassified as assets held for sale
(9.5)
(10.3)
\u2013
(19.8)
\nTransfers
2.6
\u2013
16.5
19.1
\nTransferred to held for sale \u2013 discontinued operations
(5.8)
(209.6)
(60.3)
(275.7)
\nForeign exchange movements
1.3
10.7
1.9
13.9
\nAt 26\u00a0March\u00a02022
76.9
484.2
448.0
1,009.1
\nAt 27\u00a0March\u00a02022
76.9
484.2
448.0
1,009.1
\nCharge for year
3.6
48.3
119.5
171.4
\nDisposals
(2.4)
(104.1)
(22.9)
(129.4)
\nImpairment
\n1
\n(4.3)
4.5
2.0
2.2
\nReclassified as assets held for sale
(11.3)
\u2013
(1.6)
(12.9)
\nTransfers
(2.0)
\u2013
1.1
(0.9)
\nAt 25\u00a0March\u00a02023
60.5
432.9
546.1
1,039.5
\nCarrying amount
\nAt 25\u00a0March\u00a02023
152.6
320.6
165.5
638.7
\nAt 26\u00a0March\u00a02022
126.7
314.9
214.8
656.4
\n1
The impairment reversal of \u00a34.3m relates to Southampton properties, which were subsequently transferred to assets held for sale (2022:\u00a0impairment reversal
\nof \u00a337.4m relating to Greyhound). The impairment charge of \u00a36.5m primarily relates to the write down of passenger carrying vehicles as a result of fleet resizing
\n(2022:\u00a0\u00a37.3m relating to retained Greyhound properties, which were subsequently transferred to assets held for sale).
\n2
Acquisitions of \u00a328.3m relate to continuing operations (see note\u00a031).
\n
\n
\nAn amount of \u00a30.8m (2022:\u00a0\u00a30.8m) in respect of assets under construction is included in the carrying amount of land and buildings, plant
\nand\u00a0equipment.
\nAt 25\u00a0March\u00a02023/31 March\u00a02023 the Group had entered into contractual capital commitments amounting to \u00a3125.0m (2022:\u00a0\u00a332.2m),
\nprincipally representing purchase of PCVs, electrical infrastructure and TOC commitments.
\nRight of use assets
\nRolling
\nstock
\n\u00a3m
\nLand and
\nbuildings
\n\u00a3m
\nPassenger
\ncarrying
\nvehicle fleet
\n\u00a3m
\nOther
\nplant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 28\u00a0March\u00a02021
2,597.5
115.7
145.0
6.9
2,865.1
\nAdditions
93.1
3.2
9.4
1.0
106.7
\nTransfer to owned assets
\u2013
\u2013
(50.8)
\u2013
(50.8)
\nDisposals
(105.0)
(3.7)
(1.9)
\u2013
(110.6)
\nTransferred to held for sale \u2013 discontinued operations
\u2013
(62.2)
(42.2)
(0.4)
(104.8)
\nForeign exchange movements
\u2013
2.9
0.7
\u2013
3.6
\nAt 26\u00a0March\u00a02022
2,585.6
55.9
60.2
7.5
2,709.2
\nAt 27\u00a0March\u00a02022
2,585.6
55.9
60.2
7.5
2,709.2
\nAdditions
1,200.2
16.2
1.3
1.3
1,219.0
\nDisposals
(4.1)
(0.9)
(9.8)
(0.3)
(15.1)
\nForeign exchange movements
\u2013
0.2
\u2013
\u2013
0.2
\nAt 25\u00a0March\u00a02023
3,781.7
71.4
51.7
8.5
3,913.3
\nAccumulated depreciation and impairment
\nAt 28\u00a0March\u00a02021
1,059.6
61.4
45.8
3.9
1,170.7
\nTransfer to owned assets
\n1
\n\u2013
\u2013
(6.3)
\u2013
(6.3)
\nCharge for period
553.2
10.9
17.0
1.6
582.7
\nImpairment
\n2
\n\u2013
(10.4)
(3.4)
\u2013
(13.8)
\nDisposals
(3.1)
(1.6)
(1.0)
\u2013
(5.7)
\nTransferred to held for sale \u2013 discontinued operations
\u2013
(39.9)
(17.3)
(0.4)
(57.6)
\nForeign exchange movements
\u2013
2.1
0.8
\u2013
2.9
\nAt 26\u00a0March\u00a02022
1,609.7
22.5
35.6
5.1
1,672.9
\nAt 27\u00a0March\u00a02022
1,609.7
22.5
35.6
5.1
1,672.9
\nCharge for period
528.7
8.5
11.8
1.5
550.5
\nLease impairment
\n2
\n7.1
\u2013
\u2013
\u2013
7.1
\nDisposals
(0.8)
(0.3)
(7.1)
(0.2)
(8.4)
\nForeign exchange movements
\u2013
0.2
\u2013
\u2013
0.2
\nAt 25\u00a0March\u00a02023
2,144.7
30.9
40.3
6.4
2,222.3
\nCarrying amount
\nAt 25\u00a0March\u00a02023
1,637.0
40.5
11.4
2.1
1,691.0
\nAt 26\u00a0March\u00a02022
975.9
33.4
24.6
2.4
1,036.3
\n1 Transfers to owned assets represents lease buyouts.
\n2
The impairment of \u00a37.1m relates to GWR (2022:\u00a0reversal of \u00a313.8m relating to Greyhound).
\nThe discounted lease liability relating to the right of use assets included above is shown in note\u00a023.
\n
\n
\n
\nOwned assets and right of use assets
\nRolling stock
\n\u00a3m
\nLand and
\nbuildings
\n\u00a3m
\nPassenger
\ncarrying
\nvehicle fleet
\n\u00a3m
\nOther
\nplant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCarrying amount
\nAt 25\u00a0March\u00a02023
1,637.0
193.1
332.0
167.6
2,329.7
\nAt 26\u00a0March\u00a02022
975.9
160.1
339.5
217.2
1,692.7
\nThe maturity analysis of lease liabilities is presented in note\u00a023.
\nAmounts recognised in income statement (including discontinued operations)
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDepreciation expense on right of use assets
550.5
582.7
\nInterest expense on lease liabilities
50.6
41.0
\nImpairment charge
7.1
\u2013
\nExpense relating to short\u2011term leases
2.0
\u2013
\nExpense relating to leases of low value assets
2.1
3.4
\n612.3
627.1
\n14 Investments
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOther investments
2.5
2.2
\n
\n
\n15
Subsidiaries and non\u2011controlling interests
\nA list of the significant investments in subsidiaries, including the name, country of incorporation and proportion of ownership interest is given
\nbelow.
\nA full list of subsidiaries, joint ventures and associates is disclosed in note\u00a040.
\nThe non\u2011controlling interests of the Group are First Trenitalia West Coast Limited (70% ownership and voting rights), First MTR South
\nWestern Trains Limited (70% ownership and voting rights) and Leicester CityBus Limited (94% ownership and voting rights). The registered
\naddresses are disclosed in note\u00a040. The non\u2011controlling interest share of profit for the financial year is a profit of \u00a32.5m which relates to First
\nTrenitalia West Coast Limited and \u00a35.7m which relates to MTR South Western Trains Limited.
\nUK and Ireland local bus and coach operators
Rail companies
\nEnsign Bus Company Limited
\nFirst Aberdeen Limited
\n1
\nFirst Beeline Buses Limited
\nFirst Cymru Buses Limited
\nFirst Eastern Counties Buses Limited
\nFirst Essex Buses Limited
\nFirst Glasgow (No. 1) Limited
\n1
\nFirst Glasgow (No. 2) Limited
\n1
\nFirst Hampshire and Dorset Limited
\nFirst Manchester Limited
\nFirst Midland Red Buses Limited
\nFirst Potteries Limited
\nFirst South West Limited
\nFirst South Yorkshire Limited
\nFirst West of England Limited
\nFirst West Yorkshire Limited
\nFirst York Limited
\nLast Passive Limited
\n2
\nLeicester CityBus Limited (94%)
\nSomerset Passenger Solutions Limited
\nFirst Greater Western Limited
\nFirst TransPennine Express Limited
\nHull Trains Company Limited
\nFirst Trenitalia West Coast Limited (70%)
\nFirst MTR South Western Trains Limited (70%)
\nEast Coast Trains Limited
\nAll subsidiary undertakings are wholly owned by FirstGroup plc at the end of the year except where percentage of ownership is shown above. All these companies above
\nare incorporated in United Kingdom and registered in England and Wales except those:
\n1. Registered in Scotland.
\n2. Incorporated in the Republic of Ireland.
\nAll shares held in subsidiary undertakings are ordinary shares, with the exception of Leicester CityBus Limited where the Group owns 100%
\nof its redeemable cumulative preference shares, as well as 94% of its ordinary shares.
\nAll of these subsidiary undertakings are owned via intermediate holding companies.
\n16 Inventories
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nSpare parts and consumables from continuing operations
26.0
28.9
\nIn the opinion of the Directors there is no material difference between the balance sheet value of inventories and their replacement cost.
\nThere was no material write\u2011down of inventories during the current or prior year.
\n
\n17
Trade and other receivables
\nAmounts due within one year (from discontinued operations)
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nContingent consideration receivable
72.3
\u2013
\nAmounts due after more than one year (from discontinued operations)
\nContingent consideration receivable
\u2013
106.1
\nAmounts due within one year (from continuing operations)
\n2023
\n\u00a3m
\n2022
\n1
\nrestated
\n\u00a3m
\nTrade receivables
386.1
295.2
\nLoss allowance
(49.0)
(15.2)
\nTrade receivables net
337.1
280.0
\nOther receivables
210.3
194.7
\nAmounts recoverable on contracts
22.5
22.5
\nPrepayments
90.8
69.4
\nAccrued income
187.6
115.7
\n848.3
682.3
\nMovement in accrued income:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBalance as at 26\u00a0March\u00a02022/27\u00a0March\u00a02021
115.7
199.2
\nAdditions
119.4
569.4
\nAccrued income invoiced during the year
(47.5)
(652.9)
\nForeign exchange movements
\u2013
\u2013
\nBalance as at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
187.6
115.7
\n1. The prior year comparatives for trade receivables, amounts recoverable on contracts and accrued income have been amended for a more
\naccurate presentation of comparative data.
\nThe loss allowance relates solely to credit loss allowances arising from contracts with customers.
\nOther receivables includes \u00a367.1m (2022:\u00a0\u00a335.9m) of VAT receivables, \u00a38.6m (2022:\u00a0\u00a34.3m) of receivables from government bodies for fuel
\nduty rebates, and \u00a373.3m (2022:\u00a0\u00a388.5m) of insurance recoveries.
\nAmounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
\nAccrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised
\nas accrued income is reclassified to trade receivables at the point at which is it invoiced to the customer.
\nCredit risk
\nCredit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its obligations under a contract.
\nCredit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts recoverable on contracts and
\naccrued income of \u00a3596.2m (2022:\u00a0\u00a3433.1m), cash and cash equivalents of \u00a3791.4m (2022:\u00a0\u00a3787.7m) and derivative financial instruments of
\n\u00a37.5m (2022:\u00a0\u00a330.4m).
\nThe Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was \u00a31,395.1m (2022:\u00a0\u00a31,261.2m). The
\nexposure is spread over a large number of unconnected counterparties and the maximum single concentration with any one counterparty
\nwas \u00a3286.0m (2022:\u00a0\u00a3246.0m) at the balance sheet date.
\nThe Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts and accrued income. The amounts
\npresented in the balance sheet are net of credit loss allowances, estimated by the Group\u2019s management based on prior experience and their
\nassessment of the current economic environment. The credit loss allowance at the balance sheet date was \u00a349.0m (2022:\u00a0\u00a315.2m).
\nMost trade receivables, amounts recoverable on contracts and accrued income are with public or quasi public bodies, principally the DfT,
\nNetwork Rail and local authorities in the UK and school bus boards and city municipal authorities in North America. The Group does not
\nconsider any of these counterparties to be a significant risk. Each division within the Group has a policy governing credit risk management
\non receivables.
\nThe counterparties for bank balances and derivative financial instruments are mainly represented by lending banks and large banks with a
\nminimum of \u2018A\u2019 credit ratings assigned by international credit rating agencies. These counterparties are subject to approval by the Board.
\nGroup treasury policy limits the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three months.
\n
\n
\n
\nImpairment of trade receivables amounts recoverable on contracts and accrued income
\nThe Group applies the IFRS\u00a09 simplified approach to measuring expected credit losses for all trade receivables, amounts recoverable on
\ncontracts and accrued income at each reporting date.
\nProvision matrices are used to measure expected losses. The provision rates are based on days past due for groupings of various customer
\nsegments with similar loss patterns, such as geographical region, service type, and customer type and rating. The calculation reflects the
\nprobability\u2011weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current
\nconditions and forecasts of future economic conditions.
\nTrade receivables, amounts recoverable on contracts and accrued income are written off when there is no reasonable expectation of
\nrecovery.
\nImpairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts
\npreviously written off are credited against the same line item.
\nThe majority of the Group\u2019s customers are governmental or similar bodies and hence there is not considered to be any issues with the
\nrecoverability of these receivables. Further there has not been any significant issues with the recoverability of non\u2011governmental receivables.
\nIn\u00a02023, the credit loss allowance increased as a result of amounts transferred from liquidated damages.
\nThe gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income for which the loss allowance is
\nmeasured at an amount equal to the lifetime expected credit losses under the simplified method, is analysed below:
\nDays past due:\u00a02023
\nCarrying
\namount
\n\u00a3m
\nCurrent
\n\u00a3m
\nLess than
\n30 days
\n\u00a3m
\n30\u201190 days
\n\u00a3m
\n90\u2011180 days
\n\u00a3m
\nOver
\n180 days
\n\u00a3m
\nExpected credit loss rate
8.2%
0.7%
6.6%
42.7%
88.7%
60.2%
\nGross carrying amount of trade receivables, amounts
\nrecoverable on contracts and accrued income
596.2
494.2
29.0
24.1
14.2
34.7
\nLoss allowance (from continuing operations)
49.0
3.3
1.9
10.3
12.6
20.9
\nDays past due:\u00a02022
\nCarrying
\namount
\n\u00a3m
\nCurrent
\n\u00a3m
\nLess than
\n30 days
\n\u00a3m
\n30\u201190 days
\n\u00a3m
\n90\u2011180 days
\n\u00a3m
\nOver
\n180 days
\n\u00a3m
\nExpected credit loss rate
3.5%
\u2013
14.3%
1.4%
3.0%
63.9%
\nGross carrying amount of trade receivables, amounts
\nrecoverable on contracts and accrued income
433.4
328.2
37.0
22.1
32.8
13.3
\nLoss allowance (from continuing operations)
15.2
0.1
5.3
0.3
1.0
8.5
\nThe table above is an aggregation of different provision matrices for each of the customer segment groupings, as outlined above. The
\nexpected loss rate for each ageing category is the weighted average loss rate across these groupings. The \u2018current\u2019 category consist
\nprimarily of receivables from groupings for which, based on historical losses and both the current and forecast economic conditions, the
\nexpected credit losses are negligible, resulting in the application of a close to 0% loss rate.
\nMovement in the loss allowance for trade receivables
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 26\u00a0March\u00a02022/27\u00a0March\u00a02021
15.2
7.3
\nAmounts written off during the year
(3.2)
(0.7)
\nIncrease in allowance recognised in the income statement
1.2
9.0
\nAmounts recovered during the year
(8.2)
(0.4)
\nAmounts transferred from liquidated damages
44.0
\u2013
\nAt 25\u00a0March\u00a02023/26\u00a0March\u00a02022
49.0
15.2
\nThe Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
\n
\n18
Assets held for sale
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAssets held for sale
8.9
38.5
\nAssets held for sale relate primarily to properties in First\u00a0Bus (2022:\u00a0properties in Greyhound discontinuing business).
\nMovement in assets held for sale
\u00a3m
\nAt 26\u00a0March\u00a02022
38.5
\nNet book value of additions
8.3
\nNet book value of disposals
(41.3)
\nForeign exchange movements
3.4
\nAt 25\u00a0March\u00a02023
8.9
\n19
Trade and other payables
\nAmounts falling due within one year (from continuing operations)
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTrade payables
338.8
253.3
\nOther payables
210.8
165.9
\nAccruals
621.6
703.2
\nDeferred income
125.5
109.8
\nSeason ticket deferred income
17.7
12.9
\n1,314.4
1,245.1
\nMovement in deferred income
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBalance as at 26\u00a0March\u00a02022/27\u00a0March\u00a02021
109.8
112.8
\nAdditions
131.5
296.6
\nRecognised as revenue during the period
(115.8)
(295.9)
\nTransferred to held for sale \u2013 discontinued operations
\u2013
(3.7)
\nBalance as at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
125.5
109.8
\nTrade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and
\nseason ticket deferred income principally comprises amounts relating to contracts with customers.
\nOther payables includes \u00a315.2m (2022:\u00a0\u00a312.1m) for the purchase of property, plant and equipment where increased payment terms have
\nbeen agreed with the supplier due to the nature of the payable. Other payables also include deferred capital grants from government or other
\npublic bodies of \u00a3116.1m (2022:\u00a0\u00a3101.0m).
\nThe average credit period taken for trade purchases is 36 days (2022:\u00a030 days). The Group has controls in place to ensure that all payments
\nare paid within the appropriate credit timeframe. The Directors consider that the carrying amount of trade and other payables approximates
\nto their fair value.
\n
\n
\n20 Cash and cash equivalents
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nCash and cash equivalents from continuing operations
791.4
787.7
\nThe fair value of cash and cash equivalents approximates to the carrying value. Cash and cash equivalents includes ring\u2011fenced cash
\nof \u00a3369.6m (2022:\u00a0\u00a3468.1m). Ring\u2011fenced cash is cash held in the Group which has restrictions around its use or distribution. The
\nmost significant ring\u2011fenced cash balances are held by the Group\u2019s First Rail subsidiaries. All non\u2011distributable cash in franchised Rail
\nsubsidiaries is considered ring\u2011fenced under the terms of either the National Rail Contract, Emergency Measures Agreement or Emergency
\nRecovery Measures Agreement. Ring\u2011fenced cash balances of \u00a35.4m (2022:\u00a0\u00a327.8m) are held outside the First Rail subsidiaries. These
\nother ring\u2011fenced cash balances include three elements:\u00a0(1) loss escrow funds of \u00a3nil (2022:\u00a0\u00a33.8m) maintained by various third\u2011party
\nadministrators, the purpose of which is to provide a source of funds for use by the administrators for payment of the self\u2011insurance liability
\nfor losses and loss adjustment expenses in accordance with agreements between the administrators and the Business, (2) balances of
\n\u00a31.3m (2022:\u00a0\u00a38.4m) within former First Transit subsidiaries which were retained by the Group following the sale of First Transit, where
\nthose subsidiaries act as a disbursement agent on the behalf of their customers and the cash is only allowed to be used to settle customer
\nliabilities, and (3) funds of \u00a34.1m (2022:\u00a0\u00a315.6m) withheld from the de\u2011risking insurer as permitted under the de\u2011risking agreement.
\n21 Discontinued operations
\nFirst Student and First Transit
\nThe sale of First Student and First Transit was approved by a shareholder majority on 27\u00a0May\u00a02021 and was reported as a discontinued
\noperation in the financial statements for the 52\u00a0weeks ended 26\u00a0March\u00a02022 for the period to the sale completion on 21\u00a0July\u00a02021. Financial
\ninformation relating to the discontinued operation for the period to the date of the disposal is set out below in (a).
\nGreyhound
\nThe disposal of Greyhound Lines, Inc to a wholly owned subsidiary of FlixMobility GmbH was announced and completed on
\n21\u00a0October\u00a02021. Greyhound US was therefore reported as a discontinued operation for the period to the sale completion in the financial
\nstatements for the 52\u00a0weeks to 26\u00a0March\u00a02022. The properties relating to the Greyhound US business were classified as held for sale at
\n26\u00a0March\u00a02022, and in\u00a02023 were treated as discontinued for the period to their disposal in December\u00a02022.
\n(a) Financial performance and cash flow information
\nThe financial performance and cash flow information presented are for the 52\u00a0weeks ending 25\u00a0March\u00a02023, and the prior year information
\nincludes the results of First Student and First Transit to the period before disposal on 21\u00a0July\u00a02021, and the results of Greyhound US to the
\nperiod before disposal on 21\u00a0October\u00a02021.
\nDiscontinued operations
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nRevenue
4.0
996.9
\nOperating income/(costs)
27.3
(313.6)
\nOperating profit
31.3
683.3
\nInvestment income
0.5
0.4
\nFinance costs
(0.2)
(11.9)
\nProfit before tax
31.6
671.8
\nTax
(23.0)
(24.0)
\nProfit for the year after tax
8.6
647.8
\nAttributable to:
\nEquity holders of the parent
8.6
647.8
\nNon\u2011controlling interests
\u2013
\u2013
\n8.6
647.8
\nEPS
\n2023
\npence
\n2022
\npence
\nBasic EPS
1.2
61.3
\nDiluted EPS
1.1
61.3
\n
\n
\nCash flow
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nNet cash (outflow)/inflow from operating activities
(139.7)
233.4
\nNet cash inflow/(outflow) from investing activities
126.9
(286.6)
\nNet cash outflow from financing activities
\u2013
(20.3)
\nNet decrease in cash generated
(12.8)
(73.5)
\nOther comprehensive income/loss
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nActuarial gains on defined benefit pension schemes
0.2
12.1
\nHedging instrument movements
(0.4)
2.7
\nDeferred tax on hedging instrument movements
\u2013
(0.7)
\nExchange differences on translation of discontinued operations
6.8
(5.6)
\nTotal
6.6
8.5
\n(b) Details of the sale of First Student and First Transit
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nConsideration received or receivable:
\nCash
\u2013
2,377.3
\nDirect transaction costs/fees
\u2013
(54.0)
\nFair value of contingent consideration
\u2013
101.8
\nTotal net disposal consideration
\u2013
2,425.1
\nCarrying amount of net assets sold
\u2013
(2,374.6)
\nGain on sale before tax and reclassification of foreign currency translation reserve
\u2013
50.5
\nReclassification of foreign currency translation reserve
\u2013
450.6
\nGain on sale of the division before tax
\u2013
501.1
\nTax on gain
\u2013
\u2013
\nGain on sale of the divisions after tax
\u2013
501.1
\nAs part of the disposal of First Transit, FirstGroup were entitled to an earnout consideration of up to $290m (c. \u00a3220m). The earnout was for
\na period of three years from 21\u00a0July\u00a02021 and calculated as a percentage of the Realised Equity Value.
\n
\n
\n
\nOn 26\u00a0October\u00a02022, EQT Infrastructure announced its agreement to sell First Transit to Transdev North America, Inc. As a result of this
\nagreement, the Group estimates the earnout consideration to be around $88.5m (\u00a372.3m) at 25\u00a0March\u00a02023. This gives rise to a non\u2011cash
\nadjusting charge of \u00a3(33.8)m relative to the carrying value of the earnout of \u00a3106.1m at 26\u00a0March\u00a02022.
\n(c) Details of the sale of Greyhound
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nConsideration received or receivable:
\nCash
\u2013
101.4
\nDirect transaction costs/fees
\u2013
(17.0)
\nFair value of contingent consideration
\u2013
23.3
\nTotal net disposal consideration
\u2013
107.7
\nCarrying amount of net assets sold
\u2013
(91.5)
\nGain on sale before tax and reclassification of foreign currency translation reserve
\u2013
16.2
\nReclassification of foreign currency translation reserve
\u2013
92.8
\nGain on sale of the division before tax
\u2013
109.0
\nTax on gain
\u2013
\u2013
\nGain on sale of the division after tax
\u2013
109.0
\nIn December\u00a02022, the Group completed the sale of the majority of its remaining Greyhound US properties for net proceeds of \u00a3122m, and
\ntherefore recognised an adjusting, discontinued gain of \u00a371.4m in the year.
\n
\n22 Borrowings
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOn demand or within one year
\nLease liabilities (note\u00a023)
\n2,3
\n447.4
573.4
\nAsset backed financial liabilities (note\u00a023)
\n3
\n17.3
9.0
\nBank overdraft
82.9
87.5
\nLoan notes (note\u00a024)
0.6
\u2013
\nBond 6.875% (repayable\u00a02024)
\n1
\n6.5
7.1
\nTotal current liabilities
554.7
677.0
\nWithin one to two years
\nLease liabilities (note\u00a023)
\n2,3
\n381.6
167.8
\nAsset backed financial liabilities (note\u00a023)
\n3
\n5.9
15.7
\nLoan notes (note\u00a024)
\u2013
0.6
\nBond 6.875% (repayable\u00a02024)
184.2
\u2013
\n571.7
184.1
\nWithin two to five years
\nLease liabilities (note\u00a023)
\n2,3
\n825.9
294.4
\nAsset backed financial liabilities (note\u00a023)
\n3
\n12.1
10.5
\nBond 6.875% (repayable\u00a02024)
\u2013
199.9
\n838.0
504.8
\nOver five years
\nLease liabilities (note\u00a023)
\n2,3
\n93.7
47.6
\nAsset backed financial liabilities (note\u00a023)
\n3
\n8.9
0.3
\n102.6
47.9
\nTotal non\u2011current liabilities at amortised cost
1,512.3
736.8
\n1 Includes accrued interest only.
\n2
The right of use assets relating to lease liabilities are shown in note\u00a013.
\n3
The maturity analysis of lease liabilities and asset backed financial liabilities is presented in note\u00a023.
\nFair value of bonds issued
\nPar value
\n\u00a3m
\nInterest
\npayable
Month
\n2023
\nFair value
\n\u00a3m
\n2022
\nFair value
\n\u00a3m
\nBond 6.875% (repayable\u00a02024)
184.3
Annually
September
192.2
225.8
\nThe fair value of the bond is inclusive of accrued interest. The fair value is calculated by discounting the future cash flow that will arise under
\nthe contracts.
\nEffective interest rates
\nThe effective interest rates at the balance sheet dates were as follows:
\n2023
Maturity
2022
Maturity
\nBank overdraft
LIBOR + 1%
\u2013
LIBOR + 1%
\u2013
\nSyndicated loan facilities
LIBOR + 0.73%
August\u00a02026
LIBOR + 0.97%
August\u00a02025
\nBond\u00a02024
6.93%
September\u00a02024
6.93%
September\u00a02024
\nHP contracts and finance leases
\nAverage fixed
\nrate of 3.3%
Various
\nAverage fixed
\nrate of 3.1%
Various
\nLoan notes
LIBOR + 0.5%
March\u00a02024
LIBOR + 0.5%
March\u00a02024
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nPounds Sterling
2,066.9
1,413.0
\nEuro
\u2013
0.1
\nCanadian Dollar
0.1
0.7
\n2,067.0
1,413.8
\n
\n
\n
\nBorrowing facilities
\nThe Group had \u00a3300.0m (2022:\u00a0\u00a3300.0m) of undrawn committed borrowing facilities as at year end. Total bank borrowing facilities at year
\nend stood at \u00a3316.5m (2022:\u00a0\u00a3316.1m) of which \u00a3300.0m (2022:\u00a0\u00a3300.0m) was committed and \u00a316.5m (2022:\u00a0\u00a316.1m) was uncommitted.
\nCapital management
\nThe Group aims to maintain an investment grade credit rating and appropriate balance sheet liquidity headroom. The Group has a net debt
\nto EBITDA ratio of 1.7 times as at March\u00a02023 for the continuing Group (2022:\u00a00.8 times).
\nLiquidity within the Group has remained strong. At year end there was \u00a3638.9m (2022:\u00a0\u00a3532.1m) of committed headroom and free cash.
\nThe Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end and half year for the budget year, and
\n\u00a3200m for year two of the three\u2011year plan. The Group\u2019s net debt, excluding accrued bond interest, at 25\u00a0March\u00a02023, was \u00a31,269.1m
\n(2022:\u00a0\u00a3619.0m) as set out in the Financial review on page\u00a032.
\nThe Group\u2019s primary objectives of capital management is to ensure that the Group is able to continue as a going concern, to maintain an
\noptimal capital structure and adequate liquidity headroom to deliver on shareholder and stakeholder expectations. The Group\u2019s capital
\nstructure consists of equity and net debt. The Group actively manages its capital structure and will adjust it when appropriate should
\neconomic conditions change. The Group\u2019s debt is monitored on the basis of a gearing ratio, being net debt divided by EBITDA, further
\ndetails of which are provided in the Chief Financial Officer\u2019s review.
\n23
Lease liabilities and asset backed financial liabilities
\nThe Group had the following lease liabilities and asset backed financial liabilities at the balance sheet dates, excluding liabilities relating to the
\ndiscontinued operations:
\nLease liabilities
\nAsset backed
\nfinancial liabilities
\nMaturity analysis
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDue in less than one year
503.1
593.0
17.9
9.3
\nDue in more than one year but not more than two years
421.5
179.4
6.3
16.6
\nDue in more than two years but not more than five years
878.8
304.4
13.7
11.9
\nDue in more than five years
105.0
59.8
10.9
0.5
\n1,908.4
1,136.6
48.8
38.3
\nLess future financing charges
(159.8)
(53.4)
(4.6)
(2.8)
\n1,748.6
1,083.2
44.2
35.5
\nLease liabilities have a fair value of \u00a31,748.6m and asset backed financial liabilities have a fair value of \u00a343.3m (2022:\u00a0lease liabilities
\n\u00a31,083.2m, asset backed financial liabilities \u00a336.4m).
\nThe total cash outflow for the lease liabilities and asset backed financial liabilities recorded on the balance sheet amounted to \u00a3546.9m and
\n\u00a310.6m respectively (2022:\u00a0\u00a3600.4m and \u00a39.4m).
\nThe right of use assets related to the lease liabilities is presented in note\u00a013.
\n24 Loan notes
\nThe Group had the following loan notes issued as at the balance sheet dates relating to continuing operations:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDue in less than one year
0.6
\u2013
\nDue in more than one year but not more than two years
\u2013
0.6
\n0.6
0.6
\nThe loan notes have an average effective borrowing rate of 2.6% (2022:\u00a01.7%) and an average remaining term of one year (2022:\u00a0two years)
\nassuming that the holders do not request redemption.
\n
\n25 Financial instruments
\nNon\u2011derivative financial instruments
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTotal non\u2011derivatives
\nTotal non\u2011current assets
117.6
117.0
\nTotal assets
117.6
117.0
\nCertain pension partnership structures were implemented during\u00a02022. These structures involved the creation of special purpose vehicles
\n(SPVs) to hold cash to fund the Bus and Group pension schemes if required based on a designated funding mechanism. Management have
\nconcluded that these amounts represent financial assets under IAS 32.
\nDerivative financial instruments
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTotal derivatives
\nTotal non\u2011current assets
0.1
4.2
\nTotal current assets
7.4
26.2
\nTotal assets from continuing operations
7.5
30.4
\nTotal current liabilities
2.6
\u2013
\nTotal non\u2011current liabilities
1.9
\u2013
\nTotal liabilities from continuing operations
4.5
\u2013
\nDerivatives designated and effective as hedging instruments carried at fair value
\nNon\u2011current assets
\nFuel derivatives (cash flow hedge)
\u2013
4.0
\nCurrency forwards (cash flow hedge)
0.1
0.2
\n0.1
4.2
\nCurrent assets
\nFuel derivatives (cash flow hedge)
3.3
25.6
\nCurrency forwards (cash flow hedge)
4.1
0.6
\n7.4
26.2
\nCurrent liabilities
\nFuel derivatives (cash flow hedge)
2.6
\u2013
\n2.6
\u2013
\nNon\u2011current liabilities
\nCurrency forwards (cash flow hedge)
0.1
\u2013
\nFuel derivatives (cash flow hedge)
1.8
\u2013
\n1.9
\u2013
\nThe Group enters into derivative transactions under International Swaps and Derivatives Association Master Agreements that allow for the
\nrelated amounts to be set\u2011off in certain circumstances. The amounts set out as Fuel Derivatives and Currency forwards in the table above
\nrepresent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a
\ngross basis. Derivative liabilities of \u00a3nil (2022:\u00a0\u00a3nil) were subject to netting arrangements.
\nTotal cash flow hedges are an asset of \u00a33.0m (2022:\u00a0\u00a330.4m asset).
\n
\n
\nThe following (profits) were transferred from equity into inventory as basis adjustments during the year:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOperating (profits)
(31.2)
(13.8)
\nFair value of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) on a
\ncontinuing basis:
\n2023
\nFair value
Carrying
\nvalue
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nLevel 3
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nContingent consideration receivable
\u2013
72.3
\u2013
72.3
72.3
\nTrade and other receivables
\u2013
596.2
\u2013
596.2
596.2
\nDerivative financial instruments
\u2013
7.5
\u2013
7.5
7.5
\nFinancial liabilities and derivatives
\nBorrowings
\n1
\n0.6
1,984.1
\u2013
1,984.7
1,984.1
\nTrade and other payables
\u2013
1,198.3
\u2013
1,198.3
1,198.3
\nDerivative financial instruments
\u2013
4.5
\u2013
4.5
4.5
\n1 Includes lease liabilities and asset backed financial liabilities as set out in note\u00a023.
\nThe estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying
\nvalue of these items.
\n2022
\nFair value
Carrying
\nvalue
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nLevel 3
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nContingent consideration receivable
\u2013
\u2013
106.1
106.1
106.1
\nTrade and other receivables
\u2013
433.4
\u2013
433.4
433.4
\nDerivative financial instruments
\u2013
30.4
\u2013
30.4
30.4
\nFinancial liabilities and derivatives
\nBorrowings
\n1
\n10.6
1,345.4
\u2013
1,356.0
1,326.3
\nTrade and other payables
\u2013
1,144.1
\u2013
1,144.1
1,144.1
\nLevel 1:
Quoted prices in active markets for identical assets and liabilities.
\nLevel 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly.
\nLevel 3:
Inputs for the asset or liability that are not based on observable market data.
\nThere were no transfers between Level\u00a01 and Level\u00a02 during the current or prior year. The announcement of EQT Infrastructure\u2019s agreement
\nto sell First Transit to Transdev North America, Inc, means that the Group\u2019s valuation of the earnout now reflects an observable market value,
\nand the contingent consideration receivable has therefore been reclassified from Level\u00a03 to Level\u00a02 at 25\u00a0March\u00a02023.
\nThe estimated fair value of cash and cash equivalents and bank overdrafts are a reasonable approximation to the carrying value of these
\nitems.
\n
\n
\n
\nFinancial assets/(liabilities)
\nFair values
\nat 25 March
\n2023
\n\u00a3m
\nFair values
\nat 26 March
\n2022
\n\u00a3m
\nFair value
\nhierarchy
Valuation technique(s) and key inputs
\nDerivative contracts
\n1) Fuel derivatives
(1.1)
29.6
Level 2
Discounted cash flow; future cash flows are estimated based on
\nforward fuel prices and contract rates and then discounted at a rate
\nthat reflects the credit risk of the various counterparties.
\n2) Currency forwards
4.1
0.8
Level 2
Discounted cash flow; future cash flows are estimated based on
\nforward foreign exchange rates and contract rates and then discounted
\nat a rate that reflects the credit risk of the various counterparties.
\nThe following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis.
\n2023
\nClassification of financial instruments
\nAssets and
\nliabilities at
\namortised
\ncosts
\n\u00a3m
\nAt fair value
\nthrough
\nprofit
\nand loss
\n\u00a3m
\nAt fair value
\nthrough
\nOCI
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nCash and cash equivalents
791.4
\u2013
\u2013
791.4
\nTrade and other receivables
596.2
\u2013
\u2013
596.2
\nNon\u2011derivative financial instruments
117.6
\u2013
\u2013
117.6
\nDerivative financial instruments
\u2013
\u2013
7.5
7.5
\n1,505.2
\u2013
7.5
1,512.7
\nFinancial liabilities and derivatives
\nInterest bearing loans and borrowings
\n1
\n2,067.0
\u2013
\u2013
2,067.0
\nTrade and other payables
1,198.3
\u2013
\u2013
1,198.3
\nDerivative financial instruments
\u2013
\u2013
4.5
4.5
\n3,265.3
\u2013
4.5
3,269.8
\n1
Includes lease liabilities and asset backed financial liabilities as set out in note\u00a023.
\n
\n
\n2022
\nClassification of financial instruments
\nAssets and
\nliabilities at
\namortised
\ncosts
\n\u00a3m
\nAt fair value
\nthrough
\nprofit
\nand loss
\n\u00a3m
\nAt fair value
\nthrough
\nOCI
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nCash and cash equivalents
787.7
\u2013
\u2013
787.7
\nTrade and other receivables
433.4
\u2013
\u2013
433.4
\nNon\u2011derivative financial instruments
117.0
\u2013
\u2013
117.0
\nDerivative financial instruments
\u2013
\u2013
30.4
30.4
\n1,338.1
\u2013
30.4
1,368.5
\nFinancial liabilities and derivatives
\nInterest bearing loans and borrowings
1,413.8
\u2013
\u2013
1,413.8
\nTrade and other payables
1,144.1
\u2013
\u2013
1,144.1
\n2,557.9
\u2013
\u2013
2,557.9
\nCash flow hedges
\nAs at 25\u00a0March\u00a02023
\nCommodity
\nprice risk
\nElectricity
\nprice risk
\nForeign
\nexchange
\nprice risk
\nNominal amount of hedging
0.57m bbls
30,720 MWh
$63.0m
\n< 1 year
0.39m bbls
17,568 MWh
$40.8m
\n1 \u2013 2 years
0.18m bbls
13,152 MWh
$22.2m
\n2 \u2013 5 years
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\nAverage hedged rate
$95.11/bbl
\u00a3167/MWh
1.2628
\nMaturity
Apr23\u2011Mar25
Apr23\u2011Mar25
Apr23\u2011Mar25
\nCarrying amount of hedging instruments
\nAssets \u2013 Derivatives (\u00a3m)
3.3
\u2013
4.2
\nLiabilities \u2013 Derivatives (\u00a3m)
(3.2)
(1.2)
(0.1)
\n(Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
\nCarrying amount of hedged item
\nLiabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
\nAccumulated amount of fair value hedging adjustments included in carrying amount of hedged item
\nLiabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
\nChanges in fair value of hedged item used for calculating hedge effectiveness
(2.0)
1.2
7.1
\nChanges in fair value of hedging instrument used in calculating hedge effectiveness
2.0
(1.2)
(7.1)
\nChanges in fair value of hedging instrument accumulated in cash flow hedge reserve
(19.3)
(0.9)
0.6
\nNo gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in
\neither the current or prior year.
\nFinancial risk management
\nThe Group is exposed to financial risks including liquidity risk, credit risk and certain market\u2011based risks principally being the effects of
\nchanges in foreign exchange rates, interest rates and fuel prices. The Group manages these risks within the context of a set of formal policies
\nestablished by the Board. Certain risk management responsibilities are formally delegated by the Board, principally to a sub\u2011committee of
\nthe Board and to the Chief Financial Officer and to the Treasury Committee. The Treasury Committee comprises the Chief Financial Officer
\nand certain senior finance employees and is responsible for approving hedging transactions permitted under Board\u2011approved policies,
\nmonitoring compliance against policy and recommending changes to existing policies.
\n
\n
\n
\nLiquidity risk
\nLiquidity risk is the risk that the Group may encounter difficulty in meeting obligations associated with financial liabilities. The objective of
\nthe Group\u2019s liquidity risk management is to ensure sufficient committed liquidity resources exist. The Group has a diversified debt structure
\nlargely represented by medium term unsecured syndicated committed bank facilities, medium to long\u2011term unsecured bond debt and
\nfinance leases. It is a policy requirement that debt obligations must be addressed well in advance of their due dates.
\nThe Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end and half year for the budget year,
\nand \u00a3200m for year two of the three\u2011year plan. At year end, the total amount of these facilities stood at \u00a3300.0m (2022:\u00a0\u00a3300.0m), and
\ncommitted headroom was \u00a3300.0m (2022:\u00a0\u00a3300.0m), in addition to free cash balances of \u00a3338.9m (2022:\u00a0\u00a3232.1m). The next material
\ncontractual expiry of revolver bank facilities is in August\u00a02026.
\nThe average duration of net debt (excluding ring\u2011fenced cash) at 25\u00a0March\u00a02023 was 2.7 years (2022:\u00a03.0 years).
\nThe following tables detail, on a continuing basis, the Group\u2019s expected maturity of payables for its borrowings, derivative financial
\ninstruments and trade and other payables. The amounts shown in these tables are prepared on an undiscounted cash flow basis and
\ninclude future interest payments in the years in which they fall due for payment.
\n2023
\n< 1 year
\n\u00a3m
\n1\u20112 years
\n\u00a3m
\n2\u20115 years
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBorrowings
\n1
\n563.1
578.1
839.5
104.6
2,085.3
\nFuel derivatives
(2.6)
(1.8)
\u2013
\u2013
(4.4)
\nFX forwards
\u2013
(0.1)
\u2013
\u2013
(0.1)
\nTrade and other payables
1,198.3
\u2013
\u2013
\u2013
1,198.3
\n1,758.8
576.2
839.5
104.6
3,279.1
\n2022
\n< 1 year
\n\u00a3m
\n1\u20112 years
\n\u00a3m
\n2\u20115 years
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBorrowings
\n1
\n683.6
197.3
516.8
45.8
1,443.5
\nTrade and other payables
1,144.1
\u2013
\u2013
\u2013
1,144.1
\n1,827.7
197.3
516.8
45.8
2,587.6
\n1
Includes lease liabilities and asset backed financial liabilities as set out in note\u00a023.
\nNo derivative financial instruments had collateral requirements or were due on demand in any of the years. Derivative financial instruments
\nare net settled.
\nCurrency risk
\nCurrency risk is the risk of financial loss to foreign currency net assets, earnings and cash flows reported in pounds Sterling due to
\nmovements in exchange rates.
\nThe Group\u2019s principal operations outside the UK were previously in the US and Canada, with the US having been the most significant
\nand the principal currency risk related to movements in the US Dollar to pounds Sterling. Following the disposal of Student, Transit and
\nGreyhound, this exposure has been significantly reduced, with the only balance of note being the US Dollar\u2011denominated earnout asset
\nrelating to First Transit.
\n\u2018Certain\u2019 and \u2018highly probable\u2019 foreign currency transaction exposures may be hedged at the time the exposure arises for up to two years at
\nspecified levels, or longer if there is a very high degree of certainty. The Group is also exposed to currency risk relating to its UK fuel costs
\nwhich are denominated in USD. This is hedged through entering a series of average rate forward contracts on a similar profile to our fuel
\nhedging programme. Forward currency risk is designated in the cash flow hedges, however valuation movements arising from changes in
\ncurrency\u2011basis spreads are excluded from the relationships as costs of hedging. At the balance sheet date the value to be recorded in a
\nseparate component of equity was immaterial, and as such no separate reserve has been shown within the primary financial statements.
\n
\n
continued
\nIFRS\u00a07 requires the Group to show the impact on profit after tax and hedging reserve on financial instruments from a movement in
\nexchange rates. The following analysis details the Group\u2019s sensitivity to a 10% strengthening in pounds Sterling against the US Dollar.
\nA\u00a010%\u00a0weakening in pounds Sterling against the US Dollar would have an equal but opposite effect to that shown below. The analysis has
\nbeen prepared based on the change taking place at the beginning of the financial year and being held constant throughout the reporting
\nperiod. A\u00a0positive number indicates an increase in earnings or equity where pounds Sterling strengthens against the US Dollar.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
0.2
3.9
\nImpact on hedging reserve
(0.1)
(1.8)
\nInterest rate risk
\nThe Group has variable rate debt and cash and therefore net income is exposed to the effects of changes to interest rates. The Group
\ntreasury policy objective is to maintain fixed interest rates at a minimum of 50% of on\u2011balance sheet net debt over the medium term, so that
\nvolatility to EPS is substantially reduced year\u2011on\u2011year. The policy objective is primarily achieved through fixed rate debt. The main floating rate
\nbenchmark on variable rate debt is SONIA.
\nAt 25\u00a0March\u00a02023, 99% (2022:\u00a099%) of gross debt (pre IFRS\u00a016) was fixed. This fixed rate protection had an average duration of 1.8 years
\n(2022:\u00a02.4 years).
\nInterest rate risk within operating leases is hedged 100% by agreeing fixed rentals with the lessors prior to inception of the lease contracts.
\nThe following sensitivity analysis details the Group\u2019s sensitivity to a 100 basis points (1%) increase in interest rates throughout the reporting
\nperiod with all other variables held constant.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
5.7
4.1
\nDiesel fuel price risk
\nThe Group purchases its fuel on a floating price basis and is therefore exposed to changes in diesel prices, primarily in relation to First\u00a0Bus
\noperations. The Group\u2019s policy objective is to maintain a significant degree of fixed price protection in the short term with lower levels of
\nprotection in the medium term, so that the businesses affected are protected from any sudden and significant increases and have time
\nto prepare for potentially higher costs, whilst retaining some access for potentially lower costs over the medium term. To achieve this the
\nGroup operates a progressive hedging policy. The policy hedge target levels differ by division but are monitored monthly and appropriate
\nactions taken to maintain satisfactory hedge levels. Gasoil derivatives are used to hedge UK exposure. Risk component hedging has been
\nadopted under IFRS\u00a09, meaning that the hedged price risk component of the purchased diesel matches that of the underlying derivative
\ncommodity. The hedged risk component is considered to be separately identifiable and reliably measurable. Gasoil is considered to be the
\ncore risk component of the fuel grade ultimately purchased and there is a very strong correlation between the movements in the prices of the
\nderivative underlying and the purchased fuel. Variances in pricing of the derivative commodities and the purchased fuel are primarily driven
\nby further refinement of the fuel or the associated transportation costs which were excluded from the hedge relationship. Currently First\u00a0Bus
\ndiesel exposure is hedged 85% to March\u00a02024 and 55% to March\u00a02025.
\n
\n
\n
\nThe Group has entered into swaps for periods from April\u00a02023 to March\u00a02025 with the majority of these swaps relating to the 53\u00a0weeks
\nending 30\u00a0March\u00a02024. The swaps give rise to monthly cash flow exchanges with counterparties to offset the underlying settlement of
\nfloating price costs, except where they have a deferred start date. Gains or losses on fuel derivatives are recycled from equity into inventory
\non qualifying hedges to achieve fixed rate fuel costs within operating results.
\nThe following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of diesel fuel had been $10 per barrel higher
\nduring the 52\u00a0weeks ending 25\u00a0March\u00a02023 and at the year end:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
(0.3)
(4.9)
\nImpact on hedging reserve
3.5
4.5
\nElectricity price risk
\nThe Group purchases electricity on a floating price basis and is therefore exposed to changes in electricity prices, primarily in relation to
\nFirst\u00a0Bus and Group operations. The Group\u2019s policy objective is to maintain a significant degree of fixed price protection in the short term, so
\nthat the businesses affected have time to prepare for prices after the current hedge period expires. To achieve this the Group uses cash flow
\nhedge financial instruments to achieve significant fixed price certainty
\nThe Group did not have any hedges in place for the year to 25\u00a0March\u00a02023. It has entered into swaps for periods from April\u00a02023 to
\nMarch\u00a02025. The swaps give rise to monthly cashflow exchanges with counterparties to offset the underlying settlement of floating price
\ncosts, except where they have a deferred start date. Gains or losses on electricity derivatives will be recycled from equity to the income
\nstatement on qualifying hedges to achieve fixed rate electricity costs within operating results.
\nThe following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of electricity had been \u00a350 per MWh higher
\nduring the 52\u00a0weeks ending 25\u00a0March\u00a02023 and at the year end:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
(1.0)
\u2013
\nImpact on hedging reserve
1.2
\u2013
\n26 Deferred tax
\nThe major deferred tax (assets)/liabilities recognised by the Group and movements thereon during the current and prior reporting periods are
\nas follows:
\nAccelerated
\ntax
\ndepreciation
\n\u00a3m
\nRetirement
\nbenefit
\nschemes
\n\u00a3m
\nOther
\ntemporary
\ndifferences
\n\u00a3m
\nTax
\nlosses
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 27\u00a0March\u00a02021
10.7
(32.4)
(13.3)
\u2013
(35.0)
\nCharge/(credit) to income statement
1.2
39.0
(39.7)
7.5
8.0
\nCharge to other comprehensive income and equity
\u2013
22.1
5.8
\u2013
27.9
\nTransferred to held for sale \u2013 discontinued operations
(16.6)
20.6
1.3
(43.0)
(37.7)
\nForeign exchange and other movements
(1.4)
(0.7)
1.0
1.8
0.7
\nAt 26\u00a0March\u00a02022
(6.1)
48.6
(44.9)
(33.7)
(36.1)
\nCharge/(credit) to income statement
28.0
(2.8)
10.6
(5.2)
30.6
\nCredit to other comprehensive income and equity
\u2013
(37.2)
(7.4)
\u2013
(44.6)
\nAcquisitions and disposals of subsidiaries
4.7
\u2013
0.3
\u2013
5.0
\nForeign exchange and other movements
(1.9)
\u2013
\u2013
\u2013
(1.9)
\nAt 25\u00a0March\u00a02023
24.7
8.6
(41.4)
(38.9)
(47.0)
\nWith respect to the total net deferred tax asset of \u00a347.0m, UK net deferred tax assets of \u00a346.1m have been recognised as the Group
\nforecasts sufficient taxable profits in future periods and a deferred tax asset of \u00a30.9m relating to the US is recognised because it is probable
\nthat book gains will arise on the remaining US property portfolio.
\nNo deferred tax has been recognised on deductible temporary differences of \u00a31.3m (2022:\u00a0\u00a3105.1m) and tax losses of \u00a3460.8m
\n(2022:\u00a0\u00a395.6m) as there are insufficient future profits forecast in North America and some UK entities may cease to trade before their tax
\nlosses can be utilised.
\n
\n27 Provisions
\nInsurance
\nclaims
\n\u00a3m
\nLegal and
\nother
\n\u00a3m
\nPensions
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 26\u00a0March\u00a02022
148.0
86.0
1.3
235.3
\nCharged to the income statement
11.6
20.4
(1.3)
30.7
\nUtilised in the year
(37.1)
(26.8)
\u2013
(63.9)
\nNotional interest
0.2
\u2013
\u2013
0.2
\nForeign exchange movements
7.2
1.6
\u2013
8.8
\nAt 25\u00a0March\u00a02023
129.9
81.2
\u2013
211.1
\nCurrent liabilities
45.5
40.4
\u2013
85.9
\nNon\u2011current liabilities
84.4
40.8
\u2013
125.2
\nAt 25\u00a0March\u00a02023
129.9
81.2
\u2013
211.1
\nCurrent liabilities
51.8
62.7
0.1
114.6
\nNon\u2011current liabilities
96.2
23.3
1.2
120.7
\nAt 26\u00a0March\u00a02022
148.0
86.0
1.3
235.3
\nThe insurance claims provision arises from estimated exposures for incidents occurring prior to the balance sheet date. It is anticipated
\nthat the majority of such claims will be settled within the next four years although certain liabilities in respect of lifetime obligations of \u00a31.3m
\n(2022:\u00a0\u00a38.9m) can extend for more than 25 years. The utilisation of \u00a337.1m (2022:\u00a0\u00a343.0m) represents payments made against the current
\nliability of the preceding year as well as the settlement of certain large aged claims.
\nThe insurance claims provisions, of which \u00a378.6m (2022:\u00a0\u00a396.0m) relates to legacy Greyhound claims, includes \u00a373.3m (2022:\u00a0\u00a388.5m)
\nwhich is recoverable from insurance companies and a receivable is included within other receivables in note\u00a017.
\nLegal and other provisions relate to estimated exposures for cases filed or thought highly likely to be filed for incidents that occurred prior to
\nthe balance sheet date. It is anticipated that most of these items will be settled within ten years. Also included are provisions in respect of
\ncosts anticipated on the exit of surplus properties which are expected to be settled over the remaining terms of the respective leases and
\ndilapidation, other provisions in respect of contractual obligations under rail franchises and restructuring costs. The dilapidation provisions
\nare expected to be settled at the end of the respective franchise.
\nThe pensions provision related to unfunded obligations that arose on the acquisition of certain First\u00a0Bus companies.
\n28 Called up share capital
\nNumber
\nof shares
\nmillion
\n2023
\n\u00a3m
\nAllotted, called up and fully paid (ordinary shares of 5p each)
\nBalance as at 27\u00a0March\u00a02022
750.2
37.5
\nSAYE/BAYE exercises
0.4
\u2013
\nBalance as at 25\u00a0March\u00a02023 (ordinary shares of 5p each)
750.6
37.5
\nThe Company has one class of ordinary shares which carries no right to fixed income.
\nIn December\u00a02022, the Company announced a share buyback programme to purchase up to \u00a375m of ordinary shares, and at
\n25\u00a0March\u00a02023, the Company had repurchased 29,515,396 shares for an amount of \u00a331.6m, including transaction costs of \u00a30.3m. As at
\n25\u00a0March\u00a02023, \u00a375.5m has been deducted from retained earnings in respect of the shares already purchased and remaining commitment
\nto purchase up to \u00a375m of ordinary shares.
\nDuring the year 0.4m shares were issued to satisfy principally SAYE and BAYE exercises.
\n
\n
\n29 Reserves
\nThe share premium account represents the premium on shares issued since 1999 and arose principally on the rights issue on the Ryder
\nacquisition in 1999 and the share placings in\u00a02007 and\u00a02008. The reserve is non\u2011distributable.
\nThe hedging reserve includes \u00a31.2m in relation to the cost of hedging and records the movement on designated hedging items.
\nThe own shares reserve represents the cost of shares in FirstGroup plc purchased in the market and either held as treasury shares or held in
\ntrust to satisfy the exercise of share options.
\nHedging reserve
\nThe movements in the hedging reserve were as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBalance at 26\u00a0March\u00a02022/27\u00a0March\u00a02021
19.3
(3.4)
\nTransfer to hedging reserve through consolidated statement of comprehensive income
\nFuel derivatives
0.8
42.3
\nCurrency forwards
(7.1)
1.6
\n(6.3)
43.9
\nTax on derivative hedging instrument movements through statement of comprehensive income
(1.3)
(10.8)
\nTransfer from hedging reserve to the balance sheet:
\nFuel derivatives
(27.7)
(14.6)
\nCurrency forwards
(3.4)
0.7
\n(31.1)
(13.9)
\nTax on derivative hedging instrument movements to the balance sheet
7.8
3.5
\n(11.6)
19.3
\nCumulative loss on hedging instruments reclassified to the income statement
10.9
\u2013
\nBalance at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
(0.7)
19.3
\nOwn shares
\nThe number of own shares held by the Group at the end of the year was 42,774,044 (2022:\u00a09,472,372) FirstGroup plc ordinary shares
\nof 5p each. Of these, 13,068,899 (2022:\u00a09,282,623) were held by the FirstGroup plc Employee Benefit Trust, 32,520 (2022:\u00a032,520) by
\nthe FirstGroup plc Qualifying Employee Share Ownership Trust and 157,229 (2022:\u00a0157,229) were held as treasury shares, with a further
\n29,515,396 held as treasury shares as part of the share buyback programme which commenced on 19\u00a0December\u00a02022. Both trusts and
\ntreasury shares have waived the rights to dividend income from the FirstGroup plc ordinary shares. The market value of the shares at
\n25\u00a0March\u00a02023 was \u00a343.3m (2022:\u00a0\u00a310.2m).
\nCapital
\nredemption
\nreserve
\n\u00a3m
\nCapital
\nreserve
\n\u00a3m
\nTotal other
\nreserves
\n\u00a3m
\nBalance at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
19.7
2.7
22.4
\nThe capital redemption reserve represents the cumulative par value of all shares bought back and cancelled, less the associated transaction
\ncosts and stamp duty. The capital reserve arose on acquisitions made in\u00a02000. Neither reserve is distributable.
\n30 Translation reserve
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 26\u00a0March\u00a02022/27\u00a0March\u00a02021
(24.0)
524.7
\nReclassification of foreign currency translation reserve on discontinued operations (see note\u00a021)
\u2013
(543.4)
\nMovement for the financial year
7.7
(5.3)
\nAt 25\u00a0March\u00a02023/26\u00a0March\u00a02022
(16.3)
(24.0)
\nThe translation reserve records exchange differences arising from the translation of the balance sheets of foreign currency denominated
\nsubsidiaries offset by movements on loans used to hedge the net investment in those foreign subsidiaries. Reclassification of foreign
\ncurrency translation reserve on discontinued operations in\u00a02022 relates to the sale of First Student and First Transit (\u00a3450.6m) and
\nGreyhound (\u00a392.8m).
\n
\n31
Acquisition of businesses and subsidiary undertakings
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nProvisional fair value of net assets acquired:
\nProperty, plant and equipment
28.3
1.4
\nOther intangible assets
\u2013
0.2
\nCurrent assets
11.8
4.7
\nOther liabilities
(8.0)
(4.2)
\n32.1
2.1
\nGoodwill
6.1
11.0
\nSatisfied by cash paid and payable
38.2
13.1
\nAcquisitions in 52\u00a0weeks to 25\u00a0March\u00a02023
\nOn 9\u00a0March\u00a02023, the Group completed the acquisition of Ensign Bus Company Ltd, which has strong positions in business\u2011to\u2011business
\nand regional commercial bus operations in Essex, as well as a vehicle refurbishment and re\u2011sale operation.
\nThe total consideration of \u00a335.7m represents \u00a334.7m paid during the period and \u00a31.0m to be paid in future periods, and includes cash
\nacquired of \u00a36.6m included in current assets.
\nThe business acquired during the year contributed \u00a31.2m to Group revenue from continuing operations and \u00a30.1m profit to Group operating
\nprofit from continuing operations from the date of acquisition.
\nIf the acquisition of the business had been completed on the first day of the financial year, Group revenue from the acquisition for the year
\nwould have been \u00a328.4m and Group operating profit would have been \u00a33.0m.
\nOn 26\u00a0October\u00a02022, the Group completed the acquisition of Airporter Ltd, a provider of bus services and supplier of coaches, mini buses
\nand private vehicles for hire.
\nThe total consideration of \u00a32.5m was fully paid in the year.
\nThe business acquired during the year contributed \u00a30.3m to Group revenue from continuing operations and \u00a30.2m profit to Group operating
\nprofit from continuing operations from the date of acquisition.
\nIf the acquisition of the business had been completed on the first day of the financial year, Group revenue from the acquisition for the year
\nwould have been \u00a31.8m and Group operating profit would have been \u00a31.0m.
\nAcquisitions in 52\u00a0weeks to 26\u00a0March\u00a02022
\nOn 1\u00a0June\u00a02021 the Group completed the acquisition of Mid State School Bus Inc. a provider of school transportation services in Nebraska,
\nUnited States of America. The total consideration of \u00a32.9m represented \u00a32.7m cash paid during the year and \u00a30.2m deferred to be paid
\nin future periods. The business was subsequently disposed of as part of the sale of First Transit on 21\u00a0July\u00a02021 and therefore did not
\ncontribute to the Group\u2019s revenue from continuing operations or operating profit from continuing operations.
\nOn 30\u00a0September\u00a02021 the Group completed the acquisition of Somerset Passenger Solutions Ltd. a company which serves the passenger
\ntransport needs of the Hinkley Point C construction project in Somerset, England. Prior to the date of acquisition the company was operated
\nas a joint venture between the Group and JJP Holdings (South West) Ltd. with both parties holding a 50% share.
\nThe total consideration of \u00a310.2m represented \u00a38.6m cash paid during the year and \u00a31.6m deferred to be paid in future periods.
\nThe business acquired during\u00a02022 contributed \u00a314.6m to Group revenue from continuing operations and \u00a31.4m profit to Group operating
\nprofit from continuing operations from the date of acquisition to 26\u00a0March\u00a02022.
\nIf the acquisition of the business acquired during the year had been completed on the first day of the financial year, Group revenue from
\ncontinuing operations from the acquisition for the year would have been \u00a330.9m and the Group operating profit from continuing operations
\nfrom this acquisition would have been \u00a33.2m.
\n
\n
\n32
Net cash from operating activities
\n2023
\n\u00a3m
\n2022
\nrestated
\n\u00a3m
\nOperating profit from:
\nContinuing operations
153.9
122.8
\nDiscontinued operations
31.3
683.3
\nTotal operations
185.2
806.1
\nAdjustments for:
\nDepreciation charges
721.9
746.4
\nCapital grant amortisation
(129.1)
(115.8)
\nSoftware amortisation charges
8.6
4.7
\nOther intangible asset amortisation charges
\u2013
0.4
\nLoss/(gain) on disposal of subsidiaries and businesses
3.7
(66.7)
\nRecycling of translation reserve
\u2013
(543.4)
\nImpairment
13.6
\u2013
\nReversal of impairment
(4.3)
(48.1)
\nShare\u2011based payments
6.4
5.4
\nProfit on disposal of property, plant and equipment
(71.7)
(22.1)
\nOperating cash flows before working capital and pensions
734.3
766.9
\nDecrease/(increase) in inventories
2.9
(6.4)
\n(Increase)/decrease in receivables
(159.4)
95.5
\nIncrease/(decrease) in payables due within one year
53.8
(130.0)
\nIncrease in financial assets
\u2013
(117.0)
\nDecrease/(increase) in contingent consideration receivable
33.8
(106.1)
\n(Decrease)/increase in provisions due within one year
(31.8)
36.5
\nDecrease in provisions due over one year
(1.2)
(13.2)
\nSettlement of foreign exchange hedge
(1.2)
\u2013
\nLocal Government Pension Scheme refund
11.8
\u2013
\nDefined benefit pension payments in excess of income statement charge
1.8
(340.4)
\nCash generated by operations
644.8
185.8
\nTax paid
(1.0)
(21.4)
\nInterest paid\u00b9
(70.0)
(176.6)
\nNet cash from operating activities
\n2
\n573.8
(12.2)
\n1
Interest paid includes \u00a350.6m relating to lease liabilities (2022:\u00a0\u00a341.0m).
