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XB-4246 Kelda Holdings Acs 2011 V4 Final

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XB-4246 Kelda Holdings Acs 2011 V4 Final Registered Number: 99329 KELDA HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 KELDA HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 Contents Strategic Report Our Business 1 Business Strategy 2 Business Performance 3 Financial Performance 27 Corporate Governance Report for the year ended 31 March 2015 32 Audit Committee Report for the year ended 31 March 2015 40 Directors’ Remuneration Report for the year ended 31 March 2015 45 Directors’ Report for the year ended 31 March 2015 64 Statement of Directors’ Responsibilities for the year ended 31 March 2015 76 Independent auditors’ report to the members of Kelda Holdings Limited 77 Financial Statements 79 Group Income Statement 79 Group Statement of Comprehensive (Expense)/Income 80 Group Balance Sheet 81 Group Statement of Changes in Equity 82 Group Cash Flow statement 83 Notes to the Group Financial Statements 84 Company Balance Sheet 146 Company Statement of Changes in Equity 147 Notes to the Company Financial Statements 148 Independent auditors’ report for the company financial statements 152 to the members of Kelda Holdings Limited Kelda Holdings Limited Strategic Report for the year ended 31 March 2015 OUR BUSINESS Kelda Holdings Limited (the Company) and its subsidiaries, joint ventures and associates (the Group) is made up of several businesses: Yorkshire Water Services Limited (YW) YW is the principal UK subsidiary of the Group, providing water and waste water services to more than 5.0 million people and 135,000 businesses. Every day, YW supplies around 1.3 billion litres of water to homes and businesses in Yorkshire. Through the efficient operation of its extensive waste water network and treatment facilities, it also ensures that the region’s domestic and industrial waste is returned safely to the environment. Business strategy: YW’s vision is ‘Taking responsibility for the water environment for good’. There are six strategic objectives that shape everything the business does: Trusted company; Safe water; Excellent catchments, rivers and coasts; Water efficient regions; Sustainable resources; and Strong financial foundations. UK Service Operations Kelda Water Services Limited (KWS) KWS is a major participant in the UK water and waste water contract operations market, with its subsidiaries operating contracts during the year 2014/15 in the UK. Business strategy: Leveraging the value from Group assets and skills; Maximising value from our existing business; and Continuing to grow through new opportunities in the water, waste water and related markets. Loop Customer Management Limited (Loop) Loop specialises in cost effective customer relationship management. Loop’s main contract is to provide customer service support to YW. Business strategy: Focus on the key competency of providing customer service solutions to water and similar industries. KeyLand Developments Limited (KeyLand) KeyLand add value to the Group’s surplus property assets, usually by obtaining planning permission for the most beneficial use and selling into the market or undertaking development in partnership with others. The results of KeyLand include the Group’s share of its associates and joint ventures. Business strategy: To add value to the Group’s surplus property assets and to maximise proceeds from the sale of those assets. 1 Kelda Holdings Limited Strategic Report (continued) for the year ended 31 March 2015 BUSINESS STRATEGY The Group has a vision – ‘taking responsibility for the water environment for good’. The essence of the vision is doing what’s right - for our customers, colleagues, partners, the environment and investors – both in the short and long term. To achieve the vision the Group has developed a plan and the plan has been named Blueprint. Blueprint is something everyone can contribute towards to make a difference. Our strategic objectives: To deliver the plan the Group has developed six Strategic Business Objectives (SBOs). These SBOs shape everything the Group does. Our SBO’s are: Trusted company – The way the Group does business means its products, services and promises are trusted by all our stakeholders, now and in the future. Safe Water – The Group works safely to protect public health by ensuring drinking water is always safe to drink and waste water never harms customers or communities at any point in the process. Excellent catchments, rivers and coasts – The Group maintains and improves the water environment from source to sea, and influences others to do the same. Water efficient regions – The Group ensures water needs are met now and in the future by using water wisely and inspiring others to do the same. Sustainable resources – The Group is efficient and effective now and in the future, with an industry leading workforce, zero waste and a responsible supply chain. Strong financial foundations – The Group delivers services to customers at a price they are willing and able to pay, whilst providing investors with returns that attract long-term investment. The above strategic business objectives apply to all business of the Group. Kelda Water Services, Loop and KeyLand have additional strategic objectives specific to their circumstances. 