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View Annual Report Pennon Annual Report & Accounts 2017 & Accounts Annual Report Pennon Building momentum Annual Report & Accounts 2017 and driving growth Find out more Strategic report Governance about Pennon Corporate website and remuneration www.pennon-group.co.uk Overview 54 Chairman’s letter to shareholders Annual Report www.pennon-group.co.uk/AR2017 04 Group financial highlights 56 Board of Directors 06 Group operational highlights 63 Board Committees’ reports Integrated reporting 08 Chairman’s statement 74 Directors’ remuneration report Our business touches the lives of many stakeholders, from 12 Market overview 100 Directors’ report – other statutory disclosures customers, employees, investors and suppliers to our communities, 14 Business model Financial statements and the environment and regulators. 16 Strategic priorities Reflecting the integrated nature shareholder information of our business, we seek to integrate our reporting 18 Our people 106 Independent auditor’s report on financial, economic, social and environmental aspects of Group performance 114 Financial statements our performance and how they contribute to long-term value 20 Review of the Chief Executive Officer 173 Five-year financial summary creation. To support this ambition, this report has been prepared 26 Our operations 174 Shareholder information with reference to the principles of the International Integrated 26 Water and wastewater Reporting Council’s International <IR> Framework. 32 Waste management 38 Report of the Chief Financial Officer 46 Risk report Siblyback Reservoir, Cornwall Cover Alan Hawkins and Zak Morrill at Ardley ERF As one of the largest report Strategic environmental infrastructure groups in the UK, Pennon is at the top end of the FTSE 250, has assets of around £5.9 billion and a workforce of around 5,000 people. Our mission Our businesses Together we will build the most trusted environmental solutions company in the UK, providing infrastructure and services that Water and enhance our customers’ lives, protect the environment and deliver growth for our shareholders. wastewater The merged water company of South West Water and Bournemouth Water provides water and wastewater services to a population of c.1.7 million in Cornwall, Devon and parts of Our pillars Dorset and Somerset and water only services to c.0.5 million Our six pillars form the foundations of our culture and the way in parts of Dorset, Hampshire and Wiltshire. we work. South West Water was awarded enhanced status for its Safety first The safety of our employees, customers and 2015-2020 Business Plan, and has the highest potential communities comes first. We will do everything safely and returns in the water sector. responsibly, or not at all. Our people Our success comes from our talented people Waste doing great things for our customers and each other. management Service and value We are committed to delivering exceptional service and value for our customers and communities. Viridor is a leading UK recycling, energy recovery and waste management company, providing services to more than Efficiency in everything we do We work smart, keep things 150 local authorities and major corporate clients as well as simple and invest money wisely. over 32,000 customers across the UK. Progress through innovation From the technology and science we use, through to the way we approach what we do – innovation drives us forward. Sustainability matters We take our responsibilities towards the environment seriously and aim to be sustainable in everything we do. 01 Pennon Group plc Annual Report 2017 The performance of the Group Pennon’s long-established 10-year against our strategy underpins dividend policy of 4% year-on-year growth above RPI inflation to 2020 35.96p our confidence in delivering our results in a doubling of dividend over total dividend for the year long-established sector-leading 10 years (2010-2020)(1). This reflects dividend policy. the Board’s confidence in the continued outperformance of our water business 7.1% and our significant investment in our dividend increase over 2015/16 waste business, which is successfully delivering on its targeted contribution to Group earnings. Read more page 42 (1) Future dividends growth based on policy of 4% + RPI forecast to 2020. Jess Dunn at Ardley ERF 02 Overview 04 Group financial highlights 06 Group operational highlights report Strategic 08 Chairman’s statement 12 Market overview 14 Business model 16 Strategic priorities 18 Our people Strong performance underpinning long-established sector-leading dividend growth 03 Pennon Group plc Annual Report 2017 Group financial highlights Highlights of the year • Strong earnings growth across the Group • Good performance in cost base efficiency – Delivered £107 million of EBITDA from energy recovery facilities – South West Water total expenditure (totex) efficiency K6 to date (ERFs) ahead of c.