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Amendments 2018/19 Regulatory Accounts Following The Amendments 2018/19 Regulatory Accounts Following the conclusion of Ofwat’s query process for the 2018/19 Annual Performance Report, we have made minor amendments to relevant data tables. This document summarises these changes. Table 1F – Financial flows Upon review of our calculations for our return on regulatory equity (RoRE), we have made a small correction to the adjustments relating to our exit from the non-household retail market at the end of 2016/17. This adjustment is involved in calculating our overall RoRE (both in percentage and absolute terms) for the reporting year and 2015-19 average, thus a number of values in tables 1F have changed. These are highlighted in yellow the tables below. The values are shown using a 2012/13 price base and therefore will not match RoRE values in other tables. 12 Months ended 31 March 2019 % £m Notional Actual Actual Notional Actual Actual Table 1F - reporting year returns returns returns returns returns returns and and and and and and notional notional actual notional notional actual regulatory regulatory regulatory regulatory regulatory regulatory equity equity equity equity equity equity Return on regulatory equity 5.54% 4.64% 5.54% 4.602 3.852 3.852 Actual performance adjustment 2010-15 1.64% 1.37% 1.64% 1.362 1.140 1.140 Adjusted Return on regulatory equity 7.18% 6.01% 7.18% 5.965 4.992 4.992 Regulatory equity 83.077 83.077 69.532 Financing Gearing 0.00% 0.80% 0.96% 0.000 0.668 0.668 Variance in corporation tax 0.00% -0.90% -1.07% 0.000 -0.745 -0.745 Group relief 0.00% 0.00% 0.00% 0.000 0.000 0.000 Cost of debt 0.00% 0.10% 0.12% 0.000 0.085 0.085 Hedging instruments 0.00% 0.00% 0.00% 0.000 0.000 0.000 Financing total 7.18% 6.02% 7.19% 5.965 5.000 5.000 Operational performance Totex out / (under) performance 0.00% 0.00% 0.00% 0.000 0.000 0.000 ODI out / (under) performance 0.00% -0.18% -0.22% 0.000 -0.150 -0.150 Retail out / (under) performance 0.00% -2.49% -2.97% 0.000 -2.066 -2.066 Other exceptional items 0.00% 0.00% 0.00% 0.000 0.000 0.000 Operational performance total 0.00% -2.67% -3.19% 0.000 -2.216 -2.216 Total earnings 7.18% 3.35% 4.00% 5.965 2.784 2.784 RCV growth from RPI inflation 3.06% 3.06% 3.06% 2.542 2.542 2.128 Total shareholder return 10.24% 6.41% 7.06% 8.507 5.327 4.912 Net dividend 4.00% 3.21% 3.83% 3.323 2.664 2.664 Retained value 6.24% 3.20% 3.23% 5.184 2.663 2.248 Dividends reconciliation Gross dividend 4.00% 3.21% 3.83% 3.323 2.664 2.664 Interest received on intercompany loans 0.00% 0.00% 0.00% 0.000 0.000 0.000 Net dividend 4.00% 3.21% 3.83% 3.323 2.664 2.664 SES Water is a trading name of Sutton and East Surrey Water Plc Registered office London Road, Redhill, Surrey, RH1 1LJ. Registered in England number 2447875 Average 2015-19 % £m Notional Actual Actual Notional Actual Actual Table 1F - average 2015-19 returns returns returns returns returns returns and and and and and and notional notional actual notional notional actual regulatory regulatory regulatory regulatory regulatory regulatory equity equity equity equity equity equity Return on regulatory equity 5.72% 3.78% 5.72% 4.585 3.033 3.033 Actual performance adjustment 2010-15 1.70% 1.12% 1.70% 1.363 0.901 0.901 Adjusted Return on regulatory equity 7.42% 4.91% 7.42% 5.947 3.935 3.935 Regulatory equity 80.154 80.154 53.029 Financing Gearing 0.00% 1.71% 2.58% 0.000 1.369 1.369 Variance in corporation tax 0.00% -1.11% -1.67% 0.000 -0.886 -0.886 Group relief 0.00% 0.00% 0.00% 0.000 0.000 0.000 Cost of debt 0.00% -0.35% -0.61% 0.000 -0.281 -0.322 Hedging instruments 0.00% 0.00% 0.00% 0.000 0.000 0.000 Financing total 7.42% 5.16% 7.72% 5.947 4.137 4.096 Operational performance Totex out / (under) performance 0.00% 0.00% 0.00% 0.000 0.000 0.000 ODI out / (under) performance 0.00% 0.17% 0.26% 0.000 0.136 0.136 Retail out / (under) performance 0.00% -1.35% -2.04% 0.000 -1.082 -1.082 Other exceptional items 0.00% 0.56% 0.84% 0.000 0.445 0.445 Operational performance total 0.00% -0.63% -0.94% 0.000 -0.501 -0.501 Total earnings 7.42% 4.54% 6.78% 5.947 3.636 3.595 RCV growth from RPI inflation 2.50% 2.50% 2.50% 2.004 2.004 1.326 Total shareholder return 9.92% 7.04% 9.28% 7.951 5.640 4.920 Net dividend 4.00% 3.35% 5.07% 3.206 2.687 2.687 Retained value 5.92% 3.68% 4.21% 4.745 2.953 2.233 Dividends reconciliation Gross dividend 4.00% 3.35% 5.07% 3.206 2.687 2.687 Interest received on intercompany loans 0.00% 0.00% 0.00% 0.000 0.000 0.000 Net dividend 4.00% 3.35% 5.07% 3.206 2.687 2.687 Table 4H – Financial metrics The aforementioned amendment to the Company’s RoRE has also led to us correcting relevant values in table 4H. The adjustment for exiting the non-household market is included in the ‘Other factors’ category, thus this has been updated along with the overall RoRE for the reporting year and 2015-19 