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Annual Report & Financial NORTHUMBRIAN WATER GROUP PLC ANNUAL REPORT & FINANCIAL STATEMENTS www.nwg.co.uk ANNUAL REPORT & FINANCIAL STATEMENTS 06/07 Northumbrian Water Group plc Northumbria House Abbey Road Pity Me Durham DH1 5FJ 2006/07 Tel: 0870 608 4820 Fax: 0191 301 6202 Registered in England & Wales Registered number 4760441 Our mission To be a national leader in the provision of sustainable water and waste water services. NWG at a glance Northumbrian Water Group plc Related services Northumbrian Water Group plc (NWG) owns a number Analytical & Environmental Services Limited (AES) of companies which, together with NWG, form the provided environmental monitoring services, analysis Group. The largest of these companies, Northumbrian and technical consultancy to major industrial groups, Water Limited (NWL), is one of the ten regulated water environmental regulators and local authorities and sewerage businesses in England and Wales. NWL throughout the UK and Ireland during the year. On operates in the north east of England, where it trades as 31 March 2007, the business of AES merged with Northumbrian Water, and in the south east of England, NWL and continues to operate as a trading division where it trades as Essex & Suffolk Water. Northumbrian of NWL. Water currently provides water and sewerage services to 2.6 million people and Essex & Suffolk Water provides SA Agrer NV (Agrer) carries out project work in water services to 1.7 million people. developing countries through a number of overseas aid funded agencies. Water and waste water contracts NWG owns a number of special purpose companies which hold water and waste water contracts in Scotland, Ireland and Gibraltar. Printed on Revive paper and board. Revive paper and board has a 75% recycled content (35% de-inked post consumer waste and 40% pre-consumer waste) with the remaining 25% being mill broke and virgin fibres. Recycled papers used in the production of the above grade are a combination of Totally Chlorine Free (TCF), giving zero AOX and Elemental Chlorine Free (ECF), giving a resultant AOX level of <0.5kg per 1,000kg of pulp. This material is recyclable and bio-degradable and is a NAPM approved recycled grade. This paper product complies with EN71 (BS5665) part 3 Toy Safety Regulations and ISO 9706 requirements for permanence of paper. The mill has both ISO 9002 and ISO 14001 accreditation. This report has been printed using vegetable based inks. NWL’s Barry Hook working at Horsley water treatment works in Newcastle upon Tyne. 01 NORTHUMBRIAN WATER GROUP PLC ANNUAL REPORT & FINANCIAL STATEMENTS 06/07 Highlights – continuing operations £633.5m £258.2m Revenue 2007 Profit before interest 2007 (2006: £591.5m) (2006: £236.2m) £147.8m £111.2m Profit before tax 2007 Profit after tax 2007 (2006: £130.3m) (2006: £91.0m) Totalregulatedcapitalinvestmentfortheyearof£225million;cumulative investmentof£436.9millionoverlasttwoyears,ontracktoinvest £1billionby2010 CustomerstobenefitfrompricechangesfromApril2007toMarch2010: decisiontakenbyNWLnottoincreasepricesbythefullamountallowed byOfwatatthelastpricereview Continuinghighlevelsofcustomerserviceandsatisfaction Financialpositionstrengthenedbytheissueoftwo£100million indexlinkedEurobondstofinancecapitalinvestmentthroughto2010 Proposedfinaldividendof7.52pencepersharetobepaidon 14September2007,givingafullyearordinarydividendof11.27pence pershare,anincreaseof6.7% Deliveringregulatoryoutputsfordrinkingwaterqualityand environmentalimprovement Watersuppliesmaintainedwithoutrestriction;resourcemanagement initiativesimplemented,includingplansforaprojected60%increase incapacityatAbberton Leakagetargetsachievedforeighthconsecutiveyear Besteverbathingwaterqualityresults CONTENTS 02 Chairman’s statement 36 Corporate governance report 56 Notes to the consolidated financial 04 Directors’ report and business review 41 Directors’ remuneration report statements 07 Business strategy 50 Statement of directors’ responsibilities in 93 Statement of directors’ responsibilities in 08 Operating environment relation to the Group financial statements relation to the parent Company financial 19 Financial performance 51 Report of the Auditors on the Group statements financial statements 94 Report of the Auditors on the Company 22 Operational performance 52 Consolidated income statement financial statements 28 Risks and resources 53 Consolidated statement of recognised 96 Company balance sheet 32 Appendix to the directors’ report and income and expense 97 Notes to the Company financial statements business review 54 Consolidated balance sheet 101 Shareholder information 34 Board directors’ biographies 55 Consolidated cash flow statement Job: 07734_NQ_AR_FRONT_AW Proof: 01 Proof Read by: Operator: r o b Date: 27/06/07 Server: studio 1 Set-up: Gemma First