\n2
Net cash from operating activities is stated after an inflow of \u00a335.1m (2022:\u00a0inflow of \u00a39.1m) in relation to financial derivative settlements.
\n33
Analysis of changes in net debt
\nAt
\n26 March
\n2022
\n\u00a3m
\nCash flow
\n\u00a3m
\nForeign
\nexchange
\nmovements
\n\u00a3m
\nOther
\n\u00a3m
\nAt
\n25 March
\n2023
\n\u00a3m
\nComponents of financing activities:
\nBonds
(199.9)
15.7
\u2013
\u2013
(184.2)
\nLease liabilities
\n1
\n(1,083.2)
546.9
\u2013
(1,212.3)
(1,748.6)
\nAsset backed financial liabilities
(35.5)
10.6
\u2013
(19.3)
(44.2)
\nOther debt
(0.6)
\u2013
\u2013
\u2013
(0.6)
\nTotal components of financing activities
(1,319.2)
573.2
\u2013
(1,231.6)
(1,977.6)
\nCash
319.6
106.2
(4.0)
\u2013
421.8
\nBank overdrafts
(87.5)
4.9
\u2013
(0.3)
(82.9)
\nRing\u2011fenced cash
468.1
(98.5)
\u2013
\u2013
369.6
\nCash and cash equivalents
700.2
12.6
(4.0)
(0.3)
708.5
\nNet debt (including held for sale \u2013 discontinued operations)
(619.0)
585.8
(4.0)
(1,231.9)
(1,269.1)
\n1 Lease liabilities \u2018other\u2019 includes \u00a31,212.3m net inception of new leases. This comprises \u00a31,219.0m inception of new leases, being \u00a31,200.2m of rolling stock leases,
\n\u00a31.3m of PCV leases and \u00a317.5m of property and other leases, offset by \u00a36.7m termination of leases. Termination of leases includes \u00a33.3m in relation to rolling stock
\nleases, \u00a32.7m in relation to PCV leases and \u00a30.7m relating to property and other leases.
\n
\n
\n
\nAt
\n28 March
\n2021
\n\u00a3m
\nCash flow
\n\u00a3m
\nForeign
\nexchange
\nmovements
\n\u00a3m
\nOther
\n\u00a3m
\nAt
\n26 March
\n2022
\n\u00a3m
\nComponents of financing activities:
\nBank loans
(566.3)
579.3
(2.4)
(10.6)
\u2013
\nBonds
(873.1)
674.4
\u2013
(1.2)
(199.9)
\nSenior unsecured loan notes
(198.8)
200.0
(0.6)
(0.6)
\u2013
\nCCFF
(298.2)
298.2
\u2013
\u2013
\u2013
\nSupplier financing
\n1
\n(159.2)
\u2013
\u2013
159.2
\u2013
\nLease liabilities
\n2
\n(1,850.0)
600.4
(1.0)
167.4
(1,083.2)
\nAsset backed financial liabilities
(122.9)
9.4
0.3
77.7
(35.5)
\nOther debt
(0.7)
\u2013
\u2013
0.1
(0.6)
\nTotal components of financing activities
(4,069.2)
2,361.7
(3.7)
392.0
(1,319.2)
\nCash
834.3
(514.5)
(0.2)
\u2013
319.6
\nBank overdrafts
(53.8)
(33.7)
\u2013
\u2013
(87.5)
\nRing\u2011fenced cash
662.9
(194.8)
\u2013
\u2013
468.1
\nCash and cash equivalents
1,443.4
(743.0)
(0.2)
\u2013
700.2
\nNet debt (including held for sale \u2013 discontinued operations)
(2,625.8)
1,618.7
(3.9)
392.0
(619.0)
\n1 Supplier financing related wholly to First Student.
\n2
Lease liabilities \u2018other\u2019 includes \u00a3167.4m net inception of new leases. This comprises \u00a3116.9m inception of new leases, being \u00a39.4m of PCV leases, \u00a393.1m of rolling
\nstock leases and \u00a314.4m of property and other leases, offset by \u00a3284.3m termination of leases. Termination of leases includes \u00a3101.9m in relation to rolling stock
\nleases, \u00a331.8m in relating to PCV leases and \u00a3150.6m relating to property and other leases.
\nAccrued interest of \u00a36.5m (2022:\u00a0\u00a37.1m) is excluded from the values above and derivative valuations are presented as the clean values.
\n34 Contingent liabilities
\nTo support subsidiary undertakings in their normal course of business, FirstGroup plc and certain subsidiaries have indemnified certain
\nbanks and insurance companies who have issued performance bonds for \u00a355.0m (2022:\u00a0\u00a369.4m) and letters of credit for \u00a3169.9m
\n(2022:\u00a0\u00a3219.7m). The performance bonds primarily relate to First\u00a0Rail franchise operations of \u00a351.8m and residual North American obligations
\nof \u00a33.2m. The letters of credit relate substantially to insurance arrangements in the UK and North America. The parent company has
\ncommitted further support facilities of up to \u00a398.5m to First\u00a0Rail Train Operating Companies of which \u00a373.6m remains undrawn. Following
\nthe sale of Greyhound, the majority of the surety bonds were cancelled, with a residual amount of \u00a33.2m remaining as noted above. Letters
\nof credit remain in place to provide collateral for legacy Greyhound insurance and pension obligations.
\nThe Group is party to certain unsecured guarantees granted to banks for overdraft and cash management facilities provided to itself and
\nsubsidiary undertakings. The Company has given certain unsecured guarantees for the liabilities of its subsidiary undertakings arising
\nunder certain HP contracts, finance leases, operating leases and certain pension scheme arrangements. It also provides unsecured cross
\nguarantees to certain subsidiary undertakings as required by VAT legislation. First\u00a0Bus subsidiaries have provided unsecured guarantees on
\na joint and several basis to the Trustee of The First\u00a0Bus Pension Scheme. Two of the Company\u2019s North American subsidiaries participated in
\nmulti\u2011employer pension plans in which their contributions were pooled with the contributions of other contributing employers. The funding of
\nthose plans is reliant on the ongoing involvement of third parties.
\nIn its normal course of business the Group has ongoing contractual negotiations with Government and other organisations. The Group is
\nparty to legal proceedings and claims which arise in the normal course of business, including but not limited to employment and safety
\nclaims. The Group takes legal advice as to the likelihood of success of claims and counterclaims. No provision is made where due to
\ninherent uncertainties, no accurate quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings can
\nbe determined.
\nThe Group\u2019s operations are required to comply with a wide range of regulations, including environmental and emissions regulations. Failure
\nto comply with a particular regulation could result in a fine or penalty being imposed on that business, as well as potential ancillary claims
\nrooted in non\u2011compliance.
\n
\n
\nThe inquest relating to the death of seven passengers in the Croydon tram incident in November\u00a02016 concluded in July\u00a02021. The tram was
\noperated by Tram Operations Limited (\u2018TOL\u2019), a subsidiary of the Group, under a contract with a Transport for London (\u2018TfL\u2019) subsidiary. TOL
\nprovides the drivers and management to operate the tram services, whereas the infrastructure and trams are owned and maintained by a
\nTfL subsidiary. The Office of Rail & Road (\u2018ORR\u2019) announced in March\u00a02022 that it had taken the decision to prosecute TfL, the driver of the
\ntram and TOL for breaches of Health and Safety law. While TOL has indicated a guilty plea to the charge laid against it, the Company cannot
\nyet accurately determine the quantum or timing of any financial penalties or related costs which may arise from these proceedings. TfL has
\nalso indicated a guilty plea. The driver has pleaded not guilty \u2013 his trial started in mid\u2011May\u00a02023.
\nFirst MTR South Western Trains Limited (\u2018FSWT\u2019), a subsidiary of the Company and the operator of the South Western railway contract, is a
\ndefendant to collective proceedings before the UK Competition Appeal Tribunal (the \u2018CAT\u2019) in respect of alleged breaches of UK competition
\nlaw. Stagecoach South Western Trains Limited (\u2018SSWT\u2019) (the former operator of the South Western network) is also a defendant to these
\nproceedings. Separate sets of proceedings have been issued against London & South Eastern Railway Limited and related entities (\u2018LSER\u2019)
\nand, more recently, against Govia Thameslink Railway Limited and related entities (\u2018GTR\u2019) in respect of the operation of other rail services.
\nThe three sets of proceedings are being heard together. The class representative (\u2018CR\u2019) alleges that FSWT, SSWT, LSER and GTR breached
\ntheir obligations under UK competition law by not making boundary fares sufficiently available for sale, and/or by failing to ensure that
\ncustomers were aware of the existence of boundary fares and/or bought an appropriate fare in order to avoid being charged twice for
\npart of a journey. A collective proceedings order (\u2018CPO\u2019) was made by the CAT in January\u00a02022 in respect of the FSWT/SSWT and LSER
\nproceedings and, following an unsuccessful appeal by the defendants, the proceedings are continuing alongside the GTR proceedings in
\nrespect of which the CAT issued a judgment setting out its reasons for granting a CPO in March\u00a02023. The Secretary of State for Transport
\nserved a written statement of intervention in all three proceedings in April\u00a02023. A trial date has not yet been set. In March\u00a02022, FSWT, the
\nCompany and the CR executed an undertaking under which the Company has agreed to pay to the CR any sum of damages and/or costs
\nwhich FSWT fails to pay, and which FSWT is legally liable to pay to the CR in respect of the claims (pursuant to any judgment, order or award
\nof a court or tribunal), including any sum in relation to any settlement of the claims. At present the Company cannot accurately determine the
\nlikelihood, quantum or timing of any damages and costs which may arise from these proceedings.
\n35 Operating commitments
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nMinimum payments made under contractual terms recognised in the income statement for the year:
\nPlant and machinery
6.9
3.8
\nTrack and station access
492.7
475.3
\nHire of rolling stock
1.0
1.9
\nOther assets
15.6
2.3
\nDiscontinued operations
\u2013
2.3
\n516.2
485.6
\nAt the balance sheet dates, the Group had outstanding commitments for future payments under non\u2011cancellable operating contracts, which
\nfall due as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nWithin one year
481.1
511.0
\nIn the second to fifth years inclusive
1,135.8
420.9
\nAfter five years
0.5
0.3
\n1,617.4
932.2
\nIncluded in the above commitments are contracts held by the First\u00a0Rail businesses with Network Rail for access to the railway infrastructure,
\ntrack, stations and depots of \u00a31,573.9m (2022:\u00a0\u00a3922.9m).
\n
\n
\n36 Share\u2011based payments
\nEquity\u2011settled share option plans
\nThe Group recognised total expenses of \u00a36.4m (2022:\u00a0\u00a35.4m) related to equity\u2011settled share\u2011based payment transactions.
\n(a) Save as you earn (SAYE)
\nThe Group operates an HMRC approved savings\u2011related share option scheme. No grants were made during the period. The scheme is
\nbased on eligible employees being granted options and their agreement to opening a sharesave account with a nominated savings carrier
\nand to save weekly or monthly over a specified period. Sharesave accounts are held with Computershare. The right to exercise the option is
\nat the employee\u2019s discretion at the end of the period previously chosen for a period of six months.
\nSAYE
\nDec\u00a02018
\nOptions
\nNumber
\nOutstanding at the beginning of the year
1,621,686
\nExercised during the year
(1,019,311)
\nLapsed during the year
(602,375)
\nOutstanding at the end of the year
\u2013
\nExercisable at the end of the year
Nil
\nWeighted average exercise price (pence)
70.0
\nWeighted average share price at date of exercise (pence)
123.2
\n(b) Deferred bonus shares (DBS)
\nDBS awards vest over a three\u2011year period following the financial year that they relate to and are typically settled by equity.
\nDBS\u00a02012
\nOptions
\nNumber
\nDBS\u00a02013
\nOptions
\nNumber
\nDBS\u00a02014
\nOptions
\nNumber
\nDBS\u00a02015
\nOptions
\nNumber
\nOutstanding at the beginning of the year
52,646
124,309
136,733
124,662
\nExercised during the year
(22,109)
(18,215)
(28,695)
(16,475)
\nLapsed during the year
(30,537)
\u2013
\u2013
\u2013
\nOutstanding at the end of the year
\u2013
106,094
108,038
108,187
\nExercisable at the end of the year
Nil
106,094
108,038
108,187
\nWeighted average share price at date of exercise (pence)
110.6
107.5
114.6
118.6
\nDBS\u00a02016
\nOptions
\nNumber
\nDBS\u00a02017
\nOptions
\nNumber
\nDBS\u00a02018
\nOptions
\nNumber
\nDBS\u00a02019
\nOptions
\nNumber
\nDBS\u00a02020
\nOptions
\nNumber
\nDBS\u00a02021
\nOptions
\nNumber
\nOutstanding at the beginning of the year
130,141
35,741
62,424
1,271,965
787,709
1,124,496
\nGranted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nForfeited during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nLapsed during the year
(2,539)
(4,086)
(24,556)
(8,091)
(81,974)
(95,338)
\nExercised during the year
(65,934)
(6,299)
(13,220)
(913,569)
(198,362)
(141,603)
\nOutstanding at the end of the year
61,668
25,356
24,648
350,305
507,373
887,555
\nExercisable at the end of the year
61,668
25,356
24,648
350,305
265,320
98,748
\nWeighted average share price at date of exercise (pence)
114.8
118.6
118.5
118.9
113.1
111.0
\n
\n
\n(c) Buy As You Earn (BAYE)
\nBAYE enables eligible employees to purchase shares from their gross income. The Company provides two matching shares for every three
\nshares bought by employees, subject to a maximum Company contribution of shares to the value of \u00a320\u00a0per employee per month. If the
\nshares are held in trust for five years or more, no income tax and national insurance will be payable. The matching shares will be forfeited if
\nthe corresponding partnership shares are removed from trust within three years of award.
\nAt 25\u00a0March\u00a02023 there were 5,667 (2022:\u00a04,570) participants in the BAYE scheme. Scheme participants have cumulatively purchased
\n32,563,932 (2022:\u00a030,574,677) shares with the Company contributing 10,436,402 (2022:\u00a09,843,232) matching shares on a cumulative basis.
\n(d) Long\u2011Term Incentive Plan (LTIP)
\nLTIP awards have TSR, ROCE and EPS targets and vest over a three\u2011year period following the financial year that they relate to and are
\nsettled by equity where an award exceeds a performance target.
\nLTIP\u00a02019
\nOptions
\nNumber
\nLTIP\u00a02020
\nOptions
\nNumber
\nLTIP\u00a02021
\nOptions
\nNumber
\nOutstanding at the beginning of the year
3,304,805
5,839,948
3,293,642
\nGranted during the year
\u2013
\u2013
\u2013
\nForfeited during the year
\u2013
\u2013
\u2013
\nLapsed during the year
(380,058)
(703,235)
(704,944)
\nExercised during the year
(2,412,111)
\u2013
\u2013
\nOutstanding at the end of the year
512,636
5,136,713
2,588,698
\nExercisable at the end of the year
512,636
\u2013
\u2013
\nWeighted average share price at date of exercise (pence)
110.1
N/A
N/A
\n(e) Executive Share Plan (ESP)
\nESP awards vest over a three\u2011year period following the financial year that they relate to and are typically settled by equity.
\nESP\u00a02015
\nOptions
\nNumber
\nESP\u00a02016
\nOptions
\nNumber
\nESP\u00a02017
\nOptions
\nNumber
\nESP\u00a02018
\nOptions
\nNumber
\nESP\u00a02019
\nOptions
\nNumber
\nESP\u00a02020
\nOptions
\nNumber
\nESP\u00a02021
\nOptions
\nNumber
\nOutstanding at the beginning
\nof the year
101,572
86,960
262,242
593,290
4,353,501
2,352,827
2,975,111
\nGranted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nForfeited during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nLapsed during the year
(19,359)
(20,959)
(15,044)
(25,352)
(26,341)
(292,123)
(255,630)
\nExercised during the year
\u2013
(18,756)
(66,023)
(172,226)
(2,912,481)
(834,301)
(450,687)
\nOutstanding at the end
\nof the year
82,213
47,245
181,175
395,712
1,414,679
1,226,403
2,268,794
\nExercisable at the end of the year
82,213
47,245
181,175
395,712
1,414,679
554,499
515,776
\nWeighted average exercise price (pence)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
\nWeighted average share price
\nat date of exercise (pence)
N/A
121.8
117.4
116.9
123.1
104.8
110.1
\n(f) Conditional awards
\nIn FY\u00a02023 the equity share awards were granted as conditional awards rather than options. There is no impact on the economic values for
\neither the Company or participants resulting from this change.
\nThe conditional awards outstanding under each scheme are shown below:
\nDeferred
\nBonus\u00a02022
\nNumber
\nESP Awards
\n2022
\nNumber
\nLTIP Awards
\n2022
\nNumber
\nOutstanding at the beginning of the year
\u2013
\u2013
\u2013
\nGranted during the year
2,121,738
263,045
8,839,303
\nLapsed during the year
(19,589)
(6,432)
(162,629)
\nOutstanding at the end of the year
2,102,149
256,613
8,676,674
\nOne award of 10,038 granted under the ESP\u00a02022 Plan is permitted to vest. No other awards in the table above have vested.
\n
\n
\nThe fair values of the options granted during the last two years were measured using a Black\u2011Scholes model except for the TSR element of the LTIPs
\nwhich were measured using a Monte Carlo model. The inputs into the models were as follows:
\n2023
2022
\nWeighted average share price at grant date (pence)
\n\u2013 DBS
110.6
85.7
\n\u2013 LTIP
112.8
84.3
\n\u2013 ESP
99.9
93.4
\nWeighted average exercise price at grant date (pence)
\n\u2013 DBS
\u2013
\u2013
\n\u2013 LTIP
\u2013
\u2013
\n\u2013 ESP
\u2013
\u2013
\nExpected volatility (%)
\n\u2013 DBS
N/A
N/A
\n\u2013 LTIP
60
59
\n\u2013 ESP
N/A
N/A
\nExpected life (years)
\n\u2013 DBS
3.0
3.0
\n\u2013 SAYE schemes
N/A
3.0
\n\u2013 LTIP
2.62
2.66
\n\u2013 ESP
3.0
3.0
\nRate of interest (%)
\n\u2013 DBS
N/A
N/A
\n\u2013 LTIP
\u2013
\u2013
\n\u2013 ESP
\u2013
\u2013
\nExpected dividend yield (%)
\n\u2013 DBS
\u2013
\u2013
\n\u2013 LTIP
\u2013
\u2013
\n\u2013 ESP
\u2013
\u2013
\nExpected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous five years. The expected
\nlife used in the model has been adjusted based on management\u2019s best estimate, for the effects of non\u2011transferability, exercise restrictions
\nand behavioural considerations.
\nAllowances have been made for the SAYE schemes for the fact that, amongst a group of recipients some are expected to leave before an
\nentitlement vests. The accounting charge is then adjusted over the vesting period to take account of actual forfeitures, so although the total
\ncharge is unaffected by the pre\u2011vesting forfeiture assumption, the timing of the recognition of the expense will be sensitive to it. Fair values
\nfor the SAYE include a 10% per annum pre\u2011vesting leaver assumption whereas the Executive, LTIP and deferred share plans exclude any
\nallowance for pre\u2011vesting forfeitures.
\nThe Group used the inputs noted above to measure the fair value of the new conditional awards (FY\u00a02022:\u00a0share options).
\n2023
\npence
\n2022
\npence
\nWeighted average fair value of options at grant date
\n\u2013 DBS
105.4
85.7
\n\u2013 LTIP
84.9
71.8
\n\u2013 ESP
99.9
93.4
\n
\n
\n37 Retirement benefit schemes
\nThe Group supports defined contribution and defined benefit schemes for the benefit of employees across the following business areas:
\nFirst\u00a0Bus and Group \u2013 including The First UK Bus Pension Scheme, The FirstGroup Pension Scheme and two Local Government Pension
\nSchemes
\nNorth America \u2013 legacy schemes from operations which have now been sold
\nRail \u2013 sponsoring six sections of the Railways Pension Scheme (RPS) relating to the Group\u2019s obligations for its TOCs, with an additional
\nsection for its Open Access Hull Trains business. Since the obligations to the TOC arrangements are considered to be limited to
\ncontributions during the period of the contract, these are fundamentally different to the obligations to the other pension arrangements.
\nDetails for these arrangements have therefore been shown separately.
\nOverall, the duration of the Company\u2019s obligations is approximately 16 years although the durations of the individual schemes tend to vary
\nwith the UK exposures tending to be of longer duration and the North American exposures tending to be of shorter duration.
\nAll of the pension schemes are operated independently of the Group by the relevant pension scheme\u2019s manager or trustee, and the assets of
\neach pension scheme are held separately from FirstGroup\u2019s assets. The managers or trustees (as appropriate) of the pension schemes are
\nresponsible for the investment policy, although the sponsor is consulted.
\nAt their last valuations, the defined benefit schemes had funding levels between 74% and 114% (2022:\u00a082% and 114%). The market value of
\nthe assets as at 25\u00a0March\u00a02023 for all non\u2011contract rail operation defined benefit schemes totalled \u00a32,534m (2022:\u00a0\u00a33,343m).
\n(a) First\u00a0Bus and Group (including open access rail operators)
\nDefined contribution plans (shown on a continuing basis)
\nPayments to defined contribution plans are charged as an expense as they fall due. There is no further obligation to pay contributions into a
\ndefined contribution plan once the contributions specified in the plan rules have been paid. The total expense recognised in the consolidated
\nincome statement of \u00a328.1m (2022:\u00a0\u00a321.6m) represents contributions payable to these plans by the Group at rates specified in the rules of
\nthe\u00a0plans.
\nThe Group operates defined contribution plans for all Group and First\u00a0Bus employees (with the exception of a small number of employees
\nwho remain active in a Local Government Pension Scheme) and First Rail employees who are not eligible to join a defined benefit
\narrangement. They receive a company match to their contributions, which varies by salary and/or service.
\nDefined benefit plans (shown on a continuing basis)
\nThe Group has full responsibility for the retirement benefits for former and current employees of Group, First\u00a0Bus and Hull Trains who are
\nmembers of the schemes described in the following paragraphs, bearing all the risks and responsibilities of management and sponsorship
\nof these schemes. These comprise five funded defined benefit plans across its First\u00a0Bus and Group operations (including Hull Trains which,
\nunlike the majority of First\u00a0Rail operations, is operated under open access), covering approximately 35,500 former and current employees.
\nWith the exception of Hull Trains, all of these schemes are closed to new entrants.
\nTriennial valuations assess the cost of future service (where relevant) and the funding position. The employer and trustees are required to
\nagree on assumptions for the valuations and to agree the contributions that result from these. Deficit recovery contributions may be required
\nin addition to future service contributions. In agreeing contribution rates, reference must be made to the affordability of contributions by
\nthe\u00a0employer.
\nSurplus after benefits have been paid/secured, can be repaid to the employer, in line with the rules of the schemes.
\nThe First UK Bus Pension Scheme
\nThis provides pension benefits to employees in First\u00a0Bus. Historically it provided salary related benefits on a shared cost basis, but from
\nApril\u00a02013, all new members have been enrolled in the defined contribution section. The scheme closed to defined benefit accrual on
\n5\u00a0April\u00a02018.
\nA smaller FirstGroup Pension Scheme provides defined benefit pensions to Group employees in addition to certain First\u00a0Bus employees.
\nThis scheme closed to defined benefit accrual on 5\u00a0April\u00a02018.
\nThe rules governing both these schemes grant the employer influence over the allocation of any residual surplus once the beneficiaries\u2019
\nrights have been secured. Accordingly, the net surplus/deficit is recognised in full for these schemes.
\nLocal Government Pension Schemes
\nThe Group participates in two Local Government Pension Schemes (LGPS), one in England and one in Scotland, which provide salary
\nrelated benefits. These differ from trust\u2011based schemes in that their benefits and governance are prescribed by specific legislation, and
\nthey are administered by local authorities. New members have not been admitted to the LGPS for several years, although benefit accrual
\ncontinues for a small number of existing members.
\nContribution rates are agreed for the three\u2011year period until the next valuation. The balance sheet position in respect of the LGPS funds is
\nrestricted per the requirements of IFRIC14.
\n
\n
\n
\nThe Hull Trains Shared Cost Section of the Railways Pension Scheme
\nHull Trains participates in its own Section of the Railways Pension Scheme. This scheme, which remains open to new entrants, provides
\nsalary\u2011related benefits. Costs relating to accrual and to any deficit are shared with members.
\nThe table below is set out to show the movements in the fair value of schemes\u2019 assets (Assets) along with the movements in the present
\nvalue of Defined benefit obligations (DBO) (Liabilities) for the Bus and Group and Hull Trains Defined Benefit schemes:
\n2023
2022
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAt beginning of period
2,930.1
2,571.7
2,732.4
2,792.8
\nIncome statement
\nOperating
\n\u2013 Current service cost
\u2013
8.5
\u2013
8.3
\n\u2013 Past service gain including curtailments and settlements
\u2013
\u2013
\u2013
\u2013
\nTotal operating
\u2013
8.5
\u2013
8.3
\nInterest income/cost
84.0
72.5
57.3
56.0
\nTotal income statement
84.0
81.0
57.3
64.3
\nAmounts paid to/(from) scheme
\nEmployer contributions
(7.5)
\u2013
245.5
\u2013
\nEmployee contributions
1.2
1.2
1.3
1.3
\nBenefits paid
(121.6)
(121.6)
(118.5)
(118.5)
\nTotal
(127.9)
(120.4)
128.3
(117.2)
\nExpected closing position
2,886.2
2,532.3
2,918.0
2,739.9
\nChange in financial assumptions
\u2013
(632.8)
\u2013
(220.6)
\nChange in demographic assumptions
\u2013
(43.6)
\u2013
7.9
\nEmployee share of changes
0.2
(1.6)
0.3
(0.7)
\nReturn on assets in excess of discount rate
(719.5)
\u2013
11.8
\u2013
\nExperience
\u2013
118.2
\u2013
45.2
\nTotal
(719.3)
(559.8)
12.1
(168.2)
\nAt end of period
2,166.9
1,972.5
2,930.1
2,571.7
\nSurplus/(deficit) before adjustment
194.4
358.4
\nImpact of shared cost
(0.3)
1.4
\nAdjustment for irrecoverable surplus
\n1
\n(156.7)
(162.3)
\nSurplus in schemes
37.4
197.5
\nThe amount is presented in the consolidated balance sheet as follows:
\nNon\u2011current assets
44.6
203.0
\nNon\u2011current liabilities
(7.2)
(5.5)
\n37.4
197.5
\n1
The irrecoverable surplus represents the amount of the surplus that the Group could not recover through reducing future Company contributions to LGPS, see below.
\nAdjustment for First\u00a0Bus irrecoverable surplus
\nMovements in the adjustment for the First\u00a0Bus irrecoverable surplus were as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt beginning of period
(162.3)
(108.7)
\nInterest on irrecoverable surplus
(4.7)
(2.2)
\nActuarial gain/(loss) on irrecoverable surplus
10.3
(51.4)
\nAt end of period
(156.7)
(162.3)
\n
\n
\nAsset Allocation
\nAt March\u00a02023
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nEquity
145.9
164.4
310.3
\nOther return seeking assets
22.0
56.8
78.8
\nReal estate
\u2013
21.9
21.9
\nFixed income/liability driven
1,428.2
145.9
1,574.1
\nOther income generating
\u2013
1.1
1.1
\nAnnuities
\u2013
129.6
129.6
\nCash and cash equivalents
51.1
\u2013
51.1
\n1,647.2
519.7
2,166.9
\nAt March\u00a02022
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nEquity
318.2
157.5
475.7
\nOther return seeking assets
\u2013
78.9
78.9
\nReal estate
19.4
7.9
27.3
\nFixed income/liability driven
1,664.5
(41.7)
1,622.8
\nOther income generating
197.8
255.2
453.0
\nAnnuities
\u2013
160.6
160.6
\nCash and cash equivalents
\n1
\n111.8
\u2013
111.8
\n2,311.7
618.4
2,930.1
\n(b) North America
\nGreyhound pension arrangements
\nFollowing the sales of all of the businesses which the Group owned in North America, the Group retained certain responsibilities for the
\nprovision of retirement benefits for a number of legacy schemes. These arrangements are described in the following paragraphs.
\nThe Group operates a single legacy defined benefit arrangement in the US (2022:\u00a0one), while in Canada, there is one funded legacy plan
\n(2022:\u00a0three) and a small unfunded supplementary executive retirement plan. Following the merger of three legacy plans, the Company has
\ngiven notice of its intention to terminate the Canadian plan.
\nAll the North American plans are valued annually, to identify the funding positions in order to determine the statutory funding requirements.
\n
\n
\n
\nThe table below is set out to show the movements in the fair value of schemes\u2019 assets (Assets) along with the movements in the present
\nvalue of Defined benefit obligations (DBO) (Liabilities) for the North American Defined benefit schemes:
\n2023
2022
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAt beginning of period (including held for sale)
412.4
408.7
437.8
567.2
\nIncome statement
\nOperating
\n\u2013 Current service cost
\u2013
2.1
\u2013
3.0
\n\u2013 Past service gain including curtailments and settlements
\u2013
\u2013
(81.1)
(109.7)
\nTotal operating
\u2013
2.1
(81.1)
(106.7)
\nInterest income/cost
16.5
16.2
11.9
13.6
\nTotal income statement
16.5
18.3
(69.2)
(93.1)
\nAmounts paid to/(from) scheme
\nEmployer contributions
4.5
\u2013
102.0
\u2013
\nEmployee contributions
\u2013
\u2013
\u2013
\u2013
\nBenefits paid
(46.9)
(46.9)
(61.9)
(61.9)
\nTotal
(42.4)
(46.9)
40.1
(61.9)
\nExpected closing position
386.5
380.1
408.7
412.2
\nChange in financial assumptions
\u2013
(27.2)
\u2013
(34.5)
\nChange in demographic assumptions
\u2013
\u2013
\u2013
1.1
\nEmployee share of change in DBO
\u2013
\u2013
\u2013
\u2013
\nReturn on assets in excess of discount rate
(33.9)
\u2013
(16.4)
\u2013
\nExperience
\u2013
1.6
\u2013
9.2
\nTotal
(33.9)
(25.6)
(16.4)
(24.2)
\nCurrency gain/loss
14.2
15.0
20.1
20.7
\nAt end of period
366.8
369.5
412.4
408.7
\nSurplus/(deficit)
\nCalculated as at 25\u00a0March
(2.7)
3.7
\nOpening irrecoverable surplus
(14.6)
\nChange in irrecoverable surplus
7.0
(13.8)
\nCurrency gain/(loss) on irrecoverable surplus
0.8
(0.8)
\nPresented in the consolidated balance sheet as Non\u2011current liabilities
(9.5)
(10.9)
\nAsset Allocation
\nAt March\u00a02023
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nFixed income/liability driven
336.2
(27.2)
309.0
\nCash and cash equivalents
57.5
0.3
57.8
\n393.7
(26.9)
366.8
\nAt March\u00a02022
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nEquity
17.4
\u2013
17.4
\nReal estate
\u2013
24.9
24.9
\nFixed income/liability driven
206.5
115.2
321.7
\nCash and cash equivalents
49.6
(1.3)
48.3
\n273.5
138.8
412.3
\n
\n
\nFirst Transit management contracts
\nThe Group retained ten First Transit Management Contracts following the sale of First Transit in\u00a02021. As at the balance sheet date, the
\nGroup\u2019s First Transit subsidiary companies sponsored a total of three single\u2011employer pension arrangements (2022:\u00a0five). The Group is
\nindemnified against any pension liabilities by the relevant transit authorities, and pension costs are reimbursed as they fall due. The Group will
\nnot retain any pension liability upon expiry of the contract or if the contracts are reassigned.
\nDetails of the assets and liabilities of these schemes is as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAssets
14.0
281.6
\nLiabilities
(21.8)
(322.1)
\nDeficits in schemes
(7.8)
(40.5)
\nAmounts recoverable from contracting authorities
7.8
40.5
\nNet deficits in schemes
\u2013
\u2013
\n(c) Rail contracts
\nThe Railways Pension Scheme (RPS)
\nThe Group is responsible for collecting and paying contributions for a number of sections of the Railways Pension Scheme (RPS) as part of
\nits obligations under the contracts which it holds for its TOCs. These responsibilities continue for the periods of the TOCs and are passed to
\nfuture contract holders when those TOCs terminate. Management of the RPS is not the responsibility of the Group, nor is it liable to benefit
\nfrom any future surplus or fund any deficit of those funds.
\nAs at the balance sheet date, the Group sponsored six sections of the RPS, relating to its contracting obligations for its TOCs. The RPS
\nis managed by the Railways Pension Trustee Company Limited and is subject to regulation from the Pensions Regulator and relevant UK
\nlegislation.
\nThe RPS is a shared cost arrangement. All costs, and any deficit or surplus, are shared 60% by the employer and 40% by the members.
\nFor the TOC sections, under the contractual arrangements with the DfT, the employer\u2019s responsibility is to pay the contributions following
\ntriennial funding valuations while it operates the contracted services. These contributions are subject to change on consideration of future
\nstatutory valuations. At the end of the contract, any deficit or surplus in the scheme section passes to the subsequent train operating
\ncompany with no compensating payments from or to the outgoing TOC.
\nThe statutory funding valuations of the various Rail Pension Scheme sections in which the Group is involved (last finalised with an effective
\ndate of 31\u00a0December\u00a02013) and the IAS 19 actuarial valuations are carried out for different purposes and may result in materially different
\nresults. The IAS 19 valuation is set out in the disclosures below.
\nThe accounting treatment for the time\u2011based risk\u2011sharing feature of the Group\u2019s participation in the RPS is not explicitly considered by IAS
\n19 Employee Benefits (Revised). The contributions currently committed to being paid to each TOC section are lower than the share of the
\nservice cost (for current and future service) that would normally be calculated under IAS 19 (Revised) and the Group does not account
\nfor uncommitted contributions towards the sections\u2019 current or expected future deficits. Therefore, the Group does not need to reflect
\nany deficit on its balance sheet. A TOC adjustment (asset) exists that exactly offsets any section deficit that would otherwise remain after
\nreflecting the cost sharing with the members. This reflects the legal position that some of the existing deficit and some of the service costs in
\nthe current year will be funded in future years beyond the term of the current contract and committed contributions. The TOC adjustment on
\nthe balance sheet date reflects the extent to which the Group is not currently committed to fund the deficit.
\nMovements in the TOC contract adjustment in a period arise from and are accounted for as follows:
\nAny service cost for the period for which the contribution schedule requires no contributions from the entity are reflected as an adjustment to
\nthe service cost in the income statement, which is considered to be in line with paragraphs 92\u201194 of IAS 19 (Revised).
\nUnder circumstances where contributions are renegotiated, such as following a statutory valuation, any adjustment necessary to reflect an
\nobligation to fund past service cost will be recognised in the income statement.
\nAt the previous year end, we noted that The Pensions Regulator (TPR) had been in discussion with the RPS (the Scheme) regarding the
\nassumptions used to determine the Scheme\u2019s funding requirements. Discussions are ongoing, and the possibility remains of changes to
\ncontributions that could impact all rail operators sponsoring this industry\u2011wide scheme.
\n
\n
\n
\nTPR and the DfT had requested that the RDG co\u2011ordinate the Train Operators\u2019 involvement in an industry\u2011wide review of Scheme\u2019s funding.
\nThe RDG, comprising participants from each of the large owning groups, has been seeking to develop a framework which meets TPR,
\nDfT, RPS and RDG objectives. There has been continuing engagement between the key parties during the year, and efforts to develop a
\nframework to take forward to a formal consultation are ongoing.
\nManagement continues to believe that the protections contained within current contractual agreements with the DfT will allow the Scheme to
\ncontinue with its current funding strategy in the short term. Nevertheless, TPR believes that a higher level of funding is required in the longer
\nterm, and the Group has been engaged with the industry\u2011wide project to consider the funding of the Scheme.
\nManagement continues to believe that an approach that meets TPRs key objectives while maintaining stability and fairness, and retaining
\nprotection against unacceptable risk, for both operators and scheme members, is achievable.
\nManagement do not believe that the current EMAs and NRCs have impacted the position in relation to the Group\u2019s funding obligations
\ntowards the RPS sections and no allowance has therefore been made within the disclosures for these Agreements.
\nThe disclosed information has been set out to illustrate the effect of this on the costs borne by FirstGroup. In particular, 40% of the costs,
\ngains or losses and any deficit are attributed to the members. In addition, the total surplus or deficit is adjusted by way of a \u2018contract
\nadjustment\u2019 which includes an assessment of the changes that will arise from contracted future contributions and which is the portion of the
\ndeficit or surplus projected to exist at the end of the contract which the Group will not be required to fund or benefit from.
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAdjustment for
\nemployee share of
\nRPS deficits (40%)
\n\u00a3m
\nContract
\nadjustment
\n\u00a3m
\nNet
\n\u00a3m
\nAt 1\u00a0April\u00a02022
3,790.6
(5,066.1)
510.2
765.3
\u2013
\nIncome statement
\nOperating
\n\u2013 Service cost
\u2013
(236.7)
94.6
89.2
(52.9)
\n\u2013 Admin cost
\u2013
(10.4)
4.2
\u2013
(6.2)
\nTotal operating
\u2013
(247.1)
98.8
89.2
(59.1)
\nFinancing
108.2
(138.1)
12.0
17.9
\u2013
\nTotal income statement
108.2
(385.2)
110.8
107.1
(59.1)
\nAmounts paid to/(from) scheme
\nEmployer contributions
59.1
\u2013
(23.6)
23.6
59.1
\nEmployee contributions
39.4
\u2013
(15.8)
(23.6)
\u2013
\nBenefits paid
(140.8)
140.8
\u2013
\u2013
\u2013
\nTotal
(42.3)
140.8
(39.4)
\u2013
59.1
\nExpected closing position
3,856.6
(5,310.5)
581.6
872.3
\u2013
\nChange in financial assumptions
\u2013
1,840.2
(736.1)
(1,104.1)
\u2013
\nReturn on assets in excess of discount rate
(172.3)
\u2013
68.9
103.4
\u2013
\nExperience
\u2013
(344.2)
137.7
206.5
\u2013
\nTotal
(172.3)
1,496.0
(529.5)
(794.2)
\u2013
\nAt 31\u00a0March\u00a02023
3,684.3
(3,814.5)
52.1
78.1
\u2013
\n
\n
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAdjustment
\nfor employee
\nshare of RPS
\ndeficits (40%)
\n\u00a3m
\nContract
\nadjustment
\n\u00a3m
\nNet
\n\u00a3m
\nAt 1\u00a0April\u00a02021
3,370.6
(5,318.6)
779.2
1,168.8
\u2013
\nIncome statement
\nOperating
\n\u2013 Service cost
\u2013
(253.4)
101.4
100.8
(51.2)
\n\u2013 Admin cost
\u2013
(11.1)
4.4
\u2013
(6.7)
\nTotal operating
\u2013
(264.5)
105.8
100.8
(57.9)
\nFinancing
69.4
(105.1)
14.3
21.5
\u2013
\nTotal income statement
69.4
(369.6)
120.1
122.3
(57.9)
\nAmounts paid to/(from) scheme
\nEmployer contributions
57.9
\u2013
(23.1)
23.1
57.9
\nEmployee contributions
37.9
\u2013
(15.2)
(22.7)
\u2013
\nBenefits paid
(129.5)
129.5
\u2013
\u2013
\u2013
\nTotal
(33.8)
129.5
(38.3)
0.4
57.9
\nExpected closing position
3,406.2
(5,558.6)
861.0
1,291.4
\u2013
\nChange in financial assumptions
\u2013
510.0
(204.0)
(306.0)
\u2013
\nReturn on assets in excess of discount rate
384.4
\u2013
(153.8)
(230.7)
\u2013
\nExperience
\u2013
(17.5)
7.0
10.5
\u2013
\nTotal
384.4
492.5
(350.8)
(526.1)
\u2013
\nAt 31\u00a0March\u00a02022
3,790.6
(5,066.1)
510.2
765.3
\u2013
\nDuring the year \u00a310.4m (2022:\u00a0\u00a311.1m) of gross administrative expenses were incurred, included in benefits paid above.
\nFinance costs above include interest income of \u00a364.9m (2022:\u00a0\u00a341.6m) and employee share of interest on assets of \u00a343.3m (2022:\u00a0\u00a327.8m)
\nIncome statement charges on liabilities above of \u00a3385.2m (2022:\u00a0\u00a3369.6m) represent:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nCurrent service costs
148.2
158.6
\nInterest costs
82.9
63.1
\nEmployee share of change in DBO (not attributable to contract adjustment)
154.1
147.9
\n385.2
369.6
\n
\n
\n
\nAsset Allocation
\nAt 25\u00a0March\u00a02023/31\u00a0March\u00a02023
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nEquity
\u2013
2,069.3
2,069.3
\nOther return seeking assets
\u2013
1,177.8
1,177.8
\nReal estate
\u2013
426.5
426.5
\nCash and cash equivalents
10.7
\u2013
10.7
\n10.7
3,673.6
3,684.3
\nAt 26\u00a0March\u00a02022/31\u00a0March\u00a02022
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nEquity
\u2013
2,241.9
2,241.9
\nOther return seeking assets
\u2013
1,089.7
1,089.7
\nReal estate
\u2013
450.8
450.8
\nCash and cash equivalents
8.2
\u2013
8.2
\n8.2
3,782.4
3,790.6
\nThe Rail contracts\u2019 assets are invested in pooled funds created specifically for the Rail schemes. As such, these assets have been
\ncategorised as unquoted.
\n(d) Valuation assumptions
\nThe valuation assumptions used for accounting purposes have been made uniform to Group standards, as appropriate, when each scheme
\nis actuarially valued.
\nFirst\u00a0Bus
\n2023
\n%
\nFirst\u00a0Rail
\n2023
\n%
\nNorth
\nAmerica
\n2023
\n%
\nFirst\u00a0Bus
\n2022
\n%
\nFirst\u00a0Rail
\n2022
\n%
\nNorth
\nAmerica
\n2022
\n%
\nKey assumptions used:
\nDiscount rate
4.67 \u2013 4.69
4.80
4.66 \u2013 4.92
2.91 \u2013 2.97
2.83
3.72 \u2013 4.19
\nExpected rate of salary increases
3.51
3.22
n/a
4.01
3.43
n/a
\nInflation \u2013 CPI
2.51 \u2013 2.56
2.72
2.0
2.89 \u2013 3.01
2.93
2.0
\nFuture pension increases
2.53
\n2
\n2.72
n/a
2.68
\n2
\n2.93
n/a
\nPost\u2011retirement mortality (life expectancy in years)
\n1
\nCurrent pensioners at 65:
19.4
20.7
19.7 \u2013 21.6
19.9
20.6
19.7 \u2013 21.5
\nFuture pensioners at 65 aged 45 now:
19.8
22.2
21.3 \u2013 22.6
21.4
22.1
21.2 \u2013 22.6
\n1
Life expectancies reflect the largest underlying plans in each region.
\n2 Weighted average for principal scheme.
\nThe Group reviews its longevity assumptions for each scheme following completion of funding valuations. The assumptions adopted reflect
\nrecent scheme experience and views on future longevity which may include industry specific adjustment where appropriate. The Group
\nobtains specialist actuarial advice before agreeing longevity assumptions.
\n(e) Sensitivity of retirement benefit obligations to changes in assumptions
\nThe method used to derive the sensitivities is the same as that used to calculate the main disclosures. The exception is longevity where we
\nhave instead applied a general rule that one year\u2019s extra life expectancy adds c.3% to the defined benefit obligation (with resultant impacts
\non rail and irrecoverable surplus adjustments). This is consistent with the method applied to deriving last year\u2019s sensitivities.
\nA 1.0% movement in the discount rate would impact the balance sheet position by approximately \u00a3218m. A 0.5% movement in the inflation
\nrate would impact the balance sheet position by approximately \u00a367m. A one\u2011year movement in life expectancy would impact the balance
\nsheet position by approximately \u00a352m.
\nManagement considers that the figures provide a suitable indication of the potential impact of reasonably possible changes in the financial
\nassumptions and one\u2011year change in the mortality assumption. No allowance has been made for any consequent change in the value of
\nassets held.
\n
\n
\n(f) Consolidated statement of comprehensive income
\nAmounts presented in the consolidated statement of comprehensive income comprise:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nActuarial gain on DBO
2,079.7
684.3
\nActuarial (loss)/gain on assets
(925.7)
380.1
\nActuarial (loss) on contract adjustments
(1,323.7)
(876.9)
\nAdjustment for irrecoverable surplus
18.8
(65.2)
\nActuarial (losses)/gains on defined benefit schemes
(150.9)
122.3
\n(g) Cash contributions
\nThe estimated amounts of employer contributions expected to be paid to the defined benefit schemes during the 53\u00a0weeks ending
\n30\u00a0March\u00a02024 is \u00a364m based on current contributions schedules in force (25\u00a0March\u00a02023:\u00a0\u00a370m).
\n(h) Risks associated with defined benefit plans:
\nGenerally the number of employees in defined benefit plans is reducing rapidly, as these plans are largely closed to new entrants, and in
\nmost cases to future accrual. Consequently, the number of defined contribution members is increasing.
\nThe First\u00a0Bus Pension Scheme and the FirstGroup Pension Scheme both closed to future accrual on 5\u00a0April\u00a02018. This change will serve to
\nlimit the risks associated with defined benefit pension provision by the Group.
\nDespite remaining open to new entrants and future accrual, the risks posed by the RPS are limited, as under the contractual arrangements
\nwith DfT, the First\u00a0Rail TOCs are not responsible for any residual deficit at the end of a contract. As such, there is only short\u2011term cash flow
\nrisk within this business.
\nThe key risks relating to the other defined benefit pension arrangements and the steps taken by the Group to mitigate them are as follows:
\nRisk
Description
Mitigation
\nAsset volatility
The liabilities are calculated using a discount rate
\nset with reference to corporate bond yields; if assets
\nunderperform this yield, this will create a deficit. The
\nassets held in the defined benefit arrangements are
\nintended to meet the long\u2011term funding objectives of
\nthose arrangements, and therefore results in some
\nrisk in the short term and has the potential for material
\nadverse movements relative to the liabilities as valued
\nfor accounting purposes.
\nAsset liability modelling has been undertaken to
\nensure that any risks taken are expected to be
\nrewarded and, in relation to the Company\u2019s largest
\npension exposures, further work is being undertaken
\nto ensure that the investment strategy remains the
\nmost appropriate.
\nInflation risk
A significant proportion of the UK benefit obligations
\nare linked to inflation and higher inflation will lead to
\nhigher liabilities.
\nInvestment strategy reviews have led to increased
\ninflation hedging, mainly through swaps or holding
\nIndex Linked Gilts in the UK schemes.
\nUncertainty over level
\nof future contributions
\nContributions to defined benefit schemes can be
\nunpredictable and volatile as a result of changes in
\nthe funding level revealed at each valuation.
\nThe Group engages with the trustees and plan
\nmanagers to consider how contribution requirements
\ncan be made more stable. The level of volatility and
\nthe Group\u2019s ability to control contribution levels varies
\nbetween arrangements.
\nLife expectancy
The majority of the scheme\u2019s obligations are to
\nprovide benefits for the life of the member, so
\nincreases in life expectancy will result in an increase in
\nthe liabilities.
\nLinking retirement age to State Pension Age (as in The
\nFirst\u00a0Bus Pension Scheme and LGPS) has mitigated
\nthis risk to some extent. An annuity buy\u2011in has further
\nmitigated this risk in one of the LGPS arrangements.
\nLegislative risk
Future legislative changes are uncertain. In the past
\nthese have led to increases in obligations, through
\nintroducing pension increases, vesting of deferred
\npensions, equalisation of certain benefits for men and
\nwomen or reduced investment return through the
\nability to reclaim Advance Corporation Tax.
\nThe Group receives professional advice on the impact
\nof legislative changes.
\n
\n
\n38 Related party transactions
\nTransactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
\ndisclosed in this note.
\nRemuneration of key management personnel
\nThe remuneration of the Directors, which comprise the plc Board who are the key management personnel of the Group, is set out below in
\naggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual
\nDirectors is provided in the Annual report on remuneration on pages 118\u2011133.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBasic salaries
\n1
\n1.7
1.6
\nBenefits in kind
\u2013
\u2013
\nFees
0.8
0.9
\nShare\u2011based payment
2.5
2.6
\n5.0
5.1
\n1
Basic salaries include cash emoluments in lieu of retirement benefits, bonuses and car allowances.
\n39
Events after the reporting period
\n\u25a0
\nOn 11\u00a0May\u00a02023, the Department for Transport (DfT) confirmed that it would not exercise its option to extend the existing arrangements for
\nFirstGroup\u2019s TransPennine Express (TPE) National Rail Contract, which was due to expire on 28\u00a0May\u00a02023. On that date the DfT appointed
\nits Operator of Last Resort to take over delivery of passenger services on the TPE network.
\n\u25a0
\nThe sale of the Bus division\u2019s depot at Empress Road, Southampton, which was disclosed as held for sale at 25\u00a0March\u00a02023, completed
\non 3\u00a0April\u00a02023 with proceeds in line with the held for sale valuation.
\n\u25a0
\nFirst Transit earnout crystallised following completion of the sale of the First Transit business by EQT Infrastructure in March 2023, with
\nestimated proceeds of c.$89m anticipated in H1 FY 2024.
\n\u25a0
\nIn May\u00a02023, the DfT announced a two\u2011year funding settlement for bus operators in England which includes \u00a3300m of further funding
\nto protect bus services until\u00a02025, and \u00a3200m funding to extend the \u00a32 fare cap until the end of October\u00a02023 and then at \u00a32.50 until
\nNovember\u00a02024.
\n40
Information about related undertakings
\nIn accordance with Section 409 of the Companies Act\u00a02006, a full list of subsidiaries and equity accounted investments as at 25\u00a0March\u00a02023
\nis disclosed below. Unless otherwise stated, the Group\u2019s shareholding represents ordinary shares held indirectly by FirstGroup plc, the
\nentities are unlisted, and have one type of ordinary share capital, the year end is 25\u00a0March. The Group\u2019s interest in the voting share capital is
\n100% unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation:
\nEvolutionary Rail Limited,
\n5,9
\n8th Floor,
First Cymru Buses Limited,
\n3,7
\nHeol
\nSubsidiaries \u2013 wholly owned and
\nThe\u00a0Point, 37 North Wharf Road, London,
Gwyrosydd, Penlan, Swansea, SA5 7BN
\nincorporated in the United Kingdom
\nW2\u00a01AF
\nFirst Dublin Metro Limited,
\n5,9
\n8th Floor,
\nA E & F R Brewer Limited,
\n4,5
\nHeol
\nFB Canada Holdings Limited
The\u00a0Point, 37 North Wharf Road, London,
\nGwyrosydd, Penlan, Swansea, SA5 7BN
\n(SC356482),
\n3,4
\n395 King Street, Aberdeen,
W2\u00a01AF
\nAirport Buses Limited,
\n5
\nBus Depot,
AB24 5RP
\nFirst Eastern Counties Buses Limited,
\n7
\nWestway, Chelmsford, Essex, CM1 3AR
\nFG Canada Investments Limited
Davey House, 7b Castle Meadow, Norwich,
\nAirport Coaches Limited,
\n5
\nBus Depot,
(SC356484),
\n3,4
\n395 King Street, Aberdeen,
Norfolk, NR1 3DE
\nWestway, Chelmsford, Essex, CM1 3AR
\nAB24 5RP
\nFirst Essex Buses Limited,
\n7
\nBus Depot,
\nAirporter Limited,
\n3,7
\n21 Arthur Street,
FG Properties Limited,
\n3,8
\n8th Floor,
Westway, Chelmsford, Essex, CM1 3AR
\nBelfast, BT1 4GA
\nThe\u00a0Point, 37 North Wharf Road, London,
\nFirst European Holdings Limited
\nW2\u00a01AF
\nButler Woodhouse Limited,
\n5
\nBus Depot,
(05113697),
\n1,3,5
\n8th Floor, The Point,
\nWestway, Chelmsford, Essex, CM1 3AR
FGI Canada Holdings Limited
37\u00a0North Wharf Road, London, W2 1AF
\n(SC356485),
\n3,4
\n395 King Street, Aberdeen,
\nCawlett Limited,
\n4
\nEnterprise House,
First Games Transport Limited,
\n5
\nAB24 5RP
\nEaston\u00a0Road, Bristol, BS5 0DZ
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nFirst Aberdeen Limited,
\n3,7
\n395 King Street,
London, W2 1AF
\nCCB Holdings Limited (03128545),
\n4
\nAberdeen, AB24 5RP
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
First Glasgow Limited,
\n1,5
\n100 Cathcart
\nLondon, W2 1AF
\nFirst Beeline Buses Limited,
\n3,7
\nHoeford,
Road, Glasgow, G42 7BH
\nGosport Road, Fareham, Hampshire,
\nCentreWest Limited (02844270),
\n5
\nFirst Glasgow (No.1) Limited,
\n7
\nPO16\u00a00ST
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\n100\u00a0Cathcart Road, Glasgow, G42 7BH
\nLondon, W2 1AF
\nFirst\u00a0Bus Central Services Limited,
\n3,8
\nFirst Glasgow (No.2) Limited,
\n3,7
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nCentreWest London Buses Limited,
\n5
\n100\u00a0Cathcart Road, Glasgow, G42 7BH
\nLondon, W2 1AF
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\n4
\nFirst Great Western Limited,
\n5,9
\n8th Floor,
\nLondon, W2 1AF
\nFirst\u00a0Bus Pension GP Limited,
8th Floor,
\nThe Point, 37 North Wharf Road, London,
\n5
\nThe Point, 37 North Wharf Road, London,
\nCentreWest ESOP Trustee (UK) Limited,
\nW2 1AF
\nW2 1AF
\n8th Floor, The Point, 37 North Wharf Road,
\n5,9
\nFirst Great Western Trains Limited,
\n5,9
\nLondon, W2 1AF
\nFirst Caledonian Sleeper Limited,
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\n5
\n395\u00a0King Street, Aberdeen, AB24 5RP
\nChester City Transport Limited,
Bus
London, W2 1AF
\nDepot, Wallshaw Street, Oldham, OL1 3TR
\nFirst Capital Connect Limited,
\n3,5,9
\n8th
\nFirst Greater Western Limited,
\n7,9
\n8th
\n5
\nFloor, The Point, 37 North Wharf Road,
\nCrosville Limited,
Bus Depot, Wallshaw
Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nStreet, Oldham, OL1 3TR
London, W2 1AF
\nFirst Capital East Limited,
\n5
\nBus Depot,
\nDon Valley Buses Limited,
\n5
\nOlive Grove,
First Hampshire & Dorset Limited,
\n7
\nWestway, Chelmsford, Essex, CM1 3AR
\nSheffield, South Yorkshire, S2 3GA
\nHoeford, Gosport Road, Fareham,
\n7,9
\nFirst Capital North Limited,
\n4
\n8th Floor,
Hampshire, PO16 0ST
\nEast Coast Trains Limited,
8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nThe\u00a0Point, 37 North Wharf Road, London,
First Information Services Limited
\nW2\u00a01AF
\nW2\u00a01AF
(SC288178),
\n1,3,8
\n395 King Street, Aberdeen,
\n5,9
\nFirst CentreWest Buses Limited,
\n5
\nAB24 5RP
\nEast West Rail Limited,
8th Floor,
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nFirst International (Holdings) Limited
\nLondon, W2 1AF
\nW2\u00a01AF
\n(08743641),
\n1,3,4
\n8th Floor, The Point, 37
\n5
\nFirst City Line Ltd,
\n5
\n8th Floor, The Point,
North Wharf Road, London, W2 1AF
\nECOC (Holdings) Limited,
Bus Depot,
\n37\u00a0North Wharf Road, London, W2 1AF
\nWestway, Chelmsford, Essex, CM1 3AR
\nFirst International No.1 Limited
\nFirst Coaches Limited,
\n5
\n7
\nEnterprise House,
(08746564),
\n3,5
\n8th Floor, The Point,
\nEnsign Bus Company Limited,
The Rifle
\nEaston Road, Bristol, BS5 0DZ
37\u00a0North\u00a0Wharf Road, London, W2 1AF
\nRange, Juliette Close, Purfleet Industrial
\nPark, Aveley, South Ockendon, Essex,
\nFirst Customer Contact Limited,
\n8,9
\nFirst Manchester Limited,
\n3,7
\nWallshaw
\nRM15\u00a04YF
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
Street, Oldham, OL1 3TR
\nLondon, W2 1AF
\n
\n
\n
\n
\nFirst Merging Pension Schemes
\nLimited,
\n5
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirst Metro Limited,
\n5,9
\n8th Floor, The Point,
\n37 North Wharf Road, London, W2 1AF
\nFirst Midland Red Buses Limited,
\n3,7
\nAbbey\u00a0Lane, Leicester, England, LE4 0DA
\nFirst North West Limited (02862042),
\n3,4
\nWallshaw Street, Oldham, OL1 3TR
\nFirst Northern Ireland Limited,
\n3,7
\n21\u00a0Arthur\u00a0Street, Belfast, BT1 4GA
\nFirst Pioneer Bus Limited,
\n3,5
\nWallshaw\u00a0Street, Oldham, OL1 3TR
\nFirst Potteries Limited,
\n3,7
\nAbbey Lane,
\nLeicester, England, LE4 0DA
\nFirst Provincial Buses Limited,
\n4
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2 1AF
\nFirst\u00a0Rail Holdings Limited,
\n1,4,9
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2 1AF
\nFirst\u00a0Rail Procurement Limited,
\n1,3,8,9
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirst\u00a0Rail Support Limited,
\n4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirst\u00a0ScotRail Limited,
\n3,5,9
\n395 King Street,
\nAberdeen, AB24 5RP
\nFirst\u00a0ScotRail Railways Limited,
\n5,9
\n395\u00a0King Street, Aberdeen, AB24 5RP
\nFirst Shared Services Limited,
\n5
\n395\u00a0King\u00a0Street, Aberdeen, AB24 5RP
\nFirst South West Limited,
\n3,7
\nUnion Street,
\nCamborne, Cornwall, TR14 8HF
\nFirst South Yorkshire Limited,
\n7
\nOlive
\nGrove, Sheffield, South Yorkshire, S2 3GA
\nFirst Student UK Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirst Thameslink Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirst Trains Limited,
\n5,9
\n8th Floor, The Point,
\n37 North Wharf Road, London, W2 1AF
\nFirst TransPennine Express Limited,
\n7,9
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirst Travel Solutions Limited,
\n7
\nUnit 5
\nPetre Court, Petre Road Clayton Business
\nPark, Clayton Le Moors, Accrington,
\nBB5\u00a05HY
\nFirst Wessex National Limited,
\n5
\nEnterprise House, Easton Road, Bristol,
\nBS5\u00a00DZ
\nFirst West of England Limited,
\n7
\nEnterprise
\nHouse, Easton Road, Bristol, BS5 0DZ
\nFirst West Yorkshire Limited,
\n7
\nHunslet
\nPark Depot, Donisthorpe Street, Leeds,
\nWest\u00a0Yorkshire, LS10 1PL
\nFirst York Limited,
\n3,7
\nHunslet Park Depot,
\nDonisthorpe Street, Leeds, West Yorkshire,
\nLS10\u00a01PL
\nFirstBus (North) Limited,
\n1,3,4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirstBus (South) Limited,
\n1,3,4
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirstBus Group Limited,
\n4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirstBus Investments Limited
\n(02205797),
\n1,3,4
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirstGroup American Investments
\n(SC330038),
\n3,4
\n395 King Street, Aberdeen,
\nAB24 5RP
\nFirstGroup Canadian Finance Limited
\n(03486937),
\n1,3,6
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirstGroup Construction Limited,
\n5
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirstGroup Holdings Limited,
\n1,8
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2 1AF
\nFirstGroup Pension GP Limited,
\n4
\n8th
\nFloor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirstGroup (QUEST) Trustees
\nLimited,
\n1,5,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirstGroup US Finance Limited
\n(SC330060),
\n1,3,6
\n395 King Street, Aberdeen,
\nAB24 5RP
\nFirstGroup US Holdings (SC330054),
\n3,4
\n395 King Street, Aberdeen, AB24 5RP
\nFleetrisk Management Limited,
\n5
\nOlive\u00a0Grove, Sheffield, South Yorkshire,
\nS2\u00a03GA
\nG.E. Mair Hire Services Limited,
\n5
\n395\u00a0King Street, Aberdeen, AB24 5RP
\nG.A.G. Limited,
\n1,4
\nEnterprise House,
\nEaston\u00a0Road, Bristol, BS5 0DZ
\nGB Railways Group Limited,
\n1,3,4,9
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nGreat Western Trustees Limited,
\n5,9
\nMilford House, 1 Milford Street, Swindon,
\nSN1 1HL
\nGrenville Motors Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nGreyhound Limited,
\n5
\n8th Floor, The Point,
\n37 North Wharf Road, London, W2 1AF
\nGRT Bus Group Limited (SC114203),
\n1,3,4
\n395 King Street, Aberdeen, AB24 5RP
\nGurna Limited,
\n5
\nBus Depot, Westway,
\nChelmsford, Essex, CM1 3AR
\nHalesworth Transit Limited,
\n5
\nBus Depot,
\nWestway, Chelmsford, Essex, CM1 3AR
\nHampshire Books Limited,
\n5
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nHull Trains Company Limited,
\n7,9
\nThe
\nPoint, 8th Floor, 37 North Wharf Road,
\nLondon, England, W2 1AF
\nIndexbegin Limited,
\n5
\nHunslet Park Depot,
\nDonisthorpe Street, Leeds, West Yorkshire,
\nLS10\u00a01PL
\nKCB Limited,
\n5
\n100 Cathcart Road,
\nGlasgow, G42 7BH
\nKelvin Central Buses Limited,
\n5
\n100
\nCathcart Road, Glasgow, G42 7BH
\nKelvin Scottish Omnibuses Limited,
\n5
\n100 Cathcart Road, Glasgow, G42 7BH
\nKirkpatrick of Deeside Limited,
\n5
\n395
\nKing Street, Aberdeen, AB24 5RP
\nLynton Bus and Coach Limited,
\n5
\nBus\u00a0Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nLynton Company Services Limited,
\n5
\nBus\u00a0Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nMainline Partnership Limited,
\n1,4
\nOlive\u00a0Grove, Sheffield, South Yorkshire,
\nS2\u00a03GA
\n
\n
\nMidland Travellers Limited,
\n5
\nHunslet\u00a0Park\u00a0Depot, Donisthorpe Street,
\nLeeds, West Yorkshire, LS10 1PL
\nMistral Data Limited,
\n8,9
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nNorth Devon Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nNorthampton Transport Limited,
\n5
\nBus Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nProject Coral Limited,
\n4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nQuickstep Travel Ltd,
\n5
\nHunslet Park
\nDepot, Donisthorpe Street, Leeds,
\nWest\u00a0Yorkshire, LS10\u00a01PL
\nReiver Ventures Properties Limited,
\n4
\nCarmuirs House, 300 Stirling Road, Larbert,
\nStirlingshire, FK5 3NJ
\nReiver Ventures Limited,
\n5
\nCarmuirs
\nHouse, 300 Stirling Road, Larbert,
\nStirlingshire, FK5\u00a03NJ
\nReynard Buses Limited,
\n5
\nHunslet Park
\nDepot, Donisthorpe Street, Leeds, West
\nYorkshire, LS10 1PL
\nRider Holdings Limited (02272577),
\n3,4
\nHunslet Park Depot, Donisthorpe Street,
\nLeeds, West Yorkshire, LS10 1PL
\nRider Travel Limited,
\n5
\nHunslet Park Depot,
\nDonisthorpe Street, Leeds, West Yorkshire,
\nLS10\u00a01PL
\nScott\u2019s Hospitality Limited,
\n5
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nSheafline (S.U.T.) Limited,
\n5
\nOlive Grove,
\nSheffield, South Yorkshire, S2 3GA
\nSheffield & District Traction Company
\nLimited,
\n5
\nOlive Grove, Sheffield,
\nSouth\u00a0Yorkshire, S2 3GA
\nSheffield United Transport Limited,
\n5
\nOlive Grove, Sheffield, South Yorkshire,
\nS2\u00a03GA
\nSkillplace Training Limited,
\n5
\nHeol
\nGwyrosydd, Penlan, Swansea, SA5 7BN
\nSmiths of Portland Limited,
\n5
\nEnterprise
\nHouse, Easton Road, Bristol, BS5 0DZ
\nSMT Omnibuses Limited,
\n5
\nCarmuirs
\nHouse, 300 Stirling Road, Larbert,
\nStirlingshire, FK5 3NJ
\nSomerset Passenger Solutions Ltd,
\n3,7
\nJ24\u00a0Hinkley Point C, Park and Ride,
\nHuntworth Business Park, Bridgwater,
\nTA6\u00a06TS
\nSouthampton CityBus Limited,
\n3,4
\n8th
\nFloor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nSouthampton City Transport
\nCompany Limited,
\n4
\n8th Floor, The Point,
\n37\u00a0North\u00a0Wharf Road, London, W2 1AF
\nStrathclyde Buses Limited,
\n5
\n100\u00a0Cathcart\u00a0Road, Glasgow, G42 7BH
\nStreamline Buses (Bath) Limited,
\n1,5
\nEnterprise House, Easton Road, Bristol,
\nBS5\u00a00DZ
\nTaylors Coaches Limited,
\n5
\nEnterprise
\nHouse, Easton Road, Bristol, BS5 0DZ
\nThe FirstGroup Pension Scheme
\nTrustee Limited,
\n8
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nThe First UK Bus Pension Scheme
\nTrustee Limited,
\n5
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nTotaljourney Limited,
\n1,5,9
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2 1AF
\nTram Operations Limited,
\n7,9
\nTramlink
\nDepot, Coomber Way, Croydon, CR0 4TQ
\nTransportation Claims Limited,
\n8
\nAquis\u00a0House, 49\u201151 Blagrave Street,
\nReading, RG1\u00a01PL
\nTruronian Limited,
\n3,5
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nWest Dorset Coaches Limited,
\n4
\nEnterprise House, Easton Road, Bristol,
\nBS5\u00a00DZ
\nWestern National Holdings Limited,
\n4
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nSubsidiaries \u2013 wholly owned and
\nincorporated in the United States
\nof\u00a0America
\nDurham City Transit Company,
\n7
\n600 Vine
\nStreet, Suite 1400, Cincinnati, Ohio 45202
\nFirstGroup Management,
\n5
\nInc. 600 Vine
\nStreet, Suite 1400, Cincinnati, Ohio 45202
\nFirstGroup Services,
\n5
\nInc. 600 Vine Street,
\nSuite 1400, Cincinnati, Ohio 45202
\nLaidlaw Transportation Holdings,
\n5
\nInc.\u00a0600 Vine Street, Suite 1400, Cincinnati,
\nOhio 45202
\nTransit Management of Dutchess
\nCounty,
\n7
\nInc. 600 Vine Street, Suite 1400,
\nCincinnati, Ohio 45202
\nTransit Management of Racine,
\n7
\nInc.\u00a0600\u00a0Vine Street, Suite 1400, Cincinnati,
\nOhio 45202
\nTransit Management of St Joseph,
\n7
\nInc.\u00a0600 Vine Street, Suite 1400, Cincinnati,
\nOhio\u00a045202
\n
\n
\n
\nSubsidiaries \u2013 not wholly owned but
\nincorporated in the United States
\nof\u00a0America
\nTransportation Realty Income Partners
\nLP
(50%),
\n7
\n600 Vine Street Suite 1400,
\nCincinnati, Ohio 45202
\nSubsidiaries \u2013 wholly owned and
\nincorporated in Ireland
\nAeroporto Limited,
\n4
\n25\u201128 North Wall
\nQuay, Dublin
\nLast Passive Limited,
\n7
\n25\u201328 North Wall
\nQuay, Dublin
\nSubsidiaries \u2013 wholly owned and
\nincorporated in Panama
\nFirst Transit de Panama, Inc.
