Rail 2013 Train operating Owners^ companiesªۜ National Express Group Plc: Elliot International C2C Rail LP, Jorge Cosmen, European Express Enterprises Deutsche Arriva Trains Bahn: Wales Government of Germany
£m Revenue
Profit after tax
Operating Tax* profit
Interest Dividends* Borrowings Equity
139
9
2
8
10
1
10
307
19
6
16
16
2
26
Deutsche Bahn: Government of Germany
167
0
2
-1
1
40
-63
Deutsche Cross Country Bahn: Trains Government of Germany
553
12
4
11
0
1
36
Stagecoach East Midlands Plc: Brian Trains Souter, Ann Gloag
337
14
4
11
2
46
-29
First Capital Connect
First Group Plc: Orbis Holdings, Majedie Asset Management, Schroders
604
5
2
8
0
12
10
First Great Western
First Group Plc: Orbis Holdings, Majedie Asset Management, Schroders
1130
-21
0
-10
2
27
-42
33
3
0
41
1
0
6
135
17
4
13
0
2
4
681
0
0
0
0
2
4
Chiltern Railway
Deutsche Bahn: Grand Central Government of Germany NV Nederlandse Spoorwegen: Government of Netherlands Merseyrail Serco: Franklin Resources, Invesco, Government of Singapore NV Nederlandse Abellio Spoorwegen: Greater Anglia Government of Netherlands
10
15
NV Nederlandse Spoorwegen: Government of Netherlands Northern Rail Serco: Franklin Resources, Invesco, Government of Singapore Stagecoach Plc: Brian South Western Souter, Ann Gloag
593
34
5
33
0
34
2
4
867
17
6
18
1
18
7
8
London and Southeastern
Go-Ahead Group Plc: UBS, Ameriprise Financial Inc
754
1
2
4
1
7
5
37
Southern
Go-Ahead Group Plc: UBS, Ameriprise Financial Inc
705
18
5
17
1
13
2
25
West Coast
Virgin: Richard Branson
898
18
8
26
London and Birmingham
Go-Ahead Group Plc: UBS, Ameriprise Financial Inc
357
-1
-1
1
0
First Scotrail
First Group Plc: Orbis Holdings, Majedie Asset Management, Schroders
779
11
5
14
1
First Group Plc: First Orbis Holdings, TransPennine Majedie Asset Express Management, Schroders
242
17
5
14
40
33
21
12
16
21
13
21
2
29
Rolling stock operating companies (ROSCOs) Arcus Infrastructure Partners; AMP Capital Investors; International Public Angel Trains* Partnerships; 336 Public Sector Pension Investment Board and STC Funds Nominee Pty Ltd and Prime Super Antin Porterbrook Infrastructure, Leasing 326 Deutsche Company Bank, OP Trust STAR Capital Partners, 3i Infrastructure Eversholt Rail 97 plc and Morgan Group Stanley Infrastructure Partners Total 10037
147
-14
100
75
130
-48
50
162
-3
2
23
7
-6
376
271
207
448
0
928
303
2566
174
116
3686
^ Top three shareholders included for companies listed on public stock exchanges. * Dividend figures are taken from the cash flow statement to show actual paid in the year. Given the lack of cash flow disclosure by many companies tax figures have been taken from the profit and loss statement ÂŞŰœ See the list at the bottom of this sheet for the particular group company that the figures have been taken from. Where possible, the accounts used have been consolidated group accounts, though the majority of the rail companies above do consolidate their operations below the group of their ultimate owners, who have a range of other operations. * Angel Trains declare significantly higher dividends in their accounts but as most of these were non-cash, only the cash dividends have been included here.