Read/Revisions 02 NORTHUMBRIAN WATER GROUP PLC ANNUAL REPORT & FINANCIAL STATEMENTS 06/07 Chairman’s statement “ As the business goes forward, our priority is long term sustainability and we all know we must do everything we can to achieve this for the business, our investors, customers and the environment.” ThroughoutmycareerIhavebeeninterestedinthe anditsstrongperformance,NWL’sboarddecidednotto environmentandpublichealth,andhavebeeninno increasepricesbytheamountallowedbytheregulatorat doubtaboutthecentralimportanceofwater:forour thelastpricereview.Thebenefittocustomersfrom2007 health,andforoursocialandenvironmentalwell-being. to2010willbearound£22million. Iwas,therefore,delightedtojointheNWGBoardin2003 andmyverypositiveinitialviewoftheCompanyhasbeen NWG’srevenuewas£633.5millionfortheyearto confirmedasIdeepenmyunderstandingofitsvalues, 31March2007andrepresentsa7.1%increaseon whatitdoesandthewayitoperates. theyearto31March2006. IbecameChairmanofNWGandofitscorewaterservices Profitonordinaryactivitiesbeforeinterestfortheyear business,NWL,inJuly2006,andlookforwardtoguiding was£258.2million(2006:£236.2million). theGroupthroughthechallengesaheadforthebenefit ofourthreekeygroupsofstakeholders:ourcustomers, Theseresultscouldnothavebeenachievedwithoutthe ouremployeesandourshareholders. skillsandeffortofeveryonewithintheGroupandIwould liketorecordmythankstothemall. TheGroupcontinuestohaveastrongreputationandthe BoardbelievesthisisimportanttotheGroup’sabilityto AttheAnnualGeneralMeeting(AGM)on2August2007, conductbusiness.Maintainingthatreputationisacritical theBoardwillrecommendafinaldividendof7.52pence partofsustainingthelegitimacyofthebusinessinthe persharefortheyearended31March2007.Together eyesofcustomersandotherstakeholders.Astrong withtheinterimdividendof3.75pencepershare,the reputationandahighstandardofservicetocustomers dividendfortheyearwillbe11.27pencepershare.This buildtrustintheorganisation. representsanincreaseof6.7%ontheordinarydividend forthepreviousyearinlinewiththedividendpolicywe Duringthepastyear,wehaveperformedwellagainsta widerangeofinternalandexternalmeasures.Theseare significantachievementssetagainstthebackgroundof higherenergyprices,whichaffectallareasofthebusiness. Iamparticularlypleasedtoreportthatinoursouthern operatingareawedidnotneedtointroducewater restrictionslastsummer.Iwouldliketothankallour customers,whorespondedpositivelytoourappealsto usewaterwiselyandenabledustomaintaintheirsupplies. Maintainingahighlevelofwelldirectedinvestmentis vitaltoourcontinuingsuccess.InJune2006,wesecured furtherfundingtoenableustodeliverthehighlevels Sir Derek and Managing Director John Cuthbert at the WaterAid ofinvestmentplannedupto2010.Withfundinginplace Platinum Partners Thank You lunch. 03 NORTHUMBRIAN WATER GROUP PLC ANNUAL REPORT & FINANCIAL STATEMENTS 06/07 changeisunderpinnedbytheworkwehavealreadydone andsetsacleardirectionforthefuture.Wewillcontinue tousetechnologyeffectivelytoimprovecustomerservice, drivecostsdownandimproveefficiency. TheGrouphassustaineditsfocusoncorecompetencies andmergedthebusinessofAESwithNWLon31March 2007.Wehavebroughttogetherexpertisefromthetwo companiesandarebuildingonexistingstrengthsto deliveranimprovedservice. NWL’s Peter Clark operating a control board at Seahouses sewage InSeptember2006AlexScott-Barrett,anon-executive treatment works in Northumberland. directorofNWL,joinedtheNWGBoard.DrSimonLyster wasappointedtotheNWLboardinOctober2006.Heis announcedinJune2005,whichistogrowthedividend alawyerbyprofession,andisChiefExecutiveofLEAD byaround3%perannum,beforeinflation,inthecurrent International(LeadershipforEnvironmentandDevelopment). regulatoryperiod. OnleavingOntarioTeachers’PensionPlanBoard(OTPP) foranotherpost,RonLepinresignedfromtheNWGand TheGrouphasasignificantimpactontheenvironment NWLboardson1December2006.Hewasreplacedby andwearedeterminedtocontinuetoimproveour ClaudeLamoureux,whoisPresidentandCEOofOTPP. environmentalperformance,buildingonmuchgood workalreadydone. Asthebusinessgoesforward,ourpriorityislongterm sustainabilityandweallknowwemustdoeverything Weneedtobemindfuloftheeffectsclimatechange wecantoachievethisforthebusiness,ourinvestors, isexpectedtohaveonthewatercycle.Ofcourse,those customersandtheenvironment. effectscannotbepredictedwithcertaintysowemust prepareforanuncertainfuture,findingevenmoreways Sir Derek Wanless toimprovethewayweretain,recycleanddistribute Chairman water.Ourcustomersneedtobeconfidentthatwewill 5June2007 continuetosupplyexcellentdrinkingwater,while managingsafeandefficientwastewaterprocesses. Wehaveembarkedonanewinvestmentprogramme andweareconfidentthatwecanmanagetherisksand uncertaintiesfacedbythewaterindustry.Ourstrategyto reduceenergyuseandtherisksfromtheeffectsofclimate Job: 07734_NQ_AR_FRONT_AW Proof: 01 Proof Read by: Operator: r o b Date:
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