\n5
\nMorgan\u00a0&\u00a0Morgan, Costa del Este,
\nMMG\u00a0Tower, 23
\nrd
\n\u00a0Floor, Panama City
\nSubsidiaries \u2013 wholly owned and
\nincorporated in Canada
\nGCT Holdings Ltd,
\n4
\nBlake, Cassels &
\nGraydon LLP, 3500, 855 \u2013 2 Street SW,
\nCalgary, Alberta, T2P 4J8
\nGCT Investment Limited Partnership,
\n4
\nBlake, Cassels & Graydon LLP, 3500, 855\u00a0\u2013
\n2 Street SW, Calgary, Alberta, T2P 4J8
\nGreyhound Canada Transportation
\nULC,
\n7
\nBlake, Cassels & Graydon LLP,
\n595\u00a0Burrard Street, P.O. Box 49314, Suite
\n2600, Three Bentall Centre, Vancouver,
\nBritish Columbia V7X 1L3
\nSubsidiary not wholly owned but
\nincorporated in Canada
\nGACCTO Limited (50%),
\n5
\n130 King Street
\nWest, #1600, Toronto, Ontario M5X 1J5
\nSubsidiaries not wholly owned but
\nincorporated in the United Kingdom
\nCareroute Limited (80%),
\n5
\n8th Floor, The
\nPoint, 37 North Wharf Road, London, W2
\n1AF
\nFirst/Keolis Holdings Limited (55%),
\n1,3,5,9
\n8th Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirst/Keolis TransPennine Holdings
\nLimited (55%),
\n3,4,9
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirst/Keolis TransPennine Limited
\n(55%),
\n3,5,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirst MTR South Western Trains Limited
\n(70%),
\n7,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirst Trenitalia East Midlands Rail
\nLimited (70%),
\n5,9
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirst Trenitalia West Coast Rail Limited
\n(70%),
\n7,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nLeicester CityBus Benefits Limited
\n(94%),
\n5
\nBus Depot, Westway, Chelmsford,
\nEssex, CM1 3AR
\nLeicester CityBus Limited (94%),
\n2,3,7
\nAbbey Lane, Leicester, England, LE4 0DA
\nLCB Engineering Limited (94%),
\n5
\nBus\u00a0Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nSubsidiary not wholly owned but
\nincorporated in India
\nTransit Operations Private Limited
\n(99.95%),
\n7
\nLentin Chambers, 2nd Floor, Dalal
\nStreet, Fort Mumbai, 400023
\n1 Directly owned by FirstGroup plc.
\n2
All shares held in subsidiary undertakings are ordinary shares, with the exception of Leicester CityBus Limited where the Group owns 100% of its redeemable
\ncumulative preference shares and 94% of its ordinary shares.
\n3
For the year ending 25\u00a0March\u00a02023 these subsidiaries are exempt from audit of individual accounts under S479A of the UK Companies Act\u00a02006.
\n4 Primary business is a holding company
\n5 Primary business is a dormant company
\n6 Primary business is an intragroup financing company
\n7 Primary business is the provision of transportation services
\n8 Primary business is an administrative or support services company
\n9 Rail companies with 31\u00a0March year end
\nCertain pension partnership structures (FirstBus Pension Limited Partnership and FirstGroup Pension Limited Partnership) were implemented during the 52\u00a0weeks
\nending 26\u00a0March\u00a02022. These structures involved the creation of special purpose vehicles (SPVs) to hold cash to fund the Bus and Group pension schemes if required,
\nbased on a designated funding mechanism. The first accounting period end for these SPVs was 31\u00a0March\u00a02023. The SPVs are consolidated into FirstGroup plc\u2019s
\nconsolidated accounts, and therefore under Partnership (Accounts) Regulations\u00a02008, Regulation 7, the SPVs are exempt from the requirement to prepare individual
\nentity annual accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19518": {
"value": "1 General information
\nFirstGroup plc is a company incorporated in the United Kingdom under the Companies Act\u00a02006. The address of the registered office is 395
\nKing Street, Aberdeen, Scotland, United Kingdom AB24 5RP. The nature of the Group\u2019s operations and its principal activities are set out in
\nthe Strategic report on pages 04\u201182.
\nThese financial statements are presented in pounds Sterling. Foreign operations are included in accordance with the accounting policies set
\nout in note\u00a02.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19523": {
"value": "FirstGroup plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19524": {
"value": "FirstGroup plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19525": {
"value": "plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19528": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19529": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19530": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19531": {
"value": "395 King Street, Aberdeen, Scotland, United Kingdom AB24 5RP.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19534": {
"value": "The nature of the Group\u2019s operations and its principal activities are set out in the Strategic report on pages 04\u201182.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19541": {
"value": "2 Significant accounting policies
\nBasis of accounting
\nThe financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) in conformity with the
\nrequirements of the Companies Act\u00a02006 (IFRS) and the applicable legal requirements of the Companies Act\u00a02006, in addition to complying
\nwith international accounting standards in conformity with requirements of the Companies Act\u00a02006.
\nThe consolidated financial statements of FirstGroup plc comply with UK\u2011adopted international accounting standards and with the
\nrequirements of the Companies Act\u00a02006. These financial statements are also prepared in accordance with IFRSs as issued by the IASB,
\nincluding interpretations issued by the IFRS\u00a0Interpretations Committee, as there are no applicable differences from IFRSs as issued by
\nthe IASB for the periods presented. There were no unendorsed standards effective for the period ended 25\u00a0March\u00a02023 affecting these
\nconsolidated and separate financial statements.
\nThe financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments, and on a
\ngoing concern basis as described in the going concern statement within the Strategic report on page 77.
\nAs set out on page 77, the Group has undertaken detailed reviews of a range of severe but plausible financial and operational scenarios
\nusing financial outlook modelling. Based on their review of the financial forecasts and having regard to the risks and uncertainties to which
\nthe Group is exposed, the Directors believe that the Company and the Group have adequate resources to continue in operational existence
\nfor at least a 12\u2011month period from the date on which the financial statements were approved. Accordingly, the financial statements have
\nbeen prepared on a going concern basis.
\nThe financial statements for the 52\u00a0weeks ended 25 March 2023 include the results and financial position of the First Rail business for the
\nyear ended 31\u00a0March\u00a02023 and the results and financial position of all the other businesses for the 52\u00a0weeks ended 25\u00a0March\u00a02023. The
\nfinancial statements for the 52\u00a0weeks ended 26\u00a0March\u00a02022 include the results and financial position of the First Rail businesses for the year
\nended 31\u00a0March\u00a02022 and the results and financial position of all the other businesses for the 52\u00a0weeks ended 26\u00a0March\u00a02022.
\nBasis of consolidation
\nThe consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its
\nsubsidiaries). Control exists when the Company has power over an investee entity, exposure to variable returns from its involvement with the
\nentity and the ability to use its power over the entity to affect its returns.
\nNon\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity interest therein. The present ownership interests
\nof non\u2011controlling shareholders entitle their holders to a proportionate share of net assets upon liquidation, and may initially be measured
\nat fair value, or at the non\u2011controlling interests\u2019 proportionate share of their fair value of the acquiree\u2019s identifiable net assets. The choice of
\nmeasurement is made on an acquisition by acquisition basis. Other non\u2011controlling interests are initially measured at fair value. Subsequent
\nto acquisition, the carrying amount of non\u2011controlling interests is the amount of those interests at initial recognition plus the non\u2011controlling
\ninterests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non\u2011controlling interests even if this results in
\nthe non\u2011controlling interests having a deficit balance.
\nThe results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date
\nof acquisition or up to the effective date of disposal, as appropriate.
\nWhere necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those
\nused by the Group.
\nAll intra\u2011group transactions, balances, income and expenses are eliminated on consolidation.
\nRestatements
\nDuring the year, management reassessed the classification of cash flows in relation to capital grants received from the Department for
\nTransport (DfT) and Transport Scotland, which had previously been reported within net cash from operating activities. As these grants
\ntypically relate to the funding of capital investment by the Group, management concluded that these cash flows represented investing
\nactivities, rather than operating activities, and accordingly have classified them as such in the FY\u00a02023 financial statements and restated the
\nFY\u00a02022 presentation. The consolidated cash flow statement and the net cash from operating activities note\u00a0(note\u00a032) have been updated
\nto reclassify the capital grant funding. In the FY 2022 restatement, an inflow of \u00a377.6m was reclassified from operating activities to investing
\nactivities.
\n
\n
\nBusiness combinations
\nThe acquisition of subsidiaries is accounted for using the acquisitions method. The consideration for each acquisition is measured at the
\naggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the
\nGroup in exchange for control of the acquiree. Acquisition\u2011related costs are recognised in the income statement as incurred.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS\u00a03 Business
\nCombinations are recognised at their fair value at the acquisition date.
\nAssets and disposal groups held for sale and discontinued operations
\nNon\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be
\nrecovered primarily through sale rather than through continuing use. This condition is regarded as met only when the sale is highly probable
\nand the asset is available for immediate sale in its present condition. Management must be committed to the sale which should be expected
\nto qualify for recognition as a completed sale within one year of the date of classification.
\nSuch assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on
\ninitial classification as held for sale and subsequent gains and losses on remeasurement are recognised in profit or loss.
\nA disposal group qualifies as a discontinued operation if it is a component of an entity that either has been disposed of, or is classified as
\nheld for sale, and:
\n\u25a0
\nrepresents a separate major line of business or geographical area of operations; or
\n\u25a0
\nis part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or
\n\u25a0
\nis a subsidiary acquired exclusively with a view to resale.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after
\ntax from discontinued operations in the income statement.
\nGoodwill and intangible assets
\nGoodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill is measured as the excess of the
\nsum of the consideration transferred, the amount of any non\u2011controlling interest in the acquiree and the fair value of the acquirer\u2019s previously
\nheld equity interest (if any) in the entity over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
\nFor the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units (CGUs) which are tested for
\nimpairment annually, or more frequently where there is an indication that the CGU may be impaired. If the recoverable amount of the CGU
\nis less than the carrying amount of the CGU, the impairment loss is allocated to the goodwill of the CGU and then to the other assets of the
\nCGU pro rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in
\na subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the
\ndetermination of the profit or loss on disposal.
\nComputer software is recognised separately as an intangible asset and is carried at cost less accumulated amortisation and accumulated
\nimpairment losses. Costs include software licences, website development, costs attributable to the development, design and
\nimplementation of the computer software and internal costs directly attributable to the software.
\nThe existing finite life intangible assets have a residual value of nil and are amortised on a straight\u2011line basis over their useful economic lives
\nas follows:
\n\u25a0
\nCustomer contracts \u2013 over the estimated life of the contract (nine to ten years)
\n\u25a0
\nFranchise agreements \u2013 over the initial term of the franchise (two to ten years)
\n\u25a0
\nSoftware \u2013 over the estimated life of the software (three to five years)
\nRevenue recognition
\nUnder IFRS\u00a015 revenue is recognised when control of a good or service transfers to the customer. The point at which goods and services
\nare transferred to the customer is based on the fulfilment of performance obligations.
\nAs the Group has the right to consideration corresponding directly with the value of performance completed to date, customer contract
\nrevenue is recognised consistent with the amount that the Group has a right to invoice. The Group is therefore exercising the practical
\nexpedient not to explain transaction prices allocated to unsatisfied performance obligations at the end of the reporting period.
\nRevenue principally comprises revenue from train passenger services, road passenger transport, and certain management and maintenance
\nservices in the UK. Where appropriate, amounts are shown net of rebates and sales taxes. An explanation of the types of revenue is set
\nout\u00a0below.
\nNote that revenues include contractual and direct fiscal support as a result of coronavirus, including post\u2011pandemic recovery funding. This is
\ncovered in more detail further on in this note.
\n
\n
\n
\nPassenger revenues
\nPassenger revenues primarily relate to ticket sales through First Bus and First Rail. Passenger revenue is recognised at both a point in
\ntime and over time. Ticket sales for journeys of less than one week\u2019s duration are recognised on the first date of travel. Ticket sales for
\nseason tickets, travel cards and open\u2011return tickets are initially deferred then recognised over the period covered by the relevant ticket.
\nConcessionary amounts are recognised in the period in which the service is provided.
\nContract revenues
\nContract revenues mainly relate to tenders in First Bus, and in the prior year to First Student school bus contracts and First Transit contracts
\nin North America. Revenues are recognised as the services are provided over the length of the contract and based on a transaction price
\nwhich is defined in the terms of the contract.
\nCharter/private hire
\nCharter and private hire predominantly related to charter work in First Student (generated before the sale of the division in the prior year) for
\nboth school districts with extracurricular activities and third parties with general transportation needs. Revenue was recognised over the
\nperiod in which the charter/private hire was provided to the customer.
\nRail contract subsidy receipts
\nRevenue in First Rail includes subsidy receipts from the Department for Transport (DfT) for Emergency Measures Agreements (EMA),
\nEmergency Recovery Measures Agreements (ERMA), National Rail Contracts (NRC) and amounts receivable under these arrangements
\nincluding certain funded operational projects. Revenue also includes amounts attributable to the Train Operating Companies (TOCs),
\npredominantly based on models of route usage, by the Railway Settlement Plan in respect of passenger receipts. Revenue is recognised
\nover time as the performance obligations are met as agreed between the individual TOCs and the DfT.
\nOther revenues
\nOther revenues mainly relate to non\u2011rail subsidies, revenue arising from ancillary services to other rail and road passenger service providers
\nfor maintenance, refuelling and other associated services and to sundry third parties for the use of space at terminals and on\u2011board vehicles
\nfor other business activities, e.g. retail outlets, taxi ranks, catering and advertising. Other revenues are recognised at both a point in time and
\nover time.
\nContractual and direct fiscal support
\nThe principal direct fiscal support recognised during the year comprised \u00a3848.8m (2022:\u00a0\u00a31,635.6m) of EMA/ERMA/NRC funding in First
\nRail, and \u00a376.3m (2022:\u00a0\u00a3190.2m) of BRG, NSG+, BES, concessions and other funding (including the \u00a32 fare cap in England) in First Bus.
\nThese are recognised within revenue in accordance with IFRS\u00a015 when control of the good or service is transferred to the customer and the
\nGroup is entitled to the consideration.
\nIn the legacy North America business (discontinued operations), there were \u00a3nil (2022:\u00a0\u00a310.7m) of CARES Act employee retention credits
\naccounted for through operating costs. These amounts were recognised as an offset to the related costs when conditions were met and
\nexpenses were incurred.
\nThe main direct fiscal support recognised in revenue over time for each division has been as follows:
\nFirst Bus
\nFunding schemes were in place across the vast majority of the operation (BRG\u2011E in England, NSG+ in Scotland, and BES2.0 and BES3.0
\nin Wales). BRG\u2011E was the extension to the BRG scheme that was in place in FY\u00a02022 and ran from the start of the year providing operators
\nwith a fixed monthly payment to enable them to maintain a higher level of commercial mileage than the current passenger levels would allow.
\nNSG+ also ran throughout FY\u00a02023 replacing the less commercially orientated CSG\u2011R scheme and provided operators across Scotland
\nwith a fixed payment per kilometre operated again to enable a higher level of commercial mileage to be maintained. Both BRG\u2011E and NSG+
\ncontain profitability clauses meaning that any profits over a certain threshold should be shared or returned to the relevant authority, up to the
\ntotal value of the funding provided. BES2.0 was in place from the start of the year before being replaced by BES 3.0 and takes the form of a
\ngrant payable to operators to offset any losses incurred from running an agreed level of mileage. In England, the \u00a32 fare cap, underpinned by
\nUK Government support, was announced by the Department for Transport in December\u00a02022.
\nFirst Rail
\nThe Emergency Measures Agreements (EMAs), the Emergency Recovery Measures Agreement (ERMAs) and the National Rail Contracts
\n(NRCs) transferred substantially all revenue and substantially all cost risk to the government and for the full period our First Rail contracts
\nwere operated under the terms of these arrangements.
\n\u25a0
\nEMA in respect of GWR up to 26\u00a0June\u00a02022, whereupon GWR transitioned to a new, three\u2011year NRC with an option for the DfT to extend
\nby a further three years to June\u00a02028
\n\u25a0
\nERMA in respect of WCP / Avanti up to 16\u00a0October\u00a02022, where the existing arrangement was extended by a further six months by the DfT
\nto March\u00a02023. On 20\u00a0March\u00a02023, the existing arrangement was again extended, to 15\u00a0October\u00a02023
\n
\n
\n\u25a0
\nNRCs for SWR and TPE throughout the year. On 10\u00a0February\u00a02023, the DfT exercised its option to continue SWR\u2019s NRC for a full two\u2011year
\nextension period, to run to 25\u00a0May\u00a02025. On 11\u00a0May\u00a02023, the DfT confirmed that it would not exercise its option to extend the existing
\narrangements for FirstGroup\u2019s TransPennine Express (TPE) National Rail Contract, which was due to expire on 28\u00a0May\u00a02023. On that date
\nthe DfT appointed its Operator of Last Resort to take over delivery of passenger services on the TPE network.
\nUnder the arrangements, our franchised TOCs are paid a fixed management fee to continue to operate the rail network at a service level
\nagreed with the government. Net DfT funding including the management and performance fee is recognised as revenue in Rail contracts
\nsubsidy receipts, in line with the revenue recognition policy for contract subsidy receipts from the DfT.
\nGreyhound
\nSubsidy funding was made available under section 5311(f) of the terms of the US CARES Act and under the American Rescue Plan Act.
\nThese Acts allow Greyhound to claim for losses made from operating intercity bus services in the US after 20\u00a0January\u00a02020. In the prior year
\nand up to the date that the business was divested, the subsidy funding receivable was recognised as other revenue in the period in which
\nthe services were provided and the operational costs were incurred.
\nDisaggregated revenue by operating segment is set out in note\u00a04.
\nFirst Bus pandemic\u2011related grants
\nFirst Bus has received coronavirus related grants which are government grants receivable in light of the pandemic. The amounts principally
\nreflect grants receivable under the Bus Recovery Grant \u2013 Extension (BRG\u2011E), the Bus Emergency Scheme (BES) for Wales and the Network
\nSupport Grant Plus (NSG+) with all grants being disclosed in revenue. Under the BRG\u2011E, NSG+ and BES schemes, grant income may be
\nclaimed by operators of local bus services to close the shortfall of revenue earned by them during the period affected by coronavirus and the
\ncosts incurred by them in that period. The extent to which certain costs are eligible for inclusion in claiming bus support grant income and
\nhow certain costs should be determined for the purposes of the schemes remains subject to reconciliation processes. Income is recognised
\nin the income statement in the same period in which the related shortfall of revenue over costs is incurred to the extent there is reasonable
\ncertainty that:\u00a0(a) the Group will comply with the conditions attaching to the grant and (b) the grant will be received and retained by the
\nGroup, taking account of the potential adjustments to grant payments as a result of any reconciliation process.
\nLeasing
\nLease identification
\nAt inception of a contract, the Group shall assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
\nconveys the right to control the use of an identified asset for a period of time in exchange for consideration.
\nRight of use asset
\nAt the commencement date, the right of use asset is initially measured at cost, which comprises the initial amount of the lease liability
\nadjusted for any lease payments made at or before the commencement date, less any incentives received, plus any initial direct costs
\nincurred and an estimate of costs to be incurred by the Group to dismantle and remove the underlying asset or restore the underlying asset
\nor the site on which it is located.
\nThe right of use asset is depreciated on a straight\u2011line basis over the shorter of the estimated useful life of the asset, the lease term or current
\ncontract terms for rail TOCs. In addition, the right of use asset is periodically reduced by impairment losses, if applicable, and adjusted for
\ncertain remeasurements of the lease liability.
\nLease liability
\nAt the commencement date of the lease, the lease liability is initially measured at the present value of lease payments to be made over the
\nlease term. The lease payments include fixed payments (including in\u2011substance fixed payments) less any lease incentives receivable, variable
\nlease payments that depend on an index or a rate, and amounts expected to be paid by the Group under residual value guarantees. The
\nlease payments also include the exercise price of a purchase option if the Group is reasonably certain to exercise that option. Payments
\nof penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate the lease, are also included. The
\npayments are discounted at the incremental borrowing rate since the rates implicit in the leases are not readily available.
\nThe lease liability is measured by increasing the carrying amount to reflect the interest on the lease liability and reducing the carrying
\namount to reflect the lease payments made. The carrying value is remeasured when there is a change in future lease payments arising
\nfrom 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
\nguarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.
\nShort\u2011term leases and leases of low\u2011value assets
\nThe Group applies the short\u2011term lease recognition exemption to selected leases that have a lease term of 12 months or less from the
\ncommencement date and do not contain a purchase option and where it is not reasonably certain that the lease term will be extended.
\nIt also applies the low\u2011value assets recognition exemption to leases of assets of low value based on the value of the asset when it is new,
\nregardless of the age of the asset being leased. Lease payments on short\u2011term leases and leases of low\u2011value assets are recognised as an
\nexpense on a straight\u2011line basis over the lease term.
\nOn the balance sheet, right of use assets have been included in property, plant and equipment and lease liabilities have been included in
\nborrowings.
\n
\n
\n
\nForeign currencies
\nThe individual financial statements of each Group company are presented in the currency of the primary economic environment in which
\nit operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each
\nGroup company are expressed in pounds Sterling, which is the functional currency of the Company, and the presentation currency for the
\nconsolidated financial statements.
\nIn preparing the financial statements of the individual companies, transactions in currencies other than the functional currency are recorded
\nat the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are
\ndenominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non\u2011monetary assets and liabilities
\ncarried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was
\ndetermined. Non\u2011monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
\nExchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss
\nfor the period. Exchange differences arising on the retranslation of non\u2011monetary items carried at fair value are included in profit or loss for
\nthe period, except for differences arising on the retranslation of non\u2011monetary items in respect of which gains and losses are recognised
\nwithin other comprehensive income. For such non\u2011monetary items, any exchange component of that gain or loss is also recognised within
\nother comprehensive income.
\nIn order to hedge its exposure to certain foreign exchange risks, the Group holds currency swaps and borrowings in foreign currencies (see
\nnote\u00a025 for details of the Group\u2019s policies in respect of foreign exchange risks).
\nOn consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at the closing exchange rates on the balance
\nsheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising from the
\naverage exchange rates used and the period end rate, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such
\ntranslation differences are recognised as income or as expenses in the period in which the operation is disposed of.
\nBorrowing costs
\nBorrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take
\na substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
\nsubstantially ready for their intended use or sale.
\nAll other borrowing costs are recognised in profit or loss in the period in which they are incurred.
\nNon\u2011GAAP measures and performance
\nIn measuring the Group and divisional adjusted operating performance, additional financial measures derived from the reported results have
\nbeen used by management in order to eliminate factors which distort year\u2011on\u2011year comparisons. The Group\u2019s adjusted performance is used
\nto explain year\u2011on\u2011year changes when the effect of certain items is significant, including strategic items (including material M&A and group
\nrestructuring projects), costs of acquisitions including aborted acquisitions, and impairment of assets. Other items below \u00a35.0m would not
\nnormally be considered as adjusting items unless part of a larger strategic project, but items which distort year\u2011on\u2011year comparisons that
\nexceed this amount could potentially be classified as an adjusting item and are assessed on a case\u2011by\u2011case basis. Such potential adjusting
\nother items may include:\u00a0restructuring and reorganisation costs; property gains or losses; aged legal and self\u2011insurance claims; movements on
\ninsurance discount rates; onerous contract provisions; pension settlement gains or losses; and other items which management has
\ndetermined as not being relevant to an understanding of the Group\u2019s underlying business performance. Subsequent remeasurements of
\nadjusting items are also recognised as an adjusting item in the future period in which the remeasurement occurs.
\nIn addition, management assess divisional performance before other intangible asset amortisation charges, as these are typically a result of
\nGroup decisions and therefore the divisions have little or no control over these charges. Management considers that this overall basis supports
\nyear\u2011on\u2011year business performance comparisons, to underpin planning and decision\u2011making on resource allocation. The Group does not
\nconsider the non\u2011GAAP measures to be more important than, or superior to, IFRS\u00a0measures. See note\u00a04 for the reconciliation to non\u2011GAAP
\nmeasures and performance.
\nRetirement benefit costs
\nThe Group operates or participates in a number of pension schemes, which include both defined benefit schemes and defined contribution
\nschemes.
\nPayments to defined contribution plans are charged as an expense as they fall due. There is no further obligation to pay contributions into a
\ndefined contribution plan once the contributions specified in the plan rules have been paid.
\nFor defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial updates
\nbeing carried out at each balance sheet date. Actuarial gains and losses are recognised in full in the period in which they occur. They are
\nrecognised outside the income statement and presented in the consolidated statement of other comprehensive income.
\nAll past service costs are recognised immediately in the consolidated income statement.
\n
\n 2
Significant accounting policies
continued
\nWhere changes to the benefits in payment on defined benefit pension schemes require a change in scheme rules or ratification by the
\nTrustees, the change is recognised as a past service charge or credit in the income statement. Where changes in assumptions can be made
\nwithout changing the Trustee agreement, these are recognised as a change in assumptions in other comprehensive income.
\nThe retirement benefit position recognised in the balance sheet represents the present value of the defined benefit obligation as reduced by
\nthe fair value of scheme assets. Any residual asset resulting from this calculation is limited to refunds economically available to the Company,
\nin the form of either a public sector payment or the present value of future service costs recognised via suspension of cash contributions.
\nVarious TOCs in the First Rail business participate in the Railways Pension Scheme (RPS), which is an industry\u2011wide defined benefit scheme.
\nThe Group is obligated to fund the relevant section of the scheme over the period for which the contract is held. The full liability is recognised
\non the balance sheet, which is then reduced by a \u2018contract adjustment\u2019 so that the net liability reflects the Group\u2019s obligations to fund the
\nscheme over the contract term, subject to any changes in the schedule of contributions following a statutory valuation.
\nCertain Transit Management contracts have defined benefit pension arrangements that are fully indemnified by the authority to which the
\ncontract relates. The gross assets and liabilities are recognised along with an amount recoverable from the contracting authorities on the
\nbasis that there is limited risk of default and which is also limited to the period of the contract.
\nRetirement benefits are also covered in the Key sources of estimation uncertainty section of note\u00a02 below.
\nTax
\nThe tax expense represents the sum of the tax currently payable and deferred tax.
\nThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement
\nbecause it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never
\ntaxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
\nthe balance sheet date and includes an estimate of the tax which could be payable as a result of differing interpretation of tax laws.
\nDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
\nfinancial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance
\nsheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
\nrecognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be
\nutilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill, or from the
\ninitial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor
\nthe accounting profit.
\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests
\nin joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary
\ndifference will not reverse in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
\nthat sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised and
\nis based on the estimated tax consequences of items that are subject to differing interpretations of tax laws. Deferred tax is charged or
\ncredited in the income statement, except when it relates to items charged or credited in other comprehensive income or directly to equity, in
\nwhich case the deferred tax is also dealt with within other comprehensive income or directly in equity respectively.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
\nand when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on
\na net basis.
\nThe Group follows IFRIC 23 Uncertainty over Income Tax Treatments. IFRIC 23 sets out how to determine the accounting tax position when
\nthere is uncertainty over income tax treatments. The interpretation requires the Group to determine whether uncertain tax positions are
\nassessed separately or as a Group:\u00a0and
\n\u25a0
\nAssess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its
\nincome tax filings:
\n\u2013 If yes, the Group should determine its accounting tax position consistently with the tax treatment used or planned to be used in its income
\ntax filings.
\n\u2013 If no, the Group should reflect the effect of uncertainty in determining its accounting tax position using either the most likely amount or the
\nexpected value method.
\n
\n
\n
continued
\nProperty, plant and equipment
\nProperties for provision of services or administrative purposes are carried at cost, less any recognised impairment loss. Cost includes
\nprofessional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy. Depreciation of
\nthese assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
\nPassenger carrying vehicles and other plant and equipment are stated at cost less accumulated depreciation and any recognised
\nimpairment loss.
\nDepreciation is charged so as to write off the cost of assets, other than freehold land, the land element of long leasehold properties or on
\nassets in the course of construction, over their estimated useful lives, using the straight\u2011line method, on the following bases:
\nFreehold buildings
50 years straight\u2011line
\nPassenger carrying vehicles
seven to 17 years straight\u2011line
\nOther plant and equipment
three to 25 years straight\u2011line
\nAssets specific to Train Operating Companies are depreciated over the lesser of their estimated useful lives or the rail contract term.
\nThe gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
\ncarrying amount of the asset and is recognised in income.
\nCapital grants
\nCapital grants relating to property, plant and equipment are held in other payables and released to the income statement over the expected
\nuseful lives of the assets concerned. Capital grants are not recognised until there is a reasonable assurance that the Group will comply with
\nthe conditions attaching to them and that the grants will be received.
\nImpairment of tangible and intangible assets excluding goodwill
\nAt each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any
\nindication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated
\nin order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from
\nother assets, the Group estimates the recoverable amount of the CGU to which the asset belongs.
\nRecoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows
\nare discounted to their present value using a pre\u2011tax discount rate that reflects current market assessments of the time value of money and
\nthe risks specific to the asset for which the estimates of future cash flows have not been adjusted.
\nIf the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is
\nreduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
\nWhere an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its
\nrecoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined
\nhad no impairment loss been recognised for the asset or CGU in prior years. A reversal of an impairment loss is recognised as income
\nimmediately.
\nInventories
\nInventories of spare parts and consumables are stated at the lower of cost and net realisable value, after making appropriate allowances
\nfor obsolete and slow\u2011moving items. Cost comprises direct materials and, where applicable, those overheads that have been incurred in
\nbringing the inventories to their present location and condition. Cost is calculated using the weighted average cost method. Where the
\npurchase of inventory was the hedged item in a cash flow hedge relationship, the initial carrying amount of the recognised inventory is
\nadjusted by the associated hedging gain or loss transferred from the hedging reserve (a basis adjustment). There are no material inventory
\nallowances.
\nFinancial instruments
\nFinancial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual
\nprovisions of the instrument.
\nFinancial assets
\nFinancial assets can be measured at amortised cost, fair value through profit or loss or fair value through other comprehensive income. The
\nmeasurement basis is determined by reference to both the business model for managing the financial asset and the contractual cash flow
\ncharacteristics of the financial asset.
\n
\n
\nFinancial assets are classified into one of three primary categories:
\nFinancial assets at amortised cost
\nFinancial assets at amortised costs are non\u2011derivative financial assets held for collection of contractual cash flows where those cash flows
\nrepresent solely payments of principal and interest. Financial assets at amortised cost are subsequently measured using the effective
\ninterest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or
\nimpaired.
\nFair value through profit and loss
\nFinancial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition
\nat fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held
\nfor trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading
\nunless they are designated as effective hedging instruments.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair
\nvalue recognised in the income statement within finance costs. Transaction costs arising on initial recognition are expensed in the income
\nstatement.
\nFair value through other comprehensive income
\nThe Group does not have any financial assets held at fair value through other comprehensive income.
\nFinancial liabilities and equity instruments
\nFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity
\ninstrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments
\nissued by the Company are recorded at the proceeds received net of direct issue costs.
\nFinancial liabilities
\nBank borrowings
\nInterest\u2011bearing bank loans and overdrafts are measured on an amortised cost basis.
\nBonds and loan notes
\nThese are measured either on an amortised cost basis or at fair value, if designated.
\nTrade payables
\nTrade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate
\nmethod.
\nDerivative financial instruments and hedge accounting
\nThe Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. Use of such
\nfinancial instruments is governed by policies and delegated authorities approved by the Board. The Group does not hold or issue derivative
\nfinancial instruments for trading purposes. The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps,
\nand cross currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair value at
\nthe reported balance sheet date. The fair values are calculated by reference to market exchange rates, interest rates and fuel prices at the
\nperiod end, and supported by counterparty confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on
\nre\u2011measurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of
\nany resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging
\nrelationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being
\nhedged and the economic relationship between the item being hedged and the hedging instrument.
\nFair value hedging:\u00a0The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount of a hedged
\nitem not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit
\nor loss.
\nCash flow hedging:\u00a0The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
\ndesignated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of
\nhedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating
\nto the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and
\naccumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the
\nrecognised hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item such as inventory,
\nthe gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and
\nincluded as a basis adjustment in the initial measurement of the cost of that item. This transfer does not affect other comprehensive income,
\nhowever the hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts that may be
\nreclassified subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no longer expected
\nto occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in
\nthe future, that amount is immediately reclassified to profit or loss.
\n
\n
\n
continued
\nNet investment hedging:\u00a0Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s net
\ninvestment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the derivative instrument
\nis recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. Any ineffective element
\nis recognised immediately in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve are
\nincluded in the Group income statement on the disposal or partial disposal of the foreign operation.
\nProvisions
\nProvisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be
\nrequired to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation
\nat the balance sheet date and are discounted to present value where the effect is material.
\nSelf\u2011insurance
\nThe Group\u2019s policy is to self\u2011insure high frequency, low value claims within the businesses. In addition there are typically a smaller
\nnumber of major claims during a financial year for which cover is obtained through third\u2011party insurance policies subject to an insurance
\ndeductible. Where the Group holds legacy self\u2011insurance exposures related to disposed businesses, insurance and re\u2011insurance policies
\nhave been purchased to de\u2011risk this exposure. Provision is made under IAS 37 Provisions, Contingent Liabilities and Contingent Assets
\nfor the estimated cost of settling uninsured claims for incidents occurring prior to the balance sheet date. The provision is discounted to
\nappropriately reflect the timing of future cash claims settlements. Self\u2011insurance is also covered in the key sources of estimation uncertainty
\nsection of note\u00a02 below.
\nShare\u2011based payments
\nThe Group issues equity\u2011settled share\u2011based payments to certain employees. Equity\u2011settled share\u2011based payments are measured at fair
\nvalue at the date of grant. The fair value is expensed over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest
\nand is adjusted for the effects of non\u2011market\u2011based vesting conditions.
\nFair value is measured by use of a Black\u2011Scholes or other appropriate valuation models. The expected life used in the model has been
\nadjusted, based on management\u2019s best estimate, for the effects of non\u2011transferability, exercise restrictions and behavioural considerations.
\nDividend distributions
\nDividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which
\nthe dividends are approved by the Company\u2019s shareholders.
\nAdoption of new and revised standards
\nThe accounting policies adopted are consistent with those of the previous financial year except for the changes arising from new standards
\nand amendments to existing standards which have been adopted in the current year.
\nThe following amended standards and interpretations were adopted by the Group during the year.
\n\u2013 Property, plant and equipment:\u00a0Proceeds before Intended Use (Amendments to IAS 16)
\n\u2013 Reference to the Conceptual Framework (Amendments to IFRS\u00a03)
\n\u2013 Onerous contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS\u00a037)
\n\u2013 Annual improvements to IFRS\u00a0Standards\u00a02018\u20112020
\nThere has been no material change as a result of applying these amendments and no significant impact is expected from any of the future
\nstandards and amendments that are visible.
\nKey sources of estimation uncertainty and significant judgements
\nThe preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and
\nassumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of
\nrevenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge, actual results
\nmay ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
\naccounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of
\nrevision and future periods if the revision affects both current and future periods.
\nThe following are the critical estimates and judgements that the Directors have made in the process of applying the Group\u2019s accounting
\npolicies and that have the most significant effect on the amounts recognised in the financial statements.
\nFirst Transit earnout valuation
\nOn 26\u00a0October\u00a02022, EQT Infrastructure announced its agreement to sell First Transit to Transdev North America, Inc. As part of the
\nFirst Transit disposal to EQT Infrastructure, FirstGroup is entitled to an earnout consideration. The Group currently estimates the earnout
\nconsideration to be c.$89m (\u00a372.3m). While the earnout is considered to have crystallised following the sale, with proceeds anticipated in the
\nfirst half of FY\u00a02024, there remains a degree of estimation uncertainty regarding the amount to be received, depending on the finalisation of
\ncustomary closing transaction adjustments.
\n
\n
\nImpairment of assets in CGUs
\nThe key sources of estimation uncertainty in relation to the potential risk of impairment of assets in CGUs relate to the cash flow forecasts
\nincluding significant judgements in deciding what assumptions to make regarding the future financial performance of the CGU in a
\npost\u2011pandemic environment, the ongoing macroeconomic uncertainty, and the Group\u2019s future climate\u2011related targets and ambitions. This is
\ncovered in more detail in note\u00a011.
\nDefined benefit pension arrangements
\nRailway Pension Scheme
\nThe Group sponsors six sections of the Railway Pension Scheme (RPS) in the current year, relating to its obligations for its contracted\u2011TOCs,
\nand a further section for Hull Trains, its Open Access operator. RPS is a defined benefit pension scheme which covers the whole of the UK
\nrail industry. In contrast to the pension schemes operated by most businesses the RPS is a shared cost scheme which means that costs
\nare formally shared 60% employer and 40% employee. The Group only recognises amounts in relation to its share of costs in the income
\nstatement. The RPS is partitioned into sections and, for the sections that relate to contracts, the Group is responsible for the funding of these
\nsections only while it operates the relevant contract.
\nAt the end of the contract term, responsibility for funding the relevant section of the scheme, and consequentially any deficit or surplus
\nexisting at that date, is passed to the next contractor. At each balance sheet date a contract adjustment is recognised against the IAS 19 net
\npension asset or liability to reflect that portion expected to pass to the next contractor.
\nThe Directors view this arrangement as analogous to the circumstances described in paragraphs 92\u201194 of IAS 19 (Revised) with a third party
\ntaking on the obligation for future contributions. As there is no requirement to make contributions to fund the current deficit, it is assumed
\nthat all of the current deficit will be funded by another party and hence none of that deficit is attributable to the current contractor. In respect
\nof the future service costs, there is currently no pension obligation in respect of those costs. When the costs are recognised in the income
\nstatement, the extent to which the committed contributions fall short determines the amount that is to be covered by contributions of another
\nparty in future, which is recognised as an adjustment to service cost in the income statement. Under circumstances where contributions are
\nrenegotiated, such as following a statutory valuation, an adjustment will be recognised in the income statement, whilst changes in actuarial
\nassumptions continue to be recognised through other comprehensive income.
\nThe Directors consider this judgement to be the most appropriate interpretation of IAS 19 to reflect the specific circumstances of the RPS
\nwhere the contract commitment is only to pay contributions during the period in which we run the contract. An alternative approach would
\ninvolve not limiting the measurement of the service cost through the recognition of an income statement contract adjustment but recognising
\nall changes in the contract adjustment as a reimbursement right in Other Comprehensive Income (OCI).
\nFor illustrative purposes, for the year ended 31\u00a0March\u00a02023 the impact of this alternative approach would be an increase in costs of \u00a3102.9m
\n(2022:\u00a0\u00a3102.7m) in the income statement and a credit to OCI of \u00a3113.1m (2022:\u00a0credit of \u00a370.9m). In addition, the balance sheet would reflect
\na surplus of \u00a335.2m (2022:\u00a0surplus of \u00a325.0m). Since the contract only refers to the contribution requirements during its term, and not any
\nreimbursement rights, in the Directors\u2019 view contributions are shared with the next contractor and therefore the treatment of the arrangement
\nas contribution\u2011sharing is considered the most appropriate.
\nActuarial assumptions
\nThe UK schemes retirement benefit obligations are discounted at a rate set by reference to market yields at the end of the reporting period
\non high\u2011quality corporate bonds. Significant judgement is required when setting the criteria for bonds to be included in the population from
\nwhich the yield curve is derived. The most significant criteria considered for the selection of bonds include the issue size of the corporate
\nbonds, quality of the bonds and the identification of outliers which are excluded. Management follows actuarial advice from a third party
\nwhen determining these judgements. Another key estimate is the longevity of members. We take specialist advice on this from our actuarial
\nadvisers which aims to consider the likely experience taking into account each scheme\u2019s characteristics. Our approach is to review these
\nassumptions for each scheme following completion of their funding valuations, and more frequently only if appropriate to do so. Given pay
\nincreases for employees in the Rail division are under negotiation, the gross figures for the contract Rail pensions disclosures may be under\u2011
\nor overstated, but there will be nil impact on the balance sheet as a result of the contract adjustment. Additionally, in terms of the value
\nof the assets held by one of the Local Government Pension Scheme funds, around \u00a3200m is held co\u2011mingled with a considerably larger
\npool of assets held for the interests of the local authority and a significant number of other admitted employers. This means that the value
\nattributable to the Company\u2019s share of the overall fund requires a degree of estimation, allowing for returns and outgo. Management review
\nthe approach, taking consideration and advice from actuarial and other professional advisors.
\nThe Pension Regulator (TPR) has been in discussions with the RPS (the Scheme) regarding the long\u2011term funding strategy of the Scheme.
\nWhilst TPR believes that the Scheme should be funded on a more prudent basis, it is not possible at this stage to determine the impact to
\nongoing contribution requirements.
\nThe carrying amount of the Group\u2019s continuing retirement benefit arrangements at 31\u00a0March\u00a02023 was an asset of \u00a327.8m (2022:\u00a0asset of
\n\u00a3186.7m). Further details and sensitivities are set out in note\u00a037.
\n
\n
\n
\nSelf\u2011insurance
\nProvision is made for all known incidents for which there is self\u2011insurance using management\u2019s best estimate of the likely settlement of these
\nincidents. The estimated settlement is reviewed on a regular basis with independent actuarial advice and the amount provided (including
\nthe Incurred But Not Reported (IBNR) element) is adjusted as required. Given the diversity of claim types, their size, the range of possible
\noutcomes and the time involved in settling these claims, a material change could be required to the carrying value of claims provisions in the
\nnext financial year. These factors also make it impractical to provide sensitivity analysis on one single measure and its potential impact on
\noverall insurance provisions. The Group\u2019s total self\u2011insurance provisions as at the balance sheet date were \u00a3129.9m (2022:\u00a0\u00a3148.0m) as set
\nout in note\u00a027. Of this \u00a379.1m relates to North America of which \u00a373.3m is de\u2011risked with insurance, leaving \u00a35.8m where the actuarial range
\nis \u00a35.1m to \u00a35.8m (2022:\u00a0\u00a39.6m and actuarial range \u00a38.6m to \u00a39.5m). A receivable matching the value of the de\u2011risked provision of \u00a373.3m is
\nrecorded within Other receivables to account for the recovery from the third\u2011party insurer.
\nDetermining the incremental borrowing rate used to measure lease liabilities
\nThe Group is required to determine its incremental borrowing rate (IBR) to measure its lease liabilities. Judgement is required to determine
\nthe components of the IBR used for each lease, including risk\u2011free rates, credit risk and any lease specific adjustments.
\nIBRs applied to new (or modified) leases are determined quarterly or at the time of a new franchise. They depend on the term, country and
\nstart and end date of the lease. They are estimated based on several factors which include the risk\u2011free rate based on government bond
\nrates, a country\u2011specific adjustment and a credit risk adjustment based on the average credit spread of entities with similar ratings to the
\nGroup.
\nClimate change
\nIn the preparation of the Group\u2019s consolidated financial statements, management has considered the potential impact of climate change,
\nparticularly in the context of the disclosures included in the Strategic Report (including the Task Force for Climate\u2011related Disclosures),
\nand the Group\u2019s own climate\u2011related ambitions and targets. This includes an assessment of how the Group\u2019s accounting estimates and
\njudgements are impacted by the Group\u2019s pathway to achieving its stated ambitions and targets, as well as by climate\u2011related risks and
\nopportunities for the Group.
\nActions required to drive the Group\u2019s climate\u2011related ambitions and targets, including their financial impacts, are factored into the longer\u2011term
\nbusiness planning cycles of the Group. The following areas of estimation have been considered as part of these planning cycles, in addition
\nthose detailed in the \u2018Key sources of estimation uncertainty\u2019 section below. Management do not believe that these areas will have a material
\nimpact on financial reporting estimates and judgements in the next year. Owing to the inherent medium/longer\u2011term uncertainty with regard
\nto climate\u2011related risks and opportunities, it is not currently possible to assess whether in the future, these areas of estimation and judgement
\nmay have a more material impact on carrying values of assets and liabilities. Management will continue to regularly assess climate\u2011related
\nrisks in the context of the estimates and judgements made in the preparation of the Group\u2019s financial statements.
\nGoing concern and viability
\nThere may be a risk of increased future costs and capital investment requirements to ensure compliance with environmental regulatory
\nrequirements (for example carbon taxes/charges, or other emissions\u2011related restrictions), and to achieve the Group\u2019s stated sustainability
\ntargets and ambitions. However, the Group believes that there is likely to be an increasing modal shift towards public transport, as
\nawareness grows among customers of climate\u2011related issues, and with governmental support for transport decarbonisation, which could
\ncreate new opportunities for the Group.
\nCarrying value of non\u2011current assets
\nEnvironmental regulatory requirements, in parallel with the Group\u2019s climate\u2011related targets and ambitions, may further accelerate the
\ntransition to electrification of vehicle fleets. Transitional risks relating to the evolution of climate\u2011related technologies may alter the expected
\nobsolescence profile of existing vehicle fleets. These factors may impact the Group\u2019s estimates of the useful lives of existing assets, their
\nresidual values, and the risk of asset impairment. The Group monitors closely the accounting estimates in relation to its vehicle fleets to
\nensure they remain reasonable.
\nProvisions
\nClimate\u2011related legislative and regulatory changes may, in future, require the Group to assess whether environmental provisions are
\nnecessary, for example the potential introduction of carbon taxes/charges. In parallel with the work towards achieving its climate\u2011related
\nambitions and targets, the Group tracks such legislative changes to ensure the impact on the business is well understood and managed
\neffectively.
\nGoing concern
\nThe Board carried out a review of the Group\u2019s financial projections for the 18\u00a0months to 30\u00a0September\u00a02024 and on a going concern basis.
\nIn doing so, the Board considered whether any material uncertainties exist that cast doubt on the Group\u2019s and the Company\u2019s ability to
\ncontinue as a going concern over the going concern period.
\nConsistent with prior years, the Board\u2019s going concern assessment is based on a review of future trading projections, including whether
\nbanking covenants are likely to be met and whether there is sufficient committed facility headroom to accommodate future cash flows for the
\ngoing concern period.
\n
\n
\nDivisional management teams prepared detailed, bottom\u2011up projections for their businesses reflecting the impact of the post\u2011pandemic
\noperating environment, including assumptions on passenger volume recovery and government support, as well as the impact of actions
\nrequired to address the Group\u2019s climate\u2011related targets and ambitions.
\nBase case scenario
\nThe Board considered the annual budget to 31\u00a0March\u00a02024 and medium\u2011term plan to be the base case scenario for the purpose of the
\ngoing concern assessment for the FY\u00a02023 year end. These projections were the subject of a series of executive management reviews
\nand were used to update the base case scenario that was used for the purposes of the going concern assessment at the\u00a02023 year end.
\nThe base case assumes a continuing recovery in passenger volumes and yields in FY\u00a02024, but that passenger volumes remain below
\npre\u2011pandemic levels in the going concern assessment period. The base case also reflects the expiry and non\u2011renewal of the TransPennine
\nExpress rail contract in May\u00a02023. The macro projections in the updated base case assume that the UK operates in a recovering coronavirus
\neconomy. The annual budget and medium\u2011term plan also capture the expected financial impact of the actions required to support the
\nGroup\u2019s climate\u2011related targets and ambitions.
\nDownside scenario
\nIn addition, a downside case was also modelled which assumes a more protracted post\u2011pandemic recovery profile. In First Bus the
\ndownside case assumes a reduction in passenger volumes driving a 25% reduction in Bus profitability. In First Rail, the downside case
\nassumes TOC performance fee awards at 50% of expected levels; revenue reduction in Hull Trains and Lumo of\u00a020%; and loss of one
\nNational Rail Contract at the end of its current term. The downside scenario also assumes a delay in receipt of final Greyhound property
\nproceeds until after the going concern period; a lower realised value for the First Transit earnout; and a \u00a310m impact of a significant
\nclimate\u2011related event.
\nMitigating actions
\nIf the performance of the Group were to be more adversely impacted than assumed in the base case or downside case scenarios, the
\nGroup would reduce and defer planned growth capex spend and further reduce costs in line with a lower volume operating environment to
\nthe extent that the essential services we operate in First Bus are not required to be run for the governments and communities we support.
\nGoing concern statement
\nBased on the review of the financial forecasts for the period to September\u00a02024 and having regard to the risks and uncertainties to which the
\nGroup is exposed, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence
\nfor at least the 12\u2011month period from the date on which the financial statements were approved, including compliance with banking
\ncovenants under both the base case and downside scenarios. Accordingly, they continue to adopt a going concern basis of accounting in
\npreparing the consolidated financial statements in this full year report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19545": {
"value": "Basis of accounting The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) in conformity with the
\nrequirements of the Companies Act\u00a02006 (IFRS) and the applicable legal requirements of the Companies Act\u00a02006, in addition to complying
\nwith international accounting standards in conformity with requirements of the Companies Act\u00a02006.
\nThe consolidated financial statements of FirstGroup plc comply with UK\u2011adopted international accounting standards and with the
\nrequirements of the Companies Act\u00a02006. These financial statements are also prepared in accordance with IFRSs as issued by the IASB,
\nincluding interpretations issued by the IFRS\u00a0Interpretations Committee, as there are no applicable differences from IFRSs as issued by
\nthe IASB for the periods presented. There were no unendorsed standards effective for the period ended 25\u00a0March\u00a02023 affecting these
\nconsolidated and separate financial statements.
\nThe financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments, and on a
\ngoing concern basis as described in the going concern statement within the Strategic report on page 77.
\nAs set out on page 77, the Group has undertaken detailed reviews of a range of severe but plausible financial and operational scenarios
\nusing financial outlook modelling. Based on their review of the financial forecasts and having regard to the risks and uncertainties to which
\nthe Group is exposed, the Directors believe that the Company and the Group have adequate resources to continue in operational existence
\nfor at least a 12\u2011month period from the date on which the financial statements were approved. Accordingly, the financial statements have
\nbeen prepared on a going concern basis.
\nThe financial statements for the 52\u00a0weeks ended 25 March 2023 include the results and financial position of the First Rail business for the
\nyear ended 31\u00a0March\u00a02023 and the results and financial position of all the other businesses for the 52\u00a0weeks ended 25\u00a0March\u00a02023. The
\nfinancial statements for the 52\u00a0weeks ended 26\u00a0March\u00a02022 include the results and financial position of the First Rail businesses for the year
\nended 31\u00a0March\u00a02022 and the results and financial position of all the other businesses for the 52\u00a0weeks ended 26\u00a0March\u00a02022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19548": {
"value": "The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) in conformity with the requirements of the Companies Act\u00a02006 (IFRS) and the applicable legal requirements of the Companies Act\u00a02006, in addition to complying
\nwith international accounting standards in conformity with requirements of the Companies Act\u00a02006.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19566": {
"value": "2023-03-25",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19572": {
"value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its
\nsubsidiaries). Control exists when the Company has power over an investee entity, exposure to variable returns from its involvement with the
\nentity and the ability to use its power over the entity to affect its returns.
\nNon\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity interest therein. The present ownership interests
\nof non\u2011controlling shareholders entitle their holders to a proportionate share of net assets upon liquidation, and may initially be measured
\nat fair value, or at the non\u2011controlling interests\u2019 proportionate share of their fair value of the acquiree\u2019s identifiable net assets. The choice of
\nmeasurement is made on an acquisition by acquisition basis. Other non\u2011controlling interests are initially measured at fair value. Subsequent
\nto acquisition, the carrying amount of non\u2011controlling interests is the amount of those interests at initial recognition plus the non\u2011controlling
\ninterests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non\u2011controlling interests even if this results in
\nthe non\u2011controlling interests having a deficit balance.
\nThe results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date
\nof acquisition or up to the effective date of disposal, as appropriate.
\nWhere necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those
\nused by the Group.
\nAll intra\u2011group transactions, balances, income and expenses are eliminated on consolidation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19628": {
"value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisitions method. The consideration for each acquisition is measured at the
\naggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the
\nGroup in exchange for control of the acquiree. Acquisition\u2011related costs are recognised in the income statement as incurred.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS\u00a03 Business
\nCombinations are recognised at their fair value at the acquisition date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19637": {
"value": "Assets and disposal groups held for sale and discontinued operations Non\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be
\nrecovered primarily through sale rather than through continuing use. This condition is regarded as met only when the sale is highly probable
\nand the asset is available for immediate sale in its present condition. Management must be committed to the sale which should be expected
\nto qualify for recognition as a completed sale within one year of the date of classification.
\nSuch assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on
\ninitial classification as held for sale and subsequent gains and losses on remeasurement are recognised in profit or loss.
\nA disposal group qualifies as a discontinued operation if it is a component of an entity that either has been disposed of, or is classified as
\nheld for sale, and:
\n\u25a0
\nrepresents a separate major line of business or geographical area of operations; or
\n\u25a0
\nis part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or
\n\u25a0
\nis a subsidiary acquired exclusively with a view to resale.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after
\ntax from discontinued operations in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19657": {
"value": "Goodwill and intangible assets Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill is measured as the excess of the
\nsum of the consideration transferred, the amount of any non\u2011controlling interest in the acquiree and the fair value of the acquirer\u2019s previously
\nheld equity interest (if any) in the entity over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
\nFor the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units (CGUs) which are tested for
\nimpairment annually, or more frequently where there is an indication that the CGU may be impaired. If the recoverable amount of the CGU
\nis less than the carrying amount of the CGU, the impairment loss is allocated to the goodwill of the CGU and then to the other assets of the
\nCGU pro rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in
\na subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the
\ndetermination of the profit or loss on disposal.
\nComputer software is recognised separately as an intangible asset and is carried at cost less accumulated amortisation and accumulated
\nimpairment losses. Costs include software licences, website development, costs attributable to the development, design and
\nimplementation of the computer software and internal costs directly attributable to the software.
\nThe existing finite life intangible assets have a residual value of nil and are amortised on a straight\u2011line basis over their useful economic lives
\nas follows:
\n\u25a0
\nCustomer contracts \u2013 over the estimated life of the contract (nine to ten years)
\n\u25a0
\nFranchise agreements \u2013 over the initial term of the franchise (two to ten years)
\n\u25a0
\nSoftware \u2013 over the estimated life of the software (three to five years)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19658": {
"value": "Goodwill and intangible assets Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill is measured as the excess of the
\nsum of the consideration transferred, the amount of any non\u2011controlling interest in the acquiree and the fair value of the acquirer\u2019s previously
\nheld equity interest (if any) in the entity over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
\nFor the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units (CGUs) which are tested for
\nimpairment annually, or more frequently where there is an indication that the CGU may be impaired. If the recoverable amount of the CGU
\nis less than the carrying amount of the CGU, the impairment loss is allocated to the goodwill of the CGU and then to the other assets of the
\nCGU pro rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in
\na subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the
\ndetermination of the profit or loss on disposal.
\nComputer software is recognised separately as an intangible asset and is carried at cost less accumulated amortisation and accumulated
\nimpairment losses. Costs include software licences, website development, costs attributable to the development, design and
\nimplementation of the computer software and internal costs directly attributable to the software.
