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Investing . Evolving . Innovating INVESTING . EVOLVING . INNOVATING . ENVIRONMENT . VALUE When you have finished with this report please recycle it This report is printed on 100% recycled paper Head Office: Great Western House, Station Approach, Taunton, Somerset TA1 1QW Tel: 01823 721 400 Fax: 01823 334 027 Email: [email protected] www.viridor-waste.co.uk ANNUAL REPORT & ACCOUNTS 08 NOTES TO THE FINANCIAL STATEMENTS INVESTING . EVOLVING . INNOVATING . ENVIRONMENT . VALUE GLOSSARY The following are descriptions of some of the terms used in these financial statements: BMW.................................Biodegradable municipal waste CAGR................................Compound Annual Growth Rate, being the rate of growth over a period, expressed as a single average figure DEFRA.............................Department for Environment, Food and Rural Affairs EA ......................................Environment Agency EBITDA............................Earnings before interest, tax, depreciation and amortisation EfW ...................................Energy from Waste EMS ..................................Environmental Management System GWh..................................Gigawatt hours HWRS ..............................Household waste recycling sites IFRS..................................International Financial Reporting Standards ISO 14001.......................International environmental accreditation standard KPIs ..................................Key Performance Indicators LAKESIDE......................Lakeside Energy from Waste Holdings Limited and subsidiaries LATS.................................Landfill Allowance Trading Scheme LAWDC............................Local Authority Waste Disposal Company MW....................................Megawatts MWh ................................Megawatt hours NFFO................................Non Fossil Fuel Obligation PFI.....................................Private Finance Initiative PPC...................................Pollution, Prevention and Control PPP...................................Public Private Partnership RIDDOR .........................Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (1995) on v ROCs ................................Renewable Obligation Certificates RPI ....................................The UK Government’s Retail Price Index SEPA ................................Scottish Environment Protection Agency e, Heathfield, De UK GAAP........................United Kingdom Generally Accepted Accounting Principles tructur as VIRIDOR..........................Viridor Limited and its subsidiaries collectively WEEE ...............................Waste electrical and electronic equipment Skylark on landfill gas infr Designed by AB Design Group, Exeter. Printed on 100% recycled material by The Burlington Press Limited, Cambridge. VIRIDOR LIMITED - 65 ANOTHER YEAR OF STRONG PROFIT GROWTH AND STRATEGIC DEVELOPMENT > CONTENTS > DIRECTORS, REGISTERED OFFICE AND AUDITORS Report of the Directors 2 Chairman KG Harvey Other statutory information 20 Independent Auditors’ report 23 Chief Executive CIJH Drummond Financial statements 24 Glossary 65 Executive Directors M Hellings B S Hurley DB Robertson Non-executive Director > Board of Directors AT Fletcher Company Secretary KDWoodier Registered office Peninsula House Rydon Lane Exeter EX2 7HR Independent Auditors PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors 31 Great George Street Bristol BS1 5QD VIRIDOR LIMITED - 1 REPORT OF THE DIRECTORS VIRIDOR PROFIT CONTRIBUTION BY SEGMENT Financial year 2007/08 Financial year 2006/07 Contracts 10% Recycling & Transfer 14% Contracts 11% Recycling & Transfer 5% Collection 8% Collection 8% Landfill 54% Landfill 48% > Colin Drummond, Chief Executive Power Power Generation 20% Generation 22% All segments grew in absolute terms both before and after acquisitions. > OVERVIEW being from acquisitions. Profit before tax the company’s average revenues per (PBT) and amortisation of intangibles, Megawatt hour fell slightly to £60. Viridor Limited is one of the leading waste at £35.5 million was 20.7% up on the The company’s ‘brown energy’ contract management and renewable energy previous year. Return on equity at 16.5% prices in 2008/09 are at a higher level than businesses in the United Kingdom. It is a was 2.3% up on the previous year’s figure in 2007/08. The company’s landfill gas wholly owned subsidiary of Pennon Group Plc. of 14.2%. This consistent strong financial power generation capacity was 84 performance reflects the success of Viridor’s Megawatts (MW) compared with 75MW at Continuing developments in the UK’s waste focused strategy. the previous year end (both figures exclude management and renewable energy policies, a small amount of sub-contract