DOCSLIB.ORG

Aggreko’S Current Hold Valuation As a Moderately Assign I Share, Recommendation Per to Aggreko

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Aggreko’S Current Hold Valuation As a Moderately Assign I Share, Recommendation Per to Aggreko Equity Research Aggreko Plc Industrials | European Business Services A Case To Continue Holding the Market Leader 08 February 2021 in Temporary Power Solutions Stock Rating Hold Even after the takeover offer re-pricing, I believe Aggreko’s Industry View valuation does not reflect the full extent of growth Positive opportunities in a recovery environment Price Target GBp 964 Under-appreciated positioning amid the energy transition: The acceleration of various themes, such as de-carbonisation, has the potential to magnify dislocations in certain regions and sectors. Providing scope for above-market rates of growth as temporary power providers are engaged to act as a bridging mechanism for Price (as of 08/02/2021) GBp 851 economies and sectors transitioning away from their legacy power infrastructure. Additionally, though unpredictable, I like the added kicker of large one-off events Potential Upside/Downside +13.2% and believe Aggreko’s scale continues to act as an economic moat for these types of Tickers AGK.LN / AGGK.L contracts. Forecasts: Following management’s Nov-20 strategic update, I forecast a recovery in underlying performance to take place in 2021. This is of course predicated on a Enterprise Value (mGBP) 2,679 gradual easing of COVID-19 lockdown restrictions throughout 2021, which is subject Market Cap (mGBP) 2,180 to the effectiveness of global vaccination roll-outs and government lockdown policies. Shares Outstanding (m) 256 My base case estimates a 8.2% growth in underlying revenue, net of pass-through fuel, for 2021 and further acceleration in 2022 as economic conditions continue Free Float (%) 99% normalise, specifically the events business. My top-line forecasts are in the mid-point 100D Avg Daily Volume 484,998 of management’s medium-term guidance, with a CAGR of 8% between 2020-2025. Dividend Yield 0.59% I also assume a reversion in margins to the high-teens to take place between the forecast period. 2020E EPS (Adj, GBp) 25 Key valuation metrics: Current BVPs (GBp) 467 Source: Bloomberg, 08/02/2021 2018 2019 2020E 2021E 2022E EPS (adj) 49 51 25 43 62 Price Performance Exchange-LSE Consensus EPS N/A N/A 22 45 44 52 Week Range GBp 286-888 Price 732.6 832.6 851.0 851.0 851.0 P/E 14.9 16.5 34.1 19.8 13.6 2,000 EV/EBITDA 4.8 4.4 6.3 5.5 4.7 1,800 1,600 EV/EBIT 11.2 9.6 20.2 13.4 9.7 1,400 Source: Analyst estimates and Bloomberg consensus estimates as of 08/02/2021 1,200 1,000 Key near-term drivers: As already mentioned above, the trajectory relating to the 800 re-opening of economies in 2021/22 is a critical factor underpinning my forecasts. 600 GBp (pence) per share (pence)GBp Tied to this is the stabilisation and subsequent gradual recovery in both the oil & gas 400 and events sectors. Another critical element relates to executional risks stemming 200 from changing customer demand profiles amid the energy transition. I find no red 0 flags that would suggest material risks relating to fleet development and/or M&A. Dec/14 Dec/15 Dec/16 Dec/17 Dec/18 Dec/19 Dec/20 Source: Bloomberg, 08/02/2021 Takeover offer: Following the announcement of a potential takeover, on February 5th, from a consortium led by TDR capital and the subsequent jump in share price. I acknowledge that near-term pricing is largely contingent on developments in talks with the consortium. That said, I feel that should the board reject the offer, it would Contacts: re-affirm their belief in management’s presented strategy, in-turn supporting the recovery thesis that underpins my forecasts and valuation. Hence, on the premise Victor Pancic that the takeover offer is credible, I do not see a need to sell and take advantage of [email protected] the takeover offer. Conclusion: Following the takeover offer re-pricing and near-term economic Completed 08/02/2021 - THIS DOCUMENT IS SOLELY FOR INFORMATIONAL PURPOSES uncertainties stemming from the pandemic, Aggreko’s valuation, in my opinion, does still not appear stretched. Nor does it appear to be pricing in the prospect of a synchronised recovery and associated growth opportunities. However, given that investors could be subject to short-term volatility from these takeover talks, with a ceiling around the indicative offer price of 880 pence per share, I assign a hold recommendation to Aggreko. That said, for investors looking over the longer-term, in the event of no takeover, I continue to view Aggreko’s current valuation as moderately attractive in a recovery environment. Equity Research | Aggreko Plc Contents Executive Summary 3 Aggreko ­­­— Company Profile 4 Management 11 Temporary Power Market Overview 17 Aggreko ­­­— Revenue 26 Aggreko ­­­— Margins 32 Aggreko ­­­— Cash Flow 37 Aggreko ­­­— Balance Sheet 44 Trading Update 46 Valuation 47 Financials 54 Important Information 58 Completed 08/02/2021 - THIS DOCUMENT IS SOLELY FOR INFORMATIONAL PURPOSES 08 February 2021 2 Equity Research | Aggreko Plc Executive Summary While Aggreko’s valuation has re-priced significantly following the takeover offer (announced 05/02/21) and certainly looks expensive relative to historical norms on a pandemic-hit earnings denominator. I believe a number of visible factors suggest the opposite is true and that Aggreko is actually quite reasonably priced. In fact, in my view, valuations still appear moderately attractive in recovery scenario. 