\nThe existing finite life intangible assets have a residual value of nil and are amortised on a straight\u2011line basis over their useful economic lives
\nas follows:
\n\u25a0
\nCustomer contracts \u2013 over the estimated life of the contract (nine to ten years)
\n\u25a0
\nFranchise agreements \u2013 over the initial term of the franchise (two to ten years)
\n\u25a0
\nSoftware \u2013 over the estimated life of the software (three to five years)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19659": {
"value": "Goodwill and intangible assets Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill is measured as the excess of the
\nsum of the consideration transferred, the amount of any non\u2011controlling interest in the acquiree and the fair value of the acquirer\u2019s previously
\nheld equity interest (if any) in the entity over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
\nFor the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units (CGUs) which are tested for
\nimpairment annually, or more frequently where there is an indication that the CGU may be impaired. If the recoverable amount of the CGU
\nis less than the carrying amount of the CGU, the impairment loss is allocated to the goodwill of the CGU and then to the other assets of the
\nCGU pro rata on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is not reversed in
\na subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the
\ndetermination of the profit or loss on disposal.
\nComputer software is recognised separately as an intangible asset and is carried at cost less accumulated amortisation and accumulated
\nimpairment losses. Costs include software licences, website development, costs attributable to the development, design and
\nimplementation of the computer software and internal costs directly attributable to the software.
\nThe existing finite life intangible assets have a residual value of nil and are amortised on a straight\u2011line basis over their useful economic lives
\nas follows:
\n\u25a0
\nCustomer contracts \u2013 over the estimated life of the contract (nine to ten years)
\n\u25a0
\nFranchise agreements \u2013 over the initial term of the franchise (two to ten years)
\n\u25a0
\nSoftware \u2013 over the estimated life of the software (three to five years)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19687": {
"value": "Revenue recognition Under IFRS\u00a015 revenue is recognised when control of a good or service transfers to the customer. The point at which goods and services
\nare transferred to the customer is based on the fulfilment of performance obligations.
\nAs the Group has the right to consideration corresponding directly with the value of performance completed to date, customer contract
\nrevenue is recognised consistent with the amount that the Group has a right to invoice. The Group is therefore exercising the practical
\nexpedient not to explain transaction prices allocated to unsatisfied performance obligations at the end of the reporting period.
\nRevenue principally comprises revenue from train passenger services, road passenger transport, and certain management and maintenance
\nservices in the UK. Where appropriate, amounts are shown net of rebates and sales taxes. An explanation of the types of revenue is set
\nout\u00a0below.
\nNote that revenues include contractual and direct fiscal support as a result of coronavirus, including post\u2011pandemic recovery funding. This is
\ncovered in more detail further on in this note.
\n
\n
\n
\nPassenger revenues
\nPassenger revenues primarily relate to ticket sales through First Bus and First Rail. Passenger revenue is recognised at both a point in
\ntime and over time. Ticket sales for journeys of less than one week\u2019s duration are recognised on the first date of travel. Ticket sales for
\nseason tickets, travel cards and open\u2011return tickets are initially deferred then recognised over the period covered by the relevant ticket.
\nConcessionary amounts are recognised in the period in which the service is provided.
\nContract revenues
\nContract revenues mainly relate to tenders in First Bus, and in the prior year to First Student school bus contracts and First Transit contracts
\nin North America. Revenues are recognised as the services are provided over the length of the contract and based on a transaction price
\nwhich is defined in the terms of the contract.
\nCharter/private hire
\nCharter and private hire predominantly related to charter work in First Student (generated before the sale of the division in the prior year) for
\nboth school districts with extracurricular activities and third parties with general transportation needs. Revenue was recognised over the
\nperiod in which the charter/private hire was provided to the customer.
\nRail contract subsidy receipts
\nRevenue in First Rail includes subsidy receipts from the Department for Transport (DfT) for Emergency Measures Agreements (EMA),
\nEmergency Recovery Measures Agreements (ERMA), National Rail Contracts (NRC) and amounts receivable under these arrangements
\nincluding certain funded operational projects. Revenue also includes amounts attributable to the Train Operating Companies (TOCs),
\npredominantly based on models of route usage, by the Railway Settlement Plan in respect of passenger receipts. Revenue is recognised
\nover time as the performance obligations are met as agreed between the individual TOCs and the DfT.
\nOther revenues
\nOther revenues mainly relate to non\u2011rail subsidies, revenue arising from ancillary services to other rail and road passenger service providers
\nfor maintenance, refuelling and other associated services and to sundry third parties for the use of space at terminals and on\u2011board vehicles
\nfor other business activities, e.g. retail outlets, taxi ranks, catering and advertising. Other revenues are recognised at both a point in time and
\nover time.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19826": {
"value": "First Bus pandemic\u2011related grants First Bus has received coronavirus related grants which are government grants receivable in light of the pandemic. The amounts principally
\nreflect grants receivable under the Bus Recovery Grant \u2013 Extension (BRG\u2011E), the Bus Emergency Scheme (BES) for Wales and the Network
\nSupport Grant Plus (NSG+) with all grants being disclosed in revenue. Under the BRG\u2011E, NSG+ and BES schemes, grant income may be
\nclaimed by operators of local bus services to close the shortfall of revenue earned by them during the period affected by coronavirus and the
\ncosts incurred by them in that period. The extent to which certain costs are eligible for inclusion in claiming bus support grant income and
\nhow certain costs should be determined for the purposes of the schemes remains subject to reconciliation processes. Income is recognised
\nin the income statement in the same period in which the related shortfall of revenue over costs is incurred to the extent there is reasonable
\ncertainty that:\u00a0(a) the Group will comply with the conditions attaching to the grant and (b) the grant will be received and retained by the
\nGroup, taking account of the potential adjustments to grant payments as a result of any reconciliation process.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19839": {
"value": "Leasing Lease identification
\nAt inception of a contract, the Group shall assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
\nconveys the right to control the use of an identified asset for a period of time in exchange for consideration.
\nRight of use asset
\nAt the commencement date, the right of use asset is initially measured at cost, which comprises the initial amount of the lease liability
\nadjusted for any lease payments made at or before the commencement date, less any incentives received, plus any initial direct costs
\nincurred and an estimate of costs to be incurred by the Group to dismantle and remove the underlying asset or restore the underlying asset
\nor the site on which it is located.
\nThe right of use asset is depreciated on a straight\u2011line basis over the shorter of the estimated useful life of the asset, the lease term or current
\ncontract terms for rail TOCs. In addition, the right of use asset is periodically reduced by impairment losses, if applicable, and adjusted for
\ncertain remeasurements of the lease liability.
\nLease liability
\nAt the commencement date of the lease, the lease liability is initially measured at the present value of lease payments to be made over the
\nlease term. The lease payments include fixed payments (including in\u2011substance fixed payments) less any lease incentives receivable, variable
\nlease payments that depend on an index or a rate, and amounts expected to be paid by the Group under residual value guarantees. The
\nlease payments also include the exercise price of a purchase option if the Group is reasonably certain to exercise that option. Payments
\nof penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate the lease, are also included. The
\npayments are discounted at the incremental borrowing rate since the rates implicit in the leases are not readily available.
\nThe lease liability is measured by increasing the carrying amount to reflect the interest on the lease liability and reducing the carrying
\namount to reflect the lease payments made. The carrying value is remeasured when there is a change in future lease payments arising
\nfrom 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
\nguarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.
\nShort\u2011term leases and leases of low\u2011value assets
\nThe Group applies the short\u2011term lease recognition exemption to selected leases that have a lease term of 12 months or less from the
\ncommencement date and do not contain a purchase option and where it is not reasonably certain that the lease term will be extended.
\nIt also applies the low\u2011value assets recognition exemption to leases of assets of low value based on the value of the asset when it is new,
\nregardless of the age of the asset being leased. Lease payments on short\u2011term leases and leases of low\u2011value assets are recognised as an
\nexpense on a straight\u2011line basis over the lease term.
\nOn the balance sheet, right of use assets have been included in property, plant and equipment and lease liabilities have been included in
\nborrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19900": {
"value": "Foreign currencies The individual financial statements of each Group company are presented in the currency of the primary economic environment in which
\nit operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each
\nGroup company are expressed in pounds Sterling, which is the functional currency of the Company, and the presentation currency for the
\nconsolidated financial statements.
\nIn preparing the financial statements of the individual companies, transactions in currencies other than the functional currency are recorded
\nat the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are
\ndenominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non\u2011monetary assets and liabilities
\ncarried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was
\ndetermined. Non\u2011monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
\nExchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss
\nfor the period. Exchange differences arising on the retranslation of non\u2011monetary items carried at fair value are included in profit or loss for
\nthe period, except for differences arising on the retranslation of non\u2011monetary items in respect of which gains and losses are recognised
\nwithin other comprehensive income. For such non\u2011monetary items, any exchange component of that gain or loss is also recognised within
\nother comprehensive income.
\nIn order to hedge its exposure to certain foreign exchange risks, the Group holds currency swaps and borrowings in foreign currencies (see
\nnote\u00a025 for details of the Group\u2019s policies in respect of foreign exchange risks).
\nOn consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at the closing exchange rates on the balance
\nsheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising from the
\naverage exchange rates used and the period end rate, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such
\ntranslation differences are recognised as income or as expenses in the period in which the operation is disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19903": {
"value": "The individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each
\nGroup company are expressed in pounds Sterling, which is the functional currency of the Company, and the presentation currency for the
\nconsolidated financial statements.
\nIn preparing the financial statements of the individual companies, transactions in currencies other than the functional currency are recorded
\nat the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are
\ndenominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non\u2011monetary assets and liabilities
\ncarried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was
\ndetermined. Non\u2011monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19927": {
"value": "Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take
\na substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
\nsubstantially ready for their intended use or sale.
\nAll other borrowing costs are recognised in profit or loss in the period in which they are incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f19951": {
"value": "Retirement benefit costs The Group operates or participates in a number of pension schemes, which include both defined benefit schemes and defined contribution
\nschemes.
\nPayments to defined contribution plans are charged as an expense as they fall due. There is no further obligation to pay contributions into a
\ndefined contribution plan once the contributions specified in the plan rules have been paid.
\nFor defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial updates
\nbeing carried out at each balance sheet date. Actuarial gains and losses are recognised in full in the period in which they occur. They are
\nrecognised outside the income statement and presented in the consolidated statement of other comprehensive income.
\nAll past service costs are recognised immediately in the consolidated income statement.
\n
\n 2
Significant accounting policies
continued
\nWhere changes to the benefits in payment on defined benefit pension schemes require a change in scheme rules or ratification by the
\nTrustees, the change is recognised as a past service charge or credit in the income statement. Where changes in assumptions can be made
\nwithout changing the Trustee agreement, these are recognised as a change in assumptions in other comprehensive income.
\nThe retirement benefit position recognised in the balance sheet represents the present value of the defined benefit obligation as reduced by
\nthe fair value of scheme assets. Any residual asset resulting from this calculation is limited to refunds economically available to the Company,
\nin the form of either a public sector payment or the present value of future service costs recognised via suspension of cash contributions.
\nVarious TOCs in the First Rail business participate in the Railways Pension Scheme (RPS), which is an industry\u2011wide defined benefit scheme.
\nThe Group is obligated to fund the relevant section of the scheme over the period for which the contract is held. The full liability is recognised
\non the balance sheet, which is then reduced by a \u2018contract adjustment\u2019 so that the net liability reflects the Group\u2019s obligations to fund the
\nscheme over the contract term, subject to any changes in the schedule of contributions following a statutory valuation.
\nCertain Transit Management contracts have defined benefit pension arrangements that are fully indemnified by the authority to which the
\ncontract relates. The gross assets and liabilities are recognised along with an amount recoverable from the contracting authorities on the
\nbasis that there is limited risk of default and which is also limited to the period of the contract.
\nRetirement benefits are also covered in the Key sources of estimation uncertainty section of note\u00a02 below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20005": {
"value": "Tax The tax expense represents the sum of the tax currently payable and deferred tax.
\nThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement
\nbecause it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never
\ntaxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
\nthe balance sheet date and includes an estimate of the tax which could be payable as a result of differing interpretation of tax laws.
\nDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
\nfinancial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance
\nsheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
\nrecognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be
\nutilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill, or from the
\ninitial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor
\nthe accounting profit.
\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests
\nin joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary
\ndifference will not reverse in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
\nthat sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised and
\nis based on the estimated tax consequences of items that are subject to differing interpretations of tax laws. Deferred tax is charged or
\ncredited in the income statement, except when it relates to items charged or credited in other comprehensive income or directly to equity, in
\nwhich case the deferred tax is also dealt with within other comprehensive income or directly in equity respectively.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
\nand when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on
\na net basis.
\nThe Group follows IFRIC 23 Uncertainty over Income Tax Treatments. IFRIC 23 sets out how to determine the accounting tax position when
\nthere is uncertainty over income tax treatments. The interpretation requires the Group to determine whether uncertain tax positions are
\nassessed separately or as a Group:\u00a0and
\n\u25a0
\nAssess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its
\nincome tax filings:
\n\u2013 If yes, the Group should determine its accounting tax position consistently with the tax treatment used or planned to be used in its income
\ntax filings.
\n\u2013 If no, the Group should reflect the effect of uncertainty in determining its accounting tax position using either the most likely amount or the
\nexpected value method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20013": {
"value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance
\nsheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
\nrecognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be
\nutilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill, or from the
\ninitial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor
\nthe accounting profit.
\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests
\nin joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary
\ndifference will not reverse in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
\nthat sufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised and
\nis based on the estimated tax consequences of items that are subject to differing interpretations of tax laws. Deferred tax is charged or
\ncredited in the income statement, except when it relates to items charged or credited in other comprehensive income or directly to equity, in
\nwhich case the deferred tax is also dealt with within other comprehensive income or directly in equity respectively.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
\nand when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on
\na net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20072": {
"value": "Property, plant and equipment Properties for provision of services or administrative purposes are carried at cost, less any recognised impairment loss. Cost includes
\nprofessional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy. Depreciation of
\nthese assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
\nPassenger carrying vehicles and other plant and equipment are stated at cost less accumulated depreciation and any recognised
\nimpairment loss.
\nDepreciation is charged so as to write off the cost of assets, other than freehold land, the land element of long leasehold properties or on
\nassets in the course of construction, over their estimated useful lives, using the straight\u2011line method, on the following bases:
\nFreehold buildings
50 years straight\u2011line
\nPassenger carrying vehicles
seven to 17 years straight\u2011line
\nOther plant and equipment
three to 25 years straight\u2011line
\nAssets specific to Train Operating Companies are depreciated over the lesser of their estimated useful lives or the rail contract term.
\nThe gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
\ncarrying amount of the asset and is recognised in income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20078": {
"value": "Passenger carrying vehicles and other plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss.
\nDepreciation is charged so as to write off the cost of assets, other than freehold land, the land element of long leasehold properties or on
\nassets in the course of construction, over their estimated useful lives, using the straight\u2011line method, on the following bases:
\nFreehold buildings
50 years straight\u2011line
\nPassenger carrying vehicles
seven to 17 years straight\u2011line
\nOther plant and equipment
three to 25 years straight\u2011line",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20099": {
"value": "Impairment of tangible and intangible assets excluding goodwill At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any
\nindication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated
\nin order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from
\nother assets, the Group estimates the recoverable amount of the CGU to which the asset belongs.
\nRecoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows
\nare discounted to their present value using a pre\u2011tax discount rate that reflects current market assessments of the time value of money and
\nthe risks specific to the asset for which the estimates of future cash flows have not been adjusted.
\nIf the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is
\nreduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
\nWhere an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its
\nrecoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined
\nhad no impairment loss been recognised for the asset or CGU in prior years. A reversal of an impairment loss is recognised as income
\nimmediately.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20116": {
"value": "Inventories Inventories of spare parts and consumables are stated at the lower of cost and net realisable value, after making appropriate allowances
\nfor obsolete and slow\u2011moving items. Cost comprises direct materials and, where applicable, those overheads that have been incurred in
\nbringing the inventories to their present location and condition. Cost is calculated using the weighted average cost method. Where the
\npurchase of inventory was the hedged item in a cash flow hedge relationship, the initial carrying amount of the recognised inventory is
\nadjusted by the associated hedging gain or loss transferred from the hedging reserve (a basis adjustment). There are no material inventory
\nallowances.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20126": {
"value": "Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual
\nprovisions of the instrument.
\nFinancial assets
\nFinancial assets can be measured at amortised cost, fair value through profit or loss or fair value through other comprehensive income. The
\nmeasurement basis is determined by reference to both the business model for managing the financial asset and the contractual cash flow
\ncharacteristics of the financial asset.
\n
\n
\nFinancial assets are classified into one of three primary categories:
\nFinancial assets at amortised cost
\nFinancial assets at amortised costs are non\u2011derivative financial assets held for collection of contractual cash flows where those cash flows
\nrepresent solely payments of principal and interest. Financial assets at amortised cost are subsequently measured using the effective
\ninterest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or
\nimpaired.
\nFair value through profit and loss
\nFinancial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition
\nat fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held
\nfor trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading
\nunless they are designated as effective hedging instruments.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair
\nvalue recognised in the income statement within finance costs. Transaction costs arising on initial recognition are expensed in the income
\nstatement.
\nFair value through other comprehensive income
\nThe Group does not have any financial assets held at fair value through other comprehensive income.
\nFinancial liabilities and equity instruments
\nFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity
\ninstrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments
\nissued by the Company are recorded at the proceeds received net of direct issue costs.
\nFinancial liabilities
\nBank borrowings
\nInterest\u2011bearing bank loans and overdrafts are measured on an amortised cost basis.
\nBonds and loan notes
\nThese are measured either on an amortised cost basis or at fair value, if designated.
\nTrade payables
\nTrade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate
\nmethod.
\nDerivative financial instruments and hedge accounting
\nThe Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. Use of such
\nfinancial instruments is governed by policies and delegated authorities approved by the Board. The Group does not hold or issue derivative
\nfinancial instruments for trading purposes. The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps,
\nand cross currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair value at
\nthe reported balance sheet date. The fair values are calculated by reference to market exchange rates, interest rates and fuel prices at the
\nperiod end, and supported by counterparty confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on
\nre\u2011measurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of
\nany resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging
\nrelationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being
\nhedged and the economic relationship between the item being hedged and the hedging instrument.
\nFair value hedging:\u00a0The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount of a hedged
\nitem not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit
\nor loss.
\nCash flow hedging:\u00a0The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
\ndesignated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of
\nhedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating
\nto the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and
\naccumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the
\nrecognised hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item such as inventory,
\nthe gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and
\nincluded as a basis adjustment in the initial measurement of the cost of that item. This transfer does not affect other comprehensive income,
\nhowever the hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts that may be
\nreclassified subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no longer expected
\nto occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in
\nthe future, that amount is immediately reclassified to profit or loss.
\n
\n
\n
continued
\nNet investment hedging:\u00a0Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s net
\ninvestment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the derivative instrument
\nis recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. Any ineffective element
\nis recognised immediately in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve are
\nincluded in the Group income statement on the disposal or partial disposal of the foreign operation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20131": {
"value": "Financial assets Financial assets can be measured at amortised cost, fair value through profit or loss or fair value through other comprehensive income. The
\nmeasurement basis is determined by reference to both the business model for managing the financial asset and the contractual cash flow
\ncharacteristics of the financial asset.
\n
\n
\nFinancial assets are classified into one of three primary categories:
\nFinancial assets at amortised cost
\nFinancial assets at amortised costs are non\u2011derivative financial assets held for collection of contractual cash flows where those cash flows
\nrepresent solely payments of principal and interest. Financial assets at amortised cost are subsequently measured using the effective
\ninterest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or
\nimpaired.
\nFair value through profit and loss
\nFinancial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition
\nat fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held
\nfor trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading
\nunless they are designated as effective hedging instruments.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair
\nvalue recognised in the income statement within finance costs. Transaction costs arising on initial recognition are expensed in the income
\nstatement.
\nFair value through other comprehensive income
\nThe Group does not have any financial assets held at fair value through other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20176": {
"value": "Fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition
\nat fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held
\nfor trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading
\nunless they are designated as effective hedging instruments.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair
\nvalue recognised in the income statement within finance costs. Transaction costs arising on initial recognition are expensed in the income
\nstatement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20190": {
"value": "Financial liabilities and equity instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity
\ninstrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments
\nissued by the Company are recorded at the proceeds received net of direct issue costs.
\nFinancial liabilities
\nBank borrowings
\nInterest\u2011bearing bank loans and overdrafts are measured on an amortised cost basis.
\nBonds and loan notes
\nThese are measured either on an amortised cost basis or at fair value, if designated.
\nTrade payables
\nTrade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate
\nmethod.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20197": {
"value": "Bank borrowings Interest\u2011bearing bank loans and overdrafts are measured on an amortised cost basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20203": {
"value": "Trade payables Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate
method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20210": {
"value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. Use of such
\nfinancial instruments is governed by policies and delegated authorities approved by the Board. The Group does not hold or issue derivative
\nfinancial instruments for trading purposes. The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps,
\nand cross currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair value at
\nthe reported balance sheet date. The fair values are calculated by reference to market exchange rates, interest rates and fuel prices at the
\nperiod end, and supported by counterparty confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on
\nre\u2011measurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of
\nany resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging
\nrelationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being
\nhedged and the economic relationship between the item being hedged and the hedging instrument.
\nFair value hedging:\u00a0The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount of a hedged
\nitem not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit
\nor loss.
\nCash flow hedging:\u00a0The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
\ndesignated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of
\nhedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating
\nto the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and
\naccumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the
\nrecognised hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item such as inventory,
\nthe gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and
\nincluded as a basis adjustment in the initial measurement of the cost of that item. This transfer does not affect other comprehensive income,
\nhowever the hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts that may be
\nreclassified subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no longer expected
\nto occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in
\nthe future, that amount is immediately reclassified to profit or loss.
\n
\n
\n
continued
\nNet investment hedging:\u00a0Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s net
\ninvestment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the derivative instrument
\nis recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. Any ineffective element
\nis recognised immediately in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve are
\nincluded in the Group income statement on the disposal or partial disposal of the foreign operation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20211": {
"value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. Use of such
\nfinancial instruments is governed by policies and delegated authorities approved by the Board. The Group does not hold or issue derivative
\nfinancial instruments for trading purposes. The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps,
\nand cross currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair value at
\nthe reported balance sheet date. The fair values are calculated by reference to market exchange rates, interest rates and fuel prices at the
\nperiod end, and supported by counterparty confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on
\nre\u2011measurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of
\nany resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging
\nrelationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being
\nhedged and the economic relationship between the item being hedged and the hedging instrument.
\nFair value hedging:\u00a0The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount of a hedged
\nitem not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit
\nor loss.
\nCash flow hedging:\u00a0The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
\ndesignated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of
\nhedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating
\nto the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and
\naccumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the
\nrecognised hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item such as inventory,
\nthe gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and
\nincluded as a basis adjustment in the initial measurement of the cost of that item. This transfer does not affect other comprehensive income,
\nhowever the hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts that may be
\nreclassified subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no longer expected
\nto occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in
\nthe future, that amount is immediately reclassified to profit or loss.
\n
\n
\n
continued
\nNet investment hedging:\u00a0Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s net
\ninvestment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the derivative instrument
\nis recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. Any ineffective element
\nis recognised immediately in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve are
\nincluded in the Group income statement on the disposal or partial disposal of the foreign operation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20212": {
"value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate and commodity risks. Use of such
\nfinancial instruments is governed by policies and delegated authorities approved by the Board. The Group does not hold or issue derivative
\nfinancial instruments for trading purposes. The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps,
\nand cross currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently remeasured to fair value at
\nthe reported balance sheet date. The fair values are calculated by reference to market exchange rates, interest rates and fuel prices at the
\nperiod end, and supported by counterparty confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on
\nre\u2011measurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of
\nany resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. At inception of designated hedging
\nrelationships, the Group documents the risk management objective and strategy for undertaking the hedge, the nature of the risks being
\nhedged and the economic relationship between the item being hedged and the hedging instrument.
\nFair value hedging:\u00a0The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount of a hedged
\nitem not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit
\nor loss.
\nCash flow hedging:\u00a0The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
\ndesignated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of
\nhedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating
\nto the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and
\naccumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the
\nrecognised hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item such as inventory,
\nthe gains and losses previously recognised in other comprehensive income and accumulated in equity are removed from equity and
\nincluded as a basis adjustment in the initial measurement of the cost of that item. This transfer does not affect other comprehensive income,
\nhowever the hedging gains and losses that will subsequently be transferred as basis adjustments are categorised as amounts that may be
\nreclassified subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no longer expected
\nto occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedging reserve will not be recovered in
\nthe future, that amount is immediately reclassified to profit or loss.
\n
\n
\n
continued
\nNet investment hedging:\u00a0Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s net
\ninvestment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the derivative instrument
\nis recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. Any ineffective element
\nis recognised immediately in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve are
\nincluded in the Group income statement on the disposal or partial disposal of the foreign operation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20285": {
"value": "Provisions Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be
\nrequired to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation
\nat the balance sheet date and are discounted to present value where the effect is material.
\nSelf\u2011insurance
\nThe Group\u2019s policy is to self\u2011insure high frequency, low value claims within the businesses. In addition there are typically a smaller
\nnumber of major claims during a financial year for which cover is obtained through third\u2011party insurance policies subject to an insurance
\ndeductible. Where the Group holds legacy self\u2011insurance exposures related to disposed businesses, insurance and re\u2011insurance policies
\nhave been purchased to de\u2011risk this exposure. Provision is made under IAS 37 Provisions, Contingent Liabilities and Contingent Assets
\nfor the estimated cost of settling uninsured claims for incidents occurring prior to the balance sheet date. The provision is discounted to
\nappropriately reflect the timing of future cash claims settlements. Self\u2011insurance is also covered in the key sources of estimation uncertainty
\nsection of note\u00a02 below.
\nShare\u2011based payments
\nThe Group issues equity\u2011settled share\u2011based payments to certain employees. Equity\u2011settled share\u2011based payments are measured at fair
\nvalue at the date of grant. The fair value is expensed over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest
\nand is adjusted for the effects of non\u2011market\u2011based vesting conditions.
\nFair value is measured by use of a Black\u2011Scholes or other appropriate valuation models. The expected life used in the model has been
\nadjusted, based on management\u2019s best estimate, for the effects of non\u2011transferability, exercise restrictions and behavioural considerations.
\nDividend distributions
\nDividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which
\nthe dividends are approved by the Company\u2019s shareholders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20299": {
"value": "Share\u2011based payments The Group issues equity\u2011settled share\u2011based payments to certain employees. Equity\u2011settled share\u2011based payments are measured at fair
\nvalue at the date of grant. The fair value is expensed over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest
\nand is adjusted for the effects of non\u2011market\u2011based vesting conditions.
\nFair value is measured by use of a Black\u2011Scholes or other appropriate valuation models. The expected life used in the model has been
\nadjusted, based on management\u2019s best estimate, for the effects of non\u2011transferability, exercise restrictions and behavioural considerations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20308": {
"value": "Dividend distributions Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which
the dividends are approved by the Company\u2019s shareholders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20325": {
"value": "Key sources of estimation uncertainty and significant judgements The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and
\nassumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of
\nrevenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge, actual results
\nmay ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
\naccounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of
\nrevision and future periods if the revision affects both current and future periods.
\nThe following are the critical estimates and judgements that the Directors have made in the process of applying the Group\u2019s accounting
\npolicies and that have the most significant effect on the amounts recognised in the financial statements.
\nFirst Transit earnout valuation
\nOn 26\u00a0October\u00a02022, EQT Infrastructure announced its agreement to sell First Transit to Transdev North America, Inc. As part of the
\nFirst Transit disposal to EQT Infrastructure, FirstGroup is entitled to an earnout consideration. The Group currently estimates the earnout
\nconsideration to be c.$89m (\u00a372.3m). While the earnout is considered to have crystallised following the sale, with proceeds anticipated in the
\nfirst half of FY\u00a02024, there remains a degree of estimation uncertainty regarding the amount to be received, depending on the finalisation of
\ncustomary closing transaction adjustments.
\n
\n
\nImpairment of assets in CGUs
\nThe key sources of estimation uncertainty in relation to the potential risk of impairment of assets in CGUs relate to the cash flow forecasts
\nincluding significant judgements in deciding what assumptions to make regarding the future financial performance of the CGU in a
\npost\u2011pandemic environment, the ongoing macroeconomic uncertainty, and the Group\u2019s future climate\u2011related targets and ambitions. This is
\ncovered in more detail in note\u00a011.
\nDefined benefit pension arrangements
\nRailway Pension Scheme
\nThe Group sponsors six sections of the Railway Pension Scheme (RPS) in the current year, relating to its obligations for its contracted\u2011TOCs,
\nand a further section for Hull Trains, its Open Access operator. RPS is a defined benefit pension scheme which covers the whole of the UK
\nrail industry. In contrast to the pension schemes operated by most businesses the RPS is a shared cost scheme which means that costs
\nare formally shared 60% employer and 40% employee. The Group only recognises amounts in relation to its share of costs in the income
\nstatement. The RPS is partitioned into sections and, for the sections that relate to contracts, the Group is responsible for the funding of these
\nsections only while it operates the relevant contract.
\nAt the end of the contract term, responsibility for funding the relevant section of the scheme, and consequentially any deficit or surplus
\nexisting at that date, is passed to the next contractor. At each balance sheet date a contract adjustment is recognised against the IAS 19 net
\npension asset or liability to reflect that portion expected to pass to the next contractor.
\nThe Directors view this arrangement as analogous to the circumstances described in paragraphs 92\u201194 of IAS 19 (Revised) with a third party
\ntaking on the obligation for future contributions. As there is no requirement to make contributions to fund the current deficit, it is assumed
\nthat all of the current deficit will be funded by another party and hence none of that deficit is attributable to the current contractor. In respect
\nof the future service costs, there is currently no pension obligation in respect of those costs. When the costs are recognised in the income
\nstatement, the extent to which the committed contributions fall short determines the amount that is to be covered by contributions of another
\nparty in future, which is recognised as an adjustment to service cost in the income statement. Under circumstances where contributions are
\nrenegotiated, such as following a statutory valuation, an adjustment will be recognised in the income statement, whilst changes in actuarial
\nassumptions continue to be recognised through other comprehensive income.
\nThe Directors consider this judgement to be the most appropriate interpretation of IAS 19 to reflect the specific circumstances of the RPS
\nwhere the contract commitment is only to pay contributions during the period in which we run the contract. An alternative approach would
\ninvolve not limiting the measurement of the service cost through the recognition of an income statement contract adjustment but recognising
\nall changes in the contract adjustment as a reimbursement right in Other Comprehensive Income (OCI).
\nFor illustrative purposes, for the year ended 31\u00a0March\u00a02023 the impact of this alternative approach would be an increase in costs of \u00a3102.9m
\n(2022:\u00a0\u00a3102.7m) in the income statement and a credit to OCI of \u00a3113.1m (2022:\u00a0credit of \u00a370.9m). In addition, the balance sheet would reflect
\na surplus of \u00a335.2m (2022:\u00a0surplus of \u00a325.0m). Since the contract only refers to the contribution requirements during its term, and not any
\nreimbursement rights, in the Directors\u2019 view contributions are shared with the next contractor and therefore the treatment of the arrangement
\nas contribution\u2011sharing is considered the most appropriate.
\nActuarial assumptions
\nThe UK schemes retirement benefit obligations are discounted at a rate set by reference to market yields at the end of the reporting period
\non high\u2011quality corporate bonds. Significant judgement is required when setting the criteria for bonds to be included in the population from
\nwhich the yield curve is derived. The most significant criteria considered for the selection of bonds include the issue size of the corporate
\nbonds, quality of the bonds and the identification of outliers which are excluded. Management follows actuarial advice from a third party
\nwhen determining these judgements. Another key estimate is the longevity of members. We take specialist advice on this from our actuarial
\nadvisers which aims to consider the likely experience taking into account each scheme\u2019s characteristics. Our approach is to review these
\nassumptions for each scheme following completion of their funding valuations, and more frequently only if appropriate to do so. Given pay
\nincreases for employees in the Rail division are under negotiation, the gross figures for the contract Rail pensions disclosures may be under\u2011
\nor overstated, but there will be nil impact on the balance sheet as a result of the contract adjustment. Additionally, in terms of the value
\nof the assets held by one of the Local Government Pension Scheme funds, around \u00a3200m is held co\u2011mingled with a considerably larger
\npool of assets held for the interests of the local authority and a significant number of other admitted employers. This means that the value
\nattributable to the Company\u2019s share of the overall fund requires a degree of estimation, allowing for returns and outgo. Management review
\nthe approach, taking consideration and advice from actuarial and other professional advisors.
\nThe Pension Regulator (TPR) has been in discussions with the RPS (the Scheme) regarding the long\u2011term funding strategy of the Scheme.
\nWhilst TPR believes that the Scheme should be funded on a more prudent basis, it is not possible at this stage to determine the impact to
\nongoing contribution requirements.
\nThe carrying amount of the Group\u2019s continuing retirement benefit arrangements at 31\u00a0March\u00a02023 was an asset of \u00a327.8m (2022:\u00a0asset of
\n\u00a3186.7m). Further details and sensitivities are set out in note\u00a037.
\n
\n
\n
\nSelf\u2011insurance
\nProvision is made for all known incidents for which there is self\u2011insurance using management\u2019s best estimate of the likely settlement of these
\nincidents. The estimated settlement is reviewed on a regular basis with independent actuarial advice and the amount provided (including
\nthe Incurred But Not Reported (IBNR) element) is adjusted as required. Given the diversity of claim types, their size, the range of possible
\noutcomes and the time involved in settling these claims, a material change could be required to the carrying value of claims provisions in the
\nnext financial year. These factors also make it impractical to provide sensitivity analysis on one single measure and its potential impact on
\noverall insurance provisions. The Group\u2019s total self\u2011insurance provisions as at the balance sheet date were \u00a3129.9m (2022:\u00a0\u00a3148.0m) as set
\nout in note\u00a027. Of this \u00a379.1m relates to North America of which \u00a373.3m is de\u2011risked with insurance, leaving \u00a35.8m where the actuarial range
\nis \u00a35.1m to \u00a35.8m (2022:\u00a0\u00a39.6m and actuarial range \u00a38.6m to \u00a39.5m). A receivable matching the value of the de\u2011risked provision of \u00a373.3m is
\nrecorded within Other receivables to account for the recovery from the third\u2011party insurer.
\nDetermining the incremental borrowing rate used to measure lease liabilities
\nThe Group is required to determine its incremental borrowing rate (IBR) to measure its lease liabilities. Judgement is required to determine
\nthe components of the IBR used for each lease, including risk\u2011free rates, credit risk and any lease specific adjustments.
\nIBRs applied to new (or modified) leases are determined quarterly or at the time of a new franchise. They depend on the term, country and
\nstart and end date of the lease. They are estimated based on several factors which include the risk\u2011free rate based on government bond
\nrates, a country\u2011specific adjustment and a credit risk adjustment based on the average credit spread of entities with similar ratings to the
\nGroup.
\nClimate change
\nIn the preparation of the Group\u2019s consolidated financial statements, management has considered the potential impact of climate change,
\nparticularly in the context of the disclosures included in the Strategic Report (including the Task Force for Climate\u2011related Disclosures),
\nand the Group\u2019s own climate\u2011related ambitions and targets. This includes an assessment of how the Group\u2019s accounting estimates and
\njudgements are impacted by the Group\u2019s pathway to achieving its stated ambitions and targets, as well as by climate\u2011related risks and
\nopportunities for the Group.
\nActions required to drive the Group\u2019s climate\u2011related ambitions and targets, including their financial impacts, are factored into the longer\u2011term
\nbusiness planning cycles of the Group. The following areas of estimation have been considered as part of these planning cycles, in addition
\nthose detailed in the \u2018Key sources of estimation uncertainty\u2019 section below. Management do not believe that these areas will have a material
\nimpact on financial reporting estimates and judgements in the next year. Owing to the inherent medium/longer\u2011term uncertainty with regard
\nto climate\u2011related risks and opportunities, it is not currently possible to assess whether in the future, these areas of estimation and judgement
\nmay have a more material impact on carrying values of assets and liabilities. Management will continue to regularly assess climate\u2011related
\nrisks in the context of the estimates and judgements made in the preparation of the Group\u2019s financial statements.
\nGoing concern and viability
\nThere may be a risk of increased future costs and capital investment requirements to ensure compliance with environmental regulatory
\nrequirements (for example carbon taxes/charges, or other emissions\u2011related restrictions), and to achieve the Group\u2019s stated sustainability
\ntargets and ambitions. However, the Group believes that there is likely to be an increasing modal shift towards public transport, as
\nawareness grows among customers of climate\u2011related issues, and with governmental support for transport decarbonisation, which could
\ncreate new opportunities for the Group.
\nCarrying value of non\u2011current assets
\nEnvironmental regulatory requirements, in parallel with the Group\u2019s climate\u2011related targets and ambitions, may further accelerate the
\ntransition to electrification of vehicle fleets. Transitional risks relating to the evolution of climate\u2011related technologies may alter the expected
\nobsolescence profile of existing vehicle fleets. These factors may impact the Group\u2019s estimates of the useful lives of existing assets, their
\nresidual values, and the risk of asset impairment. The Group monitors closely the accounting estimates in relation to its vehicle fleets to
\nensure they remain reasonable.
\nProvisions
\nClimate\u2011related legislative and regulatory changes may, in future, require the Group to assess whether environmental provisions are
\nnecessary, for example the potential introduction of carbon taxes/charges. In parallel with the work towards achieving its climate\u2011related
\nambitions and targets, the Group tracks such legislative changes to ensure the impact on the business is well understood and managed
\neffectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20502": {
"value": "Going concern The Board carried out a review of the Group\u2019s financial projections for the 18\u00a0months to 30\u00a0September\u00a02024 and on a going concern basis.
\nIn doing so, the Board considered whether any material uncertainties exist that cast doubt on the Group\u2019s and the Company\u2019s ability to
\ncontinue as a going concern over the going concern period.
\nConsistent with prior years, the Board\u2019s going concern assessment is based on a review of future trading projections, including whether
\nbanking covenants are likely to be met and whether there is sufficient committed facility headroom to accommodate future cash flows for the
\ngoing concern period.
\n
\n
\nDivisional management teams prepared detailed, bottom\u2011up projections for their businesses reflecting the impact of the post\u2011pandemic
\noperating environment, including assumptions on passenger volume recovery and government support, as well as the impact of actions
\nrequired to address the Group\u2019s climate\u2011related targets and ambitions.
\nBase case scenario
\nThe Board considered the annual budget to 31\u00a0March\u00a02024 and medium\u2011term plan to be the base case scenario for the purpose of the
\ngoing concern assessment for the FY\u00a02023 year end. These projections were the subject of a series of executive management reviews
\nand were used to update the base case scenario that was used for the purposes of the going concern assessment at the\u00a02023 year end.
\nThe base case assumes a continuing recovery in passenger volumes and yields in FY\u00a02024, but that passenger volumes remain below
\npre\u2011pandemic levels in the going concern assessment period. The base case also reflects the expiry and non\u2011renewal of the TransPennine
\nExpress rail contract in May\u00a02023. The macro projections in the updated base case assume that the UK operates in a recovering coronavirus
\neconomy. The annual budget and medium\u2011term plan also capture the expected financial impact of the actions required to support the
\nGroup\u2019s climate\u2011related targets and ambitions.
\nDownside scenario
\nIn addition, a downside case was also modelled which assumes a more protracted post\u2011pandemic recovery profile. In First Bus the
\ndownside case assumes a reduction in passenger volumes driving a 25% reduction in Bus profitability. In First Rail, the downside case
\nassumes TOC performance fee awards at 50% of expected levels; revenue reduction in Hull Trains and Lumo of\u00a020%; and loss of one
\nNational Rail Contract at the end of its current term. The downside scenario also assumes a delay in receipt of final Greyhound property
\nproceeds until after the going concern period; a lower realised value for the First Transit earnout; and a \u00a310m impact of a significant
\nclimate\u2011related event.
\nMitigating actions
\nIf the performance of the Group were to be more adversely impacted than assumed in the base case or downside case scenarios, the
\nGroup would reduce and defer planned growth capex spend and further reduce costs in line with a lower volume operating environment to
\nthe extent that the essential services we operate in First Bus are not required to be run for the governments and communities we support.
\nGoing concern statement
\nBased on the review of the financial forecasts for the period to September\u00a02024 and having regard to the risks and uncertainties to which the
\nGroup is exposed, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence
\nfor at least the 12\u2011month period from the date on which the financial statements were approved, including compliance with banking
\ncovenants under both the base case and downside scenarios. Accordingly, they continue to adopt a going concern basis of accounting in
\npreparing the consolidated financial statements in this full year report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f20573": {
"value": "3 Revenue
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nServices rendered
3,483.0
2,537.0
\nFirst Rail contract subsidy receipts
893.0
1,662.1
\nOther revenues
379.0
392.0
\nRevenue from continuing operations
4,755.0
4,591.1
\nDiscontinued operations
4.0
996.9
\nRevenue
4,759.0
5,588.0
\nDisaggregated revenue by operating segment is set out in note\u00a05.
\nOther revenues principally represent post\u2011pandemic funding mechanisms in First Bus and First Rail.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f21049": {
"value": "5 Business segments and geographical information
\nFor management purposes, the Group was organised into five operating divisions \u2013 First Bus, First Rail, First Student, First Transit and
\nGreyhound. First Student and First Transit were categorised as Discontinued Operations at 27\u00a0March\u00a02021 and the sale of these completed
\non 21\u00a0July\u00a02021. Greyhound US and Mexico were categorised as Discontinued Operations at 25\u00a0September\u00a02021 and the sale of this
\ncompleted on 21\u00a0October\u00a02021. The properties relating to the retained Greyhound US business were classified as held for sale and treated
\nas discontinued up to their disposal in December\u00a02022. Greyhound Canada was retained and was categorised as a Continuing Operation
\nhowever, trading operations have ceased. The divisions are managed separately in line with the differing services that they provide and the
\ngeographical markets which they operate in. There is a clear distinction between each division and no judgement is required to identify each
\nreportable segment.
\nThe segment results for the 52\u00a0weeks ended 25\u00a0March\u00a02023 are as follows:
\nContinuing Operations
\nDiscontinued
\nOperations
\nFirst
\nBus
\n\u00a3m
\nFirst
\nRail
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nIntra\u2011group
\nelimination
\n\u00a3m
\nContinuing
\nOperations
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nTotal
\n\u00a3m
\nPassenger revenue
660.0
2,713.8
\u2013
\u2013
\u2013
3,373.8
\u2013
\u2013
3,373.8
\nContract revenue
149.9
\u2013
\u2013
\u2013
(40.7)
109.2
\u2013
\u2013
109.2
\nRail contract subsidy receipts
\u2013
893.0
\u2013
\u2013
\u2013
893.0
\u2013
\u2013
893.0
\nOther revenues
92.6
286.4
\u2013
\u2013
\u2013
379.0
4.0
\u2013
383.0
\nRevenue
902.5
3,893.2
\u2013
\u2013
(40.7)
4,755.0
4.0
\u2013
4,759.0
\nEBITDA
\n2
\n120.9
661.0
\u2013
(19.5)
\u2013
762.4
(6.6)
\u2013
755.8
\nDepreciation
(68.6)
(651.2)
\u2013
(2.1)
\u2013
(721.9)
\u2013
\u2013
(721.9)
\nSoftware amortisation
(1.7)
(6.3)
\u2013
(0.6)
\u2013
(8.6)
\u2013
\u2013
(8.6)
\nCapital grant amortisation
7.8
121.3
\u2013
\u2013
\u2013
129.1
\u2013
\u2013
129.1
\nSegment results
58.4
124.8
\u2013
(22.2)
\u2013
161.0
(6.6)
\u2013
154.4
\nOther adjustments (note\u00a04)
(7.0)
\u2013
(1.5)
1.4
\u2013
(7.1)
71.7
(33.8)
30.8
\nOperating profit/(loss)
\n3
\n51.4
124.8
(1.5)
(20.8)
\u2013
153.9
65.1
(33.8)
185.2
\nInvestment income
\u2013
2.0
\u2013
10.3
\u2013
12.3
0.5
\u2013
12.8
\nFinance costs
(2.5)
(49.4)
\u2013
(17.2)
\u2013
(69.1)
(0.2)
\u2013
(69.3)
\nProfit before tax
48.9
77.4
(1.5)
(27.7)
\u2013
97.1
65.4
(33.8)
128.7
\nTax
(33.4)
\nProfit after tax
95.3
\nContinuing Operations
Discontinued Operations
\nFirst
\nBus
\n\u00a3m
\nFirst
\nRail
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nContinuing
\nOperations
\n\u00a3m
\nFirst
\nStudent
\n\u00a3m
\nFirst
\nTransit
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nTotal
\n\u00a3m
\nCapital additions
150.1
56.7
\u2013
1.1
207.9
\u2013
\u2013
\u2013
\u2013
207.9
\nCapital additions comprises of intangible asset additions and acquisitions (note\u00a012) and property plant and equipment acquisitions, additions
\nand transfers from right of use assets (note\u00a013).
\n
\n
\nBalance sheet
\n4
\nTotal
\nassets
\n\u00a3m
\nTotal
\nliabilities
\n\u00a3m
\nNet assets/
\n(liabilities)
\n\u00a3m
\nGreyhound retained
79.8
(101.6)
(21.8)
\nFirst Bus
775.5
(263.6)
511.9
\nFirst Rail
2,460.4
(1,092.1)
1,368.3
\n3,315.7
(1,457.3)
1,858.4
\nGroup items
251.5
(89.4)
162.1
\nBorrowings and cash
791.4
(2,067.0)
(1,275.6)
\nTaxation
47.0
(41.7)
5.3
\nTotal
4,405.6
(3,655.4)
750.2
\nGreyhound (held for sale)
0.6
\u2013
0.6
\nTotal
4,406.2
(3,655.4)
750.8
\n1 Group items comprise central management and other items.
\n2 EBITDA is adjusted operating profit less capital grant amortisation plus depreciation plus software amortisation.
\n3 Although the segment results are used by management to measure performance, statutory operating profit by operating division is also disclosed for completeness.
\n4 Segment assets and liabilities are determined by identifying the assets and liabilities that relate to the business of each segment but excluding intercompany balances,
\nnet debt and taxation.
\nThe segment results for the 52\u00a0weeks ended 26\u00a0March\u00a02022 are as follows:
\nContinuing Operations
Discontinued Operations
\nFirst
\nBus
\n\u00a3m
\nFirst
\nRail
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nContinuing
\nOperations
\n\u00a3m
\nFirst
\nStudent
\n\u00a3m
\nFirst
\nTransit
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nTotal
\n\u00a3m
\nPassenger revenue
570.0 1,886.4
\u2013
\u2013
2,456.4
\u2013
\u2013
150.4
\u2013
2,606.8
\nContract revenue
80.6
\u2013
\u2013
\u2013
80.6
450.3
203.2
\u2013
\u2013
734.1
\nCharter/private hire
\u2013
\u2013
\u2013
\u2013
\u2013
21.8
0.1
0.9
\u2013
22.8
\nRail contract subsidy receipts
\u2013 1,662.1
\u2013
\u2013
1,662.1
\u2013
\u2013
\u2013
\u2013
1,662.1
\nOther revenues
139.3
252.7
\u2013
\u2013
392.0
7.4
96.4
66.4
\u2013
562.2
\nRevenue
789.9 3,801.2
\u2013
\u2013
4,591.1
479.5
299.7
217.7
\u2013
5,588.0
\nEBITDA
\n2
\n104.4
649.9
\u2013
(23.1)
731.2
88.2
15.6
27.1
\u2013
862.1
\nDepreciation
(63.3) (669.5)
\u2013
(2.6)
(735.4)
\u2013
\u2013
(11.0)
\u2013
(746.4)
\nSoftware amortisation
(1.6)
(2.1)
\u2013
(0.6)
(4.3)
\u2013
\u2013
(0.4)
\u2013
(4.7)
\nCapital grant amortisation
5.7
109.5
\u2013
\u2013
115.2
\u2013
\u2013
0.6
\u2013
115.8
\nSegment results
45.2
87.8
\u2013
(26.3)
106.7
88.2
15.6
16.3
\u2013
226.8
\nOther intangible asset amortisation
\ncharges
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
\nOther adjustments (note\u00a04)
\u2013
4.0
12.1
\u2013
16.1
(14.8)
(6.5)
28.7
556.2
579.7
\nOperating profit/(loss)
\n3
\n45.2
91.8
12.1
(26.3)
122.8
73.4
9.1
44.6
556.2
806.1
\nInvestment income
\u2013
0.6
\u2013
0.5
1.1
\u2013
\u2013
0.4
\u2013
1.5
\nFinance costs
(2.8)
(37.6)
(1.1)
(100.1)
(141.6)
(7.5)
(0.7)
(3.7)
\u2013
(153.5)
\nProfit before tax
42.4
54.8
11.0
(125.9)
(17.7)
65.9
8.4
41.3
556.2
654.1
\nTax
(12.1)
\nProfit after tax
642.0
\nContinuing Operations
Discontinued Operations
\nFirst
\nBus
\n\u00a3m
\nFirst
\nRail
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nContinuing
\nOperations
\n\u00a3m
\nFirst
\nStudent
\n\u00a3m
\nFirst
\nTransit
\n\u00a3m
\nGreyhound
\n\u00a3m
\nGroup
\nitems
\n1
\n\u00a3m
\nTotal
\n\u00a3m
\nCapital additions
113.8
52.6
\u2013
5.1
171.5
87.7
12.2
37.1
\u2013
308.5
\nCapital additions comprises of intangible asset additions and acquisitions (note\u00a012) and property plant and equipment acquisitions, additions
\nand transfers from right of use assets (note\u00a013).
\n
\n
\n
\nBalance sheet
\n4
\nTotal
\nassets
\n\u00a3m
\nTotal
\nliabilities
\n\u00a3m
\nNet assets/
\n(liabilities)
\n\u00a3m
\nGreyhound retained
170.7
(137.0)
33.7
\nFirst Bus
806.0
(179.6)
626.4
\nFirst Rail
1,659.9
(1,062.6)
597.3
\n2,636.6
(1,379.2)
1,257.4
\nGroup items
370.4
(124.6)
245.8
\nBorrowings and cash
787.7
(1,406.7)
(619.0)
\nTaxation
39.2
(38.3)
0.9
\nTotal
3,833.9
(2,948.8)
885.1
\n1 Group items comprise central management and other items.
\n2 EBITDA is adjusted operating profit less capital grant amortisation plus depreciation plus software amortisation.
\n3 Although the segment results are used by management to measure performance, statutory operating profit by operating division is also disclosed for completeness.
\n4 Segment assets and liabilities are determined by identifying the assets and liabilities that relate to the business of each segment but excluding intercompany balances,
\nnet debt and taxation.
\nGeographical information
\nThe Group\u2019s operations are located predominantly in the United Kingdom, with the prior year also including United States of America and
\nCanada until the point of disposal of those businesses. The following table provides an analysis of the Group\u2019s revenue by geographical
\nmarket:
\nRevenue
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nUnited Kingdom
4,755.0
4,591.1
\nTotal continuing operations
4,755.0
4,591.1
\nUnited States of America \u2013 discontinued operations
4.0
908.2
\nCanada \u2013 discontinued operations
\u2013
88.7
\nTotal discontinued operations
4.0
996.9
\nTotal revenue
4,759.0
5,588.0
\nThe following is an analysis of non\u2011current assets excluding financial instruments, deferred tax and pensions, the carrying amount of
\nsegment assets, and additions to property, plant and equipment and intangible assets, analysed by the geographical area in which the
\nassets are located:
\nNon\u2011current assets excluding
\n\ufb01nancial instruments deferred
\ntax and pensions
\nAdditions to property,
\nplant and equipment and
\nintangible assets
\nCarrying amount
\nof segment total assets
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nUnited Kingdom
2,557.6
2,021.7
207.9
171.5
4,278.8
3,613.2
\nUnited States of America \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
\u2013
179.3
\nCanada \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
0.7
2.2
\nUnallocated corporate items
\u2013
\u2013
\u2013
\u2013
47.0
39.2
\nTotal \u2013 continuing operations
2,557.6
2,021.7
207.9
171.5
4,326.5
3,833.9
\nUnited States of America \u2013 discontinued operations
2.6
2.2
\u2013
128.6
79.7
\u2013
\nCanada \u2013 discontinued operations
\u2013
\u2013
\u2013
8.4
\u2013
\u2013
\nUnallocated corporate items
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nTotal \u2013 discontinued operations
2.6
2.2
\u2013
137.0
79.7
\u2013
\n2,560.2
2,023.9
207.9
308.5
4,406.2
3,833.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f21855": {
"value": "6
Operating profit
\nOperating profit has been arrived at after charging/(crediting):
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDepreciation \u2013 owned assets
171.4
157.1
\nDepreciation \u2013 right of use assets
550.5
578.3
\nOperating commitments
516.2
483.3
\nOther intangible asset amortisation charges
8.6
4.3
\nCapital grant amortisation
(129.1)
(115.2)
\nCost of inventories recognised as an expense
268.1
236.6
\nEmployee costs (note\u00a07)
1,517.9
1,469.4
\nGain on disposal of property, plant and equipment
(0.7)
(13.8)
\nRail termination sums net of impairment reversal (note\u00a04)
\u2013
(4.0)
\nImpairment charges
13.6
\u2013
\nReversal of impairment
(4.3)
\u2013
\nAuditor\u2019s remuneration (see below)
3.4
4.7
\nRail franchise payments
3.4
24.6
\nForeign exchange
(0.4)
(1.0)
\nOther operating costs
\n1
\n1,682.5
1,644.0
\nOperating costs \u2013 continuing operations
4,601.1
4,468.3
\nOperating (income)/costs \u2013 discontinued operations
(27.3)
313.6
\nOperating costs \u2013 continuing and discontinued operations
4,573.8
4,781.9
\n1
Other operating costs includes \u00a332.6m (2022:\u00a0\u00a348.0m) received or receivable from Government bodies in respect of bus service operator grants and fuel duty
\nrebates.
\n2
Discontinued operations\u2019 operating income in\u00a02023 consists primarily of the Greyhound US property gains on disposal (\u00a371.4m), partly offset by the First Transit
\nearnout charge (\u00a333.8m). See note\u00a04 for more details.
\nAmounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary undertakings for continuing and
\ndiscontinued operations in respect of audit and non\u2011audit services are shown below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
0.2
0.2
\nFees payable to the Company\u2019s auditor and its associates for the audit of the
\nCompany\u2019s subsidiaries pursuant to legislation
3.0
3.4
\nTotal audit fees
3.2
3.6
\nAudit\u2011related assurance services
0.1
0.5
\nOther non\u2011audit services
0.1
0.6
\nTotal non\u2011audit fees
0.2
1.1
\nFees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company are not required to be disclosed
\nbecause the consolidated financial statements are required to disclose such fees on a consolidated basis.
\nDetails of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was used rather than another supplier
\nand how the auditor\u2019s independence and objectivity were safeguarded are set out in the Corporate Governance report on page\u00a0104. No
\nservices were provided pursuant to contingent fee arrangements.
\nNon\u2011audit services principally reflect the review of the half yearly financial information and other regulatory reporting.
32
Net cash from operating activities
\n2023
\n\u00a3m
\n2022
\nrestated
\n\u00a3m
\nOperating profit from:
\nContinuing operations
153.9
122.8
\nDiscontinued operations
31.3
683.3
\nTotal operations
185.2
806.1
\nAdjustments for:
\nDepreciation charges
721.9
746.4
\nCapital grant amortisation
(129.1)
(115.8)
\nSoftware amortisation charges
8.6
4.7
\nOther intangible asset amortisation charges
\u2013
0.4
\nLoss/(gain) on disposal of subsidiaries and businesses
3.7
(66.7)
\nRecycling of translation reserve
\u2013
(543.4)
\nImpairment
13.6
\u2013
\nReversal of impairment
(4.3)
(48.1)
\nShare\u2011based payments
6.4
5.4
\nProfit on disposal of property, plant and equipment
(71.7)
(22.1)
\nOperating cash flows before working capital and pensions
734.3
766.9
\nDecrease/(increase) in inventories
2.9
(6.4)
\n(Increase)/decrease in receivables
(159.4)
95.5
\nIncrease/(decrease) in payables due within one year
53.8
(130.0)
\nIncrease in financial assets
\u2013
(117.0)
\nDecrease/(increase) in contingent consideration receivable
33.8
(106.1)
\n(Decrease)/increase in provisions due within one year
(31.8)
36.5
\nDecrease in provisions due over one year
(1.2)
(13.2)
\nSettlement of foreign exchange hedge
(1.2)
\u2013
\nLocal Government Pension Scheme refund
11.8
\u2013
\nDefined benefit pension payments in excess of income statement charge
1.8
(340.4)
\nCash generated by operations
644.8
185.8
\nTax paid
(1.0)
(21.4)
\nInterest paid\u00b9
(70.0)
(176.6)
\nNet cash from operating activities
\n2
\n573.8
(12.2)
\n1
Interest paid includes \u00a350.6m relating to lease liabilities (2022:\u00a0\u00a341.0m).
\n2
Net cash from operating activities is stated after an inflow of \u00a335.1m (2022:\u00a0inflow of \u00a39.1m) in relation to financial derivative settlements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f21925": {
"value": "Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are shown below:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
0.2
0.2
\nFees payable to the Company\u2019s auditor and its associates for the audit of the
\nCompany\u2019s subsidiaries pursuant to legislation
3.0
3.4
\nTotal audit fees
3.2
3.6
\nAudit\u2011related assurance services
0.1
0.5
\nOther non\u2011audit services
0.1
0.6
\nTotal non\u2011audit fees
0.2
1.1
\nFees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company are not required to be disclosed
\nbecause the consolidated financial statements are required to disclose such fees on a consolidated basis.
\nDetails of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was used rather than another supplier
\nand how the auditor\u2019s independence and objectivity were safeguarded are set out in the Corporate Governance report on page\u00a0104. No
\nservices were provided pursuant to contingent fee arrangements.
\nNon\u2011audit services principally reflect the review of the half yearly financial information and other regulatory reporting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f21978": {
"value": "7 Employee costs
\nThe average monthly number of employees including discontinued operations (including Executive Directors) was:
\n2023
\nNumber
\n2022
\nNumber
\nOperational
26,708
49,162
\nAdministration
3,275
4,161
\n29,983
53,323
\nLess \u2013 discontinued operations
\u2013
(22,513)
\n29,983
30,810
\nThe aggregate remuneration including discontinued operations (including Executive Directors) comprised:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nWages and salaries
1,296.8
1,946.8
\nEmployee retention credits
\n1
\n\u2013
(69.9)
\nSocial security costs
137.1
186.6
\nPension costs (note\u00a037)
86.4
90.7
\n1,520.3
2,154.2
\nLess \u2013 discontinued operations
(2.4)
(684.8)
\n1,517.9
1,469.4
\n1 \u00a3nil (2022:\u00a0\u00a361.1m) of these credits were in First Student, First Transit and Greyhound as part of the coronavirus temporary relief measures through the CARES Act in
\nthe US and the Canada Emergency Wage Subsidy (CEWS) in Canada. In addition, \u00a3nil (2022:\u00a0\u00a38.8m) relates to relief in First Bus from the Coronavirus Job Retention
\nScheme (CJRS).
\nWages and salaries include a charge in respect of share\u2011based payments of \u00a36.4m (2022:\u00a0\u00a35.4m).
\nDisclosures on Directors\u2019 remuneration, share options, long\u2011term incentive schemes and pension entitlements required by the Companies
\nAct\u00a02006 and those specified for audit by the Financial Conduct Authority (FCA) are contained in the tables/notes within the Annual report on
\nremuneration on pages\u00a0118\u2011133. Directors\u2019 emoluments in aggregate were \u00a35.1m (2022:\u00a0\u00a35.1m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22054": {
"value": "8 Investment income and finance costs
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nInvestment income
\nBank interest receivable
(6.3)
(1.5)
\nInterest on pensions
(6.5)
\u2013
\nTotal investment income (including discontinued operations)
(12.8)
(1.5)
\nFinance costs
\nBonds
13.5
22.2
\nBank borrowings
3.5
14.1
\nTotal make\u2011whole costs (bonds and facilities)
\u2013
50.0
\nWrite off of unamortised bridge, bond and facility costs
\u2013
8.6
\nCCFF funding
\u2013
0.7
\nSupplier financing
\u2013
1.5
\nSenior unsecured loan notes
\u2013
3.2
\nFinance charges payable in respect of lease liabilities
50.6
41.0
\nFinance charges payable in respect of asset backed financial liabilities
1.5
2.3
\nInterest on long\u2011term provisions
0.2
4.9
\nInterest on pensions
\u2013
2.6
\nInterest \u2013 other
\u2013
2.4
\nTotal finance costs (including discontinued operations)
69.3
153.5
\nFinance costs before adjustments
69.3
153.5
\nInvestment income
(12.8)
(1.5)
\nNet finance cost before adjustments
56.5
152.0
\nSplit:
\nAdjusted net finance costs
56.5
93.4
\nOther adjustments (note\u00a04)
\u2013
58.6
\n56.5
152.0
\nFinance costs are stated after charging fee expenses of \u00a30.6m (2022:\u00a0\u00a34.2m). There was no interest capitalised into qualifying assets in either
\nthe 52\u00a0weeks ending 25\u00a0March\u00a02023 or 26\u00a0March\u00a02022.