capacity). driven by climate change and environmental VIRIDOR PROFIT CONTRIBUTION Viridor now collects nearly 90% of the awareness, create major opportunities for BY SEGMENT estimated total methane generated by its Viridor. In 2007/08 Viridor delivered another The pie charts above provide a breakdown landfills and uses the bulk of it for energy year of strong profit growth. At the same of Viridor’s profit contribution by segment generation. This has the dual environmental time it progressed various major strategic (before amortisation of intangibles and benefit of reducing emissions of methane to initiatives which are expected to enhance central overhead costs including pensions). the atmosphere (methane is 21 times more further its business in future years. In 2007/08 landfill and power generation harmful than CO2 as a greenhouse gas) and This reflects its focused strategy of: (the first two elements of the strategy generating renewable energy. At the same outlined above) accounted for 68% of the time Viridor earns significant profits from • capitalising on its strong position in landfill profit contribution, compared with the this aspect of its business. At 31 March 2008 waste disposal previous year’s 76%. Recycling and 55% of Viridor’s power generating capacity • maximising its landfill gas renewable contracts (the third element of the strategy) was eligible for Renewables Obligation energy generation increased to 24% from 16%. Certificates (ROCs) and 45% for Non Fossil • exploiting opportunities arising from Fuel Obligation (NFFO). the Government’s landfill diversion and LANDFILL AND LANDFILL recycling targets including: GAS UTILISATION RECYCLING CONTRACTS AND ENERGY – Private Finance Initiative (PFI) and Landfill inputs excluding cover grew very FROM WASTE (EfW) Public Private Partnership strongly and were 5.2 million tonnes or The UK is required under the EU Landfill (PPP) contracts 11% higher in 2007/08 compared with the Directive to reduce the amount of – recycling operations previous year. Of this total volume biodegradable municipal waste going to – energy from waste plants (EfW). approximately 0.2 million tonnes were of landfill sites as described in the section on items not expected to continue into regulatory and competitive environment on More detail on climate change and 2008/09. Average revenue per tonne page 10. Municipal waste accounts for environmental drivers behind the increased by 2.5% to £19.30 per tonne, or around one third of Viridor’s landfill Government’s policies and Viridor’s strategy 3.5% after adjusting for changes in sales market. The alternatives to landfill sites is given in the sections on main trends and mix. Consented landfill void fell from 90 for final waste disposal in the UK are business and strategy, both on page 8. million cubic metres last year end to 84 currently limited. million cubic metres at 31 March 2008, In 2007/08 revenue at £455.1 million reflecting usage. Since the year end Viridor In order to meet the requirements of the increased by 23.8% over the previous year. has gained planning consents at two sites Landfill Directive, local authorities have Profit before interest, tax and amortisation of providing an additional 2.4 million cubic been set statutory targets by the intangibles (PBITA) at £58.1 million increased metres of void. Government for the diversion of by 24.1% over the previous year. This was biodegradable municipal waste from driven by particularly strong growth in the Viridor’s landfill gas power generation output landfill. Accordingly, the recycling and landfill, power generation and recycling parts increased by a further 13% to 477 Gigawatt contracts segments are increasingly of the business. In the seven years since hours (GWh), building on a 15% increase last important to Viridor’s business and both 2000/01 PBITA has grown by a compound year. As flagged at the beginning of the year, performed strongly in 2007/08. Total profit average rate of 24% per annum, of which 11% underlying ‘brown energy’ prices were contribution grew by over 80% (27% has been organic and the remainder from lower in 2007/08 than in the previous year. excluding the effect of acquisitions) and acquisitions. This year around 12% of the This was largely offset by an increase in the now represents 24% of total contribution growth has been organic with the remainder renewables energy premium in the UK and compared with 16% last year. VIRIDOR LIMITED - 2 Profit before interest, tax and amortisation of intangibles (PBITA) at £58.1 million increased by 24.1% over the previous year. Viridor’s industrial and commercial collection business provides support for the landfill business and is profitable in its own right. In 2007/08 profits grew 22% maintaining the segment’s overall share
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