2 Kelda Holdings Limited Strategic Report (continued) for the year ended 31 March 2015 BUSINESS PERFORMANCE Yorkshire Water Services Limited (YW) YW is the most significant element of the Group’s operation. Over the following pages we provide an overview of our performance by examining our progress towards each of our six Strategic Business Objectives (SBOs) which summarise our strategy to achieve our vision of ‘taking responsibility for the water environment for good’. Our SBOs shape everything we do and encompass all our material issues as a business; environmental, financial and social. Reported under each SBO is: A table showing performance against the Office of Water Services’ (Ofwat) Key Performance Indicators (KPIs) for the water industry. More information on these measures and performance in the Risk and Compliance Statement, available at: www.yorkshirewater.com/reports A table showing YW’s progress against a suite of annual targets that YW set itself as part of its drive to achieve its vision and go beyond its regulatory duties. Arrows are used to show the trend in annual performance in the context of its long-term goals: Progression Overall trend of Regression from towards progression with Stable long-term goals long-term goals annual fluctuation A commentary on the matters that are material to YW recent performance, future direction, risks and uncertainties. 3 Kelda Holdings Limited Strategic Report (continued) for the year ended 31 March 2015 STRATEGIC BUSINESS OBJECTIVE – TRUSTED COMPANY The way the Group does business means our products, services and promises are trusted by all our stakeholders, now and in the future. Measures of our regulatory 2013/14 2014/15 2014/15 commitments performance target performance Service Incentive Mechanism, SIM 82 ≥84 85 (Overall score) Serviceability – water infrastructure Stable Stable Stable (Stable / Improving / Marginal / Deteriorating) Serviceability – water non-infrastructure Stable Stable Stable (Stable / Improving / Marginal / Deteriorating) Serviceability – sewerage infrastructure Stable Stable Stable (Stable / Improving / Marginal / Deteriorating) Serviceability – sewerage non-infrastructure Stable Stable Stable (Stable / Improving / Marginal / Deteriorating) Ofwat define their Key Performance Indicators for the water industry on their website, at: http://www.ofwat.gov.uk/regulating/compliance/reportingperformance/kpi/ Measures of our ambition to go beyond our regulatory duties 2014/15 target 2014/15 performance Overall trend Achieve a “Colleague Trust” score of 7 Annual average score increased to 6.7, out of 10 in our internal survey. up from 6.5 last year. This follows improvements to, for example, colleague communications, visibility of leadership, problem resolution, greater employee recognition and partnership working with trade unions. This remains below target and hence further focus will continue. Achieve 4 stars in the Business in the Our improvements have enabled us to Community Corporate Responsibility increase to 4.5 stars. We are aiming to Index. achieve five stars within two years. Continue developing towards “integrated We continue to embed sustainability reporting” by externally reporting on our throughout our reporting and decision priority economic, environmental and making, sharing our performance social aspects. transparently in this report. Our first Document our plan to achieve an integrated annual report, published last externally recognised standard of best year, received positive feedback and we practice in transparent triple bottom line have made advances in this, our second, reporting. integrated annual report. Have face to face meetings with Kelda We engaged with all of our most Group's 90 most important stakeholders. important stakeholders in 2014/15, including for example our regional MPs and Councillors. We held face to face meetings with the vast majority, more than once with several stakeholders. The arrows show the trend of our annual performance in the context of our long-term goals. We provide further explanation on page 3. 4 Kelda Holdings Limited Strategic Report (continued) for the year ended 31 March 2015 Delivering leading customer service In January 2015 YW were recognised as the leader in customer service in the utilities sector by the Institute
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