\nInvestment income of \u00a30.5m (2022:\u00a0\u00a30.4m) and finance costs of \u00a30.2m (2022:\u00a0\u00a311.9m) relate to discontinued operations (note\u00a021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22055": {
"value": "8 Investment income and finance costs
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nInvestment income
\nBank interest receivable
(6.3)
(1.5)
\nInterest on pensions
(6.5)
\u2013
\nTotal investment income (including discontinued operations)
(12.8)
(1.5)
\nFinance costs
\nBonds
13.5
22.2
\nBank borrowings
3.5
14.1
\nTotal make\u2011whole costs (bonds and facilities)
\u2013
50.0
\nWrite off of unamortised bridge, bond and facility costs
\u2013
8.6
\nCCFF funding
\u2013
0.7
\nSupplier financing
\u2013
1.5
\nSenior unsecured loan notes
\u2013
3.2
\nFinance charges payable in respect of lease liabilities
50.6
41.0
\nFinance charges payable in respect of asset backed financial liabilities
1.5
2.3
\nInterest on long\u2011term provisions
0.2
4.9
\nInterest on pensions
\u2013
2.6
\nInterest \u2013 other
\u2013
2.4
\nTotal finance costs (including discontinued operations)
69.3
153.5
\nFinance costs before adjustments
69.3
153.5
\nInvestment income
(12.8)
(1.5)
\nNet finance cost before adjustments
56.5
152.0
\nSplit:
\nAdjusted net finance costs
56.5
93.4
\nOther adjustments (note\u00a04)
\u2013
58.6
\n56.5
152.0
\nFinance costs are stated after charging fee expenses of \u00a30.6m (2022:\u00a0\u00a34.2m). There was no interest capitalised into qualifying assets in either
\nthe 52\u00a0weeks ending 25\u00a0March\u00a02023 or 26\u00a0March\u00a02022.
\nInvestment income of \u00a30.5m (2022:\u00a0\u00a30.4m) and finance costs of \u00a30.2m (2022:\u00a0\u00a311.9m) relate to discontinued operations (note\u00a021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22056": {
"value": "8 Investment income and finance costs
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nInvestment income
\nBank interest receivable
(6.3)
(1.5)
\nInterest on pensions
(6.5)
\u2013
\nTotal investment income (including discontinued operations)
(12.8)
(1.5)
\nFinance costs
\nBonds
13.5
22.2
\nBank borrowings
3.5
14.1
\nTotal make\u2011whole costs (bonds and facilities)
\u2013
50.0
\nWrite off of unamortised bridge, bond and facility costs
\u2013
8.6
\nCCFF funding
\u2013
0.7
\nSupplier financing
\u2013
1.5
\nSenior unsecured loan notes
\u2013
3.2
\nFinance charges payable in respect of lease liabilities
50.6
41.0
\nFinance charges payable in respect of asset backed financial liabilities
1.5
2.3
\nInterest on long\u2011term provisions
0.2
4.9
\nInterest on pensions
\u2013
2.6
\nInterest \u2013 other
\u2013
2.4
\nTotal finance costs (including discontinued operations)
69.3
153.5
\nFinance costs before adjustments
69.3
153.5
\nInvestment income
(12.8)
(1.5)
\nNet finance cost before adjustments
56.5
152.0
\nSplit:
\nAdjusted net finance costs
56.5
93.4
\nOther adjustments (note\u00a04)
\u2013
58.6
\n56.5
152.0
\nFinance costs are stated after charging fee expenses of \u00a30.6m (2022:\u00a0\u00a34.2m). There was no interest capitalised into qualifying assets in either
\nthe 52\u00a0weeks ending 25\u00a0March\u00a02023 or 26\u00a0March\u00a02022.
\nInvestment income of \u00a30.5m (2022:\u00a0\u00a30.4m) and finance costs of \u00a30.2m (2022:\u00a0\u00a311.9m) relate to discontinued operations (note\u00a021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22057": {
"value": "8 Investment income and finance costs
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nInvestment income
\nBank interest receivable
(6.3)
(1.5)
\nInterest on pensions
(6.5)
\u2013
\nTotal investment income (including discontinued operations)
(12.8)
(1.5)
\nFinance costs
\nBonds
13.5
22.2
\nBank borrowings
3.5
14.1
\nTotal make\u2011whole costs (bonds and facilities)
\u2013
50.0
\nWrite off of unamortised bridge, bond and facility costs
\u2013
8.6
\nCCFF funding
\u2013
0.7
\nSupplier financing
\u2013
1.5
\nSenior unsecured loan notes
\u2013
3.2
\nFinance charges payable in respect of lease liabilities
50.6
41.0
\nFinance charges payable in respect of asset backed financial liabilities
1.5
2.3
\nInterest on long\u2011term provisions
0.2
4.9
\nInterest on pensions
\u2013
2.6
\nInterest \u2013 other
\u2013
2.4
\nTotal finance costs (including discontinued operations)
69.3
153.5
\nFinance costs before adjustments
69.3
153.5
\nInvestment income
(12.8)
(1.5)
\nNet finance cost before adjustments
56.5
152.0
\nSplit:
\nAdjusted net finance costs
56.5
93.4
\nOther adjustments (note\u00a04)
\u2013
58.6
\n56.5
152.0
\nFinance costs are stated after charging fee expenses of \u00a30.6m (2022:\u00a0\u00a34.2m). There was no interest capitalised into qualifying assets in either
\nthe 52\u00a0weeks ending 25\u00a0March\u00a02023 or 26\u00a0March\u00a02022.
\nInvestment income of \u00a30.5m (2022:\u00a0\u00a30.4m) and finance costs of \u00a30.2m (2022:\u00a0\u00a311.9m) relate to discontinued operations (note\u00a021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22058": {
"value": "8 Investment income and finance costs
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nInvestment income
\nBank interest receivable
(6.3)
(1.5)
\nInterest on pensions
(6.5)
\u2013
\nTotal investment income (including discontinued operations)
(12.8)
(1.5)
\nFinance costs
\nBonds
13.5
22.2
\nBank borrowings
3.5
14.1
\nTotal make\u2011whole costs (bonds and facilities)
\u2013
50.0
\nWrite off of unamortised bridge, bond and facility costs
\u2013
8.6
\nCCFF funding
\u2013
0.7
\nSupplier financing
\u2013
1.5
\nSenior unsecured loan notes
\u2013
3.2
\nFinance charges payable in respect of lease liabilities
50.6
41.0
\nFinance charges payable in respect of asset backed financial liabilities
1.5
2.3
\nInterest on long\u2011term provisions
0.2
4.9
\nInterest on pensions
\u2013
2.6
\nInterest \u2013 other
\u2013
2.4
\nTotal finance costs (including discontinued operations)
69.3
153.5
\nFinance costs before adjustments
69.3
153.5
\nInvestment income
(12.8)
(1.5)
\nNet finance cost before adjustments
56.5
152.0
\nSplit:
\nAdjusted net finance costs
56.5
93.4
\nOther adjustments (note\u00a04)
\u2013
58.6
\n56.5
152.0
\nFinance costs are stated after charging fee expenses of \u00a30.6m (2022:\u00a0\u00a34.2m). There was no interest capitalised into qualifying assets in either
\nthe 52\u00a0weeks ending 25\u00a0March\u00a02023 or 26\u00a0March\u00a02022.
\nInvestment income of \u00a30.5m (2022:\u00a0\u00a30.4m) and finance costs of \u00a30.2m (2022:\u00a0\u00a311.9m) relate to discontinued operations (note\u00a021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22059": {
"value": "8 Investment income and finance costs
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nInvestment income
\nBank interest receivable
(6.3)
(1.5)
\nInterest on pensions
(6.5)
\u2013
\nTotal investment income (including discontinued operations)
(12.8)
(1.5)
\nFinance costs
\nBonds
13.5
22.2
\nBank borrowings
3.5
14.1
\nTotal make\u2011whole costs (bonds and facilities)
\u2013
50.0
\nWrite off of unamortised bridge, bond and facility costs
\u2013
8.6
\nCCFF funding
\u2013
0.7
\nSupplier financing
\u2013
1.5
\nSenior unsecured loan notes
\u2013
3.2
\nFinance charges payable in respect of lease liabilities
50.6
41.0
\nFinance charges payable in respect of asset backed financial liabilities
1.5
2.3
\nInterest on long\u2011term provisions
0.2
4.9
\nInterest on pensions
\u2013
2.6
\nInterest \u2013 other
\u2013
2.4
\nTotal finance costs (including discontinued operations)
69.3
153.5
\nFinance costs before adjustments
69.3
153.5
\nInvestment income
(12.8)
(1.5)
\nNet finance cost before adjustments
56.5
152.0
\nSplit:
\nAdjusted net finance costs
56.5
93.4
\nOther adjustments (note\u00a04)
\u2013
58.6
\n56.5
152.0
\nFinance costs are stated after charging fee expenses of \u00a30.6m (2022:\u00a0\u00a34.2m). There was no interest capitalised into qualifying assets in either
\nthe 52\u00a0weeks ending 25\u00a0March\u00a02023 or 26\u00a0March\u00a02022.
\nInvestment income of \u00a30.5m (2022:\u00a0\u00a30.4m) and finance costs of \u00a30.2m (2022:\u00a0\u00a311.9m) relate to discontinued operations (note\u00a021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22168": {
"value": "9 Tax on profit/(loss) on ordinary activities
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nCurrent tax
1.1
2.9
\nAdjustments with respect to prior years
1.7
1.2
\nTotal current tax charge (including discontinued operations)
2.8
4.1
\nOrigination and reversal of temporary differences
40.9
5.2
\nAdjustment in respect of prior years
(10.3)
(10.7)
\nAdjustments attributable to changes in tax rates and laws
(1.4)
(1.4)
\nWriting down of previously recognised deferred tax assets
1.4
40.6
\nWrite back of previously unrecognised deferred tax assets
\u2013
(25.7)
\nTotal deferred tax charge (note\u00a026)
30.6
8.0
\nTotal tax charge (including discontinued operations)
33.4
12.1
\nTax charge attributable to:
\nProfit from continuing operations
10.4
(11.9)
\nProfit from discontinued operations
23.0
24.0
\nThe adjustments with respect to prior years includes the release of tax provisions.
\nUK corporation tax is calculated at 19% (2022:\u00a019%) of the estimated assessable profit for the year. Tax for other jurisdictions is calculated at
\nthe rates prevailing in the respective jurisdictions. From 1\u00a0April\u00a02023 the corporation tax rate will increase to 25% and deferred tax has been
\nprovided at 25% on temporary differences at the balance sheet date.
\nAs the Group\u2019s parent company is domiciled and listed in the UK, the Group uses the UK corporation tax rate to reconcile its effective tax
\nrate. The tax charge for the year can be reconciled to the UK corporation tax rate as follows:
\n2023
\n\u00a3m
\n2023
\n%
\n2022
\n\u00a3m
\n2022
\n%
\nProfit/(loss) from continuing operations before income tax expense
97.1
n/a
(17.7)
n/a
\nProfit from discontinued operations before income tax expense
31.6
n/a
671.8
n/a
\nProfit from total operations
128.7
100.0
654.1
100.0
\nTax at the UK corporation tax rate of 19% (2022:\u00a019%)
24.5
19.0
124.3
19.0
\nNon deductible expenditure
7.6
5.9
8.7
1.3
\nNon taxable income
\u2013
\u2013
(3.2)
(0.5)
\nCapital expenditure super deduction
(1.9)
(1.5)
(1.6)
(0.2)
\nTax rates outside of the UK
6.7
5.2
(2.8)
(0.4)
\nUnrecognised losses
1.2
1.0
(0.9)
(0.1)
\nNon taxable income statement effects of the disposals of US businesses
\u2013
\u2013
(104.3)
(16.0)
\nOther adjustments in relation to prior years
(8.6)
(6.7)
(9.5)
(1.5)
\nReversal of previously unrecognised deferred tax assets on Greyhound
\u2013
\u2013
(11.6)
(1.8)
\nWriting down of previously recognised deferred tax assets
1.4
1.1
40.6
6.2
\nWrite back of previously unrecognised deferred tax assets
\u2013
\u2013
(25.7)
(3.9)
\nIncreased deferred tax rates on current year temporary differences
3.9
3.1
(0.5)
(0.1)
\nAdjustments attributable to changes in tax rates and laws
(1.4)
(1.1)
(1.4)
(0.2)
\nTax charge and effective tax rate for the year
33.4
26.0
12.1
1.8
\nFuture years\u2019 tax charges would be impacted if the final liability for currently open years is different from the amount currently provided for.
\nThe future tax charge may also be affected by the levels and mix of profits in the countries in which we operate including differing foreign
\nexchange rates that apply to those profits. Changes to the prevailing tax rates and tax rules in any of the countries in which we operate may
\nalso impact future tax charges. From 1\u00a0April\u00a02023 the UK corporation tax rate will increase from 19% to 25%.
\nIn addition to the amount charged/(credited) to the income statement, deferred tax relating to actuarial losses on defined benefit pension
\nschemes \u00a3(37.2)m (2022:\u00a0\u00a3(22.1)m) and cash flow hedges \u00a31.3m (2022:\u00a0\u00a310.8m) have been charged/(credited) to comprehensive income
\ntogether with a further \u00a3(7.8)m (2022:\u00a0\u00a3(5.0)m) on cash flow hedges and \u00a3(0.9)m (2022:\u00a0\u00a3nil) on share\u2011based payments taken directly to
\nequity. These amount to a total charge/(credit) of \u00a3(44.6)m (2022:\u00a0\u00a327.9m) recognised in other comprehensive income and equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22342": {
"value": "10 Earnings per share (EPS)
\nEPS is calculated by dividing the profit attributable to equity shareholders of \u00a387.1m (2022:\u00a0profit \u00a3636.4m) by the weighted average number
\nof ordinary shares of 739.5m (2022:\u00a01,057.5m). The number of ordinary shares used for the basic and diluted calculations are shown in the
\ntable below.
\nThe difference in the number of shares between the basic calculation and the diluted calculation represents the weighted average number of
\npotentially dilutive ordinary share options.
\n2023
\nNumber
\nm
\n2022
\nNumber
\nm
\nWeighted average number of shares used in basic calculation
739.5
1,057.5
\nExecutive share options
24.0
35.6
\nWeighted average number of shares used in the diluted calculation
763.5
1,093.1
\nThe adjusted EPS is intended to highlight the recurring operating results of the Group before amortisation charges and certain other
\nadjustments as set out in note\u00a04. A reconciliation is set out below:
\n2023
2022
\n\u00a3m
\nEPS
\n(pence)
\u00a3m
\nEPS
\n(pence)
\nBasic profit/EPS
87.1
11.8
636.4
60.2
\nAmortisation charges (note\u00a04)
\u2013
\u2013
0.4
\u2013
\nOther adjustments (note\u00a04)
(30.8)
(4.2)
(579.7)
(54.7)
\nNon\u2011controlling interest on SWR
3.1
0.4
\u2013
\u2013
\nAdjusting finance costs (note\u00a04)
\u2013
\u2013
58.6
5.5
\nTax effect of above adjustments
12.7
1.7
(21.8)
(2.1)
\nAdjustments attributable to changes in tax rates and laws
(1.4)
(0.2)
(1.4)
(0.1)
\nWrite down of previously recognised deferred tax assets
1.4
0.2
40.6
3.8
\nWrite back of previously unrecognised deferred tax assets
\u2013
\u2013
(25.7)
(2.4)
\nAdjusted profit and EPS attributable to the ordinary equity holders of the Company
72.1
9.7
107.4
10.2
\nAdjusted (loss)/profit/EPS from dis operations
(6.6)
(0.9)
90.9
8.6
\nAdjusted profit/EPS from continuing operations
78.7
10.6
16.5
1.6
\n2023
\npence
\n2022
\npence
\nDiluted EPS
11.4
60.2
\nAdjusted diluted EPS
9.4
9.8
\n
\n
\n
\nThe adjusted EPS on a continuing basis is set out below:
\n2023
2022
\n\u00a3m
\nEPS
\n(pence)
\u00a3m
\nEPS
\n(pence)
\nBasic profit/(loss)/EPS
78.5
10.6
(11.4)
(1.1)
\nOther adjustments (note\u00a04)
7.1
1.0
(16.1)
(1.4)
\nNCI on SWR
3.1
0.4
\u2013
\u2013
\nAdjusting finance costs (note\u00a04)
\u2013
\u2013
58.6
5.5
\nTax effect of above adjustments
(10.0)
(1.4)
(7.1)
(0.7)
\nAdjustments attributable to changes in tax rates and laws
(1.4)
(0.2)
(1.4)
(0.1)
\nWrite back of previously unrecognised deferred tax assets
1.4
0.2
(6.1)
(0.6)
\nAdjusted profit/(loss)/EPS from continuing operations
78.7
10.6
16.5
1.6
\n2023
\npence
\n2022
\npence
\nDiluted EPS
10.3
(1.1)
\nAdjusted diluted EPS
10.3
1.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22534": {
"value": "11 Goodwill 2023
\n\u00a3m
\nCost
\nAt 27\u00a0March\u00a02022
93.5
\nAdditions
\n1
\n6.1
\nAt 25\u00a0March\u00a02023
99.6
\nAccumulated impairment losses
\nAt 27\u00a0March\u00a02022
\u2013
\nAt 25\u00a0March\u00a02023
\u2013
\nCarrying amount
\nAt 25\u00a0March\u00a02023
99.6
\nAt 26\u00a0March\u00a02022
93.5
\n1
Additions of \u00a34.3m relate to goodwill on the acquisition of Ensign Bus Company Ltd and \u00a31.8m relates to goodwill on the acquisition of Airporter Ltd.
\nGoodwill in the above table primarily relates to First Bus.
\nImpairment testing
\nAt the year end, the carrying value of goodwill was reviewed for impairment in accordance with IAS 36 Impairment of Assets.
\nIn carrying out this review, climate\u2011related impacts were considered, in line with the TCFD disclosures. This work assessed FirstGroup\u2019s
\npotential exposure to climate\u2011related transition and physical risks, across different climate scenarios, over the short, medium and long term,
\nand estimated cumulative Enterprise Value at Risk over the period FY\u00a02024 to FY\u00a02028.
\nTransition risks included potential impacts from increased carbon prices and route constraints due to new zero\u2011emission zones, as well
\nas technology costs from an accelerated shift to a zero\u2011emission fleet and the impairment of carbon\u2011intensive vehicles. Physical risks
\nconcentrated mainly on flooding as the most material impact. Key findings are outlined on pages 63\u201164 of this report and focus on direct
\nrisks to FirstGroup, recognising that under the current National Rail Contracts some of the wider risks and opportunities would be shared
\nwith/transferred to third parties.
\nFor impairment calculations, the 2.5\u00b0C (\u2018Stated Policy\u2019) scenario modelled by Marsh was used, which identified technology risks as \u2018medium
\nimpact\u2019 and flooding risks as \u2018low impact\u2019 over the next five years.
\n
\n11 ill
\nFull detailed impairment testing has been performed on a value in use basis on First Bus. The value of the Franchised TOC asset base is
\nprotected by the passthrough and termination arrangements of the respective EMA/ERMAs or NRCs, such that no impairment is expected
\nto arise on these assets.
\nThe Group prepares cash flow forecasts derived from the Board approved plan for\u00a02023/24 to\u00a02025/26 which takes account of both past
\nperformance and expectations for future developments. Cash flows beyond the plan period are extrapolated using estimated long\u2011term
\ngrowth rates which do not exceed the long\u2011term average growth rate for the market. Cash flows are discounted using a pre\u2011tax discount rate
\nderived from a market participant\u2019s weighted average cost of capital, benchmarked to externally available data.
\nImpairment testing \u2013 First Bus
\nFirst Bus value in use has been assessed based on the projected cash flows for\u00a02023/24 to\u00a02025/26 from the Board\u2011approved forecasts.
\nThese have been extrapolated to perpetuity cash flows and discounted to a net present value based on the following assumptions.
\nFirst Bus has \u00a3496m of positive headroom at 25\u00a0March\u00a02023 (26\u00a0March\u00a02022:\u00a0\u00a3628m) based on a 10.0% discount rate (2022:\u00a09.3%) and
\n11.2% terminal margin (2022:\u00a010.6%), which reflects the impact of expected future passenger volumes and yields, as well as planned resizing
\nof the network.
\nBreak\u2011even would arise at:
\n15.5% discount rate (with a 11.2% terminal margin),
\n4.9% terminal margin (applying the cap to just the final year/terminal value) using a 10.0% discount rate, or
\n6.4% terminal margin throughout the forecast period and terminal margin (applying the cap in all years at 6.4%, not just in the terminal years)
\nusing a 10.0% discount rate.
\nAs the break\u2011even points lie outside management\u2019s range of reasonable expectation, no impairment of First Bus is proposed.
\n
\n12 Other intangible assets
\nGreyhound
\nbrand and
\ntrade name
\n\u00a3m
\nSoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nCost
\nAt 27\u00a0March\u00a02021
68.4
60.1
128.5
\nAcquisitions (note\u00a031)
\u2013
0.2
0.2
\nAdditions
\u2013
9.7
9.7
\nTransfers to held for sale \u2013 discontinued operations
(57.7)
(39.4)
(97.1)
\nDisposals
(14.0)
(0.3)
(14.3)
\nForeign exchange movements
3.3
1.7
5.0
\nAt 26\u00a0March\u00a02022
\u2013
32.0
32.0
\nAt 27\u00a0March\u00a02022
\u2013
32.0
32.0
\nAdditions
\u2013
4.2
4.2
\nTransfers from property, plant and equipment
\u2013
3.6
3.6
\nAt 25\u00a0March\u00a02023
\u2013
39.8
39.8
\nAccumulated amortisation and impairment
\nAt 27\u00a0March\u00a02021
60.8
51.5
112.3
\nCharge for year
0.3
6.1
6.4
\nImpairment
\n1
\n1.6
\u2013
1.6
\nImpairment reversal
\n2
\n(3.4)
(0.8)
(4.2)
\nTransfers to held for sale \u2013 discontinued operations
(48.2)
(38.7)
(86.9)
\nDisposals
(14.0)
(0.3)
(14.3)
\nForeign exchange movements
2.9
1.8
4.7
\nAt 26\u00a0March\u00a02022
\u2013
19.6
19.6
\nAt 27\u00a0March\u00a02022
\u2013
19.6
19.6
\nCharge for year
\u2013
8.6
8.6
\nTransfers from property, plant and equipment
\u2013
0.8
0.8
\nAt 25\u00a0March\u00a02023
\u2013
29.0
29.0
\nCarrying amount
\nAt 25\u00a0March\u00a02023
\u2013
10.8
10.8
\nAt 26\u00a0March\u00a02022
\u2013
12.4
12.4
\n1
Impairment relates to the closure of the Greyhound business in Canada.
\n2
The impairment reversal of \u00a34.2m relates to Greyhound prior to disposal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22535": {
"value": "11 Goodwill 2023
\n\u00a3m
\nCost
\nAt 27\u00a0March\u00a02022
93.5
\nAdditions
\n1
\n6.1
\nAt 25\u00a0March\u00a02023
99.6
\nAccumulated impairment losses
\nAt 27\u00a0March\u00a02022
\u2013
\nAt 25\u00a0March\u00a02023
\u2013
\nCarrying amount
\nAt 25\u00a0March\u00a02023
99.6
\nAt 26\u00a0March\u00a02022
93.5
\n1
Additions of \u00a34.3m relate to goodwill on the acquisition of Ensign Bus Company Ltd and \u00a31.8m relates to goodwill on the acquisition of Airporter Ltd.
\nGoodwill in the above table primarily relates to First Bus.
\nImpairment testing
\nAt the year end, the carrying value of goodwill was reviewed for impairment in accordance with IAS 36 Impairment of Assets.
\nIn carrying out this review, climate\u2011related impacts were considered, in line with the TCFD disclosures. This work assessed FirstGroup\u2019s
\npotential exposure to climate\u2011related transition and physical risks, across different climate scenarios, over the short, medium and long term,
\nand estimated cumulative Enterprise Value at Risk over the period FY\u00a02024 to FY\u00a02028.
\nTransition risks included potential impacts from increased carbon prices and route constraints due to new zero\u2011emission zones, as well
\nas technology costs from an accelerated shift to a zero\u2011emission fleet and the impairment of carbon\u2011intensive vehicles. Physical risks
\nconcentrated mainly on flooding as the most material impact. Key findings are outlined on pages 63\u201164 of this report and focus on direct
\nrisks to FirstGroup, recognising that under the current National Rail Contracts some of the wider risks and opportunities would be shared
\nwith/transferred to third parties.
\nFor impairment calculations, the 2.5\u00b0C (\u2018Stated Policy\u2019) scenario modelled by Marsh was used, which identified technology risks as \u2018medium
\nimpact\u2019 and flooding risks as \u2018low impact\u2019 over the next five years.
\n
\n11 ill
\nFull detailed impairment testing has been performed on a value in use basis on First Bus. The value of the Franchised TOC asset base is
\nprotected by the passthrough and termination arrangements of the respective EMA/ERMAs or NRCs, such that no impairment is expected
\nto arise on these assets.
\nThe Group prepares cash flow forecasts derived from the Board approved plan for\u00a02023/24 to\u00a02025/26 which takes account of both past
\nperformance and expectations for future developments. Cash flows beyond the plan period are extrapolated using estimated long\u2011term
\ngrowth rates which do not exceed the long\u2011term average growth rate for the market. Cash flows are discounted using a pre\u2011tax discount rate
\nderived from a market participant\u2019s weighted average cost of capital, benchmarked to externally available data.
\nImpairment testing \u2013 First Bus
\nFirst Bus value in use has been assessed based on the projected cash flows for\u00a02023/24 to\u00a02025/26 from the Board\u2011approved forecasts.
\nThese have been extrapolated to perpetuity cash flows and discounted to a net present value based on the following assumptions.
\nFirst Bus has \u00a3496m of positive headroom at 25\u00a0March\u00a02023 (26\u00a0March\u00a02022:\u00a0\u00a3628m) based on a 10.0% discount rate (2022:\u00a09.3%) and
\n11.2% terminal margin (2022:\u00a010.6%), which reflects the impact of expected future passenger volumes and yields, as well as planned resizing
\nof the network.
\nBreak\u2011even would arise at:
\n15.5% discount rate (with a 11.2% terminal margin),
\n4.9% terminal margin (applying the cap to just the final year/terminal value) using a 10.0% discount rate, or
\n6.4% terminal margin throughout the forecast period and terminal margin (applying the cap in all years at 6.4%, not just in the terminal years)
\nusing a 10.0% discount rate.
\nAs the break\u2011even points lie outside management\u2019s range of reasonable expectation, no impairment of First Bus is proposed.
\n
\n12 Other intangible assets
\nGreyhound
\nbrand and
\ntrade name
\n\u00a3m
\nSoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nCost
\nAt 27\u00a0March\u00a02021
68.4
60.1
128.5
\nAcquisitions (note\u00a031)
\u2013
0.2
0.2
\nAdditions
\u2013
9.7
9.7
\nTransfers to held for sale \u2013 discontinued operations
(57.7)
(39.4)
(97.1)
\nDisposals
(14.0)
(0.3)
(14.3)
\nForeign exchange movements
3.3
1.7
5.0
\nAt 26\u00a0March\u00a02022
\u2013
32.0
32.0
\nAt 27\u00a0March\u00a02022
\u2013
32.0
32.0
\nAdditions
\u2013
4.2
4.2
\nTransfers from property, plant and equipment
\u2013
3.6
3.6
\nAt 25\u00a0March\u00a02023
\u2013
39.8
39.8
\nAccumulated amortisation and impairment
\nAt 27\u00a0March\u00a02021
60.8
51.5
112.3
\nCharge for year
0.3
6.1
6.4
\nImpairment
\n1
\n1.6
\u2013
1.6
\nImpairment reversal
\n2
\n(3.4)
(0.8)
(4.2)
\nTransfers to held for sale \u2013 discontinued operations
(48.2)
(38.7)
(86.9)
\nDisposals
(14.0)
(0.3)
(14.3)
\nForeign exchange movements
2.9
1.8
4.7
\nAt 26\u00a0March\u00a02022
\u2013
19.6
19.6
\nAt 27\u00a0March\u00a02022
\u2013
19.6
19.6
\nCharge for year
\u2013
8.6
8.6
\nTransfers from property, plant and equipment
\u2013
0.8
0.8
\nAt 25\u00a0March\u00a02023
\u2013
29.0
29.0
\nCarrying amount
\nAt 25\u00a0March\u00a02023
\u2013
10.8
10.8
\nAt 26\u00a0March\u00a02022
\u2013
12.4
12.4
\n1
Impairment relates to the closure of the Greyhound business in Canada.
\n2
The impairment reversal of \u00a34.2m relates to Greyhound prior to disposal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22562": {
"value": "Impairment testing At the year end, the carrying value of goodwill was reviewed for impairment in accordance with IAS 36 Impairment of Assets.
\nIn carrying out this review, climate\u2011related impacts were considered, in line with the TCFD disclosures. This work assessed FirstGroup\u2019s
\npotential exposure to climate\u2011related transition and physical risks, across different climate scenarios, over the short, medium and long term,
\nand estimated cumulative Enterprise Value at Risk over the period FY\u00a02024 to FY\u00a02028.
\nTransition risks included potential impacts from increased carbon prices and route constraints due to new zero\u2011emission zones, as well
\nas technology costs from an accelerated shift to a zero\u2011emission fleet and the impairment of carbon\u2011intensive vehicles. Physical risks
\nconcentrated mainly on flooding as the most material impact. Key findings are outlined on pages 63\u201164 of this report and focus on direct
\nrisks to FirstGroup, recognising that under the current National Rail Contracts some of the wider risks and opportunities would be shared
\nwith/transferred to third parties.
\nFor impairment calculations, the 2.5\u00b0C (\u2018Stated Policy\u2019) scenario modelled by Marsh was used, which identified technology risks as \u2018medium
\nimpact\u2019 and flooding risks as \u2018low impact\u2019 over the next five years.
\n
\n11 ill
\nFull detailed impairment testing has been performed on a value in use basis on First Bus. The value of the Franchised TOC asset base is
\nprotected by the passthrough and termination arrangements of the respective EMA/ERMAs or NRCs, such that no impairment is expected
\nto arise on these assets.
\nThe Group prepares cash flow forecasts derived from the Board approved plan for\u00a02023/24 to\u00a02025/26 which takes account of both past
\nperformance and expectations for future developments. Cash flows beyond the plan period are extrapolated using estimated long\u2011term
\ngrowth rates which do not exceed the long\u2011term average growth rate for the market. Cash flows are discounted using a pre\u2011tax discount rate
\nderived from a market participant\u2019s weighted average cost of capital, benchmarked to externally available data.
\nImpairment testing \u2013 First Bus
\nFirst Bus value in use has been assessed based on the projected cash flows for\u00a02023/24 to\u00a02025/26 from the Board\u2011approved forecasts.
\nThese have been extrapolated to perpetuity cash flows and discounted to a net present value based on the following assumptions.
\nFirst Bus has \u00a3496m of positive headroom at 25\u00a0March\u00a02023 (26\u00a0March\u00a02022:\u00a0\u00a3628m) based on a 10.0% discount rate (2022:\u00a09.3%) and
\n11.2% terminal margin (2022:\u00a010.6%), which reflects the impact of expected future passenger volumes and yields, as well as planned resizing
\nof the network.
\nBreak\u2011even would arise at:
\n15.5% discount rate (with a 11.2% terminal margin),
\n4.9% terminal margin (applying the cap to just the final year/terminal value) using a 10.0% discount rate, or
\n6.4% terminal margin throughout the forecast period and terminal margin (applying the cap in all years at 6.4%, not just in the terminal years)
\nusing a 10.0% discount rate.
\nAs the break\u2011even points lie outside management\u2019s range of reasonable expectation, no impairment of First Bus is proposed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22646": {
"value": "12 Other intangible assets Greyhound
\nbrand and
\ntrade name
\n\u00a3m
\nSoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nCost
\nAt 27\u00a0March\u00a02021
68.4
60.1
128.5
\nAcquisitions (note\u00a031)
\u2013
0.2
0.2
\nAdditions
\u2013
9.7
9.7
\nTransfers to held for sale \u2013 discontinued operations
(57.7)
(39.4)
(97.1)
\nDisposals
(14.0)
(0.3)
(14.3)
\nForeign exchange movements
3.3
1.7
5.0
\nAt 26\u00a0March\u00a02022
\u2013
32.0
32.0
\nAt 27\u00a0March\u00a02022
\u2013
32.0
32.0
\nAdditions
\u2013
4.2
4.2
\nTransfers from property, plant and equipment
\u2013
3.6
3.6
\nAt 25\u00a0March\u00a02023
\u2013
39.8
39.8
\nAccumulated amortisation and impairment
\nAt 27\u00a0March\u00a02021
60.8
51.5
112.3
\nCharge for year
0.3
6.1
6.4
\nImpairment
\n1
\n1.6
\u2013
1.6
\nImpairment reversal
\n2
\n(3.4)
(0.8)
(4.2)
\nTransfers to held for sale \u2013 discontinued operations
(48.2)
(38.7)
(86.9)
\nDisposals
(14.0)
(0.3)
(14.3)
\nForeign exchange movements
2.9
1.8
4.7
\nAt 26\u00a0March\u00a02022
\u2013
19.6
19.6
\nAt 27\u00a0March\u00a02022
\u2013
19.6
19.6
\nCharge for year
\u2013
8.6
8.6
\nTransfers from property, plant and equipment
\u2013
0.8
0.8
\nAt 25\u00a0March\u00a02023
\u2013
29.0
29.0
\nCarrying amount
\nAt 25\u00a0March\u00a02023
\u2013
10.8
10.8
\nAt 26\u00a0March\u00a02022
\u2013
12.4
12.4
\n1
Impairment relates to the closure of the Greyhound business in Canada.
\n2
The impairment reversal of \u00a34.2m relates to Greyhound prior to disposal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22648": {
"value": "Greyhound
\nbrand and
\ntrade name
\n\u00a3m
\nSoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nCost
\nAt 27\u00a0March\u00a02021
68.4
60.1
128.5
\nAcquisitions (note\u00a031)
\u2013
0.2
0.2
\nAdditions
\u2013
9.7
9.7
\nTransfers to held for sale \u2013 discontinued operations
(57.7)
(39.4)
(97.1)
\nDisposals
(14.0)
(0.3)
(14.3)
\nForeign exchange movements
3.3
1.7
5.0
\nAt 26\u00a0March\u00a02022
\u2013
32.0
32.0
\nAt 27\u00a0March\u00a02022
\u2013
32.0
32.0
\nAdditions
\u2013
4.2
4.2
\nTransfers from property, plant and equipment
\u2013
3.6
3.6
\nAt 25\u00a0March\u00a02023
\u2013
39.8
39.8
\nAccumulated amortisation and impairment
\nAt 27\u00a0March\u00a02021
60.8
51.5
112.3
\nCharge for year
0.3
6.1
6.4
\nImpairment
\n1
\n1.6
\u2013
1.6
\nImpairment reversal
\n2
\n(3.4)
(0.8)
(4.2)
\nTransfers to held for sale \u2013 discontinued operations
(48.2)
(38.7)
(86.9)
\nDisposals
(14.0)
(0.3)
(14.3)
\nForeign exchange movements
2.9
1.8
4.7
\nAt 26\u00a0March\u00a02022
\u2013
19.6
19.6
\nAt 27\u00a0March\u00a02022
\u2013
19.6
19.6
\nCharge for year
\u2013
8.6
8.6
\nTransfers from property, plant and equipment
\u2013
0.8
0.8
\nAt 25\u00a0March\u00a02023
\u2013
29.0
29.0
\nCarrying amount
\nAt 25\u00a0March\u00a02023
\u2013
10.8
10.8
\nAt 26\u00a0March\u00a02022
\u2013
12.4
12.4
Land and
\nbuildings
\n\u00a3m
\nPassenger
\ncarrying
\nvehicle fleet
\n\u00a3m
\nOther
\nplant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 28\u00a0March\u00a02021
275.4
1,026.9
634.6
1,936.9
\nAdditions
3.7
92.6
51.7
148.0
\nTransfers from right of use assets
\u2013
50.8
\u2013
50.8
\nDisposals
(5.4)
(42.2)
(6.8)
(54.4)
\nReclassified as assets held for sale
(47.6)
(10.3)
\u2013
(57.9)
\nTransfers
10.3
\u2013
16.8
27.1
\nTransferred to held for sale \u2013 discontinued operations
(36.7)
(326.9)
(36.6)
(400.2)
\nForeign exchange movements
3.9
8.2
3.1
15.2
\nAt 26\u00a0March\u00a02022
203.6
799.1
662.8
1,665.5
\nAt 27\u00a0March\u00a02022
203.6
799.1
662.8
1,665.5
\nAcquisitions
\n2
\n20.2
7.6
0.5
28.3
\nAdditions
16.1
80.1
79.2
175.4
\nDisposals
(8.2)
(134.0)
(23.8)
(166.0)
\nReclassified as assets held for sale
(18.4)
\u2013
(2.7)
(21.1)
\nTransfers
(0.2)
0.7
(4.4)
(3.9)
\nAt 25\u00a0March\u00a02023
213.1
753.5
711.6
1,678.2
\nAccumulated depreciation and impairment
\nAt 28\u00a0March\u00a02021
77.5
720.2
389.9
1,187.6
\nCharge for year
6.0
44.2
106.6
156.8
\nTransfers from right of use assets
\u2013
6.3
\u2013
6.3
\nDisposals
(2.5)
(42.5)
(4.0)
(49.0)
\nImpairment
\n1
\n7.3
(34.8)
(2.6)
(30.1)
\nReclassified as assets held for sale
(9.5)
(10.3)
\u2013
(19.8)
\nTransfers
2.6
\u2013
16.5
19.1
\nTransferred to held for sale \u2013 discontinued operations
(5.8)
(209.6)
(60.3)
(275.7)
\nForeign exchange movements
1.3
10.7
1.9
13.9
\nAt 26\u00a0March\u00a02022
76.9
484.2
448.0
1,009.1
\nAt 27\u00a0March\u00a02022
76.9
484.2
448.0
1,009.1
\nCharge for year
3.6
48.3
119.5
171.4
\nDisposals
(2.4)
(104.1)
(22.9)
(129.4)
\nImpairment
\n1
\n(4.3)
4.5
2.0
2.2
\nReclassified as assets held for sale
(11.3)
\u2013
(1.6)
(12.9)
\nTransfers
(2.0)
\u2013
1.1
(0.9)
\nAt 25\u00a0March\u00a02023
60.5
432.9
546.1
1,039.5
\nCarrying amount
\nAt 25\u00a0March\u00a02023
152.6
320.6
165.5
638.7
\nAt 26\u00a0March\u00a02022
126.7
314.9
214.8
656.4
Rolling
\nstock
\n\u00a3m
\nLand and
\nbuildings
\n\u00a3m
\nPassenger
\ncarrying
\nvehicle fleet
\n\u00a3m
\nOther
\nplant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 28\u00a0March\u00a02021
2,597.5
115.7
145.0
6.9
2,865.1
\nAdditions
93.1
3.2
9.4
1.0
106.7
\nTransfer to owned assets
\u2013
\u2013
(50.8)
\u2013
(50.8)
\nDisposals
(105.0)
(3.7)
(1.9)
\u2013
(110.6)
\nTransferred to held for sale \u2013 discontinued operations
\u2013
(62.2)
(42.2)
(0.4)
(104.8)
\nForeign exchange movements
\u2013
2.9
0.7
\u2013
3.6
\nAt 26\u00a0March\u00a02022
2,585.6
55.9
60.2
7.5
2,709.2
\nAt 27\u00a0March\u00a02022
2,585.6
55.9
60.2
7.5
2,709.2
\nAdditions
1,200.2
16.2
1.3
1.3
1,219.0
\nDisposals
(4.1)
(0.9)
(9.8)
(0.3)
(15.1)
\nForeign exchange movements
\u2013
0.2
\u2013
\u2013
0.2
\nAt 25\u00a0March\u00a02023
3,781.7
71.4
51.7
8.5
3,913.3
\nAccumulated depreciation and impairment
\nAt 28\u00a0March\u00a02021
1,059.6
61.4
45.8
3.9
1,170.7
\nTransfer to owned assets
\n1
\n\u2013
\u2013
(6.3)
\u2013
(6.3)
\nCharge for period
553.2
10.9
17.0
1.6
582.7
\nImpairment
\n2
\n\u2013
(10.4)
(3.4)
\u2013
(13.8)
\nDisposals
(3.1)
(1.6)
(1.0)
\u2013
(5.7)
\nTransferred to held for sale \u2013 discontinued operations
\u2013
(39.9)
(17.3)
(0.4)
(57.6)
\nForeign exchange movements
\u2013
2.1
0.8
\u2013
2.9
\nAt 26\u00a0March\u00a02022
1,609.7
22.5
35.6
5.1
1,672.9
\nAt 27\u00a0March\u00a02022
1,609.7
22.5
35.6
5.1
1,672.9
\nCharge for period
528.7
8.5
11.8
1.5
550.5
\nLease impairment
\n2
\n7.1
\u2013
\u2013
\u2013
7.1
\nDisposals
(0.8)
(0.3)
(7.1)
(0.2)
(8.4)
\nForeign exchange movements
\u2013
0.2
\u2013
\u2013
0.2
\nAt 25\u00a0March\u00a02023
2,144.7
30.9
40.3
6.4
2,222.3
\nCarrying amount
\nAt 25\u00a0March\u00a02023
1,637.0
40.5
11.4
2.1
1,691.0
\nAt 26\u00a0March\u00a02022
975.9
33.4
24.6
2.4
1,036.3
Amounts recognised in income statement (including discontinued operations)
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDepreciation expense on right of use assets
550.5
582.7
\nInterest expense on lease liabilities
50.6
41.0
\nImpairment charge
7.1
\u2013
\nExpense relating to short\u2011term leases
2.0
\u2013
\nExpense relating to leases of low value assets
2.1
3.4
\n612.3
627.1
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f22796": {
"value": "13 Property, plant and equipment
\nOwned assets
\nLand and
\nbuildings
\n\u00a3m
\nPassenger
\ncarrying
\nvehicle fleet
\n\u00a3m
\nOther
\nplant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 28\u00a0March\u00a02021
275.4
1,026.9
634.6
1,936.9
\nAdditions
3.7
92.6
51.7
148.0
\nTransfers from right of use assets
\u2013
50.8
\u2013
50.8
\nDisposals
(5.4)
(42.2)
(6.8)
(54.4)
\nReclassified as assets held for sale
(47.6)
(10.3)
\u2013
(57.9)
\nTransfers
10.3
\u2013
16.8
27.1
\nTransferred to held for sale \u2013 discontinued operations
(36.7)
(326.9)
(36.6)
(400.2)
\nForeign exchange movements
3.9
8.2
3.1
15.2
\nAt 26\u00a0March\u00a02022
203.6
799.1
662.8
1,665.5
\nAt 27\u00a0March\u00a02022
203.6
799.1
662.8
1,665.5
\nAcquisitions
\n2
\n20.2
7.6
0.5
28.3
\nAdditions
16.1
80.1
79.2
175.4
\nDisposals
(8.2)
(134.0)
(23.8)
(166.0)
\nReclassified as assets held for sale
(18.4)
\u2013
(2.7)
(21.1)
\nTransfers
(0.2)
0.7
(4.4)
(3.9)
\nAt 25\u00a0March\u00a02023
213.1
753.5
711.6
1,678.2
\nAccumulated depreciation and impairment
\nAt 28\u00a0March\u00a02021
77.5
720.2
389.9
1,187.6
\nCharge for year
6.0
44.2
106.6
156.8
\nTransfers from right of use assets
\u2013
6.3
\u2013
6.3
\nDisposals
(2.5)
(42.5)
(4.0)
(49.0)
\nImpairment
\n1
\n7.3
(34.8)
(2.6)
(30.1)
\nReclassified as assets held for sale
(9.5)
(10.3)
\u2013
(19.8)
\nTransfers
2.6
\u2013
16.5
19.1
\nTransferred to held for sale \u2013 discontinued operations
(5.8)
(209.6)
(60.3)
(275.7)
\nForeign exchange movements
1.3
10.7
1.9
13.9
\nAt 26\u00a0March\u00a02022
76.9
484.2
448.0
1,009.1
\nAt 27\u00a0March\u00a02022
76.9
484.2
448.0
1,009.1
\nCharge for year
3.6
48.3
119.5
171.4
\nDisposals
(2.4)
(104.1)
(22.9)
(129.4)
\nImpairment
\n1
\n(4.3)
4.5
2.0
2.2
\nReclassified as assets held for sale
(11.3)
\u2013
(1.6)
(12.9)
\nTransfers
(2.0)
\u2013
1.1
(0.9)
\nAt 25\u00a0March\u00a02023
60.5
432.9
546.1
1,039.5
\nCarrying amount
\nAt 25\u00a0March\u00a02023
152.6
320.6
165.5
638.7
\nAt 26\u00a0March\u00a02022
126.7
314.9
214.8
656.4
\n1
The impairment reversal of \u00a34.3m relates to Southampton properties, which were subsequently transferred to assets held for sale (2022:\u00a0impairment reversal
\nof \u00a337.4m relating to Greyhound). The impairment charge of \u00a36.5m primarily relates to the write down of passenger carrying vehicles as a result of fleet resizing
\n(2022:\u00a0\u00a37.3m relating to retained Greyhound properties, which were subsequently transferred to assets held for sale).
\n2
Acquisitions of \u00a328.3m relate to continuing operations (see note\u00a031).
\n
\n
\nAn amount of \u00a30.8m (2022:\u00a0\u00a30.8m) in respect of assets under construction is included in the carrying amount of land and buildings, plant
\nand\u00a0equipment.
\nAt 25\u00a0March\u00a02023/31 March\u00a02023 the Group had entered into contractual capital commitments amounting to \u00a3125.0m (2022:\u00a0\u00a332.2m),
\nprincipally representing purchase of PCVs, electrical infrastructure and TOC commitments.
\nRight of use assets
\nRolling
\nstock
\n\u00a3m
\nLand and
\nbuildings
\n\u00a3m
\nPassenger
\ncarrying
\nvehicle fleet
\n\u00a3m
\nOther
\nplant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 28\u00a0March\u00a02021
2,597.5
115.7
145.0
6.9
2,865.1
\nAdditions
93.1
3.2
9.4
1.0
106.7
\nTransfer to owned assets
\u2013
\u2013
(50.8)
\u2013
(50.8)
\nDisposals
(105.0)
(3.7)
(1.9)
\u2013
(110.6)
\nTransferred to held for sale \u2013 discontinued operations
\u2013
(62.2)
(42.2)
(0.4)
(104.8)
\nForeign exchange movements
\u2013
2.9
0.7
\u2013
3.6
\nAt 26\u00a0March\u00a02022
2,585.6
55.9
60.2
7.5
2,709.2
\nAt 27\u00a0March\u00a02022
2,585.6
55.9
60.2
7.5
2,709.2
\nAdditions
1,200.2
16.2
1.3
1.3
1,219.0
\nDisposals
(4.1)
(0.9)
(9.8)
(0.3)
(15.1)
\nForeign exchange movements
\u2013
0.2
\u2013
\u2013
0.2
\nAt 25\u00a0March\u00a02023
3,781.7
71.4
51.7
8.5
3,913.3
\nAccumulated depreciation and impairment
\nAt 28\u00a0March\u00a02021
1,059.6
61.4
45.8
3.9
1,170.7
\nTransfer to owned assets
\n1
\n\u2013
\u2013
(6.3)
\u2013
(6.3)
\nCharge for period
553.2
10.9
17.0
1.6
582.7
\nImpairment
\n2
\n\u2013
(10.4)
(3.4)
\u2013
(13.8)
\nDisposals
(3.1)
(1.6)
(1.0)
\u2013
(5.7)
\nTransferred to held for sale \u2013 discontinued operations
\u2013
(39.9)
(17.3)
(0.4)
(57.6)
\nForeign exchange movements
\u2013
2.1
0.8
\u2013
2.9
\nAt 26\u00a0March\u00a02022
1,609.7
22.5
35.6
5.1
1,672.9
\nAt 27\u00a0March\u00a02022
1,609.7
22.5
35.6
5.1
1,672.9
\nCharge for period
528.7
8.5
11.8
1.5
550.5
\nLease impairment
\n2
\n7.1
\u2013
\u2013
\u2013
7.1
\nDisposals
(0.8)
(0.3)
(7.1)
(0.2)
(8.4)
\nForeign exchange movements
\u2013
0.2
\u2013
\u2013
0.2
\nAt 25\u00a0March\u00a02023
2,144.7
30.9
40.3
6.4
2,222.3
\nCarrying amount
\nAt 25\u00a0March\u00a02023
1,637.0
40.5
11.4
2.1
1,691.0
\nAt 26\u00a0March\u00a02022
975.9
33.4
24.6
2.4
1,036.3
\n1 Transfers to owned assets represents lease buyouts.
\n2
The impairment of \u00a37.1m relates to GWR (2022:\u00a0reversal of \u00a313.8m relating to Greyhound).
\nThe discounted lease liability relating to the right of use assets included above is shown in note\u00a023.
\n
\n
\n
\nOwned assets and right of use assets
\nRolling stock
\n\u00a3m
\nLand and
\nbuildings
\n\u00a3m
\nPassenger
\ncarrying
\nvehicle fleet
\n\u00a3m
\nOther
\nplant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCarrying amount
\nAt 25\u00a0March\u00a02023
1,637.0
193.1
332.0
167.6
2,329.7
\nAt 26\u00a0March\u00a02022
975.9
160.1
339.5
217.2
1,692.7
\nThe maturity analysis of lease liabilities is presented in note\u00a023.
\nAmounts recognised in income statement (including discontinued operations)
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDepreciation expense on right of use assets
550.5
582.7
\nInterest expense on lease liabilities
50.6
41.0
\nImpairment charge
7.1
\u2013
\nExpense relating to short\u2011term leases
2.0
\u2013
\nExpense relating to leases of low value assets
2.1
3.4
\n612.3
627.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23313": {
"value": "14 Investments 2023
\n\u00a3m
\n2022
\n\u00a3m
\nOther investments
2.5
2.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23342": {
"value": "15
Subsidiaries and non\u2011controlling interests
\nA list of the significant investments in subsidiaries, including the name, country of incorporation and proportion of ownership interest is given
\nbelow.
\nA full list of subsidiaries, joint ventures and associates is disclosed in note\u00a040.
\nThe non\u2011controlling interests of the Group are First Trenitalia West Coast Limited (70% ownership and voting rights), First MTR South
\nWestern Trains Limited (70% ownership and voting rights) and Leicester CityBus Limited (94% ownership and voting rights). The registered
\naddresses are disclosed in note\u00a040. The non\u2011controlling interest share of profit for the financial year is a profit of \u00a32.5m which relates to First
\nTrenitalia West Coast Limited and \u00a35.7m which relates to MTR South Western Trains Limited.
\nUK and Ireland local bus and coach operators
Rail companies
\nEnsign Bus Company Limited
\nFirst Aberdeen Limited
\n1
\nFirst Beeline Buses Limited
\nFirst Cymru Buses Limited
\nFirst Eastern Counties Buses Limited
\nFirst Essex Buses Limited
\nFirst Glasgow (No. 1) Limited
\n1
\nFirst Glasgow (No. 2) Limited
\n1
\nFirst Hampshire and Dorset Limited
\nFirst Manchester Limited
\nFirst Midland Red Buses Limited
\nFirst Potteries Limited
\nFirst South West Limited
\nFirst South Yorkshire Limited
\nFirst West of England Limited
\nFirst West Yorkshire Limited
\nFirst York Limited
\nLast Passive Limited
\n2
\nLeicester CityBus Limited (94%)
\nSomerset Passenger Solutions Limited
\nFirst Greater Western Limited
\nFirst TransPennine Express Limited
\nHull Trains Company Limited
\nFirst Trenitalia West Coast Limited (70%)
\nFirst MTR South Western Trains Limited (70%)
\nEast Coast Trains Limited
\nAll subsidiary undertakings are wholly owned by FirstGroup plc at the end of the year except where percentage of ownership is shown above. All these companies above
\nare incorporated in United Kingdom and registered in England and Wales except those:
\n1. Registered in Scotland.
\n2. Incorporated in the Republic of Ireland.
\nAll shares held in subsidiary undertakings are ordinary shares, with the exception of Leicester CityBus Limited where the Group owns 100%
\nof its redeemable cumulative preference shares, as well as 94% of its ordinary shares.
\nAll of these subsidiary undertakings are owned via intermediate holding companies.
40
Information about related undertakings
\nIn accordance with Section 409 of the Companies Act\u00a02006, a full list of subsidiaries and equity accounted investments as at 25\u00a0March\u00a02023
\nis disclosed below. Unless otherwise stated, the Group\u2019s shareholding represents ordinary shares held indirectly by FirstGroup plc, the
\nentities are unlisted, and have one type of ordinary share capital, the year end is 25\u00a0March. The Group\u2019s interest in the voting share capital is
\n100% unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation:
\nEvolutionary Rail Limited,
\n5,9
\n8th Floor,
First Cymru Buses Limited,
\n3,7
\nHeol
\nSubsidiaries \u2013 wholly owned and
\nThe\u00a0Point, 37 North Wharf Road, London,
Gwyrosydd, Penlan, Swansea, SA5 7BN
\nincorporated in the United Kingdom
\nW2\u00a01AF
\nFirst Dublin Metro Limited,
\n5,9
\n8th Floor,
\nA E & F R Brewer Limited,
\n4,5
\nHeol
\nFB Canada Holdings Limited
The\u00a0Point, 37 North Wharf Road, London,
\nGwyrosydd, Penlan, Swansea, SA5 7BN
\n(SC356482),
\n3,4
\n395 King Street, Aberdeen,
W2\u00a01AF
\nAirport Buses Limited,
\n5
\nBus Depot,
AB24 5RP
\nFirst Eastern Counties Buses Limited,
\n7
\nWestway, Chelmsford, Essex, CM1 3AR
\nFG Canada Investments Limited
Davey House, 7b Castle Meadow, Norwich,
\nAirport Coaches Limited,
\n5
\nBus Depot,
(SC356484),
\n3,4
\n395 King Street, Aberdeen,
Norfolk, NR1 3DE
\nWestway, Chelmsford, Essex, CM1 3AR
\nAB24 5RP
\nFirst Essex Buses Limited,
\n7
\nBus Depot,
\nAirporter Limited,
\n3,7
\n21 Arthur Street,
FG Properties Limited,
\n3,8
\n8th Floor,
Westway, Chelmsford, Essex, CM1 3AR
\nBelfast, BT1 4GA
\nThe\u00a0Point, 37 North Wharf Road, London,
\nFirst European Holdings Limited
\nW2\u00a01AF
\nButler Woodhouse Limited,
\n5
\nBus Depot,
(05113697),
\n1,3,5
\n8th Floor, The Point,
\nWestway, Chelmsford, Essex, CM1 3AR
FGI Canada Holdings Limited
37\u00a0North Wharf Road, London, W2 1AF
\n(SC356485),
\n3,4
\n395 King Street, Aberdeen,
\nCawlett Limited,
\n4
\nEnterprise House,
First Games Transport Limited,
\n5
\nAB24 5RP
\nEaston\u00a0Road, Bristol, BS5 0DZ
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nFirst Aberdeen Limited,
\n3,7
\n395 King Street,
London, W2 1AF
\nCCB Holdings Limited (03128545),
\n4
\nAberdeen, AB24 5RP
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
First Glasgow Limited,
\n1,5
\n100 Cathcart
\nLondon, W2 1AF
\nFirst Beeline Buses Limited,
\n3,7
\nHoeford,
Road, Glasgow, G42 7BH
\nGosport Road, Fareham, Hampshire,
\nCentreWest Limited (02844270),
\n5
\nFirst Glasgow (No.1) Limited,
\n7
\nPO16\u00a00ST
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\n100\u00a0Cathcart Road, Glasgow, G42 7BH
\nLondon, W2 1AF
\nFirst\u00a0Bus Central Services Limited,
\n3,8
\nFirst Glasgow (No.2) Limited,
\n3,7
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nCentreWest London Buses Limited,
\n5
\n100\u00a0Cathcart Road, Glasgow, G42 7BH
\nLondon, W2 1AF
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\n4
\nFirst Great Western Limited,
\n5,9
\n8th Floor,
\nLondon, W2 1AF
\nFirst\u00a0Bus Pension GP Limited,
8th Floor,
\nThe Point, 37 North Wharf Road, London,
\n5
\nThe Point, 37 North Wharf Road, London,
\nCentreWest ESOP Trustee (UK) Limited,
\nW2 1AF
\nW2 1AF
\n8th Floor, The Point, 37 North Wharf Road,
\n5,9
\nFirst Great Western Trains Limited,
\n5,9
\nLondon, W2 1AF
\nFirst Caledonian Sleeper Limited,
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\n5
\n395\u00a0King Street, Aberdeen, AB24 5RP
\nChester City Transport Limited,
Bus
London, W2 1AF
\nDepot, Wallshaw Street, Oldham, OL1 3TR
\nFirst Capital Connect Limited,
\n3,5,9
\n8th
\nFirst Greater Western Limited,
\n7,9
\n8th
\n5
\nFloor, The Point, 37 North Wharf Road,
\nCrosville Limited,
Bus Depot, Wallshaw
Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nStreet, Oldham, OL1 3TR
London, W2 1AF
\nFirst Capital East Limited,
\n5
\nBus Depot,
\nDon Valley Buses Limited,
\n5
\nOlive Grove,
First Hampshire & Dorset Limited,
\n7
\nWestway, Chelmsford, Essex, CM1 3AR
\nSheffield, South Yorkshire, S2 3GA
\nHoeford, Gosport Road, Fareham,
\n7,9
\nFirst Capital North Limited,
\n4
\n8th Floor,
Hampshire, PO16 0ST
\nEast Coast Trains Limited,
8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nThe\u00a0Point, 37 North Wharf Road, London,
First Information Services Limited
\nW2\u00a01AF
\nW2\u00a01AF
(SC288178),
\n1,3,8
\n395 King Street, Aberdeen,
\n5,9
\nFirst CentreWest Buses Limited,
\n5
\nAB24 5RP
\nEast West Rail Limited,
8th Floor,
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nFirst International (Holdings) Limited
\nLondon, W2 1AF
\nW2\u00a01AF
\n(08743641),
\n1,3,4
\n8th Floor, The Point, 37
\n5
\nFirst City Line Ltd,
\n5
\n8th Floor, The Point,
North Wharf Road, London, W2 1AF
\nECOC (Holdings) Limited,
Bus Depot,
\n37\u00a0North Wharf Road, London, W2 1AF
\nWestway, Chelmsford, Essex, CM1 3AR
\nFirst International No.1 Limited
\nFirst Coaches Limited,
\n5
\n7
\nEnterprise House,
(08746564),
\n3,5
\n8th Floor, The Point,
\nEnsign Bus Company Limited,
The Rifle
\nEaston Road, Bristol, BS5 0DZ
37\u00a0North\u00a0Wharf Road, London, W2 1AF
\nRange, Juliette Close, Purfleet Industrial
\nPark, Aveley, South Ockendon, Essex,
\nFirst Customer Contact Limited,
\n8,9
\nFirst Manchester Limited,
\n3,7
\nWallshaw
\nRM15\u00a04YF
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
Street, Oldham, OL1 3TR
First Merging Pension Schemes
\nLimited,
\n5
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirst Metro Limited,
\n5,9
\n8th Floor, The Point,
\n37 North Wharf Road, London, W2 1AF
\nFirst Midland Red Buses Limited,
\n3,7
\nAbbey\u00a0Lane, Leicester, England, LE4 0DA
\nFirst North West Limited (02862042),
\n3,4
\nWallshaw Street, Oldham, OL1 3TR
\nFirst Northern Ireland Limited,
\n3,7
\n21\u00a0Arthur\u00a0Street, Belfast, BT1 4GA
\nFirst Pioneer Bus Limited,
\n3,5
\nWallshaw\u00a0Street, Oldham, OL1 3TR
\nFirst Potteries Limited,
\n3,7
\nAbbey Lane,
\nLeicester, England, LE4 0DA
\nFirst Provincial Buses Limited,
\n4
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2 1AF
\nFirst\u00a0Rail Holdings Limited,
\n1,4,9
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2 1AF
\nFirst\u00a0Rail Procurement Limited,
\n1,3,8,9
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirst\u00a0Rail Support Limited,
\n4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirst\u00a0ScotRail Limited,
\n3,5,9
\n395 King Street,
\nAberdeen, AB24 5RP
\nFirst\u00a0ScotRail Railways Limited,
\n5,9
\n395\u00a0King Street, Aberdeen, AB24 5RP
\nFirst Shared Services Limited,
\n5
\n395\u00a0King\u00a0Street, Aberdeen, AB24 5RP
\nFirst South West Limited,
\n3,7
\nUnion Street,
\nCamborne, Cornwall, TR14 8HF
\nFirst South Yorkshire Limited,
\n7
\nOlive
\nGrove, Sheffield, South Yorkshire, S2 3GA
\nFirst Student UK Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirst Thameslink Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirst Trains Limited,
\n5,9
\n8th Floor, The Point,
\n37 North Wharf Road, London, W2 1AF
\nFirst TransPennine Express Limited,
\n7,9
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirst Travel Solutions Limited,
\n7
\nUnit 5
\nPetre Court, Petre Road Clayton Business
\nPark, Clayton Le Moors, Accrington,
\nBB5\u00a05HY
\nFirst Wessex National Limited,
\n5
\nEnterprise House, Easton Road, Bristol,
\nBS5\u00a00DZ
\nFirst West of England Limited,
\n7
\nEnterprise
\nHouse, Easton Road, Bristol, BS5 0DZ
\nFirst West Yorkshire Limited,
\n7
\nHunslet
\nPark Depot, Donisthorpe Street, Leeds,
\nWest\u00a0Yorkshire, LS10 1PL
\nFirst York Limited,
\n3,7
\nHunslet Park Depot,
\nDonisthorpe Street, Leeds, West Yorkshire,
\nLS10\u00a01PL
\nFirstBus (North) Limited,
\n1,3,4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirstBus (South) Limited,
\n1,3,4
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirstBus Group Limited,
\n4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirstBus Investments Limited
\n(02205797),
\n1,3,4
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirstGroup American Investments
\n(SC330038),
\n3,4
\n395 King Street, Aberdeen,
\nAB24 5RP
\nFirstGroup Canadian Finance Limited
\n(03486937),
\n1,3,6
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirstGroup Construction Limited,
\n5
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirstGroup Holdings Limited,
\n1,8
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2 1AF
\nFirstGroup Pension GP Limited,
\n4
\n8th
\nFloor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirstGroup (QUEST) Trustees
\nLimited,
\n1,5,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirstGroup US Finance Limited
\n(SC330060),
\n1,3,6
\n395 King Street, Aberdeen,
\nAB24 5RP
\nFirstGroup US Holdings (SC330054),
\n3,4
\n395 King Street, Aberdeen, AB24 5RP
\nFleetrisk Management Limited,
\n5
\nOlive\u00a0Grove, Sheffield, South Yorkshire,
\nS2\u00a03GA
\nG.E. Mair Hire Services Limited,
\n5
\n395\u00a0King Street, Aberdeen, AB24 5RP
\nG.A.G. Limited,
\n1,4
\nEnterprise House,
\nEaston\u00a0Road, Bristol, BS5 0DZ
\nGB Railways Group Limited,
\n1,3,4,9
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nGreat Western Trustees Limited,
\n5,9
\nMilford House, 1 Milford Street, Swindon,
\nSN1 1HL
\nGrenville Motors Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nGreyhound Limited,
\n5
\n8th Floor, The Point,
\n37 North Wharf Road, London, W2 1AF
\nGRT Bus Group Limited (SC114203),
\n1,3,4
\n395 King Street, Aberdeen, AB24 5RP
\nGurna Limited,
\n5
\nBus Depot, Westway,
\nChelmsford, Essex, CM1 3AR
\nHalesworth Transit Limited,
\n5
\nBus Depot,
\nWestway, Chelmsford, Essex, CM1 3AR
\nHampshire Books Limited,
\n5
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nHull Trains Company Limited,
\n7,9
\nThe
\nPoint, 8th Floor, 37 North Wharf Road,
\nLondon, England, W2 1AF
\nIndexbegin Limited,
\n5
\nHunslet Park Depot,
\nDonisthorpe Street, Leeds, West Yorkshire,
\nLS10\u00a01PL
\nKCB Limited,
\n5
\n100 Cathcart Road,
\nGlasgow, G42 7BH
\nKelvin Central Buses Limited,
\n5
\n100
\nCathcart Road, Glasgow, G42 7BH
\nKelvin Scottish Omnibuses Limited,
\n5
\n100 Cathcart Road, Glasgow, G42 7BH
\nKirkpatrick of Deeside Limited,
\n5
\n395
\nKing Street, Aberdeen, AB24 5RP
\nLynton Bus and Coach Limited,
\n5
\nBus\u00a0Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nLynton Company Services Limited,
\n5
\nBus\u00a0Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nMainline Partnership Limited,
\n1,4
\nOlive\u00a0Grove, Sheffield, South Yorkshire,
\nS2\u00a03GA
Midland Travellers Limited,
\n5
\nHunslet\u00a0Park\u00a0Depot, Donisthorpe Street,
\nLeeds, West Yorkshire, LS10 1PL
\nMistral Data Limited,
\n8,9
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nNorth Devon Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nNorthampton Transport Limited,
\n5
\nBus Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nProject Coral Limited,
\n4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nQuickstep Travel Ltd,
\n5
\nHunslet Park
\nDepot, Donisthorpe Street, Leeds,
\nWest\u00a0Yorkshire, LS10\u00a01PL
\nReiver Ventures Properties Limited,
\n4
\nCarmuirs House, 300 Stirling Road, Larbert,
\nStirlingshire, FK5 3NJ
\nReiver Ventures Limited,
\n5
\nCarmuirs
\nHouse, 300 Stirling Road, Larbert,
\nStirlingshire, FK5\u00a03NJ
\nReynard Buses Limited,
\n5
\nHunslet Park
\nDepot, Donisthorpe Street, Leeds, West
\nYorkshire, LS10 1PL
\nRider Holdings Limited (02272577),
\n3,4
\nHunslet Park Depot, Donisthorpe Street,
\nLeeds, West Yorkshire, LS10 1PL
\nRider Travel Limited,
\n5
\nHunslet Park Depot,
\nDonisthorpe Street, Leeds, West Yorkshire,
\nLS10\u00a01PL
\nScott\u2019s Hospitality Limited,
\n5
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nSheafline (S.U.T.) Limited,
\n5
\nOlive Grove,
\nSheffield, South Yorkshire, S2 3GA
\nSheffield & District Traction Company
\nLimited,
\n5
\nOlive Grove, Sheffield,
\nSouth\u00a0Yorkshire, S2 3GA
\nSheffield United Transport Limited,
\n5
\nOlive Grove, Sheffield, South Yorkshire,
\nS2\u00a03GA
\nSkillplace Training Limited,
\n5
\nHeol
\nGwyrosydd, Penlan, Swansea, SA5 7BN
\nSmiths of Portland Limited,
\n5
\nEnterprise
\nHouse, Easton Road, Bristol, BS5 0DZ
\nSMT Omnibuses Limited,
\n5
\nCarmuirs
\nHouse, 300 Stirling Road, Larbert,
\nStirlingshire, FK5 3NJ
\nSomerset Passenger Solutions Ltd,
\n3,7
\nJ24\u00a0Hinkley Point C, Park and Ride,
\nHuntworth Business Park, Bridgwater,
\nTA6\u00a06TS
\nSouthampton CityBus Limited,
\n3,4
\n8th
\nFloor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nSouthampton City Transport
\nCompany Limited,
\n4
\n8th Floor, The Point,
\n37\u00a0North\u00a0Wharf Road, London, W2 1AF
\nStrathclyde Buses Limited,
\n5
\n100\u00a0Cathcart\u00a0Road, Glasgow, G42 7BH
\nStreamline Buses (Bath) Limited,
\n1,5
\nEnterprise House, Easton Road, Bristol,
\nBS5\u00a00DZ
\nTaylors Coaches Limited,
\n5
\nEnterprise
\nHouse, Easton Road, Bristol, BS5 0DZ
\nThe FirstGroup Pension Scheme
\nTrustee Limited,
\n8
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nThe First UK Bus Pension Scheme
\nTrustee Limited,
\n5
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nTotaljourney Limited,
\n1,5,9
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2 1AF
\nTram Operations Limited,
\n7,9
\nTramlink
\nDepot, Coomber Way, Croydon, CR0 4TQ
\nTransportation Claims Limited,
\n8
\nAquis\u00a0House, 49\u201151 Blagrave Street,
\nReading, RG1\u00a01PL
\nTruronian Limited,
\n3,5
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nWest Dorset Coaches Limited,
\n4
\nEnterprise House, Easton Road, Bristol,
\nBS5\u00a00DZ
\nWestern National Holdings Limited,
\n4
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nSubsidiaries \u2013 wholly owned and
\nincorporated in the United States
\nof\u00a0America
\nDurham City Transit Company,
\n7
\n600 Vine
\nStreet, Suite 1400, Cincinnati, Ohio 45202
\nFirstGroup Management,
\n5
\nInc. 600 Vine
\nStreet, Suite 1400, Cincinnati, Ohio 45202
\nFirstGroup Services,
\n5
\nInc. 600 Vine Street,
\nSuite 1400, Cincinnati, Ohio 45202
\nLaidlaw Transportation Holdings,
\n5
\nInc.\u00a0600 Vine Street, Suite 1400, Cincinnati,
\nOhio 45202
\nTransit Management of Dutchess
\nCounty,
\n7
\nInc. 600 Vine Street, Suite 1400,
\nCincinnati, Ohio 45202
\nTransit Management of Racine,
\n7
\nInc.\u00a0600\u00a0Vine Street, Suite 1400, Cincinnati,
\nOhio 45202
\nTransit Management of St Joseph,
\n7
\nInc.\u00a0600 Vine Street, Suite 1400, Cincinnati,
\nOhio\u00a045202
Subsidiaries \u2013 not wholly owned but
\nincorporated in the United States
\nof\u00a0America
\nTransportation Realty Income Partners
\nLP
(50%),
\n7
\n600 Vine Street Suite 1400,
\nCincinnati, Ohio 45202
\nSubsidiaries \u2013 wholly owned and
\nincorporated in Ireland
\nAeroporto Limited,
\n4
\n25\u201128 North Wall
\nQuay, Dublin
\nLast Passive Limited,
\n7
\n25\u201328 North Wall
\nQuay, Dublin
\nSubsidiaries \u2013 wholly owned and
\nincorporated in Panama
\nFirst Transit de Panama, Inc.
