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Kelda Holdings Limited Annual Report and Financial Statements for the Year Ended 31 March 2017

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Kelda Holdings Limited Annual Report and Financial Statements for the Year Ended 31 March 2017 Kelda Holdings Limited Annual report and financial statements Registered number 99329 For the year ended 31 March 2017 Kelda Holdings Limited Annual report and financial statements for the year ended 31 March 2017 Contents Strategic Report 1 Corporate Governance Report for the year ended 31 March 2017 57 Directors' Report for the year ended 31 March 2017 67 Statement of Directors' Responsibilities for the year ended 31 March 2017 77 Independent Auditors' Report to the Members of Kelda Holdings Limited 79 Financial Statements 81 Consolidated statement of profit or loss 81 Consolidated statement of comprehensive income 82 Consolidated statement of financial position 83 Consolidated statement of changes in equity 85 Consolidated statement of cash flows 86 Notes to the consolidated financial statements 87 Company balance sheet 143 Company statement of changes in equity 144 Notes to the company financial statements 145 Independent Auditors' Report for the Company Financial Statements to the Members of Kelda Holdings Limited 148 Kelda Holdings Limited Strategic Report for the year ended 31 March 2017 Strategic Report Our Business Kelda Holdings Limited (the Company) and its subsidiaries, joint ventures and associates (the Group) is made up of several businesses: Yorkshire Water Services Limited (Yorkshire Water) Yorkshire Water is the principal UK subsidiary of the Group, providing water and waste water services to more than five million people and 140,000 businesses. Every day, Yorkshire Water supplies around 1.3 billion litres of water to homes and businesses in Yorkshire. Through the efficient operation of its extensive wastewater network and treatment facilities, it also ensures that the region’s domestic and industrial waste is returned safely to the environment. Yorkshire Water results are largely presented as the ‘UK Regulated Water Services’ segment. Business strategy: Yorkshire Water’s vision is ‘Taking responsibility for the water environment for good’. There are six strategic objectives that shape everything the business does: Trusted company; Safe water; Excellent catchments, rivers and coasts; Water efficient regions; Sustainable resources; and Strong financial foundations. Kelda Water Services Limited (KWS) KWS is a major participant in the UK water and wastewater contract operations market, with its subsidiaries operating both water and wastewater and food waste anaerobic digestion (AD) contracts throughout 2016/17 across the UK. Business strategy: Leveraging the value from Group assets and skills; Maximising value from our existing business; and Focussing on new opportunities arising from changes in the water market. During the year, the Group commenced ongoing discussions with a number of interested parties regarding the possible sale of the KWS subsidiary companies. As at the date of approval of the financial statements no sale has yet been agreed. However, as we consider a sale with 12 months to be probable, KWS has been presented as a discontinued operation in the Group accounts for the year ended 31 March 2017. Loop Customer Management Limited (Loop) Loop specialises in cost effective customer relationship management. Loop’s main contract is to provide customer service support to Yorkshire Water. Business strategy: Focus on the key competency of providing customer service solutions to water and similar industries. 1 Kelda Holdings Limited Strategic Report for the year ended 31 March 2017 Keyland Developments Limited (Keyland) Keyland adds value to the Group’s surplus property assets, usually by obtaining planning permission for the most beneficial use and selling into the market or undertaking development in partnership with others. The results of Keyland include the Group’s share of its associates and joint ventures. Business strategy: To add value to land with development potential and to maximise proceeds from the sale of that land. Three Sixty Water Limited (TSW) and its subsidiaries (collectively TSWG) TSWG specialises in providing services to the Non Household Retail (NHHR) sector either by directly providing NHHR water and wastewater services or support services to entities which provide NHHR water and wastewater services. Business strategy: Achieve a withdrawal from the NHHR market, either as direct provider or as a support service provider. As part of the Group’s strategy to focus on wholesale and household retail activities the Group is working to withdraw from the NHHR market. 