CALCULATIONS Total paid out in interest and dividends Total debt and equity Approximate cost of UK government 30 year gilts based on prices over the last year (%) (http://www.bloomberg.com/markets/ratesbonds/government-bonds/uk/) Total that would be paid out in interest on government gilts on equivalent debt and equity Total savings if publicly financed (with tax paid by the companies added to the gilt interest) Per household
478 4401 3 132 352 13.33
715
2012, £m Train Profit Operating operating Owners^ Revenue Tax* after Interest Dividends* Borrowings Equity profit companiesªۜ tax National Express Group Plc: Elliot International C2C Rail 133 10 2 9 6 1 13 LP, Jorge Cosmen, European Express Enterprises Deutsche Bahn Arriva Trains AG: 287 17 5 14 16 1 12 Wales Government of Germany Deutsche Bahn Chiltern AG: 153 -3 -1 -5 1 60 -75 Railway Government of Germany Deutsche Bahn Cross Country AG: 388 -30 -7 -20 1 59 -1 Trains Government of Germany Stagecoach East Midlands Plc: Brian 324 -34 -24 -10 2 69 -39 Trains Souter, Ann Gloag
First Capital Connect
First Group Plc: Orbis Holdings, Majedie Asset Management, Schroders
548
4
2
5
0
First Great Western
First Group Plc: Orbis Holdings, Majedie Asset Management, Schroders
1019
-9
0
1
Deutsche Bahn AG: Grand Central Government of Germany
27
0
-1
NV Nederlandse Spoorwegen: Government of Netherlands Serco: Franklin Resources, Invesco, Government of Singapore
132
15
NV Nederlandse Abellio Spoorwegen: Greater Anglia Government of Netherlands
570
5
Merseyrail
5
27
13
3
42
-32
0
0
46
-44
4
11
0
3
5
1
4
2
4
11
Northern Rail
NV Nederlandse Spoorwegen: Government of Netherlands Serco: Franklin Resources, Invesco, Government of Singapore
571
35
11
28
0
28
1
5
815
44
14
35
1
32
4
10
736
17
7
16
1
20
1
39
665
14
5
13
1
14
1
19
938
34
11
29
0
29
0
47
333
-2
-1
0
0
8
9
First Group Plc: Orbis Holdings, Majedie Asset Management, Schroders
614
17
6
17
1
16
22
8
First Group Plc: First Orbis Holdings, TransPennine Majedie Asset Express Management, Schroders
285
66
18
50
31
0
35
521
3
474
83
76
1013
223
129
-31
27
154
2377
125
Stagecoach Plc: Brian South Western Souter, Ann Gloag Go-Ahead Group Plc: London and UBS, Southeastern Ameriprise Financial Inc Go-Ahead Group Plc: Southern UBS, Ameriprise Financial Inc Virgin: Richard West Coast Branson Go-Ahead Group Plc: London and UBS, Birmingham Ameriprise Financial Inc
First Scotrail
Rolling stock operating companies (ROSCOs) Arcus Infrastructure Partners; AMP Capital Investors; International Public Angel Trains Partnerships; 341 Public Sector Pension Investment Board and STC Funds Nominee Pty Ltd and Prime Super Antin Porterbrook Infrastructure, Leasing 336 Deutsche Company Bank, OP Trust
STAR Capital Partners, 3i Infrastructure Eversholt Rail plc and Morgan Group Stanley Infrastructure Partners Total
Company C2C Rail Arriva Trains Wales Chiltern Railway
9322
848
-1
7
20
24
703
268
Individual group company accounts figures taken from C2C Rail Ltd Arriva Trains Wales Ltd Chiltern Railways Company Ltd
Cross Country XC Trains Ltd Trains East Midlands EMT Trains First Capital Connect First Great Western
First Capital Connect Ltd First Greater Western Ltd Grand Central Grand Central Railway Company Ltd Merseyrail Services Merseyrail Holding Company Ltd* Abellio Abellio Greater Greater Anglia Anglia Ltd 2013 Northern Rail Ltd Stagecoach South Western Southwestern trains Ltd London and London and Southeastern Southeastern Railway Ltd Southern Southern Railway Ltd Virgin Rail West Coast Group Holdings Ltd* London and London and Birmingham Birmingham Railway Ltd Northern Rail
First Scotrail
108
First Scotrail Ltd
First First/Keolis TransPennine Transpennine Express Ltd Angel Trains*
Angel Trains Ltd
Porterbrook Leasing Company
Porterbrook Leasing Company Ltd
121
283
3736
498
Eversholt Depot Finance (UK) Ltd, Eversholt Rail Eversholt Rail (380) Ltd, Group Eversholt Rail (UK) Ltd, Eversholt Rail (385) Ltd