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Annual Report and Accounts 2007 Annual Report 2007

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Annual Report and Accounts 2007 Annual Report 2007 Kelda Group plc Annual Report and Accounts Annual Report and Accounts 2007 2007 Kelda Group plc Western House Halifax Road Bradford BD62SZ www.keldagroup.com To create a sustainable business, we balance economic, social and environmental needs Kelda’s customers enjoy some of the highest service levels in the UK By taking our wider Our people generate new This report is produced on material which contains 50% recycled and de-inked pulp from responsibilities seriously ideas to deliver service post-consumer waste. The remaining 50% is made up of Forest Stewardship Council (FSC) we can make a real improvements virgin fibre and pulp. Designed and produced by salterbaxter difference Printed by CTD Group highlights 2006/07 It has been another successful year for the Kelda Group. Our strategy has delivered further value for our shareholders and improved service for our customers. Contents Turnover Operating profit 01 Group highlights 02 Our business 03 Our strategy 04 Chairman’s statement Group and share of associates and Group operating profit from 06 Business review joint ventures from continuing operations continuing operations 06 Chief Executive’s review 09 Yorkshire Water 11 UK Service Operations Profit attributable 12 KeyLand Developments and Aquarion 13 Financial review Group profit to shareholders 15 Looking forward 16 Principal risks and uncertainties 18 Corporate Social Responsibility 25 Board of directors Group profit after tax from continuing operations 26 Directors’ report 29 KPI – Glossary of terms 30 Corporate governance 33 Directors’ remuneration report Basic earnings per share Dividend per share 38 Directors’ responsibilities 39 Auditor’s report on group financial statements 40 Financial statements Basic earnings per share from continuing 41 Group income statement operations 41 Group statement of recognised income and expense 42 Group balance sheet 43 Group cash flow statement 44 Notes to the group accounts 78 Group companies 79 Five year financial summary 80 Auditor’s report on the company financial statements 81 Company balance sheet 82 Notes to the company accounts 87 General information 88 Our contact details Kelda Group plc Annual Report and Accounts 2007 Our business Kelda is well placed to continue to build on the successful progress of previous years. 4 3 2 1 1. Yorkshire Water Yorkshire Water is Kelda’s principal UK subsidiary, Yorkshire Water has been voted Utility Company providing water and waste water services to more of the Year at the Utility Industry Achievement Turnover: £741.1m (up 6.8%) than 4.7m people and 140,000 businesses. Awards for the past three consecutive years. Operating profit: £332.7m Every day the company supplies more than Business strategy Employees: 2,198 1.3bn litres of water to homes and businesses • To be clearly the best water company in the UK. in Yorkshire. Through the efficient operation of • Focus on striking the right balance between its extensive waste water network and treatment service, compliance, value, people, partners facilities, it also ensures that the region’s domestic and society. and industrial waste is returned safely to the environment. 2. UK Service Operations Kelda Water Services contract is to provide customer service support Kelda Water Services Limited (KWS) manages to Yorkshire Water. Turnover: £130.9m (up 5.9%) the group’s non-regulated water and waste water Operating profit: £10.7m contract operations in the UK. It is now the second Safe-Move biggest player in the UK contract operations Safe-Move is a non-regulated business which Employees: 1,055 market, with operations in England, Scotland, provides search information to solicitors and Wales and Northern Ireland. conveyancers including information covering drainage and water services. The results of the UK service operations include the results of associates and joint ventures. Business strategy • To be the best in UK water contract operations. Loop Customer Management Ltd • Maximise value from existing operations. Loop specialises in cost effective customer • Be alert to potential growth opportunities. relationship management. The company’s main 3. KeyLand Developments KeyLand Developments Limited (KeyLand) is 4. Aquarion responsible for managing, developing and Turnover: £6.9m disposing of the group’s surplus property assets, Aquarion has been disclosed as a Operating profit: £4.3m either on its own or in partnership with outside discontinued operation in the results Employees: 6 organisations. for the year ended 31 March 2007 The results of KeyLand include the results of associates and joint ventures. On 1 May 2007 we announced the completion of the sale of our US business Aquarion to a consortium led by Macquarie Bank. Business strategy • To maximise the value of the group’s surplus property portfolio. Kelda Group plc 2 Annual Report and Accounts 2007 Our strategy Our focus remains on improving the efficiency and performance of our core businesses, using our experience in water and waste water services to develop