\n5
\nMorgan\u00a0&\u00a0Morgan, Costa del Este,
\nMMG\u00a0Tower, 23
\nrd
\n\u00a0Floor, Panama City
\nSubsidiaries \u2013 wholly owned and
\nincorporated in Canada
\nGCT Holdings Ltd,
\n4
\nBlake, Cassels &
\nGraydon LLP, 3500, 855 \u2013 2 Street SW,
\nCalgary, Alberta, T2P 4J8
\nGCT Investment Limited Partnership,
\n4
\nBlake, Cassels & Graydon LLP, 3500, 855\u00a0\u2013
\n2 Street SW, Calgary, Alberta, T2P 4J8
\nGreyhound Canada Transportation
\nULC,
\n7
\nBlake, Cassels & Graydon LLP,
\n595\u00a0Burrard Street, P.O. Box 49314, Suite
\n2600, Three Bentall Centre, Vancouver,
\nBritish Columbia V7X 1L3
\nSubsidiary not wholly owned but
\nincorporated in Canada
\nGACCTO Limited (50%),
\n5
\n130 King Street
\nWest, #1600, Toronto, Ontario M5X 1J5
\nSubsidiaries not wholly owned but
\nincorporated in the United Kingdom
\nCareroute Limited (80%),
\n5
\n8th Floor, The
\nPoint, 37 North Wharf Road, London, W2
\n1AF
\nFirst/Keolis Holdings Limited (55%),
\n1,3,5,9
\n8th Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirst/Keolis TransPennine Holdings
\nLimited (55%),
\n3,4,9
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirst/Keolis TransPennine Limited
\n(55%),
\n3,5,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirst MTR South Western Trains Limited
\n(70%),
\n7,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirst Trenitalia East Midlands Rail
\nLimited (70%),
\n5,9
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirst Trenitalia West Coast Rail Limited
\n(70%),
\n7,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nLeicester CityBus Benefits Limited
\n(94%),
\n5
\nBus Depot, Westway, Chelmsford,
\nEssex, CM1 3AR
\nLeicester CityBus Limited (94%),
\n2,3,7
\nAbbey Lane, Leicester, England, LE4 0DA
\nLCB Engineering Limited (94%),
\n5
\nBus\u00a0Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nSubsidiary not wholly owned but
\nincorporated in India
\nTransit Operations Private Limited
\n(99.95%),
\n7
\nLentin Chambers, 2nd Floor, Dalal
\nStreet, Fort Mumbai, 400023
\n1 Directly owned by FirstGroup plc.
\n2
All shares held in subsidiary undertakings are ordinary shares, with the exception of Leicester CityBus Limited where the Group owns 100% of its redeemable
\ncumulative preference shares and 94% of its ordinary shares.
\n3
For the year ending 25\u00a0March\u00a02023 these subsidiaries are exempt from audit of individual accounts under S479A of the UK Companies Act\u00a02006.
\n4 Primary business is a holding company
\n5 Primary business is a dormant company
\n6 Primary business is an intragroup financing company
\n7 Primary business is the provision of transportation services
\n8 Primary business is an administrative or support services company
\n9 Rail companies with 31\u00a0March year end
\nCertain pension partnership structures (FirstBus Pension Limited Partnership and FirstGroup Pension Limited Partnership) were implemented during the 52\u00a0weeks
\nending 26\u00a0March\u00a02022. These structures involved the creation of special purpose vehicles (SPVs) to hold cash to fund the Bus and Group pension schemes if required,
\nbased on a designated funding mechanism. The first accounting period end for these SPVs was 31\u00a0March\u00a02023. The SPVs are consolidated into FirstGroup plc\u2019s
\nconsolidated accounts, and therefore under Partnership (Accounts) Regulations\u00a02008, Regulation 7, the SPVs are exempt from the requirement to prepare individual
\nentity annual accounts.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23344": {
"value": "15 Subsidiaries and non\u2011controlling interests
\nA list of the significant investments in subsidiaries, including the name, country of incorporation and proportion of ownership interest is given
\nbelow.
\nA full list of subsidiaries, joint ventures and associates is disclosed in note\u00a040.
\nThe non\u2011controlling interests of the Group are First Trenitalia West Coast Limited (70% ownership and voting rights), First MTR South
\nWestern Trains Limited (70% ownership and voting rights) and Leicester CityBus Limited (94% ownership and voting rights). The registered
\naddresses are disclosed in note\u00a040. The non\u2011controlling interest share of profit for the financial year is a profit of \u00a32.5m which relates to First
\nTrenitalia West Coast Limited and \u00a35.7m which relates to MTR South Western Trains Limited.
\nUK and Ireland local bus and coach operators
Rail companies
\nEnsign Bus Company Limited
\nFirst Aberdeen Limited
\n1
\nFirst Beeline Buses Limited
\nFirst Cymru Buses Limited
\nFirst Eastern Counties Buses Limited
\nFirst Essex Buses Limited
\nFirst Glasgow (No. 1) Limited
\n1
\nFirst Glasgow (No. 2) Limited
\n1
\nFirst Hampshire and Dorset Limited
\nFirst Manchester Limited
\nFirst Midland Red Buses Limited
\nFirst Potteries Limited
\nFirst South West Limited
\nFirst South Yorkshire Limited
\nFirst West of England Limited
\nFirst West Yorkshire Limited
\nFirst York Limited
\nLast Passive Limited
\n2
\nLeicester CityBus Limited (94%)
\nSomerset Passenger Solutions Limited
\nFirst Greater Western Limited
\nFirst TransPennine Express Limited
\nHull Trains Company Limited
\nFirst Trenitalia West Coast Limited (70%)
\nFirst MTR South Western Trains Limited (70%)
\nEast Coast Trains Limited
\nAll subsidiary undertakings are wholly owned by FirstGroup plc at the end of the year except where percentage of ownership is shown above. All these companies above
\nare incorporated in United Kingdom and registered in England and Wales except those:
\n1. Registered in Scotland.
\n2. Incorporated in the Republic of Ireland.
\nAll shares held in subsidiary undertakings are ordinary shares, with the exception of Leicester CityBus Limited where the Group owns 100%
\nof its redeemable cumulative preference shares, as well as 94% of its ordinary shares.
\nAll of these subsidiary undertakings are owned via intermediate holding companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23395": {
"value": "16 Inventories 2023
\n\u00a3m
\n2022
\n\u00a3m
\nSpare parts and consumables from continuing operations
26.0
28.9
\nIn the opinion of the Directors there is no material difference between the balance sheet value of inventories and their replacement cost.
\nThere was no material write\u2011down of inventories during the current or prior year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23429": {
"value": "17 Trade and other receivables
\nAmounts due within one year (from discontinued operations)
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nContingent consideration receivable
72.3
\u2013
\nAmounts due after more than one year (from discontinued operations)
\nContingent consideration receivable
\u2013
106.1
\nAmounts due within one year (from continuing operations)
\n2023
\n\u00a3m
\n2022
\n1
\nrestated
\n\u00a3m
\nTrade receivables
386.1
295.2
\nLoss allowance
(49.0)
(15.2)
\nTrade receivables net
337.1
280.0
\nOther receivables
210.3
194.7
\nAmounts recoverable on contracts
22.5
22.5
\nPrepayments
90.8
69.4
\nAccrued income
187.6
115.7
\n848.3
682.3
\nMovement in accrued income:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBalance as at 26\u00a0March\u00a02022/27\u00a0March\u00a02021
115.7
199.2
\nAdditions
119.4
569.4
\nAccrued income invoiced during the year
(47.5)
(652.9)
\nForeign exchange movements
\u2013
\u2013
\nBalance as at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
187.6
115.7
\n1. The prior year comparatives for trade receivables, amounts recoverable on contracts and accrued income have been amended for a more
\naccurate presentation of comparative data.
\nThe loss allowance relates solely to credit loss allowances arising from contracts with customers.
\nOther receivables includes \u00a367.1m (2022:\u00a0\u00a335.9m) of VAT receivables, \u00a38.6m (2022:\u00a0\u00a34.3m) of receivables from government bodies for fuel
\nduty rebates, and \u00a373.3m (2022:\u00a0\u00a388.5m) of insurance recoveries.
\nAmounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
\nAccrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised
\nas accrued income is reclassified to trade receivables at the point at which is it invoiced to the customer.
\nCredit risk
\nCredit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its obligations under a contract.
\nCredit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts recoverable on contracts and
\naccrued income of \u00a3596.2m (2022:\u00a0\u00a3433.1m), cash and cash equivalents of \u00a3791.4m (2022:\u00a0\u00a3787.7m) and derivative financial instruments of
\n\u00a37.5m (2022:\u00a0\u00a330.4m).
\nThe Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was \u00a31,395.1m (2022:\u00a0\u00a31,261.2m). The
\nexposure is spread over a large number of unconnected counterparties and the maximum single concentration with any one counterparty
\nwas \u00a3286.0m (2022:\u00a0\u00a3246.0m) at the balance sheet date.
\nThe Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts and accrued income. The amounts
\npresented in the balance sheet are net of credit loss allowances, estimated by the Group\u2019s management based on prior experience and their
\nassessment of the current economic environment. The credit loss allowance at the balance sheet date was \u00a349.0m (2022:\u00a0\u00a315.2m).
\nMost trade receivables, amounts recoverable on contracts and accrued income are with public or quasi public bodies, principally the DfT,
\nNetwork Rail and local authorities in the UK and school bus boards and city municipal authorities in North America. The Group does not
\nconsider any of these counterparties to be a significant risk. Each division within the Group has a policy governing credit risk management
\non receivables.
\nThe counterparties for bank balances and derivative financial instruments are mainly represented by lending banks and large banks with a
\nminimum of \u2018A\u2019 credit ratings assigned by international credit rating agencies. These counterparties are subject to approval by the Board.
\nGroup treasury policy limits the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three months.
\n
\n
\n
\nImpairment of trade receivables amounts recoverable on contracts and accrued income
\nThe Group applies the IFRS\u00a09 simplified approach to measuring expected credit losses for all trade receivables, amounts recoverable on
\ncontracts and accrued income at each reporting date.
\nProvision matrices are used to measure expected losses. The provision rates are based on days past due for groupings of various customer
\nsegments with similar loss patterns, such as geographical region, service type, and customer type and rating. The calculation reflects the
\nprobability\u2011weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current
\nconditions and forecasts of future economic conditions.
\nTrade receivables, amounts recoverable on contracts and accrued income are written off when there is no reasonable expectation of
\nrecovery.
\nImpairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts
\npreviously written off are credited against the same line item.
\nThe majority of the Group\u2019s customers are governmental or similar bodies and hence there is not considered to be any issues with the
\nrecoverability of these receivables. Further there has not been any significant issues with the recoverability of non\u2011governmental receivables.
\nIn\u00a02023, the credit loss allowance increased as a result of amounts transferred from liquidated damages.
\nThe gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income for which the loss allowance is
\nmeasured at an amount equal to the lifetime expected credit losses under the simplified method, is analysed below:
\nDays past due:\u00a02023
\nCarrying
\namount
\n\u00a3m
\nCurrent
\n\u00a3m
\nLess than
\n30 days
\n\u00a3m
\n30\u201190 days
\n\u00a3m
\n90\u2011180 days
\n\u00a3m
\nOver
\n180 days
\n\u00a3m
\nExpected credit loss rate
8.2%
0.7%
6.6%
42.7%
88.7%
60.2%
\nGross carrying amount of trade receivables, amounts
\nrecoverable on contracts and accrued income
596.2
494.2
29.0
24.1
14.2
34.7
\nLoss allowance (from continuing operations)
49.0
3.3
1.9
10.3
12.6
20.9
\nDays past due:\u00a02022
\nCarrying
\namount
\n\u00a3m
\nCurrent
\n\u00a3m
\nLess than
\n30 days
\n\u00a3m
\n30\u201190 days
\n\u00a3m
\n90\u2011180 days
\n\u00a3m
\nOver
\n180 days
\n\u00a3m
\nExpected credit loss rate
3.5%
\u2013
14.3%
1.4%
3.0%
63.9%
\nGross carrying amount of trade receivables, amounts
\nrecoverable on contracts and accrued income
433.4
328.2
37.0
22.1
32.8
13.3
\nLoss allowance (from continuing operations)
15.2
0.1
5.3
0.3
1.0
8.5
\nThe table above is an aggregation of different provision matrices for each of the customer segment groupings, as outlined above. The
\nexpected loss rate for each ageing category is the weighted average loss rate across these groupings. The \u2018current\u2019 category consist
\nprimarily of receivables from groupings for which, based on historical losses and both the current and forecast economic conditions, the
\nexpected credit losses are negligible, resulting in the application of a close to 0% loss rate.
\nMovement in the loss allowance for trade receivables
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 26\u00a0March\u00a02022/27\u00a0March\u00a02021
15.2
7.3
\nAmounts written off during the year
(3.2)
(0.7)
\nIncrease in allowance recognised in the income statement
1.2
9.0
\nAmounts recovered during the year
(8.2)
(0.4)
\nAmounts transferred from liquidated damages
44.0
\u2013
\nAt 25\u00a0March\u00a02023/26\u00a0March\u00a02022
49.0
15.2
\nThe Directors consider that the carrying amount of trade and other receivables approximates to their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23445": {
"value": "Amounts due within one year (from continuing operations) 2023
\n\u00a3m
\n2022
\n1
\nrestated
\n\u00a3m
\nTrade receivables
386.1
295.2
\nLoss allowance
(49.0)
(15.2)
\nTrade receivables net
337.1
280.0
\nOther receivables
210.3
194.7
\nAmounts recoverable on contracts
22.5
22.5
\nPrepayments
90.8
69.4
\nAccrued income
187.6
115.7
\n848.3
682.3
\nMovement in accrued income:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBalance as at 26\u00a0March\u00a02022/27\u00a0March\u00a02021
115.7
199.2
\nAdditions
119.4
569.4
\nAccrued income invoiced during the year
(47.5)
(652.9)
\nForeign exchange movements
\u2013
\u2013
\nBalance as at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
187.6
115.7
\n1. The prior year comparatives for trade receivables, amounts recoverable on contracts and accrued income have been amended for a more
\naccurate presentation of comparative data.
\nThe loss allowance relates solely to credit loss allowances arising from contracts with customers.
\nOther receivables includes \u00a367.1m (2022:\u00a0\u00a335.9m) of VAT receivables, \u00a38.6m (2022:\u00a0\u00a34.3m) of receivables from government bodies for fuel
\nduty rebates, and \u00a373.3m (2022:\u00a0\u00a388.5m) of insurance recoveries.
\nAmounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
\nAccrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised
\nas accrued income is reclassified to trade receivables at the point at which is it invoiced to the customer.
\nCredit risk
\nCredit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its obligations under a contract.
\nCredit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts recoverable on contracts and
\naccrued income of \u00a3596.2m (2022:\u00a0\u00a3433.1m), cash and cash equivalents of \u00a3791.4m (2022:\u00a0\u00a3787.7m) and derivative financial instruments of
\n\u00a37.5m (2022:\u00a0\u00a330.4m).
\nThe Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was \u00a31,395.1m (2022:\u00a0\u00a31,261.2m). The
\nexposure is spread over a large number of unconnected counterparties and the maximum single concentration with any one counterparty
\nwas \u00a3286.0m (2022:\u00a0\u00a3246.0m) at the balance sheet date.
\nThe Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts and accrued income. The amounts
\npresented in the balance sheet are net of credit loss allowances, estimated by the Group\u2019s management based on prior experience and their
\nassessment of the current economic environment. The credit loss allowance at the balance sheet date was \u00a349.0m (2022:\u00a0\u00a315.2m).
\nMost trade receivables, amounts recoverable on contracts and accrued income are with public or quasi public bodies, principally the DfT,
\nNetwork Rail and local authorities in the UK and school bus boards and city municipal authorities in North America. The Group does not
\nconsider any of these counterparties to be a significant risk. Each division within the Group has a policy governing credit risk management
\non receivables.
\nThe counterparties for bank balances and derivative financial instruments are mainly represented by lending banks and large banks with a
\nminimum of \u2018A\u2019 credit ratings assigned by international credit rating agencies. These counterparties are subject to approval by the Board.
\nGroup treasury policy limits the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three months.
\n
\n
\n
\nImpairment of trade receivables amounts recoverable on contracts and accrued income
\nThe Group applies the IFRS\u00a09 simplified approach to measuring expected credit losses for all trade receivables, amounts recoverable on
\ncontracts and accrued income at each reporting date.
\nProvision matrices are used to measure expected losses. The provision rates are based on days past due for groupings of various customer
\nsegments with similar loss patterns, such as geographical region, service type, and customer type and rating. The calculation reflects the
\nprobability\u2011weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current
\nconditions and forecasts of future economic conditions.
\nTrade receivables, amounts recoverable on contracts and accrued income are written off when there is no reasonable expectation of
\nrecovery.
\nImpairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts
\npreviously written off are credited against the same line item.
\nThe majority of the Group\u2019s customers are governmental or similar bodies and hence there is not considered to be any issues with the
\nrecoverability of these receivables. Further there has not been any significant issues with the recoverability of non\u2011governmental receivables.
\nIn\u00a02023, the credit loss allowance increased as a result of amounts transferred from liquidated damages.
\nThe gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income for which the loss allowance is
\nmeasured at an amount equal to the lifetime expected credit losses under the simplified method, is analysed below:
\nDays past due:\u00a02023
\nCarrying
\namount
\n\u00a3m
\nCurrent
\n\u00a3m
\nLess than
\n30 days
\n\u00a3m
\n30\u201190 days
\n\u00a3m
\n90\u2011180 days
\n\u00a3m
\nOver
\n180 days
\n\u00a3m
\nExpected credit loss rate
8.2%
0.7%
6.6%
42.7%
88.7%
60.2%
\nGross carrying amount of trade receivables, amounts
\nrecoverable on contracts and accrued income
596.2
494.2
29.0
24.1
14.2
34.7
\nLoss allowance (from continuing operations)
49.0
3.3
1.9
10.3
12.6
20.9
\nDays past due:\u00a02022
\nCarrying
\namount
\n\u00a3m
\nCurrent
\n\u00a3m
\nLess than
\n30 days
\n\u00a3m
\n30\u201190 days
\n\u00a3m
\n90\u2011180 days
\n\u00a3m
\nOver
\n180 days
\n\u00a3m
\nExpected credit loss rate
3.5%
\u2013
14.3%
1.4%
3.0%
63.9%
\nGross carrying amount of trade receivables, amounts
\nrecoverable on contracts and accrued income
433.4
328.2
37.0
22.1
32.8
13.3
\nLoss allowance (from continuing operations)
15.2
0.1
5.3
0.3
1.0
8.5
\nThe table above is an aggregation of different provision matrices for each of the customer segment groupings, as outlined above. The
\nexpected loss rate for each ageing category is the weighted average loss rate across these groupings. The \u2018current\u2019 category consist
\nprimarily of receivables from groupings for which, based on historical losses and both the current and forecast economic conditions, the
\nexpected credit losses are negligible, resulting in the application of a close to 0% loss rate.
\nMovement in the loss allowance for trade receivables
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 26\u00a0March\u00a02022/27\u00a0March\u00a02021
15.2
7.3
\nAmounts written off during the year
(3.2)
(0.7)
\nIncrease in allowance recognised in the income statement
1.2
9.0
\nAmounts recovered during the year
(8.2)
(0.4)
\nAmounts transferred from liquidated damages
44.0
\u2013
\nAt 25\u00a0March\u00a02023/26\u00a0March\u00a02022
49.0
15.2
\nThe Directors consider that the carrying amount of trade and other receivables approximates to their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23498": {
"value": "The loss allowance relates solely to credit loss allowances arising from contracts with customers.
\nOther receivables includes \u00a367.1m (2022:\u00a0\u00a335.9m) of VAT receivables, \u00a38.6m (2022:\u00a0\u00a34.3m) of receivables from government bodies for fuel
\nduty rebates, and \u00a373.3m (2022:\u00a0\u00a388.5m) of insurance recoveries.
\nAmounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
\nAccrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised
\nas accrued income is reclassified to trade receivables at the point at which is it invoiced to the customer.
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and
\nseason ticket deferred income principally comprises amounts relating to contracts with customers.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23506": {
"value": "Credit risk Credit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its obligations under a contract.
\nCredit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts recoverable on contracts and
\naccrued income of \u00a3596.2m (2022:\u00a0\u00a3433.1m), cash and cash equivalents of \u00a3791.4m (2022:\u00a0\u00a3787.7m) and derivative financial instruments of
\n\u00a37.5m (2022:\u00a0\u00a330.4m).
\nThe Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was \u00a31,395.1m (2022:\u00a0\u00a31,261.2m). The
\nexposure is spread over a large number of unconnected counterparties and the maximum single concentration with any one counterparty
\nwas \u00a3286.0m (2022:\u00a0\u00a3246.0m) at the balance sheet date.
\nThe Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts and accrued income. The amounts
\npresented in the balance sheet are net of credit loss allowances, estimated by the Group\u2019s management based on prior experience and their
\nassessment of the current economic environment. The credit loss allowance at the balance sheet date was \u00a349.0m (2022:\u00a0\u00a315.2m).
\nMost trade receivables, amounts recoverable on contracts and accrued income are with public or quasi public bodies, principally the DfT,
\nNetwork Rail and local authorities in the UK and school bus boards and city municipal authorities in North America. The Group does not
\nconsider any of these counterparties to be a significant risk. Each division within the Group has a policy governing credit risk management
\non receivables.
\nThe counterparties for bank balances and derivative financial instruments are mainly represented by lending banks and large banks with a
\nminimum of \u2018A\u2019 credit ratings assigned by international credit rating agencies. These counterparties are subject to approval by the Board.
\nGroup treasury policy limits the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three months.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23699": {
"value": "18 Assets held for sale
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAssets held for sale
8.9
38.5
\nAssets held for sale relate primarily to properties in First\u00a0Bus (2022:\u00a0properties in Greyhound discontinuing business).
\nMovement in assets held for sale
\u00a3m
\nAt 26\u00a0March\u00a02022
38.5
\nNet book value of additions
8.3
\nNet book value of disposals
(41.3)
\nForeign exchange movements
3.4
\nAt 25\u00a0March\u00a02023
8.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23700": {
"value": "18 Assets held for sale
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAssets held for sale
8.9
38.5
\nAssets held for sale relate primarily to properties in First\u00a0Bus (2022:\u00a0properties in Greyhound discontinuing business).
\nMovement in assets held for sale
\u00a3m
\nAt 26\u00a0March\u00a02022
38.5
\nNet book value of additions
8.3
\nNet book value of disposals
(41.3)
\nForeign exchange movements
3.4
\nAt 25\u00a0March\u00a02023
8.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23727": {
"value": "19 Trade and other payables
\nAmounts falling due within one year (from continuing operations)
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTrade payables
338.8
253.3
\nOther payables
210.8
165.9
\nAccruals
621.6
703.2
\nDeferred income
125.5
109.8
\nSeason ticket deferred income
17.7
12.9
\n1,314.4
1,245.1
\nMovement in deferred income
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBalance as at 26\u00a0March\u00a02022/27\u00a0March\u00a02021
109.8
112.8
\nAdditions
131.5
296.6
\nRecognised as revenue during the period
(115.8)
(295.9)
\nTransferred to held for sale \u2013 discontinued operations
\u2013
(3.7)
\nBalance as at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
125.5
109.8
\nTrade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and
\nseason ticket deferred income principally comprises amounts relating to contracts with customers.
\nOther payables includes \u00a315.2m (2022:\u00a0\u00a312.1m) for the purchase of property, plant and equipment where increased payment terms have
\nbeen agreed with the supplier due to the nature of the payable. Other payables also include deferred capital grants from government or other
\npublic bodies of \u00a3116.1m (2022:\u00a0\u00a3101.0m).
\nThe average credit period taken for trade purchases is 36 days (2022:\u00a030 days). The Group has controls in place to ensure that all payments
\nare paid within the appropriate credit timeframe. The Directors consider that the carrying amount of trade and other payables approximates
\nto their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23731": {
"value": "Amounts falling due within one year (from continuing operations) 2023
\n\u00a3m
\n2022
\n\u00a3m
\nTrade payables
338.8
253.3
\nOther payables
210.8
165.9
\nAccruals
621.6
703.2
\nDeferred income
125.5
109.8
\nSeason ticket deferred income
17.7
12.9
\n1,314.4
1,245.1
\nMovement in deferred income
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBalance as at 26\u00a0March\u00a02022/27\u00a0March\u00a02021
109.8
112.8
\nAdditions
131.5
296.6
\nRecognised as revenue during the period
(115.8)
(295.9)
\nTransferred to held for sale \u2013 discontinued operations
\u2013
(3.7)
\nBalance as at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
125.5
109.8
\nTrade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and
\nseason ticket deferred income principally comprises amounts relating to contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23806": {
"value": "20 Cash and cash equivalents 2023
\n\u00a3m
\n2022
\n\u00a3m
\nCash and cash equivalents from continuing operations
791.4
787.7
\nThe fair value of cash and cash equivalents approximates to the carrying value. Cash and cash equivalents includes ring\u2011fenced cash
\nof \u00a3369.6m (2022:\u00a0\u00a3468.1m). Ring\u2011fenced cash is cash held in the Group which has restrictions around its use or distribution. The
\nmost significant ring\u2011fenced cash balances are held by the Group\u2019s First Rail subsidiaries. All non\u2011distributable cash in franchised Rail
\nsubsidiaries is considered ring\u2011fenced under the terms of either the National Rail Contract, Emergency Measures Agreement or Emergency
\nRecovery Measures Agreement. Ring\u2011fenced cash balances of \u00a35.4m (2022:\u00a0\u00a327.8m) are held outside the First Rail subsidiaries. These
\nother ring\u2011fenced cash balances include three elements:\u00a0(1) loss escrow funds of \u00a3nil (2022:\u00a0\u00a33.8m) maintained by various third\u2011party
\nadministrators, the purpose of which is to provide a source of funds for use by the administrators for payment of the self\u2011insurance liability
\nfor losses and loss adjustment expenses in accordance with agreements between the administrators and the Business, (2) balances of
\n\u00a31.3m (2022:\u00a0\u00a38.4m) within former First Transit subsidiaries which were retained by the Group following the sale of First Transit, where
\nthose subsidiaries act as a disbursement agent on the behalf of their customers and the cash is only allowed to be used to settle customer
\nliabilities, and (3) funds of \u00a34.1m (2022:\u00a0\u00a315.6m) withheld from the de\u2011risking insurer as permitted under the de\u2011risking agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f23828": {
"value": "21 Discontinued operations First Student and First Transit
\nThe sale of First Student and First Transit was approved by a shareholder majority on 27\u00a0May\u00a02021 and was reported as a discontinued
\noperation in the financial statements for the 52\u00a0weeks ended 26\u00a0March\u00a02022 for the period to the sale completion on 21\u00a0July\u00a02021. Financial
\ninformation relating to the discontinued operation for the period to the date of the disposal is set out below in (a).
\nGreyhound
\nThe disposal of Greyhound Lines, Inc to a wholly owned subsidiary of FlixMobility GmbH was announced and completed on
\n21\u00a0October\u00a02021. Greyhound US was therefore reported as a discontinued operation for the period to the sale completion in the financial
\nstatements for the 52\u00a0weeks to 26\u00a0March\u00a02022. The properties relating to the Greyhound US business were classified as held for sale at
\n26\u00a0March\u00a02022, and in\u00a02023 were treated as discontinued for the period to their disposal in December\u00a02022.
\n(a) Financial performance and cash flow information
\nThe financial performance and cash flow information presented are for the 52\u00a0weeks ending 25\u00a0March\u00a02023, and the prior year information
\nincludes the results of First Student and First Transit to the period before disposal on 21\u00a0July\u00a02021, and the results of Greyhound US to the
\nperiod before disposal on 21\u00a0October\u00a02021.
\nDiscontinued operations
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nRevenue
4.0
996.9
\nOperating income/(costs)
27.3
(313.6)
\nOperating profit
31.3
683.3
\nInvestment income
0.5
0.4
\nFinance costs
(0.2)
(11.9)
\nProfit before tax
31.6
671.8
\nTax
(23.0)
(24.0)
\nProfit for the year after tax
8.6
647.8
\nAttributable to:
\nEquity holders of the parent
8.6
647.8
\nNon\u2011controlling interests
\u2013
\u2013
\n8.6
647.8
\nEPS
\n2023
\npence
\n2022
\npence
\nBasic EPS
1.2
61.3
\nDiluted EPS
1.1
61.3
\n
\n
\nCash flow
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nNet cash (outflow)/inflow from operating activities
(139.7)
233.4
\nNet cash inflow/(outflow) from investing activities
126.9
(286.6)
\nNet cash outflow from financing activities
\u2013
(20.3)
\nNet decrease in cash generated
(12.8)
(73.5)
\nOther comprehensive income/loss
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nActuarial gains on defined benefit pension schemes
0.2
12.1
\nHedging instrument movements
(0.4)
2.7
\nDeferred tax on hedging instrument movements
\u2013
(0.7)
\nExchange differences on translation of discontinued operations
6.8
(5.6)
\nTotal
6.6
8.5
\n(b) Details of the sale of First Student and First Transit
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nConsideration received or receivable:
\nCash
\u2013
2,377.3
\nDirect transaction costs/fees
\u2013
(54.0)
\nFair value of contingent consideration
\u2013
101.8
\nTotal net disposal consideration
\u2013
2,425.1
\nCarrying amount of net assets sold
\u2013
(2,374.6)
\nGain on sale before tax and reclassification of foreign currency translation reserve
\u2013
50.5
\nReclassification of foreign currency translation reserve
\u2013
450.6
\nGain on sale of the division before tax
\u2013
501.1
\nTax on gain
\u2013
\u2013
\nGain on sale of the divisions after tax
\u2013
501.1
\nAs part of the disposal of First Transit, FirstGroup were entitled to an earnout consideration of up to $290m (c. \u00a3220m). The earnout was for
\na period of three years from 21\u00a0July\u00a02021 and calculated as a percentage of the Realised Equity Value.
\n
\n
\n
\nOn 26\u00a0October\u00a02022, EQT Infrastructure announced its agreement to sell First Transit to Transdev North America, Inc. As a result of this
\nagreement, the Group estimates the earnout consideration to be around $88.5m (\u00a372.3m) at 25\u00a0March\u00a02023. This gives rise to a non\u2011cash
\nadjusting charge of \u00a3(33.8)m relative to the carrying value of the earnout of \u00a3106.1m at 26\u00a0March\u00a02022.
\n(c) Details of the sale of Greyhound
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nConsideration received or receivable:
\nCash
\u2013
101.4
\nDirect transaction costs/fees
\u2013
(17.0)
\nFair value of contingent consideration
\u2013
23.3
\nTotal net disposal consideration
\u2013
107.7
\nCarrying amount of net assets sold
\u2013
(91.5)
\nGain on sale before tax and reclassification of foreign currency translation reserve
\u2013
16.2
\nReclassification of foreign currency translation reserve
\u2013
92.8
\nGain on sale of the division before tax
\u2013
109.0
\nTax on gain
\u2013
\u2013
\nGain on sale of the division after tax
\u2013
109.0
\nIn December\u00a02022, the Group completed the sale of the majority of its remaining Greyhound US properties for net proceeds of \u00a3122m, and
\ntherefore recognised an adjusting, discontinued gain of \u00a371.4m in the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f24084": {
"value": "22 Borrowings 2023
\n\u00a3m
\n2022
\n\u00a3m
\nOn demand or within one year
\nLease liabilities (note\u00a023)
\n2,3
\n447.4
573.4
\nAsset backed financial liabilities (note\u00a023)
\n3
\n17.3
9.0
\nBank overdraft
82.9
87.5
\nLoan notes (note\u00a024)
0.6
\u2013
\nBond 6.875% (repayable\u00a02024)
\n1
\n6.5
7.1
\nTotal current liabilities
554.7
677.0
\nWithin one to two years
\nLease liabilities (note\u00a023)
\n2,3
\n381.6
167.8
\nAsset backed financial liabilities (note\u00a023)
\n3
\n5.9
15.7
\nLoan notes (note\u00a024)
\u2013
0.6
\nBond 6.875% (repayable\u00a02024)
184.2
\u2013
\n571.7
184.1
\nWithin two to five years
\nLease liabilities (note\u00a023)
\n2,3
\n825.9
294.4
\nAsset backed financial liabilities (note\u00a023)
\n3
\n12.1
10.5
\nBond 6.875% (repayable\u00a02024)
\u2013
199.9
\n838.0
504.8
\nOver five years
\nLease liabilities (note\u00a023)
\n2,3
\n93.7
47.6
\nAsset backed financial liabilities (note\u00a023)
\n3
\n8.9
0.3
\n102.6
47.9
\nTotal non\u2011current liabilities at amortised cost
1,512.3
736.8
\n1 Includes accrued interest only.
\n2
The right of use assets relating to lease liabilities are shown in note\u00a013.
\n3
The maturity analysis of lease liabilities and asset backed financial liabilities is presented in note\u00a023.
\nFair value of bonds issued
\nPar value
\n\u00a3m
\nInterest
\npayable
Month
\n2023
\nFair value
\n\u00a3m
\n2022
\nFair value
\n\u00a3m
\nBond 6.875% (repayable\u00a02024)
184.3
Annually
September
192.2
225.8
\nThe fair value of the bond is inclusive of accrued interest. The fair value is calculated by discounting the future cash flow that will arise under
\nthe contracts.
\nEffective interest rates
\nThe effective interest rates at the balance sheet dates were as follows:
\n2023
Maturity
2022
Maturity
\nBank overdraft
LIBOR + 1%
\u2013
LIBOR + 1%
\u2013
\nSyndicated loan facilities
LIBOR + 0.73%
August\u00a02026
LIBOR + 0.97%
August\u00a02025
\nBond\u00a02024
6.93%
September\u00a02024
6.93%
September\u00a02024
\nHP contracts and finance leases
\nAverage fixed
\nrate of 3.3%
Various
\nAverage fixed
\nrate of 3.1%
Various
\nLoan notes
LIBOR + 0.5%
March\u00a02024
LIBOR + 0.5%
March\u00a02024
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nPounds Sterling
2,066.9
1,413.0
\nEuro
\u2013
0.1
\nCanadian Dollar
0.1
0.7
\n2,067.0
1,413.8
\n
\n
\n
\nBorrowing facilities
\nThe Group had \u00a3300.0m (2022:\u00a0\u00a3300.0m) of undrawn committed borrowing facilities as at year end. Total bank borrowing facilities at year
\nend stood at \u00a3316.5m (2022:\u00a0\u00a3316.1m) of which \u00a3300.0m (2022:\u00a0\u00a3300.0m) was committed and \u00a316.5m (2022:\u00a0\u00a316.1m) was uncommitted.
\nCapital management
\nThe Group aims to maintain an investment grade credit rating and appropriate balance sheet liquidity headroom. The Group has a net debt
\nto EBITDA ratio of 1.7 times as at March\u00a02023 for the continuing Group (2022:\u00a00.8 times).
\nLiquidity within the Group has remained strong. At year end there was \u00a3638.9m (2022:\u00a0\u00a3532.1m) of committed headroom and free cash.
\nThe Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end and half year for the budget year, and
\n\u00a3200m for year two of the three\u2011year plan. The Group\u2019s net debt, excluding accrued bond interest, at 25\u00a0March\u00a02023, was \u00a31,269.1m
\n(2022:\u00a0\u00a3619.0m) as set out in the Financial review on page\u00a032.
\nThe Group\u2019s primary objectives of capital management is to ensure that the Group is able to continue as a going concern, to maintain an
\noptimal capital structure and adequate liquidity headroom to deliver on shareholder and stakeholder expectations. The Group\u2019s capital
\nstructure consists of equity and net debt. The Group actively manages its capital structure and will adjust it when appropriate should
\neconomic conditions change. The Group\u2019s debt is monitored on the basis of a gearing ratio, being net debt divided by EBITDA, further
\ndetails of which are provided in the Chief Financial Officer\u2019s review.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f24259": {
"value": "Capital management The Group aims to maintain an investment grade credit rating and appropriate balance sheet liquidity headroom. The Group has a net debt
\nto EBITDA ratio of 1.7 times as at March\u00a02023 for the continuing Group (2022:\u00a00.8 times).
\nLiquidity within the Group has remained strong. At year end there was \u00a3638.9m (2022:\u00a0\u00a3532.1m) of committed headroom and free cash.
\nThe Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end and half year for the budget year, and
\n\u00a3200m for year two of the three\u2011year plan. The Group\u2019s net debt, excluding accrued bond interest, at 25\u00a0March\u00a02023, was \u00a31,269.1m
\n(2022:\u00a0\u00a3619.0m) as set out in the Financial review on page\u00a032.
\nThe Group\u2019s primary objectives of capital management is to ensure that the Group is able to continue as a going concern, to maintain an
\noptimal capital structure and adequate liquidity headroom to deliver on shareholder and stakeholder expectations. The Group\u2019s capital
\nstructure consists of equity and net debt. The Group actively manages its capital structure and will adjust it when appropriate should
\neconomic conditions change. The Group\u2019s debt is monitored on the basis of a gearing ratio, being net debt divided by EBITDA, further
details of which are provided in the Chief Financial Officer\u2019s review.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f24275": {
"value": "23 Lease liabilities and asset backed financial liabilities
\nThe Group had the following lease liabilities and asset backed financial liabilities at the balance sheet dates, excluding liabilities relating to the
\ndiscontinued operations:
\nLease liabilities
\nAsset backed
\nfinancial liabilities
\nMaturity analysis
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDue in less than one year
503.1
593.0
17.9
9.3
\nDue in more than one year but not more than two years
421.5
179.4
6.3
16.6
\nDue in more than two years but not more than five years
878.8
304.4
13.7
11.9
\nDue in more than five years
105.0
59.8
10.9
0.5
\n1,908.4
1,136.6
48.8
38.3
\nLess future financing charges
(159.8)
(53.4)
(4.6)
(2.8)
\n1,748.6
1,083.2
44.2
35.5
\nLease liabilities have a fair value of \u00a31,748.6m and asset backed financial liabilities have a fair value of \u00a343.3m (2022:\u00a0lease liabilities
\n\u00a31,083.2m, asset backed financial liabilities \u00a336.4m).
\nThe total cash outflow for the lease liabilities and asset backed financial liabilities recorded on the balance sheet amounted to \u00a3546.9m and
\n\u00a310.6m respectively (2022:\u00a0\u00a3600.4m and \u00a39.4m).
\nThe right of use assets related to the lease liabilities is presented in note\u00a013.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f24332": {
"value": "24 Loan notes The Group had the following loan notes issued as at the balance sheet dates relating to continuing operations:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDue in less than one year
0.6
\u2013
\nDue in more than one year but not more than two years
\u2013
0.6
\n0.6
0.6
\nThe loan notes have an average effective borrowing rate of 2.6% (2022:\u00a01.7%) and an average remaining term of one year (2022:\u00a0two years)
\nassuming that the holders do not request redemption.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f24333": {
"value": "24 Loan notes The Group had the following loan notes issued as at the balance sheet dates relating to continuing operations:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nDue in less than one year
0.6
\u2013
\nDue in more than one year but not more than two years
\u2013
0.6
\n0.6
0.6
\nThe loan notes have an average effective borrowing rate of 2.6% (2022:\u00a01.7%) and an average remaining term of one year (2022:\u00a0two years)
\nassuming that the holders do not request redemption.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f24375": {
"value": "25 Financial instruments Non\u2011derivative financial instruments
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTotal non\u2011derivatives
\nTotal non\u2011current assets
117.6
117.0
\nTotal assets
117.6
117.0
\nCertain pension partnership structures were implemented during\u00a02022. These structures involved the creation of special purpose vehicles
\n(SPVs) to hold cash to fund the Bus and Group pension schemes if required based on a designated funding mechanism. Management have
\nconcluded that these amounts represent financial assets under IAS 32.
\nDerivative financial instruments
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nTotal derivatives
\nTotal non\u2011current assets
0.1
4.2
\nTotal current assets
7.4
26.2
\nTotal assets from continuing operations
7.5
30.4
\nTotal current liabilities
2.6
\u2013
\nTotal non\u2011current liabilities
1.9
\u2013
\nTotal liabilities from continuing operations
4.5
\u2013
\nDerivatives designated and effective as hedging instruments carried at fair value
\nNon\u2011current assets
\nFuel derivatives (cash flow hedge)
\u2013
4.0
\nCurrency forwards (cash flow hedge)
0.1
0.2
\n0.1
4.2
\nCurrent assets
\nFuel derivatives (cash flow hedge)
3.3
25.6
\nCurrency forwards (cash flow hedge)
4.1
0.6
\n7.4
26.2
\nCurrent liabilities
\nFuel derivatives (cash flow hedge)
2.6
\u2013
\n2.6
\u2013
\nNon\u2011current liabilities
\nCurrency forwards (cash flow hedge)
0.1
\u2013
\nFuel derivatives (cash flow hedge)
1.8
\u2013
\n1.9
\u2013
\nThe Group enters into derivative transactions under International Swaps and Derivatives Association Master Agreements that allow for the
\nrelated amounts to be set\u2011off in certain circumstances. The amounts set out as Fuel Derivatives and Currency forwards in the table above
\nrepresent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a
\ngross basis. Derivative liabilities of \u00a3nil (2022:\u00a0\u00a3nil) were subject to netting arrangements.
\nTotal cash flow hedges are an asset of \u00a33.0m (2022:\u00a0\u00a330.4m asset).
\n
\n
\nThe following (profits) were transferred from equity into inventory as basis adjustments during the year:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOperating (profits)
(31.2)
(13.8)
\nFair value of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) on a
\ncontinuing basis:
\n2023
\nFair value
Carrying
\nvalue
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nLevel 3
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nContingent consideration receivable
\u2013
72.3
\u2013
72.3
72.3
\nTrade and other receivables
\u2013
596.2
\u2013
596.2
596.2
\nDerivative financial instruments
\u2013
7.5
\u2013
7.5
7.5
\nFinancial liabilities and derivatives
\nBorrowings
\n1
\n0.6
1,984.1
\u2013
1,984.7
1,984.1
\nTrade and other payables
\u2013
1,198.3
\u2013
1,198.3
1,198.3
\nDerivative financial instruments
\u2013
4.5
\u2013
4.5
4.5
\n1 Includes lease liabilities and asset backed financial liabilities as set out in note\u00a023.
\nThe estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying
\nvalue of these items.
\n2022
\nFair value
Carrying
\nvalue
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nLevel 3
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nContingent consideration receivable
\u2013
\u2013
106.1
106.1
106.1
\nTrade and other receivables
\u2013
433.4
\u2013
433.4
433.4
\nDerivative financial instruments
\u2013
30.4
\u2013
30.4
30.4
\nFinancial liabilities and derivatives
\nBorrowings
\n1
\n10.6
1,345.4
\u2013
1,356.0
1,326.3
\nTrade and other payables
\u2013
1,144.1
\u2013
1,144.1
1,144.1
\nLevel 1:
Quoted prices in active markets for identical assets and liabilities.
\nLevel 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly.
\nLevel 3:
Inputs for the asset or liability that are not based on observable market data.
\nThere were no transfers between Level\u00a01 and Level\u00a02 during the current or prior year. The announcement of EQT Infrastructure\u2019s agreement
\nto sell First Transit to Transdev North America, Inc, means that the Group\u2019s valuation of the earnout now reflects an observable market value,
\nand the contingent consideration receivable has therefore been reclassified from Level\u00a03 to Level\u00a02 at 25\u00a0March\u00a02023.
\nThe estimated fair value of cash and cash equivalents and bank overdrafts are a reasonable approximation to the carrying value of these
\nitems.
\n
\n
\n
\nFinancial assets/(liabilities)
\nFair values
\nat 25 March
\n2023
\n\u00a3m
\nFair values
\nat 26 March
\n2022
\n\u00a3m
\nFair value
\nhierarchy
Valuation technique(s) and key inputs
\nDerivative contracts
\n1) Fuel derivatives
(1.1)
29.6
Level 2
Discounted cash flow; future cash flows are estimated based on
\nforward fuel prices and contract rates and then discounted at a rate
\nthat reflects the credit risk of the various counterparties.
\n2) Currency forwards
4.1
0.8
Level 2
Discounted cash flow; future cash flows are estimated based on
\nforward foreign exchange rates and contract rates and then discounted
\nat a rate that reflects the credit risk of the various counterparties.
\nThe following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis.
\n2023
\nClassification of financial instruments
\nAssets and
\nliabilities at
\namortised
\ncosts
\n\u00a3m
\nAt fair value
\nthrough
\nprofit
\nand loss
\n\u00a3m
\nAt fair value
\nthrough
\nOCI
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nCash and cash equivalents
791.4
\u2013
\u2013
791.4
\nTrade and other receivables
596.2
\u2013
\u2013
596.2
\nNon\u2011derivative financial instruments
117.6
\u2013
\u2013
117.6
\nDerivative financial instruments
\u2013
\u2013
7.5
7.5
\n1,505.2
\u2013
7.5
1,512.7
\nFinancial liabilities and derivatives
\nInterest bearing loans and borrowings
\n1
\n2,067.0
\u2013
\u2013
2,067.0
\nTrade and other payables
1,198.3
\u2013
\u2013
1,198.3
\nDerivative financial instruments
\u2013
\u2013
4.5
4.5
\n3,265.3
\u2013
4.5
3,269.8
\n1
Includes lease liabilities and asset backed financial liabilities as set out in note\u00a023.
\n
\n
\n2022
\nClassification of financial instruments
\nAssets and
\nliabilities at
\namortised
\ncosts
\n\u00a3m
\nAt fair value
\nthrough
\nprofit
\nand loss
\n\u00a3m
\nAt fair value
\nthrough
\nOCI
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nCash and cash equivalents
787.7
\u2013
\u2013
787.7
\nTrade and other receivables
433.4
\u2013
\u2013
433.4
\nNon\u2011derivative financial instruments
117.0
\u2013
\u2013
117.0
\nDerivative financial instruments
\u2013
\u2013
30.4
30.4
\n1,338.1
\u2013
30.4
1,368.5
\nFinancial liabilities and derivatives
\nInterest bearing loans and borrowings
1,413.8
\u2013
\u2013
1,413.8
\nTrade and other payables
1,144.1
\u2013
\u2013
1,144.1
\n2,557.9
\u2013
\u2013
2,557.9
\nCash flow hedges
\nAs at 25\u00a0March\u00a02023
\nCommodity
\nprice risk
\nElectricity
\nprice risk
\nForeign
\nexchange
\nprice risk
\nNominal amount of hedging
0.57m bbls
30,720 MWh
$63.0m
\n< 1 year
0.39m bbls
17,568 MWh
$40.8m
\n1 \u2013 2 years
0.18m bbls
13,152 MWh
$22.2m
\n2 \u2013 5 years
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\nAverage hedged rate
$95.11/bbl
\u00a3167/MWh
1.2628
\nMaturity
Apr23\u2011Mar25
Apr23\u2011Mar25
Apr23\u2011Mar25
\nCarrying amount of hedging instruments
\nAssets \u2013 Derivatives (\u00a3m)
3.3
\u2013
4.2
\nLiabilities \u2013 Derivatives (\u00a3m)
(3.2)
(1.2)
(0.1)
\n(Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
\nCarrying amount of hedged item
\nLiabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
\nAccumulated amount of fair value hedging adjustments included in carrying amount of hedged item
\nLiabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
\nChanges in fair value of hedged item used for calculating hedge effectiveness
(2.0)
1.2
7.1
\nChanges in fair value of hedging instrument used in calculating hedge effectiveness
2.0
(1.2)
(7.1)
\nChanges in fair value of hedging instrument accumulated in cash flow hedge reserve
(19.3)
(0.9)
0.6
\nNo gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in
\neither the current or prior year.
\nFinancial risk management
\nThe Group is exposed to financial risks including liquidity risk, credit risk and certain market\u2011based risks principally being the effects of
\nchanges in foreign exchange rates, interest rates and fuel prices. The Group manages these risks within the context of a set of formal policies
\nestablished by the Board. Certain risk management responsibilities are formally delegated by the Board, principally to a sub\u2011committee of
\nthe Board and to the Chief Financial Officer and to the Treasury Committee. The Treasury Committee comprises the Chief Financial Officer
\nand certain senior finance employees and is responsible for approving hedging transactions permitted under Board\u2011approved policies,
\nmonitoring compliance against policy and recommending changes to existing policies.
\n
\n
\n
\nLiquidity risk
\nLiquidity risk is the risk that the Group may encounter difficulty in meeting obligations associated with financial liabilities. The objective of
\nthe Group\u2019s liquidity risk management is to ensure sufficient committed liquidity resources exist. The Group has a diversified debt structure
\nlargely represented by medium term unsecured syndicated committed bank facilities, medium to long\u2011term unsecured bond debt and
\nfinance leases. It is a policy requirement that debt obligations must be addressed well in advance of their due dates.
\nThe Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end and half year for the budget year,
\nand \u00a3200m for year two of the three\u2011year plan. At year end, the total amount of these facilities stood at \u00a3300.0m (2022:\u00a0\u00a3300.0m), and
\ncommitted headroom was \u00a3300.0m (2022:\u00a0\u00a3300.0m), in addition to free cash balances of \u00a3338.9m (2022:\u00a0\u00a3232.1m). The next material
\ncontractual expiry of revolver bank facilities is in August\u00a02026.
\nThe average duration of net debt (excluding ring\u2011fenced cash) at 25\u00a0March\u00a02023 was 2.7 years (2022:\u00a03.0 years).
\nThe following tables detail, on a continuing basis, the Group\u2019s expected maturity of payables for its borrowings, derivative financial
\ninstruments and trade and other payables. The amounts shown in these tables are prepared on an undiscounted cash flow basis and
\ninclude future interest payments in the years in which they fall due for payment.
\n2023
\n< 1 year
\n\u00a3m
\n1\u20112 years
\n\u00a3m
\n2\u20115 years
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBorrowings
\n1
\n563.1
578.1
839.5
104.6
2,085.3
\nFuel derivatives
(2.6)
(1.8)
\u2013
\u2013
(4.4)
\nFX forwards
\u2013
(0.1)
\u2013
\u2013
(0.1)
\nTrade and other payables
1,198.3
\u2013
\u2013
\u2013
1,198.3
\n1,758.8
576.2
839.5
104.6
3,279.1
\n2022
\n< 1 year
\n\u00a3m
\n1\u20112 years
\n\u00a3m
\n2\u20115 years
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBorrowings
\n1
\n683.6
197.3
516.8
45.8
1,443.5
\nTrade and other payables
1,144.1
\u2013
\u2013
\u2013
1,144.1
\n1,827.7
197.3
516.8
45.8
2,587.6
\n1
Includes lease liabilities and asset backed financial liabilities as set out in note\u00a023.
\nNo derivative financial instruments had collateral requirements or were due on demand in any of the years. Derivative financial instruments
\nare net settled.
\nCurrency risk
\nCurrency risk is the risk of financial loss to foreign currency net assets, earnings and cash flows reported in pounds Sterling due to
\nmovements in exchange rates.
\nThe Group\u2019s principal operations outside the UK were previously in the US and Canada, with the US having been the most significant
\nand the principal currency risk related to movements in the US Dollar to pounds Sterling. Following the disposal of Student, Transit and
\nGreyhound, this exposure has been significantly reduced, with the only balance of note being the US Dollar\u2011denominated earnout asset
\nrelating to First Transit.
\n\u2018Certain\u2019 and \u2018highly probable\u2019 foreign currency transaction exposures may be hedged at the time the exposure arises for up to two years at
\nspecified levels, or longer if there is a very high degree of certainty. The Group is also exposed to currency risk relating to its UK fuel costs
\nwhich are denominated in USD. This is hedged through entering a series of average rate forward contracts on a similar profile to our fuel
\nhedging programme. Forward currency risk is designated in the cash flow hedges, however valuation movements arising from changes in
\ncurrency\u2011basis spreads are excluded from the relationships as costs of hedging. At the balance sheet date the value to be recorded in a
\nseparate component of equity was immaterial, and as such no separate reserve has been shown within the primary financial statements.
\n
\n
continued
\nIFRS\u00a07 requires the Group to show the impact on profit after tax and hedging reserve on financial instruments from a movement in
\nexchange rates. The following analysis details the Group\u2019s sensitivity to a 10% strengthening in pounds Sterling against the US Dollar.
\nA\u00a010%\u00a0weakening in pounds Sterling against the US Dollar would have an equal but opposite effect to that shown below. The analysis has
\nbeen prepared based on the change taking place at the beginning of the financial year and being held constant throughout the reporting
\nperiod. A\u00a0positive number indicates an increase in earnings or equity where pounds Sterling strengthens against the US Dollar.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
0.2
3.9
\nImpact on hedging reserve
(0.1)
(1.8)
\nInterest rate risk
\nThe Group has variable rate debt and cash and therefore net income is exposed to the effects of changes to interest rates. The Group
\ntreasury policy objective is to maintain fixed interest rates at a minimum of 50% of on\u2011balance sheet net debt over the medium term, so that
\nvolatility to EPS is substantially reduced year\u2011on\u2011year. The policy objective is primarily achieved through fixed rate debt. The main floating rate
\nbenchmark on variable rate debt is SONIA.
\nAt 25\u00a0March\u00a02023, 99% (2022:\u00a099%) of gross debt (pre IFRS\u00a016) was fixed. This fixed rate protection had an average duration of 1.8 years
\n(2022:\u00a02.4 years).