1) Enduring structural growth in the temporary power market: Structural growth in temporary power is supported by the global growth in energy demands from urbanisation and digitisation of trends. Prominent opportunities exist in regions with less developed power infrastructure, such as Africa, where energy consumption per capita is still well below that of developed regions. In developed markets, the increased fragmentation of power infrastructure, as renewable energy sources are integrated into national power grids, supports demand for modular yet reliable back-up power solutions. Furthermore, the acceleration of climate change objectives creates an opportunity to act as a bridging mechanism to customers as they transition over to lower carbon emitting power infrastructure. In my view, the energy transition exacerbates the future opportunity for temporary power in developing markets due to the fact that de-carbonisation will not be binary and developing markets are generally more reliant on fossil fuel infrastructure. 2) Aggreko’s post-pandemic recovery and subsequent growth opportunity is underestimated, in my view: Following the takeover offer re-pricing and economic uncertainties surrounding the trajectory of the pandemic, Aggreko’s valuation, in my opinion, does still not appear stretched. Nor does it appear to be fully pricing in the prospect of a synchronised recovery and associated growth opportunities. This is supported by my upside/downside scenarios that suggest a slight asymmetry to the upside, from current levels, which I feel is justified from Aggreko’s operational leverage and pandemic-induced streamlining initiatives. 3) Aggreko is a market leader: I believe that Aggreko has structural advantages from being a market leader with global scale. The company’s strong track-record of executing on complex power solutions ties in well with the increasing prominence of data-centres, which require an array of solutions ranging from secure power solutions to temperature control and load testing. Data centres are expected consume up around one fifth of global energy by 2040 according to the IMF, up from around 3% in 2017 as estimated by a Centrica report. As the temporary power market evolves, I believe that a solid track-record in deploying complex hybrid and renewable technologies at scale will play a vital role in gaining customer acceptance. Especially when you consider that security of supply is a key pillar of the temporary power business . It is my view that as a market leader, Aggreko is better positioned than smaller, local peers when it comes to gaining traction in newer, relatively un-proven technologies. 4) Strong management: As customer demand profiles evolve with the energy transition, temporary power providers face execution risk with regards to their fleet development, M&A and R&D spending. I believe in management’s strategic vision for the company and following the successful acquisition and integration of Younicos into the fleet, I feel comfortable with management’s ability to execute in order to reach their medium-term goals. Completed 08/02/2021 - THIS DOCUMENT IS SOLELY FOR INFORMATIONAL PURPOSES 08 February 2021 3 Equity Research | Aggreko Plc Aggreko ­­­— Company Profile Background In 1962 Aggreko was founded by Luc Koopmans in the Netherlands, with energy from the first diesel generators being used to provide heat for greenhouse crops. A timely expansion was made into the UK amid the 1973 oil crisis. In the 1970s, close to 50% of the UK’s total energy consumption was reliant on coal as a fuel source. Although the UK remained relatively unscathed from oil embargoes, imposed by oil- producing Arabic nations targeting countries perceived to be supporting the Yom- Kippur War. Coal miner strikes across the UK, driven by the government’s reluctance to meet workers wage demands on the back of food inflation pressures, led to severe disruptions in the UK’s energy supply and resulted in the infamous implementation of the ‘three-day-week’. Ultimately ending in the fall of the conservative party in 1974. After gaining traction in the UK and expanding operations, notably supporting North Sea oil operations in Norway, Aggreko relocated its headquarters to Glasgow in 1974 where it remains today. Aggreko was subsequently acquired by the Salvesen Group in 1984 and entered the U.S. market in 1986 through the acquisition of Louisiana based Electric Rental Systems.
