Mr. Paddy Doherty:

Last year, 2012, was a good year for financial progress. Our losses compared to 2011 reduced from €18 million to €9 million and after the additional subvention that was further reduced to €3.8 million. There was also good progress in terms of passenger numbers, which stabilised and started to grow towards the latter end of the year. I will outline some of the major contributors to that. The completion of Network Direct was a huge project and we finished it during 2012. It has radically transformed the bus network in Dublin. Some of the attributes of the new network are outlined in the written submission. I will not go through them but the new network is a significant contributor to the changed trends in passenger numbers.

In terms of the contract with the National Transport Authority, NTA, we met all the customer service targets set in the NTA contract throughout the year. They are independently audited and verified. We got 80 new buses last year and many of their new features are outlined in the written submission. We also achieved what was a major milestone for the company in reaching 100% accessibility. We have probably one of the best equipped fleets in Europe in terms of accessibility for people with disabilities.

Real time information was also a big boon which was introduced at the start of the year. It is now available on apps and on the web at approximately 500 stops around the city. Anyone who uses buses will agree that it has transformed the entire experience of using them. The system is progressing this year.

The Leap card was introduced last year. It is part of a major development programme which will come together towards the end of this year. Towards the end of the year we were getting 200,000 journeys per week on Leap. We promoted all of that and it has contributed to a stabilisation of our numbers and growth into 2013.

Moving into 2013, as I said, passenger numbers have stabilised. The last few periods are showing good growth and there is strong positive evidence. Revenues are strong. We are behind on expenditure at the moment because, as the chairman outlined, we are finalising a cost reduction programme. That will contribute to an outturn this year of a €2.8 million operating loss. We have had a very steady year-on-year financial programme.

In terms of customer service for 2013, we are continuing with many of the positive initiatives I have mentioned and we are meeting our targets. We will get a further 80 buses this year. A total of 400,000 real time passenger information, RTPI, apps have now been downloaded. The NTA has introduced a journey planner which makes it easier to figure out the new network. Leap cards continue to expand. We intend to have Wi-Fi on all of our buses by the end of the year which, again, is a big plus for the customer. We are also developing interior announcements, both audio and video. The NTA is keen on traffic signal priority for buses, as are we, which again will provide a time benefit for passengers. It will be a big challenge for us to work with the NTA and Dublin City Council on the Luas cross-city project and make sure that all of the benefits are maintained through the programme.

Looking forward into 2014, it is our target to break even and to make a small profit. We will do that through the continuation of the programmes I have outlined. Our objective is the retention of the NTA contract and the retention of our role as a pivotal part of Dublin city. We must work through the Luas cross-city development and make sure we achieve all our objectives.