\nInterest rate risk within operating leases is hedged 100% by agreeing fixed rentals with the lessors prior to inception of the lease contracts.
\nThe following sensitivity analysis details the Group\u2019s sensitivity to a 100 basis points (1%) increase in interest rates throughout the reporting
\nperiod with all other variables held constant.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
5.7
4.1
\nDiesel fuel price risk
\nThe Group purchases its fuel on a floating price basis and is therefore exposed to changes in diesel prices, primarily in relation to First\u00a0Bus
\noperations. The Group\u2019s policy objective is to maintain a significant degree of fixed price protection in the short term with lower levels of
\nprotection in the medium term, so that the businesses affected are protected from any sudden and significant increases and have time
\nto prepare for potentially higher costs, whilst retaining some access for potentially lower costs over the medium term. To achieve this the
\nGroup operates a progressive hedging policy. The policy hedge target levels differ by division but are monitored monthly and appropriate
\nactions taken to maintain satisfactory hedge levels. Gasoil derivatives are used to hedge UK exposure. Risk component hedging has been
\nadopted under IFRS\u00a09, meaning that the hedged price risk component of the purchased diesel matches that of the underlying derivative
\ncommodity. The hedged risk component is considered to be separately identifiable and reliably measurable. Gasoil is considered to be the
\ncore risk component of the fuel grade ultimately purchased and there is a very strong correlation between the movements in the prices of the
\nderivative underlying and the purchased fuel. Variances in pricing of the derivative commodities and the purchased fuel are primarily driven
\nby further refinement of the fuel or the associated transportation costs which were excluded from the hedge relationship. Currently First\u00a0Bus
\ndiesel exposure is hedged 85% to March\u00a02024 and 55% to March\u00a02025.
\n
\n
\n
\nThe Group has entered into swaps for periods from April\u00a02023 to March\u00a02025 with the majority of these swaps relating to the 53\u00a0weeks
\nending 30\u00a0March\u00a02024. The swaps give rise to monthly cash flow exchanges with counterparties to offset the underlying settlement of
\nfloating price costs, except where they have a deferred start date. Gains or losses on fuel derivatives are recycled from equity into inventory
\non qualifying hedges to achieve fixed rate fuel costs within operating results.
\nThe following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of diesel fuel had been $10 per barrel higher
\nduring the 52\u00a0weeks ending 25\u00a0March\u00a02023 and at the year end:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
(0.3)
(4.9)
\nImpact on hedging reserve
3.5
4.5
\nElectricity price risk
\nThe Group purchases electricity on a floating price basis and is therefore exposed to changes in electricity prices, primarily in relation to
\nFirst\u00a0Bus and Group operations. The Group\u2019s policy objective is to maintain a significant degree of fixed price protection in the short term, so
\nthat the businesses affected have time to prepare for prices after the current hedge period expires. To achieve this the Group uses cash flow
\nhedge financial instruments to achieve significant fixed price certainty
\nThe Group did not have any hedges in place for the year to 25\u00a0March\u00a02023. It has entered into swaps for periods from April\u00a02023 to
\nMarch\u00a02025. The swaps give rise to monthly cashflow exchanges with counterparties to offset the underlying settlement of floating price
\ncosts, except where they have a deferred start date. Gains or losses on electricity derivatives will be recycled from equity to the income
\nstatement on qualifying hedges to achieve fixed rate electricity costs within operating results.
\nThe following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of electricity had been \u00a350 per MWh higher
\nduring the 52\u00a0weeks ending 25\u00a0March\u00a02023 and at the year end:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
(1.0)
\u2013
\nImpact on hedging reserve
1.2
\u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f24393": {
"value": "Derivative financial instruments 2023
\n\u00a3m
\n2022
\n\u00a3m
\nTotal derivatives
\nTotal non\u2011current assets
0.1
4.2
\nTotal current assets
7.4
26.2
\nTotal assets from continuing operations
7.5
30.4
\nTotal current liabilities
2.6
\u2013
\nTotal non\u2011current liabilities
1.9
\u2013
\nTotal liabilities from continuing operations
4.5
\u2013
\nDerivatives designated and effective as hedging instruments carried at fair value
\nNon\u2011current assets
\nFuel derivatives (cash flow hedge)
\u2013
4.0
\nCurrency forwards (cash flow hedge)
0.1
0.2
\n0.1
4.2
\nCurrent assets
\nFuel derivatives (cash flow hedge)
3.3
25.6
\nCurrency forwards (cash flow hedge)
4.1
0.6
\n7.4
26.2
\nCurrent liabilities
\nFuel derivatives (cash flow hedge)
2.6
\u2013
\n2.6
\u2013
\nNon\u2011current liabilities
\nCurrency forwards (cash flow hedge)
0.1
\u2013
\nFuel derivatives (cash flow hedge)
1.8
\u2013
\n1.9
\u2013
\nThe Group enters into derivative transactions under International Swaps and Derivatives Association Master Agreements that allow for the
\nrelated amounts to be set\u2011off in certain circumstances. The amounts set out as Fuel Derivatives and Currency forwards in the table above
\nrepresent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a
\ngross basis. Derivative liabilities of \u00a3nil (2022:\u00a0\u00a3nil) were subject to netting arrangements.
\nTotal cash flow hedges are an asset of \u00a33.0m (2022:\u00a0\u00a330.4m asset).
\n
\n
\nThe following (profits) were transferred from equity into inventory as basis adjustments during the year:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nOperating (profits)
(31.2)
(13.8)
\nFair value of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) on a
\ncontinuing basis:
\n2023
\nFair value
Carrying
\nvalue
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nLevel 3
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nContingent consideration receivable
\u2013
72.3
\u2013
72.3
72.3
\nTrade and other receivables
\u2013
596.2
\u2013
596.2
596.2
\nDerivative financial instruments
\u2013
7.5
\u2013
7.5
7.5
\nFinancial liabilities and derivatives
\nBorrowings
\n1
\n0.6
1,984.1
\u2013
1,984.7
1,984.1
\nTrade and other payables
\u2013
1,198.3
\u2013
1,198.3
1,198.3
\nDerivative financial instruments
\u2013
4.5
\u2013
4.5
4.5
\n1 Includes lease liabilities and asset backed financial liabilities as set out in note\u00a023.
\nThe estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying
\nvalue of these items.
\n2022
\nFair value
Carrying
\nvalue
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nLevel 3
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nContingent consideration receivable
\u2013
\u2013
106.1
106.1
106.1
\nTrade and other receivables
\u2013
433.4
\u2013
433.4
433.4
\nDerivative financial instruments
\u2013
30.4
\u2013
30.4
30.4
\nFinancial liabilities and derivatives
\nBorrowings
\n1
\n10.6
1,345.4
\u2013
1,356.0
1,326.3
\nTrade and other payables
\u2013
1,144.1
\u2013
1,144.1
1,144.1
\nLevel 1:
Quoted prices in active markets for identical assets and liabilities.
\nLevel 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly.
\nLevel 3:
Inputs for the asset or liability that are not based on observable market data.
\nThere were no transfers between Level\u00a01 and Level\u00a02 during the current or prior year. The announcement of EQT Infrastructure\u2019s agreement
\nto sell First Transit to Transdev North America, Inc, means that the Group\u2019s valuation of the earnout now reflects an observable market value,
\nand the contingent consideration receivable has therefore been reclassified from Level\u00a03 to Level\u00a02 at 25\u00a0March\u00a02023.
\nThe estimated fair value of cash and cash equivalents and bank overdrafts are a reasonable approximation to the carrying value of these
\nitems.
\n
\n
\n
\nFinancial assets/(liabilities)
\nFair values
\nat 25 March
\n2023
\n\u00a3m
\nFair values
\nat 26 March
\n2022
\n\u00a3m
\nFair value
\nhierarchy
Valuation technique(s) and key inputs
\nDerivative contracts
\n1) Fuel derivatives
(1.1)
29.6
Level 2
Discounted cash flow; future cash flows are estimated based on
\nforward fuel prices and contract rates and then discounted at a rate
\nthat reflects the credit risk of the various counterparties.
\n2) Currency forwards
4.1
0.8
Level 2
Discounted cash flow; future cash flows are estimated based on
\nforward foreign exchange rates and contract rates and then discounted
\nat a rate that reflects the credit risk of the various counterparties.
\nThe following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis.
\n2023
\nClassification of financial instruments
\nAssets and
\nliabilities at
\namortised
\ncosts
\n\u00a3m
\nAt fair value
\nthrough
\nprofit
\nand loss
\n\u00a3m
\nAt fair value
\nthrough
\nOCI
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nCash and cash equivalents
791.4
\u2013
\u2013
791.4
\nTrade and other receivables
596.2
\u2013
\u2013
596.2
\nNon\u2011derivative financial instruments
117.6
\u2013
\u2013
117.6
\nDerivative financial instruments
\u2013
\u2013
7.5
7.5
\n1,505.2
\u2013
7.5
1,512.7
\nFinancial liabilities and derivatives
\nInterest bearing loans and borrowings
\n1
\n2,067.0
\u2013
\u2013
2,067.0
\nTrade and other payables
1,198.3
\u2013
\u2013
1,198.3
\nDerivative financial instruments
\u2013
\u2013
4.5
4.5
\n3,265.3
\u2013
4.5
3,269.8
\n1
Includes lease liabilities and asset backed financial liabilities as set out in note\u00a023.
\n
\n
\n2022
\nClassification of financial instruments
\nAssets and
\nliabilities at
\namortised
\ncosts
\n\u00a3m
\nAt fair value
\nthrough
\nprofit
\nand loss
\n\u00a3m
\nAt fair value
\nthrough
\nOCI
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and derivatives
\nCash and cash equivalents
787.7
\u2013
\u2013
787.7
\nTrade and other receivables
433.4
\u2013
\u2013
433.4
\nNon\u2011derivative financial instruments
117.0
\u2013
\u2013
117.0
\nDerivative financial instruments
\u2013
\u2013
30.4
30.4
\n1,338.1
\u2013
30.4
1,368.5
\nFinancial liabilities and derivatives
\nInterest bearing loans and borrowings
1,413.8
\u2013
\u2013
1,413.8
\nTrade and other payables
1,144.1
\u2013
\u2013
1,144.1
\n2,557.9
\u2013
\u2013
2,557.9
\nCash flow hedges
\nAs at 25\u00a0March\u00a02023
\nCommodity
\nprice risk
\nElectricity
\nprice risk
\nForeign
\nexchange
\nprice risk
\nNominal amount of hedging
0.57m bbls
30,720 MWh
$63.0m
\n< 1 year
0.39m bbls
17,568 MWh
$40.8m
\n1 \u2013 2 years
0.18m bbls
13,152 MWh
$22.2m
\n2 \u2013 5 years
\u2013
\u2013
\u2013
\n> 5 years
\u2013
\u2013
\u2013
\nAverage hedged rate
$95.11/bbl
\u00a3167/MWh
1.2628
\nMaturity
Apr23\u2011Mar25
Apr23\u2011Mar25
Apr23\u2011Mar25
\nCarrying amount of hedging instruments
\nAssets \u2013 Derivatives (\u00a3m)
3.3
\u2013
4.2
\nLiabilities \u2013 Derivatives (\u00a3m)
(3.2)
(1.2)
(0.1)
\n(Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
\nCarrying amount of hedged item
\nLiabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
\nAccumulated amount of fair value hedging adjustments included in carrying amount of hedged item
\nLiabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
\nChanges in fair value of hedged item used for calculating hedge effectiveness
(2.0)
1.2
7.1
\nChanges in fair value of hedging instrument used in calculating hedge effectiveness
2.0
(1.2)
(7.1)
\nChanges in fair value of hedging instrument accumulated in cash flow hedge reserve
(19.3)
(0.9)
0.6
\nNo gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in
\neither the current or prior year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f24888": {
"value": "Financial risk management The Group is exposed to financial risks including liquidity risk, credit risk and certain market\u2011based risks principally being the effects of
\nchanges in foreign exchange rates, interest rates and fuel prices. The Group manages these risks within the context of a set of formal policies
\nestablished by the Board. Certain risk management responsibilities are formally delegated by the Board, principally to a sub\u2011committee of
\nthe Board and to the Chief Financial Officer and to the Treasury Committee. The Treasury Committee comprises the Chief Financial Officer
\nand certain senior finance employees and is responsible for approving hedging transactions permitted under Board\u2011approved policies,
\nmonitoring compliance against policy and recommending changes to existing policies.
\n
\n
\n
\nLiquidity risk
\nLiquidity risk is the risk that the Group may encounter difficulty in meeting obligations associated with financial liabilities. The objective of
\nthe Group\u2019s liquidity risk management is to ensure sufficient committed liquidity resources exist. The Group has a diversified debt structure
\nlargely represented by medium term unsecured syndicated committed bank facilities, medium to long\u2011term unsecured bond debt and
\nfinance leases. It is a policy requirement that debt obligations must be addressed well in advance of their due dates.
\nThe Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end and half year for the budget year,
\nand \u00a3200m for year two of the three\u2011year plan. At year end, the total amount of these facilities stood at \u00a3300.0m (2022:\u00a0\u00a3300.0m), and
\ncommitted headroom was \u00a3300.0m (2022:\u00a0\u00a3300.0m), in addition to free cash balances of \u00a3338.9m (2022:\u00a0\u00a3232.1m). The next material
\ncontractual expiry of revolver bank facilities is in August\u00a02026.
\nThe average duration of net debt (excluding ring\u2011fenced cash) at 25\u00a0March\u00a02023 was 2.7 years (2022:\u00a03.0 years).
\nThe following tables detail, on a continuing basis, the Group\u2019s expected maturity of payables for its borrowings, derivative financial
\ninstruments and trade and other payables. The amounts shown in these tables are prepared on an undiscounted cash flow basis and
\ninclude future interest payments in the years in which they fall due for payment.
\n2023
\n< 1 year
\n\u00a3m
\n1\u20112 years
\n\u00a3m
\n2\u20115 years
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBorrowings
\n1
\n563.1
578.1
839.5
104.6
2,085.3
\nFuel derivatives
(2.6)
(1.8)
\u2013
\u2013
(4.4)
\nFX forwards
\u2013
(0.1)
\u2013
\u2013
(0.1)
\nTrade and other payables
1,198.3
\u2013
\u2013
\u2013
1,198.3
\n1,758.8
576.2
839.5
104.6
3,279.1
\n2022
\n< 1 year
\n\u00a3m
\n1\u20112 years
\n\u00a3m
\n2\u20115 years
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBorrowings
\n1
\n683.6
197.3
516.8
45.8
1,443.5
\nTrade and other payables
1,144.1
\u2013
\u2013
\u2013
1,144.1
\n1,827.7
197.3
516.8
45.8
2,587.6
\n1
Includes lease liabilities and asset backed financial liabilities as set out in note\u00a023.
\nNo derivative financial instruments had collateral requirements or were due on demand in any of the years. Derivative financial instruments
\nare net settled.
\nCurrency risk
\nCurrency risk is the risk of financial loss to foreign currency net assets, earnings and cash flows reported in pounds Sterling due to
\nmovements in exchange rates.
\nThe Group\u2019s principal operations outside the UK were previously in the US and Canada, with the US having been the most significant
\nand the principal currency risk related to movements in the US Dollar to pounds Sterling. Following the disposal of Student, Transit and
\nGreyhound, this exposure has been significantly reduced, with the only balance of note being the US Dollar\u2011denominated earnout asset
\nrelating to First Transit.
\n\u2018Certain\u2019 and \u2018highly probable\u2019 foreign currency transaction exposures may be hedged at the time the exposure arises for up to two years at
\nspecified levels, or longer if there is a very high degree of certainty. The Group is also exposed to currency risk relating to its UK fuel costs
\nwhich are denominated in USD. This is hedged through entering a series of average rate forward contracts on a similar profile to our fuel
\nhedging programme. Forward currency risk is designated in the cash flow hedges, however valuation movements arising from changes in
\ncurrency\u2011basis spreads are excluded from the relationships as costs of hedging. At the balance sheet date the value to be recorded in a
\nseparate component of equity was immaterial, and as such no separate reserve has been shown within the primary financial statements.
\n
\n
continued
\nIFRS\u00a07 requires the Group to show the impact on profit after tax and hedging reserve on financial instruments from a movement in
\nexchange rates. The following analysis details the Group\u2019s sensitivity to a 10% strengthening in pounds Sterling against the US Dollar.
\nA\u00a010%\u00a0weakening in pounds Sterling against the US Dollar would have an equal but opposite effect to that shown below. The analysis has
\nbeen prepared based on the change taking place at the beginning of the financial year and being held constant throughout the reporting
\nperiod. A\u00a0positive number indicates an increase in earnings or equity where pounds Sterling strengthens against the US Dollar.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
0.2
3.9
\nImpact on hedging reserve
(0.1)
(1.8)
\nInterest rate risk
\nThe Group has variable rate debt and cash and therefore net income is exposed to the effects of changes to interest rates. The Group
\ntreasury policy objective is to maintain fixed interest rates at a minimum of 50% of on\u2011balance sheet net debt over the medium term, so that
\nvolatility to EPS is substantially reduced year\u2011on\u2011year. The policy objective is primarily achieved through fixed rate debt. The main floating rate
\nbenchmark on variable rate debt is SONIA.
\nAt 25\u00a0March\u00a02023, 99% (2022:\u00a099%) of gross debt (pre IFRS\u00a016) was fixed. This fixed rate protection had an average duration of 1.8 years
\n(2022:\u00a02.4 years).
\nInterest rate risk within operating leases is hedged 100% by agreeing fixed rentals with the lessors prior to inception of the lease contracts.
\nThe following sensitivity analysis details the Group\u2019s sensitivity to a 100 basis points (1%) increase in interest rates throughout the reporting
\nperiod with all other variables held constant.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
5.7
4.1
\nDiesel fuel price risk
\nThe Group purchases its fuel on a floating price basis and is therefore exposed to changes in diesel prices, primarily in relation to First\u00a0Bus
\noperations. The Group\u2019s policy objective is to maintain a significant degree of fixed price protection in the short term with lower levels of
\nprotection in the medium term, so that the businesses affected are protected from any sudden and significant increases and have time
\nto prepare for potentially higher costs, whilst retaining some access for potentially lower costs over the medium term. To achieve this the
\nGroup operates a progressive hedging policy. The policy hedge target levels differ by division but are monitored monthly and appropriate
\nactions taken to maintain satisfactory hedge levels. Gasoil derivatives are used to hedge UK exposure. Risk component hedging has been
\nadopted under IFRS\u00a09, meaning that the hedged price risk component of the purchased diesel matches that of the underlying derivative
\ncommodity. The hedged risk component is considered to be separately identifiable and reliably measurable. Gasoil is considered to be the
\ncore risk component of the fuel grade ultimately purchased and there is a very strong correlation between the movements in the prices of the
\nderivative underlying and the purchased fuel. Variances in pricing of the derivative commodities and the purchased fuel are primarily driven
\nby further refinement of the fuel or the associated transportation costs which were excluded from the hedge relationship. Currently First\u00a0Bus
\ndiesel exposure is hedged 85% to March\u00a02024 and 55% to March\u00a02025.
\n
\n
\n
\nThe Group has entered into swaps for periods from April\u00a02023 to March\u00a02025 with the majority of these swaps relating to the 53\u00a0weeks
\nending 30\u00a0March\u00a02024. The swaps give rise to monthly cash flow exchanges with counterparties to offset the underlying settlement of
\nfloating price costs, except where they have a deferred start date. Gains or losses on fuel derivatives are recycled from equity into inventory
\non qualifying hedges to achieve fixed rate fuel costs within operating results.
\nThe following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of diesel fuel had been $10 per barrel higher
\nduring the 52\u00a0weeks ending 25\u00a0March\u00a02023 and at the year end:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
(0.3)
(4.9)
\nImpact on hedging reserve
3.5
4.5
\nElectricity price risk
\nThe Group purchases electricity on a floating price basis and is therefore exposed to changes in electricity prices, primarily in relation to
\nFirst\u00a0Bus and Group operations. The Group\u2019s policy objective is to maintain a significant degree of fixed price protection in the short term, so
\nthat the businesses affected have time to prepare for prices after the current hedge period expires. To achieve this the Group uses cash flow
\nhedge financial instruments to achieve significant fixed price certainty
\nThe Group did not have any hedges in place for the year to 25\u00a0March\u00a02023. It has entered into swaps for periods from April\u00a02023 to
\nMarch\u00a02025. The swaps give rise to monthly cashflow exchanges with counterparties to offset the underlying settlement of floating price
\ncosts, except where they have a deferred start date. Gains or losses on electricity derivatives will be recycled from equity to the income
\nstatement on qualifying hedges to achieve fixed rate electricity costs within operating results.
\nThe following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of electricity had been \u00a350 per MWh higher
\nduring the 52\u00a0weeks ending 25\u00a0March\u00a02023 and at the year end:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nImpact on profit after tax
(1.0)
\u2013
\nImpact on hedging reserve
1.2
\u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f24930": {
"value": "Liquidity risk Liquidity risk is the risk that the Group may encounter difficulty in meeting obligations associated with financial liabilities. The objective of
\nthe Group\u2019s liquidity risk management is to ensure sufficient committed liquidity resources exist. The Group has a diversified debt structure
\nlargely represented by medium term unsecured syndicated committed bank facilities, medium to long\u2011term unsecured bond debt and
\nfinance leases. It is a policy requirement that debt obligations must be addressed well in advance of their due dates.
\nThe Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end and half year for the budget year,
\nand \u00a3200m for year two of the three\u2011year plan. At year end, the total amount of these facilities stood at \u00a3300.0m (2022:\u00a0\u00a3300.0m), and
\ncommitted headroom was \u00a3300.0m (2022:\u00a0\u00a3300.0m), in addition to free cash balances of \u00a3338.9m (2022:\u00a0\u00a3232.1m). The next material
\ncontractual expiry of revolver bank facilities is in August\u00a02026.
\nThe average duration of net debt (excluding ring\u2011fenced cash) at 25\u00a0March\u00a02023 was 2.7 years (2022:\u00a03.0 years).
\nThe following tables detail, on a continuing basis, the Group\u2019s expected maturity of payables for its borrowings, derivative financial
\ninstruments and trade and other payables. The amounts shown in these tables are prepared on an undiscounted cash flow basis and
\ninclude future interest payments in the years in which they fall due for payment.
\n2023
\n< 1 year
\n\u00a3m
\n1\u20112 years
\n\u00a3m
\n2\u20115 years
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBorrowings
\n1
\n563.1
578.1
839.5
104.6
2,085.3
\nFuel derivatives
(2.6)
(1.8)
\u2013
\u2013
(4.4)
\nFX forwards
\u2013
(0.1)
\u2013
\u2013
(0.1)
\nTrade and other payables
1,198.3
\u2013
\u2013
\u2013
1,198.3
\n1,758.8
576.2
839.5
104.6
3,279.1
\n2022
\n< 1 year
\n\u00a3m
\n1\u20112 years
\n\u00a3m
\n2\u20115 years
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBorrowings
\n1
\n683.6
197.3
516.8
45.8
1,443.5
\nTrade and other payables
1,144.1
\u2013
\u2013
\u2013
1,144.1
\n1,827.7
197.3
516.8
45.8
2,587.6
\n1
Includes lease liabilities and asset backed financial liabilities as set out in note\u00a023.
\nNo derivative financial instruments had collateral requirements or were due on demand in any of the years. Derivative financial instruments
\nare net settled.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25172": {
"value": "26 Deferred tax The major deferred tax (assets)/liabilities recognised by the Group and movements thereon during the current and prior reporting periods are
\nas follows:
\nAccelerated
\ntax
\ndepreciation
\n\u00a3m
\nRetirement
\nbenefit
\nschemes
\n\u00a3m
\nOther
\ntemporary
\ndifferences
\n\u00a3m
\nTax
\nlosses
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 27\u00a0March\u00a02021
10.7
(32.4)
(13.3)
\u2013
(35.0)
\nCharge/(credit) to income statement
1.2
39.0
(39.7)
7.5
8.0
\nCharge to other comprehensive income and equity
\u2013
22.1
5.8
\u2013
27.9
\nTransferred to held for sale \u2013 discontinued operations
(16.6)
20.6
1.3
(43.0)
(37.7)
\nForeign exchange and other movements
(1.4)
(0.7)
1.0
1.8
0.7
\nAt 26\u00a0March\u00a02022
(6.1)
48.6
(44.9)
(33.7)
(36.1)
\nCharge/(credit) to income statement
28.0
(2.8)
10.6
(5.2)
30.6
\nCredit to other comprehensive income and equity
\u2013
(37.2)
(7.4)
\u2013
(44.6)
\nAcquisitions and disposals of subsidiaries
4.7
\u2013
0.3
\u2013
5.0
\nForeign exchange and other movements
(1.9)
\u2013
\u2013
\u2013
(1.9)
\nAt 25\u00a0March\u00a02023
24.7
8.6
(41.4)
(38.9)
(47.0)
\nWith respect to the total net deferred tax asset of \u00a347.0m, UK net deferred tax assets of \u00a346.1m have been recognised as the Group
\nforecasts sufficient taxable profits in future periods and a deferred tax asset of \u00a30.9m relating to the US is recognised because it is probable
\nthat book gains will arise on the remaining US property portfolio.
\nNo deferred tax has been recognised on deductible temporary differences of \u00a31.3m (2022:\u00a0\u00a3105.1m) and tax losses of \u00a3460.8m
\n(2022:\u00a0\u00a395.6m) as there are insufficient future profits forecast in North America and some UK entities may cease to trade before their tax
\nlosses can be utilised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25282": {
"value": "27 Provisions Insurance
\nclaims
\n\u00a3m
\nLegal and
\nother
\n\u00a3m
\nPensions
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 26\u00a0March\u00a02022
148.0
86.0
1.3
235.3
\nCharged to the income statement
11.6
20.4
(1.3)
30.7
\nUtilised in the year
(37.1)
(26.8)
\u2013
(63.9)
\nNotional interest
0.2
\u2013
\u2013
0.2
\nForeign exchange movements
7.2
1.6
\u2013
8.8
\nAt 25\u00a0March\u00a02023
129.9
81.2
\u2013
211.1
\nCurrent liabilities
45.5
40.4
\u2013
85.9
\nNon\u2011current liabilities
84.4
40.8
\u2013
125.2
\nAt 25\u00a0March\u00a02023
129.9
81.2
\u2013
211.1
\nCurrent liabilities
51.8
62.7
0.1
114.6
\nNon\u2011current liabilities
96.2
23.3
1.2
120.7
\nAt 26\u00a0March\u00a02022
148.0
86.0
1.3
235.3
\nThe insurance claims provision arises from estimated exposures for incidents occurring prior to the balance sheet date. It is anticipated
\nthat the majority of such claims will be settled within the next four years although certain liabilities in respect of lifetime obligations of \u00a31.3m
\n(2022:\u00a0\u00a38.9m) can extend for more than 25 years. The utilisation of \u00a337.1m (2022:\u00a0\u00a343.0m) represents payments made against the current
\nliability of the preceding year as well as the settlement of certain large aged claims.
\nThe insurance claims provisions, of which \u00a378.6m (2022:\u00a0\u00a396.0m) relates to legacy Greyhound claims, includes \u00a373.3m (2022:\u00a0\u00a388.5m)
\nwhich is recoverable from insurance companies and a receivable is included within other receivables in note\u00a017.
\nLegal and other provisions relate to estimated exposures for cases filed or thought highly likely to be filed for incidents that occurred prior to
\nthe balance sheet date. It is anticipated that most of these items will be settled within ten years. Also included are provisions in respect of
\ncosts anticipated on the exit of surplus properties which are expected to be settled over the remaining terms of the respective leases and
\ndilapidation, other provisions in respect of contractual obligations under rail franchises and restructuring costs. The dilapidation provisions
\nare expected to be settled at the end of the respective franchise.
\nThe pensions provision related to unfunded obligations that arose on the acquisition of certain First\u00a0Bus companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25368": {
"value": "28 Called up share capital Number
\nof shares
\nmillion
\n2023
\n\u00a3m
\nAllotted, called up and fully paid (ordinary shares of 5p each)
\nBalance as at 27\u00a0March\u00a02022
750.2
37.5
\nSAYE/BAYE exercises
0.4
\u2013
\nBalance as at 25\u00a0March\u00a02023 (ordinary shares of 5p each)
750.6
37.5
\nThe Company has one class of ordinary shares which carries no right to fixed income.
\nIn December\u00a02022, the Company announced a share buyback programme to purchase up to \u00a375m of ordinary shares, and at
\n25\u00a0March\u00a02023, the Company had repurchased 29,515,396 shares for an amount of \u00a331.6m, including transaction costs of \u00a30.3m. As at
\n25\u00a0March\u00a02023, \u00a375.5m has been deducted from retained earnings in respect of the shares already purchased and remaining commitment
\nto purchase up to \u00a375m of ordinary shares.
\nDuring the year 0.4m shares were issued to satisfy principally SAYE and BAYE exercises.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25418": {
"value": "29 Reserves The share premium account represents the premium on shares issued since 1999 and arose principally on the rights issue on the Ryder
\nacquisition in 1999 and the share placings in\u00a02007 and\u00a02008. The reserve is non\u2011distributable.
\nThe hedging reserve includes \u00a31.2m in relation to the cost of hedging and records the movement on designated hedging items.
\nThe own shares reserve represents the cost of shares in FirstGroup plc purchased in the market and either held as treasury shares or held in
\ntrust to satisfy the exercise of share options.
\nHedging reserve
\nThe movements in the hedging reserve were as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBalance at 26\u00a0March\u00a02022/27\u00a0March\u00a02021
19.3
(3.4)
\nTransfer to hedging reserve through consolidated statement of comprehensive income
\nFuel derivatives
0.8
42.3
\nCurrency forwards
(7.1)
1.6
\n(6.3)
43.9
\nTax on derivative hedging instrument movements through statement of comprehensive income
(1.3)
(10.8)
\nTransfer from hedging reserve to the balance sheet:
\nFuel derivatives
(27.7)
(14.6)
\nCurrency forwards
(3.4)
0.7
\n(31.1)
(13.9)
\nTax on derivative hedging instrument movements to the balance sheet
7.8
3.5
\n(11.6)
19.3
\nCumulative loss on hedging instruments reclassified to the income statement
10.9
\u2013
\nBalance at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
(0.7)
19.3
\nOwn shares
\nThe number of own shares held by the Group at the end of the year was 42,774,044 (2022:\u00a09,472,372) FirstGroup plc ordinary shares
\nof 5p each. Of these, 13,068,899 (2022:\u00a09,282,623) were held by the FirstGroup plc Employee Benefit Trust, 32,520 (2022:\u00a032,520) by
\nthe FirstGroup plc Qualifying Employee Share Ownership Trust and 157,229 (2022:\u00a0157,229) were held as treasury shares, with a further
\n29,515,396 held as treasury shares as part of the share buyback programme which commenced on 19\u00a0December\u00a02022. Both trusts and
\ntreasury shares have waived the rights to dividend income from the FirstGroup plc ordinary shares. The market value of the shares at
\n25\u00a0March\u00a02023 was \u00a343.3m (2022:\u00a0\u00a310.2m).
\nCapital
\nredemption
\nreserve
\n\u00a3m
\nCapital
\nreserve
\n\u00a3m
\nTotal other
\nreserves
\n\u00a3m
\nBalance at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
19.7
2.7
22.4
\nThe capital redemption reserve represents the cumulative par value of all shares bought back and cancelled, less the associated transaction
\ncosts and stamp duty. The capital reserve arose on acquisitions made in\u00a02000. Neither reserve is distributable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25467": {
"value": "Own shares The number of own shares held by the Group at the end of the year was 42,774,044 (2022:\u00a09,472,372) FirstGroup plc ordinary shares
\nof 5p each. Of these, 13,068,899 (2022:\u00a09,282,623) were held by the FirstGroup plc Employee Benefit Trust, 32,520 (2022:\u00a032,520) by
\nthe FirstGroup plc Qualifying Employee Share Ownership Trust and 157,229 (2022:\u00a0157,229) were held as treasury shares, with a further
\n29,515,396 held as treasury shares as part of the share buyback programme which commenced on 19\u00a0December\u00a02022. Both trusts and
\ntreasury shares have waived the rights to dividend income from the FirstGroup plc ordinary shares. The market value of the shares at
\n25\u00a0March\u00a02023 was \u00a343.3m (2022:\u00a0\u00a310.2m).
\nCapital
\nredemption
\nreserve
\n\u00a3m
\nCapital
\nreserve
\n\u00a3m
\nTotal other
\nreserves
\n\u00a3m
\nBalance at 25\u00a0March\u00a02023/26\u00a0March\u00a02022
19.7
2.7
22.4
\nThe capital redemption reserve represents the cumulative par value of all shares bought back and cancelled, less the associated transaction
costs and stamp duty. The capital reserve arose on acquisitions made in\u00a02000. Neither reserve is distributable.",
"dimensions": {
"concept": "fgp:DisclosureOfOwnSharesExplanatoryTextBlock",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25494": {
"value": "30 Translation reserve 2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt 26\u00a0March\u00a02022/27\u00a0March\u00a02021
(24.0)
524.7
\nReclassification of foreign currency translation reserve on discontinued operations (see note\u00a021)
\u2013
(543.4)
\nMovement for the financial year
7.7
(5.3)
\nAt 25\u00a0March\u00a02023/26\u00a0March\u00a02022
(16.3)
(24.0)
\nThe translation reserve records exchange differences arising from the translation of the balance sheets of foreign currency denominated
\nsubsidiaries offset by movements on loans used to hedge the net investment in those foreign subsidiaries. Reclassification of foreign
\ncurrency translation reserve on discontinued operations in\u00a02022 relates to the sale of First Student and First Transit (\u00a3450.6m) and
\nGreyhound (\u00a392.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25533": {
"value": "31 Acquisition of businesses and subsidiary undertakings
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nProvisional fair value of net assets acquired:
\nProperty, plant and equipment
28.3
1.4
\nOther intangible assets
\u2013
0.2
\nCurrent assets
11.8
4.7
\nOther liabilities
(8.0)
(4.2)
\n32.1
2.1
\nGoodwill
6.1
11.0
\nSatisfied by cash paid and payable
38.2
13.1
\nAcquisitions in 52\u00a0weeks to 25\u00a0March\u00a02023
\nOn 9\u00a0March\u00a02023, the Group completed the acquisition of Ensign Bus Company Ltd, which has strong positions in business\u2011to\u2011business
\nand regional commercial bus operations in Essex, as well as a vehicle refurbishment and re\u2011sale operation.
\nThe total consideration of \u00a335.7m represents \u00a334.7m paid during the period and \u00a31.0m to be paid in future periods, and includes cash
\nacquired of \u00a36.6m included in current assets.
\nThe business acquired during the year contributed \u00a31.2m to Group revenue from continuing operations and \u00a30.1m profit to Group operating
\nprofit from continuing operations from the date of acquisition.
\nIf the acquisition of the business had been completed on the first day of the financial year, Group revenue from the acquisition for the year
\nwould have been \u00a328.4m and Group operating profit would have been \u00a33.0m.
\nOn 26\u00a0October\u00a02022, the Group completed the acquisition of Airporter Ltd, a provider of bus services and supplier of coaches, mini buses
\nand private vehicles for hire.
\nThe total consideration of \u00a32.5m was fully paid in the year.
\nThe business acquired during the year contributed \u00a30.3m to Group revenue from continuing operations and \u00a30.2m profit to Group operating
\nprofit from continuing operations from the date of acquisition.
\nIf the acquisition of the business had been completed on the first day of the financial year, Group revenue from the acquisition for the year
\nwould have been \u00a31.8m and Group operating profit would have been \u00a31.0m.
\nAcquisitions in 52\u00a0weeks to 26\u00a0March\u00a02022
\nOn 1\u00a0June\u00a02021 the Group completed the acquisition of Mid State School Bus Inc. a provider of school transportation services in Nebraska,
\nUnited States of America. The total consideration of \u00a32.9m represented \u00a32.7m cash paid during the year and \u00a30.2m deferred to be paid
\nin future periods. The business was subsequently disposed of as part of the sale of First Transit on 21\u00a0July\u00a02021 and therefore did not
\ncontribute to the Group\u2019s revenue from continuing operations or operating profit from continuing operations.
\nOn 30\u00a0September\u00a02021 the Group completed the acquisition of Somerset Passenger Solutions Ltd. a company which serves the passenger
\ntransport needs of the Hinkley Point C construction project in Somerset, England. Prior to the date of acquisition the company was operated
\nas a joint venture between the Group and JJP Holdings (South West) Ltd. with both parties holding a 50% share.
\nThe total consideration of \u00a310.2m represented \u00a38.6m cash paid during the year and \u00a31.6m deferred to be paid in future periods.
\nThe business acquired during\u00a02022 contributed \u00a314.6m to Group revenue from continuing operations and \u00a31.4m profit to Group operating
\nprofit from continuing operations from the date of acquisition to 26\u00a0March\u00a02022.
\nIf the acquisition of the business acquired during the year had been completed on the first day of the financial year, Group revenue from
\ncontinuing operations from the acquisition for the year would have been \u00a330.9m and the Group operating profit from continuing operations
\nfrom this acquisition would have been \u00a33.2m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25619": {
"value": "32 Net cash from operating activities
\n2023
\n\u00a3m
\n2022
\nrestated
\n\u00a3m
\nOperating profit from:
\nContinuing operations
153.9
122.8
\nDiscontinued operations
31.3
683.3
\nTotal operations
185.2
806.1
\nAdjustments for:
\nDepreciation charges
721.9
746.4
\nCapital grant amortisation
(129.1)
(115.8)
\nSoftware amortisation charges
8.6
4.7
\nOther intangible asset amortisation charges
\u2013
0.4
\nLoss/(gain) on disposal of subsidiaries and businesses
3.7
(66.7)
\nRecycling of translation reserve
\u2013
(543.4)
\nImpairment
13.6
\u2013
\nReversal of impairment
(4.3)
(48.1)
\nShare\u2011based payments
6.4
5.4
\nProfit on disposal of property, plant and equipment
(71.7)
(22.1)
\nOperating cash flows before working capital and pensions
734.3
766.9
\nDecrease/(increase) in inventories
2.9
(6.4)
\n(Increase)/decrease in receivables
(159.4)
95.5
\nIncrease/(decrease) in payables due within one year
53.8
(130.0)
\nIncrease in financial assets
\u2013
(117.0)
\nDecrease/(increase) in contingent consideration receivable
33.8
(106.1)
\n(Decrease)/increase in provisions due within one year
(31.8)
36.5
\nDecrease in provisions due over one year
(1.2)
(13.2)
\nSettlement of foreign exchange hedge
(1.2)
\u2013
\nLocal Government Pension Scheme refund
11.8
\u2013
\nDefined benefit pension payments in excess of income statement charge
1.8
(340.4)
\nCash generated by operations
644.8
185.8
\nTax paid
(1.0)
(21.4)
\nInterest paid\u00b9
(70.0)
(176.6)
\nNet cash from operating activities
\n2
\n573.8
(12.2)
\n1
Interest paid includes \u00a350.6m relating to lease liabilities (2022:\u00a0\u00a341.0m).
\n2
Net cash from operating activities is stated after an inflow of \u00a335.1m (2022:\u00a0inflow of \u00a39.1m) in relation to financial derivative settlements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25720": {
"value": "33 Analysis of changes in net debt
\nAt
\n26 March
\n2022
\n\u00a3m
\nCash flow
\n\u00a3m
\nForeign
\nexchange
\nmovements
\n\u00a3m
\nOther
\n\u00a3m
\nAt
\n25 March
\n2023
\n\u00a3m
\nComponents of financing activities:
\nBonds
(199.9)
15.7
\u2013
\u2013
(184.2)
\nLease liabilities
\n1
\n(1,083.2)
546.9
\u2013
(1,212.3)
(1,748.6)
\nAsset backed financial liabilities
(35.5)
10.6
\u2013
(19.3)
(44.2)
\nOther debt
(0.6)
\u2013
\u2013
\u2013
(0.6)
\nTotal components of financing activities
(1,319.2)
573.2
\u2013
(1,231.6)
(1,977.6)
\nCash
319.6
106.2
(4.0)
\u2013
421.8
\nBank overdrafts
(87.5)
4.9
\u2013
(0.3)
(82.9)
\nRing\u2011fenced cash
468.1
(98.5)
\u2013
\u2013
369.6
\nCash and cash equivalents
700.2
12.6
(4.0)
(0.3)
708.5
\nNet debt (including held for sale \u2013 discontinued operations)
(619.0)
585.8
(4.0)
(1,231.9)
(1,269.1)
\n1 Lease liabilities \u2018other\u2019 includes \u00a31,212.3m net inception of new leases. This comprises \u00a31,219.0m inception of new leases, being \u00a31,200.2m of rolling stock leases,
\n\u00a31.3m of PCV leases and \u00a317.5m of property and other leases, offset by \u00a36.7m termination of leases. Termination of leases includes \u00a33.3m in relation to rolling stock
\nleases, \u00a32.7m in relation to PCV leases and \u00a30.7m relating to property and other leases.
\n
\n
\n
\nAt
\n28 March
\n2021
\n\u00a3m
\nCash flow
\n\u00a3m
\nForeign
\nexchange
\nmovements
\n\u00a3m
\nOther
\n\u00a3m
\nAt
\n26 March
\n2022
\n\u00a3m
\nComponents of financing activities:
\nBank loans
(566.3)
579.3
(2.4)
(10.6)
\u2013
\nBonds
(873.1)
674.4
\u2013
(1.2)
(199.9)
\nSenior unsecured loan notes
(198.8)
200.0
(0.6)
(0.6)
\u2013
\nCCFF
(298.2)
298.2
\u2013
\u2013
\u2013
\nSupplier financing
\n1
\n(159.2)
\u2013
\u2013
159.2
\u2013
\nLease liabilities
\n2
\n(1,850.0)
600.4
(1.0)
167.4
(1,083.2)
\nAsset backed financial liabilities
(122.9)
9.4
0.3
77.7
(35.5)
\nOther debt
(0.7)
\u2013
\u2013
0.1
(0.6)
\nTotal components of financing activities
(4,069.2)
2,361.7
(3.7)
392.0
(1,319.2)
\nCash
834.3
(514.5)
(0.2)
\u2013
319.6
\nBank overdrafts
(53.8)
(33.7)
\u2013
\u2013
(87.5)
\nRing\u2011fenced cash
662.9
(194.8)
\u2013
\u2013
468.1
\nCash and cash equivalents
1,443.4
(743.0)
(0.2)
\u2013
700.2
\nNet debt (including held for sale \u2013 discontinued operations)
(2,625.8)
1,618.7
(3.9)
392.0
(619.0)
\n1 Supplier financing related wholly to First Student.
\n2
Lease liabilities \u2018other\u2019 includes \u00a3167.4m net inception of new leases. This comprises \u00a3116.9m inception of new leases, being \u00a39.4m of PCV leases, \u00a393.1m of rolling
\nstock leases and \u00a314.4m of property and other leases, offset by \u00a3284.3m termination of leases. Termination of leases includes \u00a3101.9m in relation to rolling stock
\nleases, \u00a331.8m in relating to PCV leases and \u00a3150.6m relating to property and other leases.
\nAccrued interest of \u00a36.5m (2022:\u00a0\u00a37.1m) is excluded from the values above and derivative valuations are presented as the clean values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25942": {
"value": "34 Contingent liabilities To support subsidiary undertakings in their normal course of business, FirstGroup plc and certain subsidiaries have indemnified certain
\nbanks and insurance companies who have issued performance bonds for \u00a355.0m (2022:\u00a0\u00a369.4m) and letters of credit for \u00a3169.9m
\n(2022:\u00a0\u00a3219.7m). The performance bonds primarily relate to First\u00a0Rail franchise operations of \u00a351.8m and residual North American obligations
\nof \u00a33.2m. The letters of credit relate substantially to insurance arrangements in the UK and North America. The parent company has
\ncommitted further support facilities of up to \u00a398.5m to First\u00a0Rail Train Operating Companies of which \u00a373.6m remains undrawn. Following
\nthe sale of Greyhound, the majority of the surety bonds were cancelled, with a residual amount of \u00a33.2m remaining as noted above. Letters
\nof credit remain in place to provide collateral for legacy Greyhound insurance and pension obligations.
\nThe Group is party to certain unsecured guarantees granted to banks for overdraft and cash management facilities provided to itself and
\nsubsidiary undertakings. The Company has given certain unsecured guarantees for the liabilities of its subsidiary undertakings arising
\nunder certain HP contracts, finance leases, operating leases and certain pension scheme arrangements. It also provides unsecured cross
\nguarantees to certain subsidiary undertakings as required by VAT legislation. First\u00a0Bus subsidiaries have provided unsecured guarantees on
\na joint and several basis to the Trustee of The First\u00a0Bus Pension Scheme. Two of the Company\u2019s North American subsidiaries participated in
\nmulti\u2011employer pension plans in which their contributions were pooled with the contributions of other contributing employers. The funding of
\nthose plans is reliant on the ongoing involvement of third parties.
\nIn its normal course of business the Group has ongoing contractual negotiations with Government and other organisations. The Group is
\nparty to legal proceedings and claims which arise in the normal course of business, including but not limited to employment and safety
\nclaims. The Group takes legal advice as to the likelihood of success of claims and counterclaims. No provision is made where due to
\ninherent uncertainties, no accurate quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings can
\nbe determined.
\nThe Group\u2019s operations are required to comply with a wide range of regulations, including environmental and emissions regulations. Failure
\nto comply with a particular regulation could result in a fine or penalty being imposed on that business, as well as potential ancillary claims
\nrooted in non\u2011compliance.
\n
\n
\nThe inquest relating to the death of seven passengers in the Croydon tram incident in November\u00a02016 concluded in July\u00a02021. The tram was
\noperated by Tram Operations Limited (\u2018TOL\u2019), a subsidiary of the Group, under a contract with a Transport for London (\u2018TfL\u2019) subsidiary. TOL
\nprovides the drivers and management to operate the tram services, whereas the infrastructure and trams are owned and maintained by a
\nTfL subsidiary. The Office of Rail & Road (\u2018ORR\u2019) announced in March\u00a02022 that it had taken the decision to prosecute TfL, the driver of the
\ntram and TOL for breaches of Health and Safety law. While TOL has indicated a guilty plea to the charge laid against it, the Company cannot
\nyet accurately determine the quantum or timing of any financial penalties or related costs which may arise from these proceedings. TfL has
\nalso indicated a guilty plea. The driver has pleaded not guilty \u2013 his trial started in mid\u2011May\u00a02023.
\nFirst MTR South Western Trains Limited (\u2018FSWT\u2019), a subsidiary of the Company and the operator of the South Western railway contract, is a
\ndefendant to collective proceedings before the UK Competition Appeal Tribunal (the \u2018CAT\u2019) in respect of alleged breaches of UK competition
\nlaw. Stagecoach South Western Trains Limited (\u2018SSWT\u2019) (the former operator of the South Western network) is also a defendant to these
\nproceedings. Separate sets of proceedings have been issued against London & South Eastern Railway Limited and related entities (\u2018LSER\u2019)
\nand, more recently, against Govia Thameslink Railway Limited and related entities (\u2018GTR\u2019) in respect of the operation of other rail services.
\nThe three sets of proceedings are being heard together. The class representative (\u2018CR\u2019) alleges that FSWT, SSWT, LSER and GTR breached
\ntheir obligations under UK competition law by not making boundary fares sufficiently available for sale, and/or by failing to ensure that
\ncustomers were aware of the existence of boundary fares and/or bought an appropriate fare in order to avoid being charged twice for
\npart of a journey. A collective proceedings order (\u2018CPO\u2019) was made by the CAT in January\u00a02022 in respect of the FSWT/SSWT and LSER
\nproceedings and, following an unsuccessful appeal by the defendants, the proceedings are continuing alongside the GTR proceedings in
\nrespect of which the CAT issued a judgment setting out its reasons for granting a CPO in March\u00a02023. The Secretary of State for Transport
\nserved a written statement of intervention in all three proceedings in April\u00a02023. A trial date has not yet been set. In March\u00a02022, FSWT, the
\nCompany and the CR executed an undertaking under which the Company has agreed to pay to the CR any sum of damages and/or costs
\nwhich FSWT fails to pay, and which FSWT is legally liable to pay to the CR in respect of the claims (pursuant to any judgment, order or award
\nof a court or tribunal), including any sum in relation to any settlement of the claims. At present the Company cannot accurately determine the
\nlikelihood, quantum or timing of any damages and costs which may arise from these proceedings.
\n35 Operating commitments
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nMinimum payments made under contractual terms recognised in the income statement for the year:
\nPlant and machinery
6.9
3.8
\nTrack and station access
492.7
475.3
\nHire of rolling stock
1.0
1.9
\nOther assets
15.6
2.3
\nDiscontinued operations
\u2013
2.3
\n516.2
485.6
\nAt the balance sheet dates, the Group had outstanding commitments for future payments under non\u2011cancellable operating contracts, which
\nfall due as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nWithin one year
481.1
511.0
\nIn the second to fifth years inclusive
1,135.8
420.9
\nAfter five years
0.5
0.3
\n1,617.4
932.2
\nIncluded in the above commitments are contracts held by the First\u00a0Rail businesses with Network Rail for access to the railway infrastructure,
\ntrack, stations and depots of \u00a31,573.9m (2022:\u00a0\u00a3922.9m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f25943": {
"value": "34 Contingent liabilities To support subsidiary undertakings in their normal course of business, FirstGroup plc and certain subsidiaries have indemnified certain
\nbanks and insurance companies who have issued performance bonds for \u00a355.0m (2022:\u00a0\u00a369.4m) and letters of credit for \u00a3169.9m
\n(2022:\u00a0\u00a3219.7m). The performance bonds primarily relate to First\u00a0Rail franchise operations of \u00a351.8m and residual North American obligations
\nof \u00a33.2m. The letters of credit relate substantially to insurance arrangements in the UK and North America. The parent company has
\ncommitted further support facilities of up to \u00a398.5m to First\u00a0Rail Train Operating Companies of which \u00a373.6m remains undrawn. Following
\nthe sale of Greyhound, the majority of the surety bonds were cancelled, with a residual amount of \u00a33.2m remaining as noted above. Letters
\nof credit remain in place to provide collateral for legacy Greyhound insurance and pension obligations.
\nThe Group is party to certain unsecured guarantees granted to banks for overdraft and cash management facilities provided to itself and
\nsubsidiary undertakings. The Company has given certain unsecured guarantees for the liabilities of its subsidiary undertakings arising
\nunder certain HP contracts, finance leases, operating leases and certain pension scheme arrangements. It also provides unsecured cross
\nguarantees to certain subsidiary undertakings as required by VAT legislation. First\u00a0Bus subsidiaries have provided unsecured guarantees on
\na joint and several basis to the Trustee of The First\u00a0Bus Pension Scheme. Two of the Company\u2019s North American subsidiaries participated in
\nmulti\u2011employer pension plans in which their contributions were pooled with the contributions of other contributing employers. The funding of
\nthose plans is reliant on the ongoing involvement of third parties.
\nIn its normal course of business the Group has ongoing contractual negotiations with Government and other organisations. The Group is
\nparty to legal proceedings and claims which arise in the normal course of business, including but not limited to employment and safety
\nclaims. The Group takes legal advice as to the likelihood of success of claims and counterclaims. No provision is made where due to
\ninherent uncertainties, no accurate quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings can
\nbe determined.
\nThe Group\u2019s operations are required to comply with a wide range of regulations, including environmental and emissions regulations. Failure
\nto comply with a particular regulation could result in a fine or penalty being imposed on that business, as well as potential ancillary claims
\nrooted in non\u2011compliance.
\n
\n
\nThe inquest relating to the death of seven passengers in the Croydon tram incident in November\u00a02016 concluded in July\u00a02021. The tram was
\noperated by Tram Operations Limited (\u2018TOL\u2019), a subsidiary of the Group, under a contract with a Transport for London (\u2018TfL\u2019) subsidiary. TOL
\nprovides the drivers and management to operate the tram services, whereas the infrastructure and trams are owned and maintained by a
\nTfL subsidiary. The Office of Rail & Road (\u2018ORR\u2019) announced in March\u00a02022 that it had taken the decision to prosecute TfL, the driver of the
\ntram and TOL for breaches of Health and Safety law. While TOL has indicated a guilty plea to the charge laid against it, the Company cannot
\nyet accurately determine the quantum or timing of any financial penalties or related costs which may arise from these proceedings. TfL has
\nalso indicated a guilty plea. The driver has pleaded not guilty \u2013 his trial started in mid\u2011May\u00a02023.
\nFirst MTR South Western Trains Limited (\u2018FSWT\u2019), a subsidiary of the Company and the operator of the South Western railway contract, is a
\ndefendant to collective proceedings before the UK Competition Appeal Tribunal (the \u2018CAT\u2019) in respect of alleged breaches of UK competition
\nlaw. Stagecoach South Western Trains Limited (\u2018SSWT\u2019) (the former operator of the South Western network) is also a defendant to these
\nproceedings. Separate sets of proceedings have been issued against London & South Eastern Railway Limited and related entities (\u2018LSER\u2019)
\nand, more recently, against Govia Thameslink Railway Limited and related entities (\u2018GTR\u2019) in respect of the operation of other rail services.
\nThe three sets of proceedings are being heard together. The class representative (\u2018CR\u2019) alleges that FSWT, SSWT, LSER and GTR breached
\ntheir obligations under UK competition law by not making boundary fares sufficiently available for sale, and/or by failing to ensure that
\ncustomers were aware of the existence of boundary fares and/or bought an appropriate fare in order to avoid being charged twice for
\npart of a journey. A collective proceedings order (\u2018CPO\u2019) was made by the CAT in January\u00a02022 in respect of the FSWT/SSWT and LSER
\nproceedings and, following an unsuccessful appeal by the defendants, the proceedings are continuing alongside the GTR proceedings in
\nrespect of which the CAT issued a judgment setting out its reasons for granting a CPO in March\u00a02023. The Secretary of State for Transport
\nserved a written statement of intervention in all three proceedings in April\u00a02023. A trial date has not yet been set. In March\u00a02022, FSWT, the
\nCompany and the CR executed an undertaking under which the Company has agreed to pay to the CR any sum of damages and/or costs
\nwhich FSWT fails to pay, and which FSWT is legally liable to pay to the CR in respect of the claims (pursuant to any judgment, order or award
\nof a court or tribunal), including any sum in relation to any settlement of the claims. At present the Company cannot accurately determine the
\nlikelihood, quantum or timing of any damages and costs which may arise from these proceedings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f26022": {
"value": "35 Operating commitments 2023
\n\u00a3m
\n2022
\n\u00a3m
\nMinimum payments made under contractual terms recognised in the income statement for the year:
\nPlant and machinery
6.9
3.8
\nTrack and station access
492.7
475.3
\nHire of rolling stock
1.0
1.9
\nOther assets
15.6
2.3
\nDiscontinued operations
\u2013
2.3
\n516.2
485.6
\nAt the balance sheet dates, the Group had outstanding commitments for future payments under non\u2011cancellable operating contracts, which
\nfall due as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nWithin one year
481.1
511.0
\nIn the second to fifth years inclusive
1,135.8
420.9
\nAfter five years
0.5
0.3
\n1,617.4
932.2
\nIncluded in the above commitments are contracts held by the First\u00a0Rail businesses with Network Rail for access to the railway infrastructure,
track, stations and depots of \u00a31,573.9m (2022:\u00a0\u00a3922.9m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f26087": {
"value": "36 Share\u2011based payments Equity\u2011settled share option plans
\nThe Group recognised total expenses of \u00a36.4m (2022:\u00a0\u00a35.4m) related to equity\u2011settled share\u2011based payment transactions.
\n(a) Save as you earn (SAYE)
\nThe Group operates an HMRC approved savings\u2011related share option scheme. No grants were made during the period. The scheme is
\nbased on eligible employees being granted options and their agreement to opening a sharesave account with a nominated savings carrier
\nand to save weekly or monthly over a specified period. Sharesave accounts are held with Computershare. The right to exercise the option is
\nat the employee\u2019s discretion at the end of the period previously chosen for a period of six months.
\nSAYE
\nDec\u00a02018
\nOptions
\nNumber
\nOutstanding at the beginning of the year
1,621,686
\nExercised during the year
(1,019,311)
\nLapsed during the year
(602,375)
\nOutstanding at the end of the year
\u2013
\nExercisable at the end of the year
Nil
\nWeighted average exercise price (pence)
70.0
\nWeighted average share price at date of exercise (pence)
123.2
\n(b) Deferred bonus shares (DBS)
\nDBS awards vest over a three\u2011year period following the financial year that they relate to and are typically settled by equity.
\nDBS\u00a02012
\nOptions
\nNumber
\nDBS\u00a02013
\nOptions
\nNumber
\nDBS\u00a02014
\nOptions
\nNumber
\nDBS\u00a02015
\nOptions
\nNumber
\nOutstanding at the beginning of the year
52,646
124,309
136,733
124,662
\nExercised during the year
(22,109)
(18,215)
(28,695)
(16,475)
\nLapsed during the year
(30,537)
\u2013
\u2013
\u2013
\nOutstanding at the end of the year
\u2013
106,094
108,038
108,187
\nExercisable at the end of the year
Nil
106,094
108,038
108,187
\nWeighted average share price at date of exercise (pence)
110.6
107.5
114.6
118.6
\nDBS\u00a02016
\nOptions
\nNumber
\nDBS\u00a02017
\nOptions
\nNumber
\nDBS\u00a02018
\nOptions
\nNumber
\nDBS\u00a02019
\nOptions
\nNumber
\nDBS\u00a02020
\nOptions
\nNumber
\nDBS\u00a02021
\nOptions
\nNumber
\nOutstanding at the beginning of the year
130,141
35,741
62,424
1,271,965
787,709
1,124,496
\nGranted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nForfeited during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nLapsed during the year
(2,539)
(4,086)
(24,556)
(8,091)
(81,974)
(95,338)
\nExercised during the year
(65,934)
(6,299)
(13,220)
(913,569)
(198,362)
(141,603)
\nOutstanding at the end of the year
61,668
25,356
24,648
350,305
507,373
887,555
\nExercisable at the end of the year
61,668
25,356
24,648
350,305
265,320
98,748
\nWeighted average share price at date of exercise (pence)
114.8
118.6
118.5
118.9
113.1
111.0
\n
\n
\n(c) Buy As You Earn (BAYE)
\nBAYE enables eligible employees to purchase shares from their gross income. The Company provides two matching shares for every three
\nshares bought by employees, subject to a maximum Company contribution of shares to the value of \u00a320\u00a0per employee per month. If the
\nshares are held in trust for five years or more, no income tax and national insurance will be payable. The matching shares will be forfeited if
\nthe corresponding partnership shares are removed from trust within three years of award.
\nAt 25\u00a0March\u00a02023 there were 5,667 (2022:\u00a04,570) participants in the BAYE scheme. Scheme participants have cumulatively purchased
\n32,563,932 (2022:\u00a030,574,677) shares with the Company contributing 10,436,402 (2022:\u00a09,843,232) matching shares on a cumulative basis.
\n(d) Long\u2011Term Incentive Plan (LTIP)
\nLTIP awards have TSR, ROCE and EPS targets and vest over a three\u2011year period following the financial year that they relate to and are
\nsettled by equity where an award exceeds a performance target.
\nLTIP\u00a02019
\nOptions
\nNumber
\nLTIP\u00a02020
\nOptions
\nNumber
\nLTIP\u00a02021
\nOptions
\nNumber
\nOutstanding at the beginning of the year
3,304,805
5,839,948
3,293,642
\nGranted during the year
\u2013
\u2013
\u2013
\nForfeited during the year
\u2013
\u2013
\u2013
\nLapsed during the year
(380,058)
(703,235)
(704,944)
\nExercised during the year
(2,412,111)
\u2013
\u2013
\nOutstanding at the end of the year
512,636
5,136,713
2,588,698
\nExercisable at the end of the year
512,636
\u2013
\u2013
\nWeighted average share price at date of exercise (pence)
110.1
N/A
N/A
\n(e) Executive Share Plan (ESP)
\nESP awards vest over a three\u2011year period following the financial year that they relate to and are typically settled by equity.
\nESP\u00a02015
\nOptions
\nNumber
\nESP\u00a02016
\nOptions
\nNumber
\nESP\u00a02017
\nOptions
\nNumber
\nESP\u00a02018
\nOptions
\nNumber
\nESP\u00a02019
\nOptions
\nNumber
\nESP\u00a02020
\nOptions
\nNumber
\nESP\u00a02021
\nOptions
\nNumber
\nOutstanding at the beginning
\nof the year
101,572
86,960
262,242
593,290
4,353,501
2,352,827
2,975,111
\nGranted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nForfeited during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nLapsed during the year
(19,359)
(20,959)
(15,044)
(25,352)
(26,341)
(292,123)
(255,630)
\nExercised during the year
\u2013
(18,756)
(66,023)
(172,226)
(2,912,481)
(834,301)
(450,687)
\nOutstanding at the end
\nof the year
82,213
47,245
181,175
395,712
1,414,679
1,226,403
2,268,794
\nExercisable at the end of the year
82,213
47,245
181,175
395,712
1,414,679
554,499
515,776
\nWeighted average exercise price (pence)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
\nWeighted average share price
\nat date of exercise (pence)
N/A
121.8
117.4
116.9
123.1
104.8
110.1
\n(f) Conditional awards
\nIn FY\u00a02023 the equity share awards were granted as conditional awards rather than options. There is no impact on the economic values for
\neither the Company or participants resulting from this change.
