annual report 2003
group headquarters 10 dunkeld road perth ph1 5tw scotland
t 44 0 1738 442 111 f 44 0 1738 643 648 wwwstagecoachgroupcom
annual report 2003 stagecoach group plc company no sc100764
2003
contents
1 highlights
2 group overview
4 chairman’s statement
6 chief executive’s statement
8 operating review
8 uk bus
9 coach usa
11 overseas bus
12 rail
14 investments
15 corporate social responsibility
19 finance director’s review
22 board of directors
23 directors’ report
26 corporate governance
30 remuneration report
35 auditors’ report
36 accounts
75 shareholder information
76 five year financial summary business highlights
ı continued profitability in all four key operating divisions
ı good progress in restructuring coach usa
ı c »300m of disposals announced post yearend
ı terms of new franchise at south west trains finalised
ı improved operational performance benefiting rail division
ı margin improvement at uk bus
ı strong revenue and volume growth in new zealand
financial highlights
ı turnover »2077m 2002  »2111m
ı total operating profit »146m 2002  »167m
ı profit before tax »113m 2002  »107m
ı »575m of exceptional writedowns from coach
usa review resulting in a statutory loss before tax of
»500m 2002  profit of »42m
ı earnings per share 64p up from 63p
ı free cash flow up 18 to »218m
ı net debt down »215m to »560m
ı full year dividend 26p 2002  26p
 excluding goodwill amortisation and exceptional items
highlights 2003
stagecoach group is a leading international
transport provider committed to developing
innovative solutions across our operations
1 group overview 2003
turnover »5984m »6030m
operating profit »670m »140m
no of vehicles


Summary:
 business highlights
ı continued profitability in all four key operating divisions
ı good progress in restructuring coach usa
ı c »300m of disposals announced post yearend
ı terms of new franchise at south west trains finalised
ı improved operational performance benefiting rail division
ı margin improvement at uk bus
ı strong revenue and volume growth in new zealand
financial highlights
ı turnover »2077m 2002  »2111m
ı total operating profit »146m 2002  »167m
ı profit before tax »113m 2002  »107m
ı »575m of exceptional writedowns from coach
usa review resulting in a statutory loss before tax of
»500m 2002  profit of »42m
ı earnings per share 64p up from 63p
ı free cash flow up 18 to »218m
ı net debt down »215m to »560m
ı full year dividend 26p 2002  26p
 excluding goodwill amortisation and exceptional items
highlights 2003
stagecoach group is a leading international
transport provider committed to developing
innovative solutions across our operations
1