Rolling Stock Leasing Market Investigation

Final Report, published 07.04.09

Report files open as PDF documents in a new browser window.

Adobe PDF Reader is required to view reports: Download Adobe Reader here

Hard copies of this report are available from TSO.

Report

• Full text of report
• Note of dissent

Appendices

• Appendix 1.1: Terms of reference and conduct of the investigation
• Appendix 2.1: Franchising process and the role of the Government
• Appendix 2.2: Train operating companies
• Appendix 4.1: Substitutability
• Appendix 4.2: Switching
• Appendix 4.3: Pricing approaches and changes
• Appendix 4.4: Entry
• Appendix 6.1: Off-lease rolling stock
• Appendix 6.2: Quantitative assessment of competition in MOLA rolling stock
• Appendix 6.3: Parties' submissions on profitability
• Appendix 6.4: Approach to profitability analysis and results
• Appendix 6.5: Asset values
• Appendix 6.6: Cost of capital for ROSCOs
• Appendix 6.7: Margins and risk
• Appendix 6.8: Accounting ratios and whole company profitability
• Appendix 7.1: Maintenance
• Appendix 8.1: Quantification of detriment
• Glossary