Annual Report and Accounts 2008
Glossary
| AGM | Annual General Meeting |
| Combined Code | The Combined Code on Corporate Governance published by the Financial Reporting Council |
| CPI | Consumer Price Index |
| CR | Corporate Responsibility |
| The Company | National Express Group PLC |
| DfT | Department for Transport |
| DNA | The name for our leadership development strategy |
| EBT | Employee Benefit Trust |
| EBIT | Earnings Before Interest and Tax |
| EBITDA | Earnings Before Interest and Tax and also before depreciation and amortisation. It is calculated by taking normalised profit from operations and adding depreciation, fixed asset grant amortisation, normalised profit on disposal of non-current assets and share-based payments. |
| EPS | Earnings Per Share – The profit for the year attributable to shareholders, divided by the weighted average number of shares in issue, excluding those held by the Employee Benefit Trust and shares held in treasury which are treated as cancelled. |
| EU | European Union |
| The Group | The Company and its subsidiaries |
| IAS | International Accounting Standards |
| IFRIC | International Financial Reporting Interpretations Committee |
| IFRS | International Financial Reporting Standards |
| KPI | Key Performance Indicator |
| LTIP | Long Term Incentive Plan |
| Net capital expenditure | is the increase in net debt arising on the purchase of property, plant and equipment and intangible assets less proceeds from disposals of property, plant and equipment. It excludes capital expenditure arising from UK Rail franchise entry and exits and discontinued operations, which are included in these headings. |
| Net debt | is defined as cash and cash equivalents (cash overnight deposits, other short term deposits), and other debt receivables offset by borrowings (loan notes, bank loans and finance lease obligations) and other debt payable. |
| Net interest expense | is finance costs less finance income. |
| NXEA | National Express East Anglia |
| NXEC | National Express East Coast |
| Normalised diluted earnings per share | Earnings per share, excluding the profit or loss on sale of businesses, exceptional profit or loss on the disposal of non current assets and charges for goodwill impairment, intangible asset amortisation, exceptional items and tax relief on qualifying exceptional terms |
| Normalised profit | Profit before tax, goodwill impairment, intangible asset amortisation and exceptional items |
| (For the purposes of Directors' Remuneration) | |
| Normalised results | are defined as the statutory result before the following, as appropriate: profit or loss on the sale of businesses, exceptional profit or loss on the disposal of non-current assets and charges for goodwill impairment, intangible asset amortisation, exceptional items and tax relief on qualifying exceptional items. |
| Operating cash flow | is intended to be the cash flow equivalent to normalised operating profit. Operating cash flow is defined as the statutory cash flow including the following, as appropriate: cash generated from operations and proceeds from disposals of property, plant and equipment, and less the following, as appropriate: finance lease additions, purchase of property, plant and equipment, purchase of intangible assets, payments to associates, payments in relation to exceptional items, UK Rail franchise entry and exit cash flows and discontinued operations' cash flows. |
| OFR | Operating and Financial Review |
| RPS | Railway Pension Scheme |
| SPAD | Signal Passed at Danger |
| TfL | Transport for London |
| TOC | Train Operating Company |
| TSR | Total Shareholder Return – the growth in value of a shareholding over a specified period assuming that dividends are reinvested to purchase additional shares |
| UK GAAP | UK Generally Accepted Accounting Principles |