Load more

Recommended publications
  • To Arrive at the Total Scores, Each Company Is Marked out of 10 Across
    BRITAIN’S MOST ADMIRED COMPANIES THE RESULTS 17th last year as it continues to do well in the growing LNG business, especially in Australia and Brazil. Veteran chief executive Frank Chapman is due to step down in the new year, and in October a row about overstated reserves hit the share price. Some pundits To arrive at the total scores, each company is reckon BG could become a take over target as a result. The biggest climber in the top 10 this year is marked out of 10 across nine criteria, such as quality Petrofac, up to fifth from 68th last year. The oilfield of management, value as a long-term investment, services group may not be as well known as some, but it is doing great business all the same. Its boss, Syrian- financial soundness and capacity to innovate. Here born Ayman Asfari, is one of the growing band of are the top 10 firms by these individual measures wealthy foreign entrepreneurs who choose to make London their operating base and home, to the benefit of both the Exchequer and the employment figures. In fourth place is Rolls-Royce, one of BMAC’s most Financial value as a long-term community and environmental soundness investment responsibility consistent high performers. Hardly a year goes past that it does not feature in the upper reaches of our table, 1= Rightmove 9.00 1 Diageo 8.61 1 Co-operative Bank 8.00 and it has topped its sector – aero and defence engi- 1= Rotork 9.00 2 Berkeley Group 8.40 2 BASF (UK & Ireland) 7.61 neering – for a decade.
    [Show full text]
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • Africa's Leading Independent Oil Company
    TULLOW OIL PLC PLC OIL TULLOW 2017 ANNUAL REPORT & ACCOUNTS & REPORT ANNUAL 2017 TULLOW OIL PLC 2017 ANNUAL REPORT & ACCOUNTS AFRICA’S LEADING INDEPENDENT OIL COMPANY www.tullowoil.com D AFRICA’S LEADING INDEPENDENT OIL COMPANY Tullow Oil is a leading independent oil and gas exploration and production company. Our focus is on finding and monetising oil in Africa and South America. Our key activities include targeted Exploration and Appraisal, selective development projects and growing our high-margin production. We have a prudent financial strategy with diverse sources of funding. Our portfolio of 90 licences spans 16 countries and is organised into three Business Delivery Teams. We are headquartered in London and our shares are listed on the London, Irish and Ghana Stock Exchanges. 1 2 3 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS Our Group highlights 1 Directors’ report 56 Statement of Directors’ responsibilities 108 Our operations 4 Audit Committee report 67 Independent auditor’s report for the Chairman’s foreword 6 Nominations Committee report 73 Group Financial Statements 109 Chief Executive Officer’s foreword 8 EHS Committee report 76 Group Financial Statements 117 Chief Financial Officer’s foreword 10 Remuneration report 78 Company Financial Statements 153 Executive Team overview 12 Other statutory information 101 Five-year financial summary 162 Market outlook 14 Supplementary information Our strategy 16 Shareholder information 163 Our business model 18 Licence interests 164 Key performance indicators 20 Commercial reserves and resources 168 Creating value 24 Transparency disclosure 169 Operations review 26 Sustainability data 176 Finance review 31 Tullow Oil plc subsidiaries 179 Responsible Operations 36 Glossary 181 Governance & Risk management 38 Board of Directors 40 Principal Risks 42 Organisation & Culture 50 Shared Prosperity 52 You can find this report and additional information about Tullow Oil on our website: www.tullowoil.com Cover: TEN FPSO, Prof.
