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View Annual Report Delivering better value, better services and a healthier environment Severn Trent Plc Annual Report and Accounts 2014 Severn Trent Plc Annual Report and Accounts 2014 What we do Severn Trent provides clean water and waste water services in the UK and internationally through our regulated and non-regulated businesses – Severn Trent Water and Severn Trent Services. Regulated Read more on pages 13-24 One of the largest of the 10 regulated water and sewerage companies in England and Wales. We provide high quality services to more than 4.3 million households and businesses in the Midlands and mid-Wales. Where we operate Key facts Our region stretches across the heart Turnover of the UK, from the Bristol Channel to the Humber, and from mid-Wales £1,544.8m (2013: £1,511.0m) to the East Midlands. Profit* (2013: £498.5m (restated))** * Before interest, tax and exceptional items. £518.6m ** Adjusted for adoption of IAS 19R. Households and businesses serviced 4.3m Litres of drinking water supplied each day 1.8bn Litres of waste water collected per day 1.4bn Employees 5,902 (as at 31 March 2014) Non-regulated Read more on pages 25-32 Severn Trent Services (STS) Commercial suppliers of water and waste water treatment services and products, with customers around the world. Where we operate About us Severn Trent Services is our core non- STS Operating Services STS Water regulated business. It has two business areas Operating Services provides Purification (Products) – Water Purification and Operating Services. contract operations and Products provides filtration, disinfection Water Purification (Products) is organised maintenance for municipal and industrial clients and the and process solution around three regions – the Americas; Asia UK Ministry of Defence (MOD) technologies for various Pacific and China; Europe, the Middle East and for water and waste water municipal and industrial Africa. Operating Services works for customers treatment facilities. water and waste water treatment applications in the US, UK and Italy. and for the marine and offshore industries. Key facts Turnover £311.4m (2013: £328.5m) Employees 2,387(as at 31 March 2014) Profit* (2013: £12.6m (restated))** * Before interest, tax and exceptional items. £7.1m ** Adjusted for adoption of IAS 19R. Renewables Severn Trent’s non-regulated business already generates renewable energy from wind turbines and anaerobic digestion (AD) of crops. We are now expanding into the food waste AD market and plan to develop other technologies. Severn Trent Plc Annual Report and Accounts 2014 2014 Highlights FIn line or below inflation bill increases for last Group turnover four years – Severn Trent remains lowest average combined bill in England and Wales £1,856.7m FIncreased investment – £602 million capital 2013: £1,831.6m expenditure (+8% year on year) – continues to improve services for the benefit of customers Group profit* FCustomer service, sewer flooding and supply interruptions all improving £269.1m 2013: £251.3m (restated)*** – Improved or stable performance on 10 out of 14 Ofwat KPIs year on year Group profit before tax – Customer satisfaction (SIM score) improved for 3rd consecutive year £282.7m FContinued growth in RCV 1, 2 from £7,364 million 2013: £200.2m (restated)*** to £7,618 million (+3.4%) Dividend per share FGroup underlying PBIT rose 4.3% year on year – Severn Trent Water underlying PBIT rose 4.0% 80.40p FDelivering on dividend policy – 6.0% growth year 2013: 75.85p on year to 80.40 pence Earnings per share** FConstructive engagement with Ofwat on 2015- 2020 business plan. Revised plan submission 88.4p 27 June, draft determination expected 29 August, 2013: 92.6p (restated)*** final determination expected 12 December * Before tax, exceptional items and gains/losses on 1 Regulatory Capital Value. financial instruments. 2 March 2014 vs. March 2013. ** Before deferred tax, exceptional items and gains/losses on financial instruments. *** Adjusted for adoption of IAS 19R. Contents Strategic report Group financial statements Cautionary statement This document contains statements that are, or may be deemed to be, ‘forward-looking statements’ with respect to 2014 Highlights 84 Independent auditor’s report Severn Trent’s financial condition, results of operations and business and What we do to the members of Severn Trent Plc certain of Severn Trent’s plans and objectives with respect to these items. Forward-looking statements are sometimes, but not always, identified 01 Who we are 87 Consolidated income statement by their use of a date in the future or such words as ‘anticipates’, 02 Chairman’s statement 88 Consolidated statement of ‘aims’, ‘due’, ‘could’, ‘may’, ‘will’, ‘would’, ‘should’, ‘expects’, ‘believes’, 04 Chief Executive’s review comprehensive income ‘intends’, ‘plans’, ‘projects’, ‘potential’, ‘reasonably possible’, ‘targets’, ‘goal’ or ‘estimates’ and, in each case, their negative or other variations 06 Our strategy 89 Consolidated statement of changes in equity or comparable terminology. Any forward-looking statements in this 08 Our objectives 90 Consolidated balance sheet document are based on Severn Trent’s current expectations and, by their very nature, forward-looking statements are inherently unpredictable, 10 Market and industry overview 91 Consolidated cash flow statement speculative and involve risk and uncertainty because they relate to events 13 Regulated – Severn Trent Water 92 Notes to the group financial statements and depend on circumstances that may or may not occur in the future. 