average. Following a query from Ofwat, we have recalculated our effective tax rate for the reporting year in line with the regulatory accounting guidelines (RAGs). Previously the effective tax rate was calculated using the following formula: UK corporation tax charge profit before tax and fair value movements Ofwat requested we recalculate the effective tax rate using the following formula: current tax charge for the appointed business before any prior period adjustments profit before tax and fair value movements for the appointed business The effect of prior year impacts has thus been removed from the calculation. Therefore, the effective tax rate in table 4H has been corrected to 5.58% from 12.91%. Both RoRE and effective tax rate changes are highlighted in yellow the table below. Current AMP to Table 4H Units year date Financial indicators Net debt £m 158.422 Regulated equity £m 101.668 Regulated gearing % 60.91% Post tax return on regulated equity % 8.82% RORE (return on regulated equity) % 3.57% 5.24% Dividend yield % 3.03% Retail profit margin - Household % -4.62% Retail profit margin - Non household % 0.00% Credit rating n/a BBB+ Return on RCV % 6.99% Dividend cover dec 1.98 Funds from operations (FFO) £m 23.122 Interest cover (cash) dec 4.95 Adjusted interest cover (cash) dec 2.19 FFO/Debt dec 0.15 Effective tax rate % 5.58% RCF £m 20.038 RCF/capex dec 0.79 Revenue and earnings Revenue (actual) £m 61.966 EBITDA (actual) £m 23.717 Movement in RORE Base return % 5.80% 5.80% Totex out / (under) performance % 0.00% 0.00% Retail cost out / (under) performance % -1.19% -0.97% ODI out / (under) performance % -0.15% 0.26% Financing out / (under) performance % -0.60% -0.58% Other factors % -0.29% 0.73% Regulatory return for the year % 3.57% 5.24% Borrowings Proportion of borrowings which are fixed rate % 0.06% Proportion of borrowings which are floating rate % 7.78% Proportion of borrowings which are index linked % 92.16% Proportion of borrowings due within 1 year or less % 0.00% Proportion of borrowings due in more than 1 year but no more than % 7.78% 2 years Proportion of borrowings due in more than 2 years but but no more % 0.00% than 5 years Proportion of borrowings due in more than 5 years but no more % 92.16% than 20 years Proportion of borrowings due in more than 20 years % 0.06% Table 4L – Enhancement expenditure by purpose Following a query from Ofwat, we have amended the categorisation of some of the expenditure associated with our metering programme. Previously £2.417m was allocated to ‘meters requested by optants’. This was incorrect as some of this expenditure was related to meters installed due to the Company’s action i.e. installing a meter when a property is vacated. We have thus reallocated £0.763m of expenditure to ‘meters introduced by companies’. Our overall metering expenditure is unchanged, thus £1.654m remains allocated to ‘meters requested by optants’. The resulting changes to Table 4L are highlighted in yellow below. Expenditure in report year Table 4L - Enhancement expenditure by purpose Water Network+ (wholesale water) resources Total AL RWA RWT RWS WT TWD NEP - Making ecological improvements at abstractions (Habitats Directive, SSSI, NERC, 0.000 0.000 0.000 0.000 0.000 0.000 0.000 BAPs) NEP - Eels Regulations (measures at intakes) 0.000 -0.003 0.000 0.000 0.000 0.000 -0.003 NEP - Invasive Non Native Species 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Addressing low pressure 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Improving taste / odour / colour 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Meeting lead standards 0.000 0.000 0.000 0.000 0.000 0.129 0.129 Supply side enhancements to the supply/demand 0.000 0.000 0.000 0.000 0.000 0.000 0.000 balance (dry year critical / peak conditions) Supply side enhancements to the supply/demand 0.000 0.000 0.000 0.000 0.000 0.000 0.000 balance (dry year annual average conditions) Demand side enhancements to the supply/demand 0.000 0.000 0.000 0.000 0.000 0.000 0.000 balance (dry year critical / peak conditions) Demand side enhancements to the supply/demand 0.000 0.000 0.000 0.000 0.000 0.000 0.000 balance (dry year annual average conditions) New developments 0.000 0.000 0.000 0.000 0.000 2.683 2.683 New connections element of new development 0.000 0.000 0.000 0.000 0.000 0.000 0.000 (CPs, meters) Investment to address raw water deterioration (THM, 0.000 0.000 0.000 0.000 0.000 0.000 0.000 nitrates, Crypto, pesticides, others) Resilience 0.000 0.000 0.000 0.000 0.000 6.801 6.801 SEMD 0.000 0.000 0.000 0.000 0.000 0.000 0.000 NEP - Drinking Water Protected Areas (schemes) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 NEP - Water Framework Directive measure 0.000 0.000 0.000 0.000 0.000 0.000 0.000 NEP - Investigations 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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