    [Show full text]
  • Firstgroup Plc Annual Report and Accounts 2015 Contents
    FirstGroup plc Annual Report and Accounts 2015 Contents Strategic report Summary of the year and financial highlights 02 Chairman’s statement 04 Group overview 06 Chief Executive’s strategic review 08 The world we live in 10 Business model 12 Strategic objectives 14 Key performance indicators 16 Business review 20 Corporate responsibility 40 Principal risks and uncertainties 44 Operating and financial review 50 Governance Board of Directors 56 Corporate governance report 58 Directors’ remuneration report 76 Other statutory information 101 Financial statements Consolidated income statement 106 Consolidated statement of comprehensive income 107 Consolidated balance sheet 108 Consolidated statement of changes in equity 109 Consolidated cash flow statement 110 Notes to the consolidated financial statements 111 Independent auditor’s report 160 Group financial summary 164 Company balance sheet 165 Notes to the Company financial statements 166 Shareholder information 174 Financial calendar 175 Glossary 176 FirstGroup plc is the leading transport operator in the UK and North America. With approximately £6 billion in revenues and around 110,000 employees, we transported around 2.4 billion passengers last year. In this Annual Report for the year to 31 March 2015 we review our performance and plans in line with our strategic objectives, focusing on the progress we have made with our multi-year transformation programme, which will deliver sustainable improvements in shareholder value. FirstGroup Annual Report and Accounts 2015 01 Summary of the year and
    [Show full text]
  • Sellafield What to Do in a Radiation Emergency Booklet
    WHAT TO DO IN AN Emergency At Sellafield This information is prepared for everyone within the Detailed Emergency Planning Zone and the Inner Emergency Planning Zone for the Sellafield Site. EMERGENCY INFORMATION Listen to local radio. Monitor social media platforms. Dial the Sellafield Emergency Information Line on 29th September 2021 It is important that you study this booklet carefully and keep it in a safe and prominent place. WHAT TO DO IN AN EMERGENCY Introduction • This booklet gives advice on what to do in the event of an emergency at the Sellafield Site. • Sellafield is Europe’s largest single nuclear site and stores and handles industrial size quantities of radioactive material. Although unlikely, an emergency could occur involving material being stored and processed on the Site. In addition, Sellafield also holds a large inventory of other hazardous substances and again although unlikely an emergency could occur involving the chemicals being utilised on the Site. • It must be stressed that the possibility of such emergencies occurring is remote and that the design and operation of all plants on the site are independently monitored by the Office for Nuclear Regulation (ONR), Health and Safety Executive (HSE) and Environment Agency (EA). • Current assessments of the radiological hazards indicate that areas between 6.1km & 8km from the centre of the Sellafield Site could be the most likely areas to be directly affected during and following a radiation emergency, this area is referred to as the Detailed Emergency Planning Zone (DEPZ). To see its geographical extent please see map A (pg13) & C (pg20). • In addition, other assessments of the chemical hazards indicate that an area up to 2km from the centre of the Sellafield Site could be the most likely area to be directly affected during and following a chemical emergency, this area is referred to as the Inner Emergency Planning Zone (IEPZ).