25 Non-regulated – Severn Trent Services Forward-looking statements are not guarantees of future performance 33 Financial review Company financial statements and no assurances can be given that the forward-looking statements in this document will be realised. There are a number of factors, many 38 Risk Management 143 Company statement of of which are beyond Severn Trent’s control, that could cause actual comprehensive income results, performance and developments to differ materially from those Governance expressed or implied by these forward-looking statements. These factors 144 Company balance sheet include, but are not limited to, changes in the economies and markets 42 Board of directors 145 Company statement of changes in equity in which the group operates; changes in the regulatory and competition frameworks in which the group operates; the impact of legal or other 44 Executive Committee 146 Notes to the company financial statements proceedings against or which affect the group; and changes in interest 45 Chairman’s letter and exchange rates. 46 Governance report Other information All written or verbal forward-looking statements, made in this document 52 Nominations Committee or made subsequently, which are attributable to Severn Trent or any 155 Five year summary other member of the group or persons acting on their behalf are 54 Audit Committee 156 Information for shareholders expressly qualified in their entirety by the factors referred to above. 57 Corporate Responsibility Committee Subject to compliance with applicable laws and regulations, Severn Trent does not intend to update these forward-looking statements and does 60 Remuneration Committee not undertake any obligation to do so. 77 Directors’ report Nothing in this document should be regarded as a profits forecast. 82 Directors’ responsibility statement This document is not an offer to sell, exchange or transfer any securities of Severn Trent Plc or any of its subsidiaries and is not soliciting an offer to purchase, exchange or transfer such securities in any jurisdiction. Securities may not be offered, sold or transferred in the US absent registration or an applicable exemption from the registration requirements of the US Securities Act of 1933 (as amended). Severn Trent Plc Annual Report and Accounts 2014 Strategic report Strategic Who we are Water is essential to life and to the Governance financial statements Group financial statements Company Other information communities in which we live and work. At Severn Trent we are focused on continuing to deliver better value, better services and a healthier environment today, tomorrow and for the longer term. Our millions of customers in the UK and around the world rely on us, so our aim is to do the right thing, acting with honesty and integrity and playing an active role in creating a sustainable future for our water and the environment. Our principles, which govern the way we work, are set out in our Code of Conduct: Doing the right thing – The Severn Trent way. Further details are provided on page 49 Listening to Giving our Helping our We’re generating customers in customers peace customer and 23% of our shaping our plans of mind the environment energy from See page 13 See page 18 See page 25 renewable sources See page 31 Driven by – and for – our customers 01 Severn Trent Plc Annual Report and Accounts 2014 Chairman’s statement I am pleased to report another year in We have continued to make which our focus on water and waste significant long term investment in water services has delivered benefits for our customers and our shareholders. our regional water and sewerage Sustainable returns infrastructure, whilst keeping bill We have made progress this year in a rises on average below the rate number of areas and again delivered a “ good financial performance. of inflation.” Total group revenue rose by 1.4% to £1,856.7 million, while underlying group Andrew Duff, Chairman profit before tax was 7.1% higher at £269.1 million. This resulted in adjusted basic earnings per share of 88.4 pence, down 4.5% from 92.6 pence. For 2013/14, the board is proposing a final dividend of 48.24 pence, to be paid on 25 July 2014. This will result in a total dividend for the financial year of 80.40 pence, representing growth of 6.0%. This is in line with our policy for the current regulatory period to March 2015 of growing the dividend each year by 3% more than the retail price index.
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