\nThe conditional awards outstanding under each scheme are shown below:
\nDeferred
\nBonus\u00a02022
\nNumber
\nESP Awards
\n2022
\nNumber
\nLTIP Awards
\n2022
\nNumber
\nOutstanding at the beginning of the year
\u2013
\u2013
\u2013
\nGranted during the year
2,121,738
263,045
8,839,303
\nLapsed during the year
(19,589)
(6,432)
(162,629)
\nOutstanding at the end of the year
2,102,149
256,613
8,676,674
\nOne award of 10,038 granted under the ESP\u00a02022 Plan is permitted to vest. No other awards in the table above have vested.
\n
\n
\nThe fair values of the options granted during the last two years were measured using a Black\u2011Scholes model except for the TSR element of the LTIPs
\nwhich were measured using a Monte Carlo model. The inputs into the models were as follows:
\n2023
2022
\nWeighted average share price at grant date (pence)
\n\u2013 DBS
110.6
85.7
\n\u2013 LTIP
112.8
84.3
\n\u2013 ESP
99.9
93.4
\nWeighted average exercise price at grant date (pence)
\n\u2013 DBS
\u2013
\u2013
\n\u2013 LTIP
\u2013
\u2013
\n\u2013 ESP
\u2013
\u2013
\nExpected volatility (%)
\n\u2013 DBS
N/A
N/A
\n\u2013 LTIP
60
59
\n\u2013 ESP
N/A
N/A
\nExpected life (years)
\n\u2013 DBS
3.0
3.0
\n\u2013 SAYE schemes
N/A
3.0
\n\u2013 LTIP
2.62
2.66
\n\u2013 ESP
3.0
3.0
\nRate of interest (%)
\n\u2013 DBS
N/A
N/A
\n\u2013 LTIP
\u2013
\u2013
\n\u2013 ESP
\u2013
\u2013
\nExpected dividend yield (%)
\n\u2013 DBS
\u2013
\u2013
\n\u2013 LTIP
\u2013
\u2013
\n\u2013 ESP
\u2013
\u2013
\nExpected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous five years. The expected
\nlife used in the model has been adjusted based on management\u2019s best estimate, for the effects of non\u2011transferability, exercise restrictions
\nand behavioural considerations.
\nAllowances have been made for the SAYE schemes for the fact that, amongst a group of recipients some are expected to leave before an
\nentitlement vests. The accounting charge is then adjusted over the vesting period to take account of actual forfeitures, so although the total
\ncharge is unaffected by the pre\u2011vesting forfeiture assumption, the timing of the recognition of the expense will be sensitive to it. Fair values
\nfor the SAYE include a 10% per annum pre\u2011vesting leaver assumption whereas the Executive, LTIP and deferred share plans exclude any
\nallowance for pre\u2011vesting forfeitures.
\nThe Group used the inputs noted above to measure the fair value of the new conditional awards (FY\u00a02022:\u00a0share options).
\n2023
\npence
\n2022
\npence
\nWeighted average fair value of options at grant date
\n\u2013 DBS
105.4
85.7
\n\u2013 LTIP
84.9
71.8
\n\u2013 ESP
99.9
93.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f26576": {
"value": "37 Retirement benefit schemes The Group supports defined contribution and defined benefit schemes for the benefit of employees across the following business areas:
\nFirst\u00a0Bus and Group \u2013 including The First UK Bus Pension Scheme, The FirstGroup Pension Scheme and two Local Government Pension
\nSchemes
\nNorth America \u2013 legacy schemes from operations which have now been sold
\nRail \u2013 sponsoring six sections of the Railways Pension Scheme (RPS) relating to the Group\u2019s obligations for its TOCs, with an additional
\nsection for its Open Access Hull Trains business. Since the obligations to the TOC arrangements are considered to be limited to
\ncontributions during the period of the contract, these are fundamentally different to the obligations to the other pension arrangements.
\nDetails for these arrangements have therefore been shown separately.
\nOverall, the duration of the Company\u2019s obligations is approximately 16 years although the durations of the individual schemes tend to vary
\nwith the UK exposures tending to be of longer duration and the North American exposures tending to be of shorter duration.
\nAll of the pension schemes are operated independently of the Group by the relevant pension scheme\u2019s manager or trustee, and the assets of
\neach pension scheme are held separately from FirstGroup\u2019s assets. The managers or trustees (as appropriate) of the pension schemes are
\nresponsible for the investment policy, although the sponsor is consulted.
\nAt their last valuations, the defined benefit schemes had funding levels between 74% and 114% (2022:\u00a082% and 114%). The market value of
\nthe assets as at 25\u00a0March\u00a02023 for all non\u2011contract rail operation defined benefit schemes totalled \u00a32,534m (2022:\u00a0\u00a33,343m).
\n(a) First\u00a0Bus and Group (including open access rail operators)
\nDefined contribution plans (shown on a continuing basis)
\nPayments to defined contribution plans are charged as an expense as they fall due. There is no further obligation to pay contributions into a
\ndefined contribution plan once the contributions specified in the plan rules have been paid. The total expense recognised in the consolidated
\nincome statement of \u00a328.1m (2022:\u00a0\u00a321.6m) represents contributions payable to these plans by the Group at rates specified in the rules of
\nthe\u00a0plans.
\nThe Group operates defined contribution plans for all Group and First\u00a0Bus employees (with the exception of a small number of employees
\nwho remain active in a Local Government Pension Scheme) and First Rail employees who are not eligible to join a defined benefit
\narrangement. They receive a company match to their contributions, which varies by salary and/or service.
\nDefined benefit plans (shown on a continuing basis)
\nThe Group has full responsibility for the retirement benefits for former and current employees of Group, First\u00a0Bus and Hull Trains who are
\nmembers of the schemes described in the following paragraphs, bearing all the risks and responsibilities of management and sponsorship
\nof these schemes. These comprise five funded defined benefit plans across its First\u00a0Bus and Group operations (including Hull Trains which,
\nunlike the majority of First\u00a0Rail operations, is operated under open access), covering approximately 35,500 former and current employees.
\nWith the exception of Hull Trains, all of these schemes are closed to new entrants.
\nTriennial valuations assess the cost of future service (where relevant) and the funding position. The employer and trustees are required to
\nagree on assumptions for the valuations and to agree the contributions that result from these. Deficit recovery contributions may be required
\nin addition to future service contributions. In agreeing contribution rates, reference must be made to the affordability of contributions by
\nthe\u00a0employer.
\nSurplus after benefits have been paid/secured, can be repaid to the employer, in line with the rules of the schemes.
\nThe First UK Bus Pension Scheme
\nThis provides pension benefits to employees in First\u00a0Bus. Historically it provided salary related benefits on a shared cost basis, but from
\nApril\u00a02013, all new members have been enrolled in the defined contribution section. The scheme closed to defined benefit accrual on
\n5\u00a0April\u00a02018.
\nA smaller FirstGroup Pension Scheme provides defined benefit pensions to Group employees in addition to certain First\u00a0Bus employees.
\nThis scheme closed to defined benefit accrual on 5\u00a0April\u00a02018.
\nThe rules governing both these schemes grant the employer influence over the allocation of any residual surplus once the beneficiaries\u2019
\nrights have been secured. Accordingly, the net surplus/deficit is recognised in full for these schemes.
\nLocal Government Pension Schemes
\nThe Group participates in two Local Government Pension Schemes (LGPS), one in England and one in Scotland, which provide salary
\nrelated benefits. These differ from trust\u2011based schemes in that their benefits and governance are prescribed by specific legislation, and
\nthey are administered by local authorities. New members have not been admitted to the LGPS for several years, although benefit accrual
\ncontinues for a small number of existing members.
\nContribution rates are agreed for the three\u2011year period until the next valuation. The balance sheet position in respect of the LGPS funds is
\nrestricted per the requirements of IFRIC14.
\n
\n
\n
\nThe Hull Trains Shared Cost Section of the Railways Pension Scheme
\nHull Trains participates in its own Section of the Railways Pension Scheme. This scheme, which remains open to new entrants, provides
\nsalary\u2011related benefits. Costs relating to accrual and to any deficit are shared with members.
\nThe table below is set out to show the movements in the fair value of schemes\u2019 assets (Assets) along with the movements in the present
\nvalue of Defined benefit obligations (DBO) (Liabilities) for the Bus and Group and Hull Trains Defined Benefit schemes:
\n2023
2022
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAt beginning of period
2,930.1
2,571.7
2,732.4
2,792.8
\nIncome statement
\nOperating
\n\u2013 Current service cost
\u2013
8.5
\u2013
8.3
\n\u2013 Past service gain including curtailments and settlements
\u2013
\u2013
\u2013
\u2013
\nTotal operating
\u2013
8.5
\u2013
8.3
\nInterest income/cost
84.0
72.5
57.3
56.0
\nTotal income statement
84.0
81.0
57.3
64.3
\nAmounts paid to/(from) scheme
\nEmployer contributions
(7.5)
\u2013
245.5
\u2013
\nEmployee contributions
1.2
1.2
1.3
1.3
\nBenefits paid
(121.6)
(121.6)
(118.5)
(118.5)
\nTotal
(127.9)
(120.4)
128.3
(117.2)
\nExpected closing position
2,886.2
2,532.3
2,918.0
2,739.9
\nChange in financial assumptions
\u2013
(632.8)
\u2013
(220.6)
\nChange in demographic assumptions
\u2013
(43.6)
\u2013
7.9
\nEmployee share of changes
0.2
(1.6)
0.3
(0.7)
\nReturn on assets in excess of discount rate
(719.5)
\u2013
11.8
\u2013
\nExperience
\u2013
118.2
\u2013
45.2
\nTotal
(719.3)
(559.8)
12.1
(168.2)
\nAt end of period
2,166.9
1,972.5
2,930.1
2,571.7
\nSurplus/(deficit) before adjustment
194.4
358.4
\nImpact of shared cost
(0.3)
1.4
\nAdjustment for irrecoverable surplus
\n1
\n(156.7)
(162.3)
\nSurplus in schemes
37.4
197.5
\nThe amount is presented in the consolidated balance sheet as follows:
\nNon\u2011current assets
44.6
203.0
\nNon\u2011current liabilities
(7.2)
(5.5)
\n37.4
197.5
\n1
The irrecoverable surplus represents the amount of the surplus that the Group could not recover through reducing future Company contributions to LGPS, see below.
\nAdjustment for First\u00a0Bus irrecoverable surplus
\nMovements in the adjustment for the First\u00a0Bus irrecoverable surplus were as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAt beginning of period
(162.3)
(108.7)
\nInterest on irrecoverable surplus
(4.7)
(2.2)
\nActuarial gain/(loss) on irrecoverable surplus
10.3
(51.4)
\nAt end of period
(156.7)
(162.3)
\n
\n
\nAsset Allocation
\nAt March\u00a02023
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nEquity
145.9
164.4
310.3
\nOther return seeking assets
22.0
56.8
78.8
\nReal estate
\u2013
21.9
21.9
\nFixed income/liability driven
1,428.2
145.9
1,574.1
\nOther income generating
\u2013
1.1
1.1
\nAnnuities
\u2013
129.6
129.6
\nCash and cash equivalents
51.1
\u2013
51.1
\n1,647.2
519.7
2,166.9
\nAt March\u00a02022
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nEquity
318.2
157.5
475.7
\nOther return seeking assets
\u2013
78.9
78.9
\nReal estate
19.4
7.9
27.3
\nFixed income/liability driven
1,664.5
(41.7)
1,622.8
\nOther income generating
197.8
255.2
453.0
\nAnnuities
\u2013
160.6
160.6
\nCash and cash equivalents
\n1
\n111.8
\u2013
111.8
\n2,311.7
618.4
2,930.1
\n(b) North America
\nGreyhound pension arrangements
\nFollowing the sales of all of the businesses which the Group owned in North America, the Group retained certain responsibilities for the
\nprovision of retirement benefits for a number of legacy schemes. These arrangements are described in the following paragraphs.
\nThe Group operates a single legacy defined benefit arrangement in the US (2022:\u00a0one), while in Canada, there is one funded legacy plan
\n(2022:\u00a0three) and a small unfunded supplementary executive retirement plan. Following the merger of three legacy plans, the Company has
\ngiven notice of its intention to terminate the Canadian plan.
\nAll the North American plans are valued annually, to identify the funding positions in order to determine the statutory funding requirements.
\n
\n
\n
\nThe table below is set out to show the movements in the fair value of schemes\u2019 assets (Assets) along with the movements in the present
\nvalue of Defined benefit obligations (DBO) (Liabilities) for the North American Defined benefit schemes:
\n2023
2022
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAt beginning of period (including held for sale)
412.4
408.7
437.8
567.2
\nIncome statement
\nOperating
\n\u2013 Current service cost
\u2013
2.1
\u2013
3.0
\n\u2013 Past service gain including curtailments and settlements
\u2013
\u2013
(81.1)
(109.7)
\nTotal operating
\u2013
2.1
(81.1)
(106.7)
\nInterest income/cost
16.5
16.2
11.9
13.6
\nTotal income statement
16.5
18.3
(69.2)
(93.1)
\nAmounts paid to/(from) scheme
\nEmployer contributions
4.5
\u2013
102.0
\u2013
\nEmployee contributions
\u2013
\u2013
\u2013
\u2013
\nBenefits paid
(46.9)
(46.9)
(61.9)
(61.9)
\nTotal
(42.4)
(46.9)
40.1
(61.9)
\nExpected closing position
386.5
380.1
408.7
412.2
\nChange in financial assumptions
\u2013
(27.2)
\u2013
(34.5)
\nChange in demographic assumptions
\u2013
\u2013
\u2013
1.1
\nEmployee share of change in DBO
\u2013
\u2013
\u2013
\u2013
\nReturn on assets in excess of discount rate
(33.9)
\u2013
(16.4)
\u2013
\nExperience
\u2013
1.6
\u2013
9.2
\nTotal
(33.9)
(25.6)
(16.4)
(24.2)
\nCurrency gain/loss
14.2
15.0
20.1
20.7
\nAt end of period
366.8
369.5
412.4
408.7
\nSurplus/(deficit)
\nCalculated as at 25\u00a0March
(2.7)
3.7
\nOpening irrecoverable surplus
(14.6)
\nChange in irrecoverable surplus
7.0
(13.8)
\nCurrency gain/(loss) on irrecoverable surplus
0.8
(0.8)
\nPresented in the consolidated balance sheet as Non\u2011current liabilities
(9.5)
(10.9)
\nAsset Allocation
\nAt March\u00a02023
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nFixed income/liability driven
336.2
(27.2)
309.0
\nCash and cash equivalents
57.5
0.3
57.8
\n393.7
(26.9)
366.8
\nAt March\u00a02022
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nEquity
17.4
\u2013
17.4
\nReal estate
\u2013
24.9
24.9
\nFixed income/liability driven
206.5
115.2
321.7
\nCash and cash equivalents
49.6
(1.3)
48.3
\n273.5
138.8
412.3
\n
\n
\nFirst Transit management contracts
\nThe Group retained ten First Transit Management Contracts following the sale of First Transit in\u00a02021. As at the balance sheet date, the
\nGroup\u2019s First Transit subsidiary companies sponsored a total of three single\u2011employer pension arrangements (2022:\u00a0five). The Group is
\nindemnified against any pension liabilities by the relevant transit authorities, and pension costs are reimbursed as they fall due. The Group will
\nnot retain any pension liability upon expiry of the contract or if the contracts are reassigned.
\nDetails of the assets and liabilities of these schemes is as follows:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nAssets
14.0
281.6
\nLiabilities
(21.8)
(322.1)
\nDeficits in schemes
(7.8)
(40.5)
\nAmounts recoverable from contracting authorities
7.8
40.5
\nNet deficits in schemes
\u2013
\u2013
\n(c) Rail contracts
\nThe Railways Pension Scheme (RPS)
\nThe Group is responsible for collecting and paying contributions for a number of sections of the Railways Pension Scheme (RPS) as part of
\nits obligations under the contracts which it holds for its TOCs. These responsibilities continue for the periods of the TOCs and are passed to
\nfuture contract holders when those TOCs terminate. Management of the RPS is not the responsibility of the Group, nor is it liable to benefit
\nfrom any future surplus or fund any deficit of those funds.
\nAs at the balance sheet date, the Group sponsored six sections of the RPS, relating to its contracting obligations for its TOCs. The RPS
\nis managed by the Railways Pension Trustee Company Limited and is subject to regulation from the Pensions Regulator and relevant UK
\nlegislation.
\nThe RPS is a shared cost arrangement. All costs, and any deficit or surplus, are shared 60% by the employer and 40% by the members.
\nFor the TOC sections, under the contractual arrangements with the DfT, the employer\u2019s responsibility is to pay the contributions following
\ntriennial funding valuations while it operates the contracted services. These contributions are subject to change on consideration of future
\nstatutory valuations. At the end of the contract, any deficit or surplus in the scheme section passes to the subsequent train operating
\ncompany with no compensating payments from or to the outgoing TOC.
\nThe statutory funding valuations of the various Rail Pension Scheme sections in which the Group is involved (last finalised with an effective
\ndate of 31\u00a0December\u00a02013) and the IAS 19 actuarial valuations are carried out for different purposes and may result in materially different
\nresults. The IAS 19 valuation is set out in the disclosures below.
\nThe accounting treatment for the time\u2011based risk\u2011sharing feature of the Group\u2019s participation in the RPS is not explicitly considered by IAS
\n19 Employee Benefits (Revised). The contributions currently committed to being paid to each TOC section are lower than the share of the
\nservice cost (for current and future service) that would normally be calculated under IAS 19 (Revised) and the Group does not account
\nfor uncommitted contributions towards the sections\u2019 current or expected future deficits. Therefore, the Group does not need to reflect
\nany deficit on its balance sheet. A TOC adjustment (asset) exists that exactly offsets any section deficit that would otherwise remain after
\nreflecting the cost sharing with the members. This reflects the legal position that some of the existing deficit and some of the service costs in
\nthe current year will be funded in future years beyond the term of the current contract and committed contributions. The TOC adjustment on
\nthe balance sheet date reflects the extent to which the Group is not currently committed to fund the deficit.
\nMovements in the TOC contract adjustment in a period arise from and are accounted for as follows:
\nAny service cost for the period for which the contribution schedule requires no contributions from the entity are reflected as an adjustment to
\nthe service cost in the income statement, which is considered to be in line with paragraphs 92\u201194 of IAS 19 (Revised).
\nUnder circumstances where contributions are renegotiated, such as following a statutory valuation, any adjustment necessary to reflect an
\nobligation to fund past service cost will be recognised in the income statement.
\nAt the previous year end, we noted that The Pensions Regulator (TPR) had been in discussion with the RPS (the Scheme) regarding the
\nassumptions used to determine the Scheme\u2019s funding requirements. Discussions are ongoing, and the possibility remains of changes to
\ncontributions that could impact all rail operators sponsoring this industry\u2011wide scheme.
\n
\n
\n
\nTPR and the DfT had requested that the RDG co\u2011ordinate the Train Operators\u2019 involvement in an industry\u2011wide review of Scheme\u2019s funding.
\nThe RDG, comprising participants from each of the large owning groups, has been seeking to develop a framework which meets TPR,
\nDfT, RPS and RDG objectives. There has been continuing engagement between the key parties during the year, and efforts to develop a
\nframework to take forward to a formal consultation are ongoing.
\nManagement continues to believe that the protections contained within current contractual agreements with the DfT will allow the Scheme to
\ncontinue with its current funding strategy in the short term. Nevertheless, TPR believes that a higher level of funding is required in the longer
\nterm, and the Group has been engaged with the industry\u2011wide project to consider the funding of the Scheme.
\nManagement continues to believe that an approach that meets TPRs key objectives while maintaining stability and fairness, and retaining
\nprotection against unacceptable risk, for both operators and scheme members, is achievable.
\nManagement do not believe that the current EMAs and NRCs have impacted the position in relation to the Group\u2019s funding obligations
\ntowards the RPS sections and no allowance has therefore been made within the disclosures for these Agreements.
\nThe disclosed information has been set out to illustrate the effect of this on the costs borne by FirstGroup. In particular, 40% of the costs,
\ngains or losses and any deficit are attributed to the members. In addition, the total surplus or deficit is adjusted by way of a \u2018contract
\nadjustment\u2019 which includes an assessment of the changes that will arise from contracted future contributions and which is the portion of the
\ndeficit or surplus projected to exist at the end of the contract which the Group will not be required to fund or benefit from.
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAdjustment for
\nemployee share of
\nRPS deficits (40%)
\n\u00a3m
\nContract
\nadjustment
\n\u00a3m
\nNet
\n\u00a3m
\nAt 1\u00a0April\u00a02022
3,790.6
(5,066.1)
510.2
765.3
\u2013
\nIncome statement
\nOperating
\n\u2013 Service cost
\u2013
(236.7)
94.6
89.2
(52.9)
\n\u2013 Admin cost
\u2013
(10.4)
4.2
\u2013
(6.2)
\nTotal operating
\u2013
(247.1)
98.8
89.2
(59.1)
\nFinancing
108.2
(138.1)
12.0
17.9
\u2013
\nTotal income statement
108.2
(385.2)
110.8
107.1
(59.1)
\nAmounts paid to/(from) scheme
\nEmployer contributions
59.1
\u2013
(23.6)
23.6
59.1
\nEmployee contributions
39.4
\u2013
(15.8)
(23.6)
\u2013
\nBenefits paid
(140.8)
140.8
\u2013
\u2013
\u2013
\nTotal
(42.3)
140.8
(39.4)
\u2013
59.1
\nExpected closing position
3,856.6
(5,310.5)
581.6
872.3
\u2013
\nChange in financial assumptions
\u2013
1,840.2
(736.1)
(1,104.1)
\u2013
\nReturn on assets in excess of discount rate
(172.3)
\u2013
68.9
103.4
\u2013
\nExperience
\u2013
(344.2)
137.7
206.5
\u2013
\nTotal
(172.3)
1,496.0
(529.5)
(794.2)
\u2013
\nAt 31\u00a0March\u00a02023
3,684.3
(3,814.5)
52.1
78.1
\u2013
\n
\n
\nAssets
\n\u00a3m
\nLiabilities
\n\u00a3m
\nAdjustment
\nfor employee
\nshare of RPS
\ndeficits (40%)
\n\u00a3m
\nContract
\nadjustment
\n\u00a3m
\nNet
\n\u00a3m
\nAt 1\u00a0April\u00a02021
3,370.6
(5,318.6)
779.2
1,168.8
\u2013
\nIncome statement
\nOperating
\n\u2013 Service cost
\u2013
(253.4)
101.4
100.8
(51.2)
\n\u2013 Admin cost
\u2013
(11.1)
4.4
\u2013
(6.7)
\nTotal operating
\u2013
(264.5)
105.8
100.8
(57.9)
\nFinancing
69.4
(105.1)
14.3
21.5
\u2013
\nTotal income statement
69.4
(369.6)
120.1
122.3
(57.9)
\nAmounts paid to/(from) scheme
\nEmployer contributions
57.9
\u2013
(23.1)
23.1
57.9
\nEmployee contributions
37.9
\u2013
(15.2)
(22.7)
\u2013
\nBenefits paid
(129.5)
129.5
\u2013
\u2013
\u2013
\nTotal
(33.8)
129.5
(38.3)
0.4
57.9
\nExpected closing position
3,406.2
(5,558.6)
861.0
1,291.4
\u2013
\nChange in financial assumptions
\u2013
510.0
(204.0)
(306.0)
\u2013
\nReturn on assets in excess of discount rate
384.4
\u2013
(153.8)
(230.7)
\u2013
\nExperience
\u2013
(17.5)
7.0
10.5
\u2013
\nTotal
384.4
492.5
(350.8)
(526.1)
\u2013
\nAt 31\u00a0March\u00a02022
3,790.6
(5,066.1)
510.2
765.3
\u2013
\nDuring the year \u00a310.4m (2022:\u00a0\u00a311.1m) of gross administrative expenses were incurred, included in benefits paid above.
\nFinance costs above include interest income of \u00a364.9m (2022:\u00a0\u00a341.6m) and employee share of interest on assets of \u00a343.3m (2022:\u00a0\u00a327.8m)
\nIncome statement charges on liabilities above of \u00a3385.2m (2022:\u00a0\u00a3369.6m) represent:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nCurrent service costs
148.2
158.6
\nInterest costs
82.9
63.1
\nEmployee share of change in DBO (not attributable to contract adjustment)
154.1
147.9
\n385.2
369.6
\n
\n
\n
\nAsset Allocation
\nAt 25\u00a0March\u00a02023/31\u00a0March\u00a02023
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nEquity
\u2013
2,069.3
2,069.3
\nOther return seeking assets
\u2013
1,177.8
1,177.8
\nReal estate
\u2013
426.5
426.5
\nCash and cash equivalents
10.7
\u2013
10.7
\n10.7
3,673.6
3,684.3
\nAt 26\u00a0March\u00a02022/31\u00a0March\u00a02022
\nQuoted
\n\u00a3m
\nUnquoted
\n\u00a3m
\nTotal
\n\u00a3m
\nEquity
\u2013
2,241.9
2,241.9
\nOther return seeking assets
\u2013
1,089.7
1,089.7
\nReal estate
\u2013
450.8
450.8
\nCash and cash equivalents
8.2
\u2013
8.2
\n8.2
3,782.4
3,790.6
\nThe Rail contracts\u2019 assets are invested in pooled funds created specifically for the Rail schemes. As such, these assets have been
\ncategorised as unquoted.
\n(d) Valuation assumptions
\nThe valuation assumptions used for accounting purposes have been made uniform to Group standards, as appropriate, when each scheme
\nis actuarially valued.
\nFirst\u00a0Bus
\n2023
\n%
\nFirst\u00a0Rail
\n2023
\n%
\nNorth
\nAmerica
\n2023
\n%
\nFirst\u00a0Bus
\n2022
\n%
\nFirst\u00a0Rail
\n2022
\n%
\nNorth
\nAmerica
\n2022
\n%
\nKey assumptions used:
\nDiscount rate
4.67 \u2013 4.69
4.80
4.66 \u2013 4.92
2.91 \u2013 2.97
2.83
3.72 \u2013 4.19
\nExpected rate of salary increases
3.51
3.22
n/a
4.01
3.43
n/a
\nInflation \u2013 CPI
2.51 \u2013 2.56
2.72
2.0
2.89 \u2013 3.01
2.93
2.0
\nFuture pension increases
2.53
\n2
\n2.72
n/a
2.68
\n2
\n2.93
n/a
\nPost\u2011retirement mortality (life expectancy in years)
\n1
\nCurrent pensioners at 65:
19.4
20.7
19.7 \u2013 21.6
19.9
20.6
19.7 \u2013 21.5
\nFuture pensioners at 65 aged 45 now:
19.8
22.2
21.3 \u2013 22.6
21.4
22.1
21.2 \u2013 22.6
\n1
Life expectancies reflect the largest underlying plans in each region.
\n2 Weighted average for principal scheme.
\nThe Group reviews its longevity assumptions for each scheme following completion of funding valuations. The assumptions adopted reflect
\nrecent scheme experience and views on future longevity which may include industry specific adjustment where appropriate. The Group
\nobtains specialist actuarial advice before agreeing longevity assumptions.
\n(e) Sensitivity of retirement benefit obligations to changes in assumptions
\nThe method used to derive the sensitivities is the same as that used to calculate the main disclosures. The exception is longevity where we
\nhave instead applied a general rule that one year\u2019s extra life expectancy adds c.3% to the defined benefit obligation (with resultant impacts
\non rail and irrecoverable surplus adjustments). This is consistent with the method applied to deriving last year\u2019s sensitivities.
\nA 1.0% movement in the discount rate would impact the balance sheet position by approximately \u00a3218m. A 0.5% movement in the inflation
\nrate would impact the balance sheet position by approximately \u00a367m. A one\u2011year movement in life expectancy would impact the balance
\nsheet position by approximately \u00a352m.
\nManagement considers that the figures provide a suitable indication of the potential impact of reasonably possible changes in the financial
\nassumptions and one\u2011year change in the mortality assumption. No allowance has been made for any consequent change in the value of
\nassets held.
\n
\n
\n(f) Consolidated statement of comprehensive income
\nAmounts presented in the consolidated statement of comprehensive income comprise:
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nActuarial gain on DBO
2,079.7
684.3
\nActuarial (loss)/gain on assets
(925.7)
380.1
\nActuarial (loss) on contract adjustments
(1,323.7)
(876.9)
\nAdjustment for irrecoverable surplus
18.8
(65.2)
\nActuarial (losses)/gains on defined benefit schemes
(150.9)
122.3
\n(g) Cash contributions
\nThe estimated amounts of employer contributions expected to be paid to the defined benefit schemes during the 53\u00a0weeks ending
\n30\u00a0March\u00a02024 is \u00a364m based on current contributions schedules in force (25\u00a0March\u00a02023:\u00a0\u00a370m).
\n(h) Risks associated with defined benefit plans:
\nGenerally the number of employees in defined benefit plans is reducing rapidly, as these plans are largely closed to new entrants, and in
\nmost cases to future accrual. Consequently, the number of defined contribution members is increasing.
\nThe First\u00a0Bus Pension Scheme and the FirstGroup Pension Scheme both closed to future accrual on 5\u00a0April\u00a02018. This change will serve to
\nlimit the risks associated with defined benefit pension provision by the Group.
\nDespite remaining open to new entrants and future accrual, the risks posed by the RPS are limited, as under the contractual arrangements
\nwith DfT, the First\u00a0Rail TOCs are not responsible for any residual deficit at the end of a contract. As such, there is only short\u2011term cash flow
\nrisk within this business.
\nThe key risks relating to the other defined benefit pension arrangements and the steps taken by the Group to mitigate them are as follows:
\nRisk
Description
Mitigation
\nAsset volatility
The liabilities are calculated using a discount rate
\nset with reference to corporate bond yields; if assets
\nunderperform this yield, this will create a deficit. The
\nassets held in the defined benefit arrangements are
\nintended to meet the long\u2011term funding objectives of
\nthose arrangements, and therefore results in some
\nrisk in the short term and has the potential for material
\nadverse movements relative to the liabilities as valued
\nfor accounting purposes.
\nAsset liability modelling has been undertaken to
\nensure that any risks taken are expected to be
\nrewarded and, in relation to the Company\u2019s largest
\npension exposures, further work is being undertaken
\nto ensure that the investment strategy remains the
\nmost appropriate.
\nInflation risk
A significant proportion of the UK benefit obligations
\nare linked to inflation and higher inflation will lead to
\nhigher liabilities.
\nInvestment strategy reviews have led to increased
\ninflation hedging, mainly through swaps or holding
\nIndex Linked Gilts in the UK schemes.
\nUncertainty over level
\nof future contributions
\nContributions to defined benefit schemes can be
\nunpredictable and volatile as a result of changes in
\nthe funding level revealed at each valuation.
\nThe Group engages with the trustees and plan
\nmanagers to consider how contribution requirements
\ncan be made more stable. The level of volatility and
\nthe Group\u2019s ability to control contribution levels varies
\nbetween arrangements.
\nLife expectancy
The majority of the scheme\u2019s obligations are to
\nprovide benefits for the life of the member, so
\nincreases in life expectancy will result in an increase in
\nthe liabilities.
\nLinking retirement age to State Pension Age (as in The
\nFirst\u00a0Bus Pension Scheme and LGPS) has mitigated
\nthis risk to some extent. An annuity buy\u2011in has further
\nmitigated this risk in one of the LGPS arrangements.
\nLegislative risk
Future legislative changes are uncertain. In the past
\nthese have led to increases in obligations, through
\nintroducing pension increases, vesting of deferred
\npensions, equalisation of certain benefits for men and
\nwomen or reduced investment return through the
\nability to reclaim Advance Corporation Tax.
\nThe Group receives professional advice on the impact
\nof legislative changes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f27807": {
"value": "38 Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
\ndisclosed in this note.
\nRemuneration of key management personnel
\nThe remuneration of the Directors, which comprise the plc Board who are the key management personnel of the Group, is set out below in
\naggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual
\nDirectors is provided in the Annual report on remuneration on pages 118\u2011133.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBasic salaries
\n1
\n1.7
1.6
\nBenefits in kind
\u2013
\u2013
\nFees
0.8
0.9
\nShare\u2011based payment
2.5
2.6
\n5.0
5.1
\n1
Basic salaries include cash emoluments in lieu of retirement benefits, bonuses and car allowances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f27808": {
"value": "38 Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
\ndisclosed in this note.
\nRemuneration of key management personnel
\nThe remuneration of the Directors, which comprise the plc Board who are the key management personnel of the Group, is set out below in
\naggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual
\nDirectors is provided in the Annual report on remuneration on pages 118\u2011133.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBasic salaries
\n1
\n1.7
1.6
\nBenefits in kind
\u2013
\u2013
\nFees
0.8
0.9
\nShare\u2011based payment
2.5
2.6
\n5.0
5.1
\n1
Basic salaries include cash emoluments in lieu of retirement benefits, bonuses and car allowances.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f27814": {
"value": "Remuneration of key management personnel The remuneration of the Directors, which comprise the plc Board who are the key management personnel of the Group, is set out below in
\naggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual
\nDirectors is provided in the Annual report on remuneration on pages 118\u2011133.
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nBasic salaries
\n1
\n1.7
1.6
\nBenefits in kind
\u2013
\u2013
\nFees
0.8
0.9
\nShare\u2011based payment
2.5
2.6
\n5.0
5.1
\n1
Basic salaries include cash emoluments in lieu of retirement benefits, bonuses and car allowances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f27844": {
"value": "39 Events after the reporting period
\n\u25a0
\nOn 11\u00a0May\u00a02023, the Department for Transport (DfT) confirmed that it would not exercise its option to extend the existing arrangements for
\nFirstGroup\u2019s TransPennine Express (TPE) National Rail Contract, which was due to expire on 28\u00a0May\u00a02023. On that date the DfT appointed
\nits Operator of Last Resort to take over delivery of passenger services on the TPE network.
\n\u25a0
\nThe sale of the Bus division\u2019s depot at Empress Road, Southampton, which was disclosed as held for sale at 25\u00a0March\u00a02023, completed
\non 3\u00a0April\u00a02023 with proceeds in line with the held for sale valuation.
\n\u25a0
\nFirst Transit earnout crystallised following completion of the sale of the First Transit business by EQT Infrastructure in March 2023, with
\nestimated proceeds of c.$89m anticipated in H1 FY 2024.
\n\u25a0
\nIn May\u00a02023, the DfT announced a two\u2011year funding settlement for bus operators in England which includes \u00a3300m of further funding
\nto protect bus services until\u00a02025, and \u00a3200m funding to extend the \u00a32 fare cap until the end of October\u00a02023 and then at \u00a32.50 until
\nNovember\u00a02024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f27881": {
"value": "40 Information about related undertakings
\nIn accordance with Section 409 of the Companies Act\u00a02006, a full list of subsidiaries and equity accounted investments as at 25\u00a0March\u00a02023
\nis disclosed below. Unless otherwise stated, the Group\u2019s shareholding represents ordinary shares held indirectly by FirstGroup plc, the
\nentities are unlisted, and have one type of ordinary share capital, the year end is 25\u00a0March. The Group\u2019s interest in the voting share capital is
\n100% unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation:
\nEvolutionary Rail Limited,
\n5,9
\n8th Floor,
First Cymru Buses Limited,
\n3,7
\nHeol
\nSubsidiaries \u2013 wholly owned and
\nThe\u00a0Point, 37 North Wharf Road, London,
Gwyrosydd, Penlan, Swansea, SA5 7BN
\nincorporated in the United Kingdom
\nW2\u00a01AF
\nFirst Dublin Metro Limited,
\n5,9
\n8th Floor,
\nA E & F R Brewer Limited,
\n4,5
\nHeol
\nFB Canada Holdings Limited
The\u00a0Point, 37 North Wharf Road, London,
\nGwyrosydd, Penlan, Swansea, SA5 7BN
\n(SC356482),
\n3,4
\n395 King Street, Aberdeen,
W2\u00a01AF
\nAirport Buses Limited,
\n5
\nBus Depot,
AB24 5RP
\nFirst Eastern Counties Buses Limited,
\n7
\nWestway, Chelmsford, Essex, CM1 3AR
\nFG Canada Investments Limited
Davey House, 7b Castle Meadow, Norwich,
\nAirport Coaches Limited,
\n5
\nBus Depot,
(SC356484),
\n3,4
\n395 King Street, Aberdeen,
Norfolk, NR1 3DE
\nWestway, Chelmsford, Essex, CM1 3AR
\nAB24 5RP
\nFirst Essex Buses Limited,
\n7
\nBus Depot,
\nAirporter Limited,
\n3,7
\n21 Arthur Street,
FG Properties Limited,
\n3,8
\n8th Floor,
Westway, Chelmsford, Essex, CM1 3AR
\nBelfast, BT1 4GA
\nThe\u00a0Point, 37 North Wharf Road, London,
\nFirst European Holdings Limited
\nW2\u00a01AF
\nButler Woodhouse Limited,
\n5
\nBus Depot,
(05113697),
\n1,3,5
\n8th Floor, The Point,
\nWestway, Chelmsford, Essex, CM1 3AR
FGI Canada Holdings Limited
37\u00a0North Wharf Road, London, W2 1AF
\n(SC356485),
\n3,4
\n395 King Street, Aberdeen,
\nCawlett Limited,
\n4
\nEnterprise House,
First Games Transport Limited,
\n5
\nAB24 5RP
\nEaston\u00a0Road, Bristol, BS5 0DZ
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nFirst Aberdeen Limited,
\n3,7
\n395 King Street,
London, W2 1AF
\nCCB Holdings Limited (03128545),
\n4
\nAberdeen, AB24 5RP
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
First Glasgow Limited,
\n1,5
\n100 Cathcart
\nLondon, W2 1AF
\nFirst Beeline Buses Limited,
\n3,7
\nHoeford,
Road, Glasgow, G42 7BH
\nGosport Road, Fareham, Hampshire,
\nCentreWest Limited (02844270),
\n5
\nFirst Glasgow (No.1) Limited,
\n7
\nPO16\u00a00ST
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\n100\u00a0Cathcart Road, Glasgow, G42 7BH
\nLondon, W2 1AF
\nFirst\u00a0Bus Central Services Limited,
\n3,8
\nFirst Glasgow (No.2) Limited,
\n3,7
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nCentreWest London Buses Limited,
\n5
\n100\u00a0Cathcart Road, Glasgow, G42 7BH
\nLondon, W2 1AF
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\n4
\nFirst Great Western Limited,
\n5,9
\n8th Floor,
\nLondon, W2 1AF
\nFirst\u00a0Bus Pension GP Limited,
8th Floor,
\nThe Point, 37 North Wharf Road, London,
\n5
\nThe Point, 37 North Wharf Road, London,
\nCentreWest ESOP Trustee (UK) Limited,
\nW2 1AF
\nW2 1AF
\n8th Floor, The Point, 37 North Wharf Road,
\n5,9
\nFirst Great Western Trains Limited,
\n5,9
\nLondon, W2 1AF
\nFirst Caledonian Sleeper Limited,
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\n5
\n395\u00a0King Street, Aberdeen, AB24 5RP
\nChester City Transport Limited,
Bus
London, W2 1AF
\nDepot, Wallshaw Street, Oldham, OL1 3TR
\nFirst Capital Connect Limited,
\n3,5,9
\n8th
\nFirst Greater Western Limited,
\n7,9
\n8th
\n5
\nFloor, The Point, 37 North Wharf Road,
\nCrosville Limited,
Bus Depot, Wallshaw
Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nStreet, Oldham, OL1 3TR
London, W2 1AF
\nFirst Capital East Limited,
\n5
\nBus Depot,
\nDon Valley Buses Limited,
\n5
\nOlive Grove,
First Hampshire & Dorset Limited,
\n7
\nWestway, Chelmsford, Essex, CM1 3AR
\nSheffield, South Yorkshire, S2 3GA
\nHoeford, Gosport Road, Fareham,
\n7,9
\nFirst Capital North Limited,
\n4
\n8th Floor,
Hampshire, PO16 0ST
\nEast Coast Trains Limited,
8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nThe\u00a0Point, 37 North Wharf Road, London,
First Information Services Limited
\nW2\u00a01AF
\nW2\u00a01AF
(SC288178),
\n1,3,8
\n395 King Street, Aberdeen,
\n5,9
\nFirst CentreWest Buses Limited,
\n5
\nAB24 5RP
\nEast West Rail Limited,
8th Floor,
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nFirst International (Holdings) Limited
\nLondon, W2 1AF
\nW2\u00a01AF
\n(08743641),
\n1,3,4
\n8th Floor, The Point, 37
\n5
\nFirst City Line Ltd,
\n5
\n8th Floor, The Point,
North Wharf Road, London, W2 1AF
\nECOC (Holdings) Limited,
Bus Depot,
\n37\u00a0North Wharf Road, London, W2 1AF
\nWestway, Chelmsford, Essex, CM1 3AR
\nFirst International No.1 Limited
\nFirst Coaches Limited,
\n5
\n7
\nEnterprise House,
(08746564),
\n3,5
\n8th Floor, The Point,
\nEnsign Bus Company Limited,
The Rifle
\nEaston Road, Bristol, BS5 0DZ
37\u00a0North\u00a0Wharf Road, London, W2 1AF
\nRange, Juliette Close, Purfleet Industrial
\nPark, Aveley, South Ockendon, Essex,
\nFirst Customer Contact Limited,
\n8,9
\nFirst Manchester Limited,
\n3,7
\nWallshaw
\nRM15\u00a04YF
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
Street, Oldham, OL1 3TR
London, W2 1AF
\n
\n
\n
\n
\nFirst Merging Pension Schemes
\nLimited,
\n5
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirst Metro Limited,
\n5,9
\n8th Floor, The Point,
\n37 North Wharf Road, London, W2 1AF
\nFirst Midland Red Buses Limited,
\n3,7
\nAbbey\u00a0Lane, Leicester, England, LE4 0DA
\nFirst North West Limited (02862042),
\n3,4
\nWallshaw Street, Oldham, OL1 3TR
\nFirst Northern Ireland Limited,
\n3,7
\n21\u00a0Arthur\u00a0Street, Belfast, BT1 4GA
\nFirst Pioneer Bus Limited,
\n3,5
\nWallshaw\u00a0Street, Oldham, OL1 3TR
\nFirst Potteries Limited,
\n3,7
\nAbbey Lane,
\nLeicester, England, LE4 0DA
\nFirst Provincial Buses Limited,
\n4
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2 1AF
\nFirst\u00a0Rail Holdings Limited,
\n1,4,9
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2 1AF
\nFirst\u00a0Rail Procurement Limited,
\n1,3,8,9
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirst\u00a0Rail Support Limited,
\n4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirst\u00a0ScotRail Limited,
\n3,5,9
\n395 King Street,
\nAberdeen, AB24 5RP
\nFirst\u00a0ScotRail Railways Limited,
\n5,9
\n395\u00a0King Street, Aberdeen, AB24 5RP
\nFirst Shared Services Limited,
\n5
\n395\u00a0King\u00a0Street, Aberdeen, AB24 5RP
\nFirst South West Limited,
\n3,7
\nUnion Street,
\nCamborne, Cornwall, TR14 8HF
\nFirst South Yorkshire Limited,
\n7
\nOlive
\nGrove, Sheffield, South Yorkshire, S2 3GA
\nFirst Student UK Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirst Thameslink Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirst Trains Limited,
\n5,9
\n8th Floor, The Point,
\n37 North Wharf Road, London, W2 1AF
\nFirst TransPennine Express Limited,
\n7,9
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirst Travel Solutions Limited,
\n7
\nUnit 5
\nPetre Court, Petre Road Clayton Business
\nPark, Clayton Le Moors, Accrington,
\nBB5\u00a05HY
\nFirst Wessex National Limited,
\n5
\nEnterprise House, Easton Road, Bristol,
\nBS5\u00a00DZ
\nFirst West of England Limited,
\n7
\nEnterprise
\nHouse, Easton Road, Bristol, BS5 0DZ
\nFirst West Yorkshire Limited,
\n7
\nHunslet
\nPark Depot, Donisthorpe Street, Leeds,
\nWest\u00a0Yorkshire, LS10 1PL
\nFirst York Limited,
\n3,7
\nHunslet Park Depot,
\nDonisthorpe Street, Leeds, West Yorkshire,
\nLS10\u00a01PL
\nFirstBus (North) Limited,
\n1,3,4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirstBus (South) Limited,
\n1,3,4
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirstBus Group Limited,
\n4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nFirstBus Investments Limited
\n(02205797),
\n1,3,4
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirstGroup American Investments
\n(SC330038),
\n3,4
\n395 King Street, Aberdeen,
\nAB24 5RP
\nFirstGroup Canadian Finance Limited
\n(03486937),
\n1,3,6
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirstGroup Construction Limited,
\n5
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirstGroup Holdings Limited,
\n1,8
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2 1AF
\nFirstGroup Pension GP Limited,
\n4
\n8th
\nFloor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirstGroup (QUEST) Trustees
\nLimited,
\n1,5,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirstGroup US Finance Limited
\n(SC330060),
\n1,3,6
\n395 King Street, Aberdeen,
\nAB24 5RP
\nFirstGroup US Holdings (SC330054),
\n3,4
\n395 King Street, Aberdeen, AB24 5RP
\nFleetrisk Management Limited,
\n5
\nOlive\u00a0Grove, Sheffield, South Yorkshire,
\nS2\u00a03GA
\nG.E. Mair Hire Services Limited,
\n5
\n395\u00a0King Street, Aberdeen, AB24 5RP
\nG.A.G. Limited,
\n1,4
\nEnterprise House,
\nEaston\u00a0Road, Bristol, BS5 0DZ
\nGB Railways Group Limited,
\n1,3,4,9
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nGreat Western Trustees Limited,
\n5,9
\nMilford House, 1 Milford Street, Swindon,
\nSN1 1HL
\nGrenville Motors Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nGreyhound Limited,
\n5
\n8th Floor, The Point,
\n37 North Wharf Road, London, W2 1AF
\nGRT Bus Group Limited (SC114203),
\n1,3,4
\n395 King Street, Aberdeen, AB24 5RP
\nGurna Limited,
\n5
\nBus Depot, Westway,
\nChelmsford, Essex, CM1 3AR
\nHalesworth Transit Limited,
\n5
\nBus Depot,
\nWestway, Chelmsford, Essex, CM1 3AR
\nHampshire Books Limited,
\n5
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nHull Trains Company Limited,
\n7,9
\nThe
\nPoint, 8th Floor, 37 North Wharf Road,
\nLondon, England, W2 1AF
\nIndexbegin Limited,
\n5
\nHunslet Park Depot,
\nDonisthorpe Street, Leeds, West Yorkshire,
\nLS10\u00a01PL
\nKCB Limited,
\n5
\n100 Cathcart Road,
\nGlasgow, G42 7BH
\nKelvin Central Buses Limited,
\n5
\n100
\nCathcart Road, Glasgow, G42 7BH
\nKelvin Scottish Omnibuses Limited,
\n5
\n100 Cathcart Road, Glasgow, G42 7BH
\nKirkpatrick of Deeside Limited,
\n5
\n395
\nKing Street, Aberdeen, AB24 5RP
\nLynton Bus and Coach Limited,
\n5
\nBus\u00a0Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nLynton Company Services Limited,
\n5
\nBus\u00a0Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nMainline Partnership Limited,
\n1,4
\nOlive\u00a0Grove, Sheffield, South Yorkshire,
\nS2\u00a03GA
\n
\n
\nMidland Travellers Limited,
\n5
\nHunslet\u00a0Park\u00a0Depot, Donisthorpe Street,
\nLeeds, West Yorkshire, LS10 1PL
\nMistral Data Limited,
\n8,9
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nNorth Devon Limited,
\n5
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nNorthampton Transport Limited,
\n5
\nBus Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nProject Coral Limited,
\n4
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nQuickstep Travel Ltd,
\n5
\nHunslet Park
\nDepot, Donisthorpe Street, Leeds,
\nWest\u00a0Yorkshire, LS10\u00a01PL
\nReiver Ventures Properties Limited,
\n4
\nCarmuirs House, 300 Stirling Road, Larbert,
\nStirlingshire, FK5 3NJ
\nReiver Ventures Limited,
\n5
\nCarmuirs
\nHouse, 300 Stirling Road, Larbert,
\nStirlingshire, FK5\u00a03NJ
\nReynard Buses Limited,
\n5
\nHunslet Park
\nDepot, Donisthorpe Street, Leeds, West
\nYorkshire, LS10 1PL
\nRider Holdings Limited (02272577),
\n3,4
\nHunslet Park Depot, Donisthorpe Street,
\nLeeds, West Yorkshire, LS10 1PL
\nRider Travel Limited,
\n5
\nHunslet Park Depot,
\nDonisthorpe Street, Leeds, West Yorkshire,
\nLS10\u00a01PL
\nScott\u2019s Hospitality Limited,
\n5
\n8th Floor,
\nThe Point, 37 North Wharf Road, London,
\nW2\u00a01AF
\nSheafline (S.U.T.) Limited,
\n5
\nOlive Grove,
\nSheffield, South Yorkshire, S2 3GA
\nSheffield & District Traction Company
\nLimited,
\n5
\nOlive Grove, Sheffield,
\nSouth\u00a0Yorkshire, S2 3GA
\nSheffield United Transport Limited,
\n5
\nOlive Grove, Sheffield, South Yorkshire,
\nS2\u00a03GA
\nSkillplace Training Limited,
\n5
\nHeol
\nGwyrosydd, Penlan, Swansea, SA5 7BN
\nSmiths of Portland Limited,
\n5
\nEnterprise
\nHouse, Easton Road, Bristol, BS5 0DZ
\nSMT Omnibuses Limited,
\n5
\nCarmuirs
\nHouse, 300 Stirling Road, Larbert,
\nStirlingshire, FK5 3NJ
\nSomerset Passenger Solutions Ltd,
\n3,7
\nJ24\u00a0Hinkley Point C, Park and Ride,
\nHuntworth Business Park, Bridgwater,
\nTA6\u00a06TS
\nSouthampton CityBus Limited,
\n3,4
\n8th
\nFloor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nSouthampton City Transport
\nCompany Limited,
\n4
\n8th Floor, The Point,
\n37\u00a0North\u00a0Wharf Road, London, W2 1AF
\nStrathclyde Buses Limited,
\n5
\n100\u00a0Cathcart\u00a0Road, Glasgow, G42 7BH
\nStreamline Buses (Bath) Limited,
\n1,5
\nEnterprise House, Easton Road, Bristol,
\nBS5\u00a00DZ
\nTaylors Coaches Limited,
\n5
\nEnterprise
\nHouse, Easton Road, Bristol, BS5 0DZ
\nThe FirstGroup Pension Scheme
\nTrustee Limited,
\n8
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nThe First UK Bus Pension Scheme
\nTrustee Limited,
\n5
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nTotaljourney Limited,
\n1,5,9
\n8th Floor,
\nThe\u00a0Point, 37 North Wharf Road, London,
\nW2 1AF
\nTram Operations Limited,
\n7,9
\nTramlink
\nDepot, Coomber Way, Croydon, CR0 4TQ
\nTransportation Claims Limited,
\n8
\nAquis\u00a0House, 49\u201151 Blagrave Street,
\nReading, RG1\u00a01PL
\nTruronian Limited,
\n3,5
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nWest Dorset Coaches Limited,
\n4
\nEnterprise House, Easton Road, Bristol,
\nBS5\u00a00DZ
\nWestern National Holdings Limited,
\n4
\n8th\u00a0Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nSubsidiaries \u2013 wholly owned and
\nincorporated in the United States
\nof\u00a0America
\nDurham City Transit Company,
\n7
\n600 Vine
\nStreet, Suite 1400, Cincinnati, Ohio 45202
\nFirstGroup Management,
\n5
\nInc. 600 Vine
\nStreet, Suite 1400, Cincinnati, Ohio 45202
\nFirstGroup Services,
\n5
\nInc. 600 Vine Street,
\nSuite 1400, Cincinnati, Ohio 45202
\nLaidlaw Transportation Holdings,
\n5
\nInc.\u00a0600 Vine Street, Suite 1400, Cincinnati,
\nOhio 45202
\nTransit Management of Dutchess
\nCounty,
\n7
\nInc. 600 Vine Street, Suite 1400,
\nCincinnati, Ohio 45202
\nTransit Management of Racine,
\n7
\nInc.\u00a0600\u00a0Vine Street, Suite 1400, Cincinnati,
\nOhio 45202
\nTransit Management of St Joseph,
\n7
\nInc.\u00a0600 Vine Street, Suite 1400, Cincinnati,
\nOhio\u00a045202
\n
\n
\n
\nSubsidiaries \u2013 not wholly owned but
\nincorporated in the United States
\nof\u00a0America
\nTransportation Realty Income Partners
\nLP
(50%),
\n7
\n600 Vine Street Suite 1400,
\nCincinnati, Ohio 45202
\nSubsidiaries \u2013 wholly owned and
\nincorporated in Ireland
\nAeroporto Limited,
\n4
\n25\u201128 North Wall
\nQuay, Dublin
\nLast Passive Limited,
\n7
\n25\u201328 North Wall
\nQuay, Dublin
\nSubsidiaries \u2013 wholly owned and
\nincorporated in Panama
\nFirst Transit de Panama, Inc.
\n5
\nMorgan\u00a0&\u00a0Morgan, Costa del Este,
\nMMG\u00a0Tower, 23
\nrd
\n\u00a0Floor, Panama City
\nSubsidiaries \u2013 wholly owned and
\nincorporated in Canada
\nGCT Holdings Ltd,
\n4
\nBlake, Cassels &
\nGraydon LLP, 3500, 855 \u2013 2 Street SW,
\nCalgary, Alberta, T2P 4J8
\nGCT Investment Limited Partnership,
\n4
\nBlake, Cassels & Graydon LLP, 3500, 855\u00a0\u2013
\n2 Street SW, Calgary, Alberta, T2P 4J8
\nGreyhound Canada Transportation
\nULC,
\n7
\nBlake, Cassels & Graydon LLP,
\n595\u00a0Burrard Street, P.O. Box 49314, Suite
\n2600, Three Bentall Centre, Vancouver,
\nBritish Columbia V7X 1L3
\nSubsidiary not wholly owned but
\nincorporated in Canada
\nGACCTO Limited (50%),
\n5
\n130 King Street
\nWest, #1600, Toronto, Ontario M5X 1J5
\nSubsidiaries not wholly owned but
\nincorporated in the United Kingdom
\nCareroute Limited (80%),
\n5
\n8th Floor, The
\nPoint, 37 North Wharf Road, London, W2
\n1AF
\nFirst/Keolis Holdings Limited (55%),
\n1,3,5,9
\n8th Floor, The Point, 37 North Wharf Road,
\nLondon, W2 1AF
\nFirst/Keolis TransPennine Holdings
\nLimited (55%),
\n3,4,9
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirst/Keolis TransPennine Limited
\n(55%),
\n3,5,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirst MTR South Western Trains Limited
\n(70%),
\n7,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nFirst Trenitalia East Midlands Rail
\nLimited (70%),
\n5,9
\n8th Floor, The Point,
\n37\u00a0North Wharf Road, London, W2 1AF
\nFirst Trenitalia West Coast Rail Limited
\n(70%),
\n7,9
\n8th Floor, The Point, 37 North
\nWharf Road, London, W2 1AF
\nLeicester CityBus Benefits Limited
\n(94%),
\n5
\nBus Depot, Westway, Chelmsford,
\nEssex, CM1 3AR
\nLeicester CityBus Limited (94%),
\n2,3,7
\nAbbey Lane, Leicester, England, LE4 0DA
\nLCB Engineering Limited (94%),
\n5
\nBus\u00a0Depot, Westway, Chelmsford, Essex,
\nCM1\u00a03AR
\nSubsidiary not wholly owned but
\nincorporated in India
\nTransit Operations Private Limited
\n(99.95%),
\n7
\nLentin Chambers, 2nd Floor, Dalal
\nStreet, Fort Mumbai, 400023
\n1 Directly owned by FirstGroup plc.
\n2
All shares held in subsidiary undertakings are ordinary shares, with the exception of Leicester CityBus Limited where the Group owns 100% of its redeemable
\ncumulative preference shares and 94% of its ordinary shares.
\n3
For the year ending 25\u00a0March\u00a02023 these subsidiaries are exempt from audit of individual accounts under S479A of the UK Companies Act\u00a02006.
\n4 Primary business is a holding company
\n5 Primary business is a dormant company
\n6 Primary business is an intragroup financing company
\n7 Primary business is the provision of transportation services
\n8 Primary business is an administrative or support services company
\n9 Rail companies with 31\u00a0March year end
\nCertain pension partnership structures (FirstBus Pension Limited Partnership and FirstGroup Pension Limited Partnership) were implemented during the 52\u00a0weeks
\nending 26\u00a0March\u00a02022. These structures involved the creation of special purpose vehicles (SPVs) to hold cash to fund the Bus and Group pension schemes if required,
\nbased on a designated funding mechanism. The first accounting period end for these SPVs was 31\u00a0March\u00a02023. The SPVs are consolidated into FirstGroup plc\u2019s
\nconsolidated accounts, and therefore under Partnership (Accounts) Regulations\u00a02008, Regulation 7, the SPVs are exempt from the requirement to prepare individual
\nentity annual accounts.",
"dimensions": {
"concept": "fgp:DisclosureOfInformationAboutRelatedUndertakingsExplanatoryTextBlock",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
},
"f29154": {
"value": "Company balance sheet
\nAs at 25 March
Note
\n2023
\n\u00a3m
\n2022
\n\u00a3m
\nNon\u2011current assets
\nTrade and other receivables
3
506.9
376.4
\nDerivative financial instruments
4
0.1
0.2
\nInvestments
5
740.7
2,147.9
\n1,247.7
2,524.5
\nCurrent assets
\nCash and cash equivalents
371.4
186.8
\nTrade and other receivables
3
2.7
0.9
\nDerivative financial instruments
4
4.1
0.6
\n378.2
188.3
\nTotal assets
1,625.9
2,712.8
\nCurrent liabilities
\nTrade and other payables
7
313.3
1,518.4
\nDerivative financial instruments
4
0.1
\u2013
\n313.4
1,518.4
\nNet current assets/(liabilities)
64.8
(1,330.1)
\nNon\u2011current liabilities
\nTrade and other payables
7
184.2
199.9
\n184.2
199.9
\nTotal liabilities
497.6
1,718.3
\nNet assets
1,128.3
994.5
\nEquity
\nShare capital
8
37.5
37.5
\nShare premium
693.2
692.8
\nOther reserves
117.2
167.3
\nOwn shares
9
(15.4)
(9.0)
\nRetained earnings
295.8
105.9
\nTotal equity
1,128.3
994.5
\nThe Company reported a profit for the 52 weeks ending 25\u00a0March\u00a02023 of \u00a3232.3m (2022:\u00a0loss of \u00a3150.8m).
\nRyan Mangold
\n8\u00a0June\u00a02023
\nCompany number SC157176
Company statement of changes in equity
\nFor the 52 weeks ended 25 March
Share
\ncapital
\n\u00a3m
\nShare
\npremium
\n\u00a3m
\nOwn
\nshares
\n\u00a3m
\nHedging
\nreserve
\n\u00a3m
\nMerger
\nreserve
\n\u00a3m
\nCapital
\nreserve
\n\u00a3m
\nCapital
\nRedemption
\nreserve
\n\u00a3m
\nRetained
\nearnings
\n\u00a3m
\nTotal
\nequity
\n\u00a3m
\nBalance at 28\u00a0March\u00a02021
61.1
689.6
(9.0)
(10.0)
64.0
93.8
1.9
761.9
1,653.3
\nLoss for the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(150.8)
(150.8)
\nOther comprehensive (loss)/income for the year
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
6.2
6.0
\nTotal comprehensive loss for the year
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(144.6)
(144.8)
\nTransactions with owners in their capacity as
\nowners
\nShares issued
0.2
3.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3.4
\nShares bought back and cancelled
(23.8)
\u2013
\u2013
\u2013
\u2013
\u2013
17.8
(500.0)
(506.0)
\nMovement in EBT and treasury shares
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(16.8)
(16.8)
\nShare\u2011based payments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
5.4
5.4
\nBalance at 26\u00a0March\u00a02022
37.5
692.8
(9.0)
(10.2)
64.0
93.8
19.7
105.9
994.5
\nBalance at 27\u00a0March\u00a02022
37.5
692.8
(9.0)
(10.2)
64.0
93.8
19.7
105.9
994.5
\nProfit/(loss) for the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
232.3
232.3
\nOther comprehensive (loss)/income for the year
\u2013
\u2013
\u2013
0.0
\u2013
\u2013
\u2013
\u2013
0.0
\nTotal comprehensive gain/(loss) for the year
\u2013
\u2013
\u2013
0.0
\u2013
\u2013
\u2013
232.3
232.3
\nTransactions with owners in their capacity as
\nowners
\nShares issued
\u2013
0.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.4
\nShares bought back but not yet cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(31.6)
(31.6)
\nLiability for shares not yet bought back
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(43.9)
(43.9)
\nMovement in EBT and treasury shares
\u2013
\u2013
(6.4)
\u2013
\u2013
\u2013
\u2013
(8.6)
(15.0)
\nShare\u2011based payments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6.4
6.4
\nDividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(14.8)
(14.8)
\nReclassification to retained earnings
\u2013
\u2013
\u2013
\u2013
(50.1)
\u2013
\u2013
50.1
\u2013
\nBalance at 25\u00a0March\u00a02023
37.5
693.2
(15.4)
(10.2)
13.9
93.8
19.7
295.8
1,128.3
\nMerger reserves relating to disposal of investments for qualifying consideration and those relating to the extent related investments are
\nimpaired are considered realised and transferred to retained earnings.
\nThe non\u2011distributable portion of retained earnings Is \u00a332.7m (2022 \u00a335.0m).
",
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"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300DEJZCPWA4HKM93",
"period": "2022-03-27T00:00:00/2023-03-26T00:00:00"
}
}
}
}