    [Show full text]
  • Annual Review and Summary Financial Statements 2010 Shareholder Information Continued
    Centrica plc Registered office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD Company registered in England and Wales No. 3033654 www.centrica.com Annual Review and Summary Financial Statements 2010 Shareholder Information continued SHAREHOLDER SERVICES Centrica shareholder helpline To register for this service, please call the shareholder helpline on 0871 384 2985* to request Centrica’s shareholder register is maintained by Equiniti, a direct dividend payment form or download it from which is responsible for making dividend payments and www.centrica.com/shareholders. 01 10 updating the register. OVERVIEW SUMMARY OF OUR BUSINESS The Centrica FlexiShare service PERFORMANCE If you have any query relating to your Centrica shareholding, 01 Chairman’s Statement please contact our Registrar, Equiniti: FlexiShare is a ‘corporate nominee’, sponsored by Centrica and administered by Equiniti Financial Services Limited. It is 02 Our Performance 10 Operating Review Telephone: 0871 384 2985* a convenient way to manage your Centrica shares without 04 Chief Executive’s Review 22 Corporate Responsibility Review Textphone: 0871 384 2255* the need for a share certificate. Your share account details Write to: Equiniti, Aspect House, Spencer Road, Lancing, will be held on a separate register and you will receive an West Sussex BN99 6DA, United Kingdom annual confirmation statement. Email: [email protected] By transferring your shares into FlexiShare you will benefit from: A range of frequently asked shareholder questions is also available at www.centrica.com/shareholders. • low-cost share-dealing facilities provided by a panel of independent share dealing providers; Direct dividend payments • quicker settlement periods; Make your life easier by having your dividends paid directly into your designated bank or building society account on • no share certificates to lose; and the dividend payment date.
    [Show full text]
  • Full Text of the Decision Regarding the Anticipated Acquisition by Telecom
    Anticipated acquisition by Telecom Plus plc of Electricity Plus Supply Limited and Gas Plus Supply Limited from Npower Limited ME/6289/13 The OFT's decision on reference under section 33 given on 16 December 2013. Full text of decision published 20 December 2013. Please note that the square brackets indicate figures or text which have been deleted or replaced in ranges at the request of the parties or third parties for reasons of commercial confidentiality. PARTIES 1. Telecom Plus Plc (TP) is a public company registered in England & Wales and trades under the 'Utility Warehouse' brand. The company provides multi-utility services to domestic customers and small and medium-sized enterprises (SMEs). TP resells a range of utilities, including fixed line telephony, fixed line broadband, mobile telephony, gas and electricity as a bundle with the customer receiving a single bill. Telecom Plus holds a 20 per cent share holding in Opus Energy Group Limited (Opus),1 an electricity and gas supplier to SME customers in the UK. 2. Electricity Plus Supply Limited (EP) and Gas Plus Supply Limited (GP) (together the 'targets') were previously owned by TP and sold to Npower Limited in 2006.2 The targets are used by Npower Limited as the exclusive vehicle for the retail sale of electricity and gas to domestic customers and SMEs who have been introduced by TP. Customers currently purchase their electricity and gas from the targets under the 'Utility Warehouse' brand. 3. Npower Limited (Npower) is a wholly owned subsidiary of RWE AG (RWE). Npower supplies gas, electricity and related services to UK residential and 1 The other shareholders are Opus staff (50 per cent) and GDF SUEZ (30 per cent).
    [Show full text]
  • Accenture • Deloitte & Touche • KPMG • Pwc
    Professional Services: Pharmaceuticals: Financial Services: Consumer Goods: Food & Drink: Accenture Abbott Allianz UK 3M Bacardi Deloitte & Touche AbbVie Arab African International AkzoNobel Britvic KPMG Astra Zeneca Bank Clarks Coca-Cola Enterprises PwC GlaxoSmithKline Aviva/Friends Life General Mills Coca-Cola Hellenic AXA Japan Tobacco Diageo Travel & Hospitality: Industrial & Energy: Barclays JTI SA Heineken First Group AngloGoldAshanti Capital One JTI UK Kellogg's Go Ahead BAE Systems Citi L'Occitane Mondelez Manchester Airport Jaguar Land Rover Deutsche Bank Philip Morris International Media: Group Johnson Matthey HSBC Management S.A. Michelin ING Ricoh UK Aegis Retail: Rolls-Royce Intesa San Paolo BSkyB Utilities & Services: Home Retail Group Siemens Investec Plc Experian Jeronimo-Martins Skanksa IPF (International Anglian Water Liberty Global Europe John Lewis Partnership Wood Group Personal Finance) Centrica Pearson Marks & Spencer Nationwide Deutsche Post DHGL Reed Elsevier Property, Construction, Southern Co-operatives Provident Financial Group Housing & Facilities: Legal: The Boots Group Prudential DP World The Co-operative Group BAM Construct UK Rothschild EDP Freshfields Bruckhaus British Land Santander UK Galp Energia Deringer Technology & Telecoms: Hammerson Schroders National Grid Linklaters Alcatel Lucent Intu Properties plc St James's Place Port of Tyne Olswang ARM ISS UK Standard Chartered Royal Mail Wragge Lawrence BT JLL UK Standard Life ScottishPower Graham & Co LLP Deutsche Telekom AG L&Q Housing Group The Royal Bank of Severn Trent Intel Corporation Land Securities Scotland Group SGN ST Microelectronics Lend Lease UBS Terna Workday Foundation Quintain Estates & UniCredit Thames Water Development PLC Zurich United Utilities Sanctuary Housing Group Shaftesbury The Crown Estate Willmott Dixo .