£100 million target £129 million – Continued sector-leading return on regulated equity at 12.6% – Bournemouth Water successfully integrated, on track to deliver • Continued delivery of long-established 10-year sector-leading cumulative synergies of c.£27 million by 2020 dividend policy supported by earnings growth – £17 million per annum of efficiencies across the Group by 2019, with £9 million per annum secured to date • £385 million of capital investment in sustainable growth projects • Group remains well funded with low cost efficient long-term financing. Read more page 38 Revenue Dividend Assets £1,353m 35.96p £5.9bn (+0.1%) (+7.1%) (+3.5%) EBITDA EBITDA EBITDA Statutory Underlying(1) Adjusted(2) £475m £486m £546m (+8.5%) (+8.4%) (+7.4%) Profit before tax Profit before tax Capital investment Statutory Underlying(1) £211m £250m £385m (+2.0%) (+18.3%) (+21.4%) Cash and committed facilities Shareholder profits(1) £m Profit before tax and non-underlying items 250 Non-underlying items before tax (39) £1.4bn Statutory profit before tax 211 Tax charge (31) Profit attributable to perpetual capital holders (16) Profit after tax attributable to shareholders 164 (1) Underlying earnings are presented alongside statutory results as the Directors believe they provide a more useful comparison on business trends and performance. Note 6 to the financial statements provides more detail on non-underlying items. (2) Earnings before interest, tax, depreciation, amortisation (EBITDA) and non-underlying items, adjusted to include IFRIC 12 interest receivable and share of joint venture EBITDA better reflects all the earnings arising from our ERFs (see reconciliation on page 40). 04 Key performance indicators Strategic report Strategic Revenue (£m) Dividend per share (pence) .2 7 35.96 1,352.3 33.58 1,35 1,353.1 1,321.2 31.80 30.31 1,201.2 28.46 +0.1% +7.1% 2012/13 2013/14 2014/15 2015/16 2016/17 2012/13 2013/14 2014/15 2015/16 2016/17 EBITDA (£m) Interest rate on average net debt (%) 4.0 546.2 3.8 508.4 486.0 475.3 3.4 465.9 3.4 456.9 3.3 448.4 438.2 433.0 421.6 411.0 407.3 401.6 394.8 289.9 +0.1% +7.4% 2012/13 2013/14 2014/15 2015/16 2016/17 2012/13 2013/14 2014/15 2015/16 2016/17 Statutory Underlying Adjusted Profit before tax (£m) Regulatory capital value as at 31 March (£m) 250.0 3,291 3,150 210.7 211.3 210.5 2,959 2,928 2,916 207.3 206.3 197.0 190.0 158.7 13.6 +4.5% +18.3% 2012/13 2013/14 2014/15 2015/16 2016/17 2013 2014 2015 2016 2017 Statutory Underlying Earnings per share (pence) Group assets as at 31 March (£bn) 5.9 5.7 47.0 5.4 42.6 5.0 4.8 40.3 39.8 39.8 39.5 38.8 37.0 32.3 5.7 +3.5% +19.0% 2012/13 2013/14 2014/15 2015/16 2016/17 2013 2014 2015 2016 2017 Statutory Before non-underlying items and deferred tax 05 Pennon Group plc Annual Report 2017 Group operational highlights Highlights of the year • Water business delivered net ODI rewards and improved • Recycling self-help measures delivering increased performance in a number of areas: margins and increased EBITDA(2) – No water restrictions • Negotiations with Greater Manchester Waste Disposal – Exceeded leakage target resulting in ODI reward Authority (GMWDA) continue to ensure a well managed – Highest level of wastewater treatment compliance(1) transition for the contract – 98.6% of bathing waters achieving the more stringent • New retail venture for business customers established by bathing water standards that were introduced in 2015 Pennon Water Services and South Staffordshire Plc (incorporating South Staffs and Cambridge Water) • Energy Recovery Facilities (ERFs) continued to drive growth – eight operational sites performing well, with average availability • Driving value through efficiency – integrating, sharing best at greater than 90% for 2016/17 practice, reducing costs through a Shared Service Review. • Construction of four further ERFs is ongoing Read more pages 26 to 37 – Dunbar and South London (Beddington) progressing to budget – Glasgow’s Recycling and Renewable Energy Centre is receiving waste and generating energy. New construction contracts are progressing well with ERF commissioning expected in 2017 – Avonmouth ERF investment now underway with key construction and operational contracts in place. Completion expected in 2020/21 Total renewable Bathing water compliance Total waste material inputs energy generation (‘sufficient quality’ or higher) (tonnes) 1,549GWh 98.6% 7.6m Drinking water quality (mean zonal compliance) Riddor incidence rate (per 100,000 employees) South West Water Bournemouth Water 99.96% 99.98% 683 Average ERF availability Recycling volumes traded (tonnes) >90% 1.6m (1) As measured by Numeric Compliance. (2) Earnings before interest,
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