2 Kelda Holdings Limited Strategic Report for the year ended 31 March 2017 Business Strategy To achieve the vision the Group has developed a plan and the plan has been named Blueprint. Blueprint is something everyone can contribute towards to make a difference. Our strategic objectives: To ensure long-term sustainability, we manage a programme of activity that drives us towards our vision and six Strategic Business Objectives (SBOs). Our SBO framework includes a suite of annual targets on activities that drive us towards medium-term milestones and long-term deliverables. Our SBOs shape everything we do and encompass all our material issues as a business: environmental, financial and social. Our SBOs: Trusted company – The way we do business means our products, services and promises are trusted by all our stakeholders, now and in the future. Safe water – We work safely and we protect public health by ensuring drinking water is always safe to drink and wastewater never harms customers or communities at any point in the process. Excellent catchments, rivers and coasts – We maintain and improve the water environment from source to sea, and influence others to do the same. Water efficient regions – We ensure water needs are met now and in the future by using water wisely and inspiring others to do the same. Sustainable resources – We are efficient and effective now and in the future, with an industry-leading workforce, zero waste and a responsible supply chain. Strong financial foundations – We deliver services to customers at a price they are willing and able to pay, while providing investors with returns that attract long-term investment. The above SBO’s apply to all business of the Group. Kelda Water Services, Loop and Keyland have additional strategic objectives specific to their circumstances. 3 Kelda Holdings Limited Strategic Report for the year ended 31 March 2017 Yorkshire Water Services Limited (Yorkshire Water) Yorkshire Water Services Limited is the most significant element of the Group’s operation. Over the following pages, we provide an overview of our performance by examining our progress towards each of our six SBOs which summarise our strategy to achieve our vision. Yorkshire Water Business Strategy We are a regulated water and waste water company that provides some of life’s most essential services and we are a custodian of the natural environment and critical infrastructure. We are regulated by three main authorities to act in the best interests of the society we serve: the Office of Water Services (Ofwat), the Environment Agency (EA), and the Drinking Water Inspectorate (DWI). We are part of the Kelda Group and our vision is ‘taking responsibility for the water environment for good’. Our vision captures our ambition to go beyond regulatory requirements and our commitment to long-term sustainability. The essence of our vision is doing what is right for customers, colleagues, partners, the environment and investors, both in the short and long-term. This holistic and integrated approach is critical to the sustainability of our essential water and waste water services, and of our business. Putting our customers’ priorities at the heart of our strategy Central to our strategy is the delivery of our customers’ priorities of us, defined in seven Customer Outcomes which are measured by 26 Performance Commitments summarised in the diagram on page 5. These were shaped and agreed through our engagement with over 30,000 customers and our regulators. The Performance Commitments set the levels of service we are working to achieve across a range of activities which customers and regulators confirm are a priority for us, for example further reducing pollution incidents and leakage. We explain our latest performance against these measures throughout this Strategic Report. The national regulatory regime in which we operate includes financial and reputational Outcome Delivery Incentives (ODIs) if we under or over perform against some of the Performance Commitments. Where financial incentives have been agreed, they become applicable only when we reach defined levels of service either side of the Performance Commitment. You can find more detail about the Customer Outcomes, Performance Commitments and ODIs in our APR (Annual Performance Review) at: www.yorkshirewater.com/reports. 4 Kelda Holdings Limited Strategic Report for the year ended 31 March 2017 Our Customer Outcomes and Performance Commitments Sustainability is an imperative within our strategy Through our 25-year planning process we monitor a range of external influences that are shaping our business and services. We use this insight to shape our strategy and plans to ensure we are effectively preparing for the long-term to strengthen our resilience and ensure our ongoing ability to deliver the Customer Outcomes and SBOs. The latest and best evidence repeatedly shows increasing pressure from a range of factors including, for example, climate change, population growth and resource constraints. We observe an imperative for change as a company whose core business
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