    [Show full text]
  • 31 March 2021 PDF 657KB
    Report of all payments made by TfL for value equal to or greater than £250.00 Excl. VAT Reporting Period: 13 Start Date: 7 March 2021 End Date: 3 April 2021 Financial Year: 2020/21 Entity Vendor Name Expenditure Account Document Number Clearing Date Amount (£) Merchant Category RAIL FOR LONDON LIMITED MTR CROSSRAIL Franchise/Concession Fixed Fee 1020\5109911661 31 Mar 2021 18,390,375.92 LONDON BUS SERVICES LTD METROLINE TRAVEL LTD Bus Contract Payments 1006\1900045537 19 Mar 2021 15,246,793.16 RAIL FOR LONDON LIMITED ARRIVA RAIL LONDON Franchise/Concession Fixed Fee 1020\5109909419 25 Mar 2021 14,132,391.89 LONDON BUS SERVICES LTD ARRIVA LONDON NORTH LTD Bus Contract Payments 1006\1900045526 19 Mar 2021 13,487,304.69 TRANSPORT TRADING LTD RAIL SETTLEMENT PLAN Rail Settlement Plan - PAYG Creditor 1004\1901675844 19 Mar 2021 12,737,855.33 LONDON BUS SERVICES LTD LONDON GENERAL TRANSPORT SERVICES Bus Contract Payments 1006\1900045533 19 Mar 2021 12,053,265.68 LONDON BUS SERVICES LTD LONDON CENTRAL BUS COMPANY LTD Bus Contract Payments 1006\1900045532 19 Mar 2021 10,738,958.62 LONDON BUS SERVICES LTD LONDON UNITED BUSWAYS Bus Contract Payments 1006\1900045535 19 Mar 2021 9,453,883.96 LONDON BUS SERVICES LTD EAST LONDON BUS & COACH COMPANY LTDBus Contract Payments 1006\1900045530 19 Mar 2021 9,248,625.79 DOCKLANDS LIGHT RAILWAY KEOLIS AMEY DOCKLANDS LIMITED Franchise/Concession Fixed Fee 1012\5109909456 25 Mar 2021 6,890,678.24 LONDON BUS SERVICES LTD ARRIVA LONDON SOUTH LTD Bus Contract Payments 1006\1900045527 19 Mar 2021 6,774,192.60 LONDON
    [Show full text]
  • CLITHEROE ROAD, WHALLEY Utilities Study Commercial Estates Group 31/01/2013 Revised: 08/02/2013
    CLITHEROE ROAD, WHALLEY Utilities Study Commercial Estates Group 31/01/2013 Revised: 08/02/2013 Quality Management Issue/revision Issue 1 Revision 1 Revision 2 Revision 3 Remarks DRAFT DRAFT Date 31/01/2013 08/02/2013 Prepared by C Scott C Scott Signature Checked by C Cozens C Cozens Signature Authorised by C Cozens C Cozens Signature Project number 50600485 50600485 File reference S:\50600485 - Clitheroe Road, S:\50600485 - Clitheroe Whalley\C Road, Whalley\C Documents\Reports\Working\ Documents\Reports\Working 2013 Utilities Study \2013 Utilities Study S:\50600485 - Clitheroe Road, Whalley\C Documents\Reports\Working\2013 Utilities Study Project number: 50600485 Dated: 31/01/2013 2 Revised: 08/02/2013 CLITHEROE ROAD, WHALLEY Utilities Study 31/01/2013 Client Commercial Estates Group Consultant WSP UK Limited Three White Rose Office Park Leeds LS11 0DL UK Tel: +44 (0)11 3395 6200 Fax: +44 (0)11 3395 6201 www.wspgroup.co.uk Registered Address WSP UK Limited 01383511 WSP House, 70 Chancery Lane, London, WC2A 1AF 3 Table of Contents Executive Summary........................................................................... 5 1 Introduction ............................................................................... 6 2 Existing Site .............................................................................. 7 3 Water Supply ............................................................................ 8 4 Gas Supply ............................................................................. 13 5 Electricity Supply ....................................................................
