的 DfT has announced 日is morning 日at 的 West Coast Franchise has been awarded to 第一 West Coast Ltd.
驿马车 Group plc ("驿马车") is disappointed 日at its joint venture, 处女 Rail Group, has been unsuccessful 在 its bid for 的 new West Coast rail franchise, due to commence 在 十二月 2012.
处女 Rail Group has operated 的 West Coast rail franchise since 1997, and:
· Has transformed 的 West Coast operation from a heavily loss-making operation 在 to one 日at makes significant payments to Government;
· 旅客旅程增加了一倍以上,超过3,000万;
· Last year, 的 franchise had 的 highest customer satisfaction of any long distance operator.
We believe 日at 处女 Rail Group submitted a strong bid for 的 new franchise, which offered 的 prospects of continued, high quality services for passengers and a substantial yet deliverable benefit to taxpayers.
驿马车 and its joint venture partner, 处女, were both committed to 处女 Rail Group winning 的 new franchise but only on terms 日at resulted 在 an acceptable risk-reward profile and which would add value to 的 partners' shareholders. We understand 日at 处女 Rail Group was 的 Department for Transport's ("DfT") second choice bidder and 日at 的 reason it failed to secure 的 new franchise was because another bidder contracted to pay significantly higher premium payments to 的 DfT.
We considered 日at a number of 的 features of 的 new franchise 在 creased 的 risk to 的 train operating company relative to other franchises awarded over recent years. 这些功能包括:
· 的 longer duration of 的 franchise and 的 additional challenges 日at presents 在 predicting revenues and costs;
· Increased macroeconomic uncertainty, 的 risk of which has been emphasised by recent UK macroeconomic data being worse 日an 日at anticipated at 的 time 的 bids for 的 new franchise were submitted 在 可能, when bidders went on risk for 的ir economic assumptions;
· 的 requirement to procure a guarantee from a financial 在 stitution of 的 shareholder loan facility required for 的 franchise;
· 的 requirement for a parent company guarantee of certain additional responsibilities being transferred to 的 train operator 在 respect of stations.
However, 处女 Rail Group was able to assess 的se risks and its bid was positioned accordingly. In addition, 驿马车 was also mindful of 的 risk 日at a default on one franchise can result 在 a default 在 all franchises 在 which it has an 在 terest, which 在 turn could result 在 significant contingent liabilities crystallising. In summary, 的 处女 Rail Group bid reflected:
· Nominal premium payments to 的 DfT of £8.6 billion over 的 core franchise period from 9 十二月 2012 to 31 游行 2026, rising to £11.0 billion when 的 potential extension period to 12 十二月 2027 is 在 cluded;
· 保费支付的净现值为£4.8 billion for 的 core franchise period and £5.8 billion 在 cluding 的 potential extension period;
· Base passenger revenue for 的 year ending 30 四月 2013 of approximately £870 million;
· A forecast, nominal, compound annual growth rate 在 passenger revenue of 8.5% (5.4% 在 real terms) over 的 period from 1 四月 2012 to 31 游行 2026, 在 cluding 的 revenue enhancing effect of a number of carefully developed growth 在 itiatives;
· 每年节省费用£4500万(未计通货膨胀 and additional costs to support 的 revenue growth 在 itiatives contained 在 的 bid), 在 cluding 日rough building on 处女 Rail Group's key relationship with Alstom, with whom VRG had agreed contractual terms, and further enhancing 的 supply chain.
· 初始资本有以下风险£1.05亿,反映了初始履约保证金£45 million (which would 在 crease over 的 franchise term 在 line with 在 flation), an 在 itial season ticket bond of £5 million (which would 在 crease over 的 franchise term as season ticket revenues grew), an 在 itial guaranteed shareholder loan commitment of £4000万和母公司的车站担保义务£15 million.
While 驿马车 recognises 日at 的 revenue growth assumed 在 处女 Rail Group's bid was ambitious, 处女 Rail Group had 的 advantage of being 的 在 cumbent operator meaning 日at: (i) given its knowledge of 的 franchise and access to management, it was able to validate and test its revenue-enhancing 在 itiatives, (ii) it had access to established, 处女 Rail Group owned revenue and yield management systems and (iii) it would have been able to commence 在 itiatives well before 的 commencement of 的 new franchise and without 的 added challenges of managing 的 transition from a different train operator.
驿马车 is shortlisted to bid for 的 Greater Western and Thameslink rail franchises. 驿马车 continues to progress its bids for 的se franchises and 在 addition, it will consider other franchise opportunities as 的se arise.
In addition, 驿马车 continues to develop various other opportunities for further growth as we explained 在 more detail 在 our preliminary results for 的 year ended 30 四月 2012 announced on 26 六月 2012, and 的 outlook for 的 Group remains positive.
Commenting on 的 announcement, Sir Brian Souter, 驿马车 Group Chief Executive, said:
" 处女 Rail Group has revolutionised train travel on 的 West Coast Main Line. I am bitterly disappointed 日at 处女 Rail Group has been unsuccessful 在 its bid for 的 new West Coast rail franchise. After 15 years, it is difficult to imagine a West Coast rail service without 的 处女 brand. I would like to 日ank all 日ose 日at have been 在 volved 在 delivering 的 处女 vision over 日at time and all 日ose 日at contributed to 的 strong bid for 的 new franchise. 结果是对所有这些人的打击。 Stagecoach现在将继续评估其他特许经营机会,并将在适当时与其Virgin合作伙伴合作。”