sustainable, non-regulated income streams which add shareholder value. Our shareholders Society We are committed to creating enduring Our aim is to make a difference to society, opening shareholder value by a focus on efficiency up land for public enjoyment and promoting the in everything we do. Our goal is to deliver value of water and health in schools. Around 38% consistently good financial results by out- of our colleagues are involved in community performing regulatory and other financial volunteering and external leadership roles and targets and delivering efficiencies across the in influencing matters relating to water. group. We will achieve this by sharing best practice, employing world-class technology Service partners and growing our non-regulated activities. Kelda has created a new level of partnership, understanding and transparency with its key service Our customers providers. Our aim is to achieve win-win-win, which Our aim is to provide a quality of service which means better customer service, lower costs and is significantly better than any other utility and at healthy profits for all. To make this happen, we are a price which represents good value for money. looking to set clear expectations and encourage To achieve this we will design our service from the new ideas and innovation. outside-in, considering the customer’s point of view and eliminating service failures. This will lead to improved financial and operational performance and an enjoyable customer experience. Our people Our Kelda employs over 3,800 people. Our aim is to customers create a great place to work, with zero accidents, Service a good work-life balance and the opportunity to partners make a real difference. We want to attract and retain the best people, with performance and Our contribution recognised and rewarded and shareholders success celebrated as part of our culture. Environmental leadership Environmental Kelda deals with environmental issues as diverse leadership as catchment management, sustainable water management, and river water and bathing water Our standards. Our performance affects all customers and everyone who lives in the regions we serve. people Our aim is to achieve 100% compliance with legal Society and regulatory obligations and to go beyond compliance where the benefits exceed the cost. Kelda Group plc Annual Report and Accounts 2007 3 Chairman’s statement The current and expected results depend upon commitment, excellence and hard work. We continue to set ourselves demanding standards of performance. In this second year of the 2005 – 2010 The success of YW refl ects not only the continuing price determination, I am pleased to report efforts of everyone at Kelda as part of our continuing progress in our core UK water commitment to being the ‘best in class’ but our and waste water operations and the focus on technology and better ways of working completion of the sale of our US regulated involving our major contract partners. We continue water interests now fi nalised following to develop applications to minimise disruption to receipt of the required US regulatory customers when there are interruptions to supply approvals. We have also already given and have increased the electronic monitoring of notice of our intent to improve our balance underground assets seeking to anticipate rather sheet and capital effi ciency by making a than just react to service breakdowns. In particular related return of approximately £750m to I would like to report on the technology success in shareholders by means of what is known as our Loop customer service operation of a complete a B share scheme. These actions are replacement of our computer-based billing systems consistent with our policy of focus on water which was achieved over a three year period with and waste water operations where we can no loss of continuity of service or disruption. maximise our leverage and expertise to reduce costs, achieve regulatory out- The advances we have made help us to develop and performance and improve service standards expand our third party contract services business and regulatory compliance. This focus KWS, which has benefi ted from the full year effect benefi ts our customers in the long run as of earlier contract wins. We are on plan with the regulatory out-performance reduces prices building in Northern Ireland of 4 water treatment into the future and capital effi ciency is plants. The KWS business now has revenues of necessary to meet regulatory and £123m per annum and has grown organically to shareholder expectations. this level from a standing start over the last 5 years. John Napier The smaller operations of Loop and KeyLand Chairman, Kelda Group plc The performance of Yorkshire Water (YW) also performed well. continued to progress strongly. YW was recognised as the most effi cient water and sewerage company The completion of our sale of our US regulated in the UK. When service and overall compliance is water operations took longer than anticipated but taken into account it maintained its top 2 ranking was announced as completed following regulatory in Ofwat’s Overall Performance Assessment approvals on 1 May 2007.
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