    [Show full text]
  • Annual-Report-And-Accounts-2019.Pdf
    Satisfying the changing needs of our customers Enabling the transition to a lower carbon future Annual Report and Accounts 2019 Group Snapshot Centrica plc is a leading international energy services and solutions provider focused on satisfying the changing needs of our customers and enabling the transition to a lower carbon future. The world of energy is changing rapidly and Centrica is now equipped to help customers transition to a lower carbon future, with capabilities and technologies to allow them to reduce their emissions. Therefore, we announced in July 2019 our intention to complete the shift towards the customer, by exiting oil and gas production. The Company’s two customer-facing divisions, Centrica Consumer and Centrica Business, are focused on their strengths of energy supply and its optimisation, and on services and solutions, with a continued strong focus on delivering high levels of customer service. Centrica is well placed to deliver for our customers, our shareholders and for society. We aim to be a good corporate citizen and an employer of choice. Technology is increasingly important in the delivery of energy and services to our customers. We are developing innovative products, offers and solutions, underpinned by investment in technology. We are targeting significant cost efficiency savings by 2022 to position Centrica as the lowest cost provider in its markets, consistent with our chosen brand positioning and propositions. Alongside our distinctive positions and capabilities, this will be a key enabler as we target
    [Show full text]
  • Compulsory Purchase Order 2016 Core Documents List
    6/6/2018 UNITED UTILITIES WATER LIMITED (ECCLES WASTEWATER TREATMENT WORKS) COMPULSORY PURCHASE ORDER 2016 CORE DOCUMENTS LIST The Order CD/CPO/1 The United Utilities Water Limited (Eccles Wastewater Treatment Works) Compulsory Purchase Order 2016 CD/CPO/2 The United Utilities Water Limited (Eccles Wastewater Treatment Works) Compulsory Purchase Order 2016 Key Plan for Order Map CD/CPO/2.1 The United Utilities Water Limited (Eccles Wastewater Treatment Works) Compulsory Purchase Order 2016 Order Map – Plan 1 CD/CPO/2.2 The United Utilities Water Limited (Eccles Wastewater Treatment Works) Compulsory Purchase Order 2016 Order Map – Plan 1A CD/CPO/2.3 The United Utilities Water Limited (Eccles Wastewater Treatment Works) Compulsory Purchase Order 2016 Order Map – Plan 1B CD/CPO/2.4 The United Utilities Water Limited (Eccles Wastewater Treatment Works) Compulsory Purchase Order 2016 Order Map – Plan 1C CD/CPO/2.5 The United Utilities Water Limited (Eccles Wastewater Treatment Works) Compulsory Purchase Order 2016 Order Map – Plan 2 CD/CPO/2.6 The United Utilities Water Limited (Eccles Wastewater Treatment Works) Compulsory Purchase Order 2016 Order Map – Plan 3 CD/CPO/3 UU - Statement of Reasons CD/CPO/4 Minutes of United Utilities Water Limited's Board meeting extract on 21 July 2016 CD/CPO/5 Objection dated 18 November 2016 on behalf of Standard Life Trustee Company Limited CD/CPO/6 Objection dated 20 October 2016 on behalf of MSCCL, PINL, SCPL, CoSCoS and PSLL CD/CPO/7 Statement of Case on behalf of the acquiring authority (1 November
    [Show full text]