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74Bed764-59F1-4A11-Acf6-B5887a093dd0 Contents ANNUAL REPORT & ACCOUNTS 2008 WorldReginfo - 74bed764-59f1-4a11-acf6-b5887a093dd0 Contents Financial highlights and Group strategy ................................................1 Directors’ report Business review: Chairman’s statement........................................................................2 South West Water: Overview....................................................................................................4 Regulatory and competitive environment...............................7 Key Performance Indicators .........................................................10 Customers, community and employees..................................13 Key relationships ...............................................................................14 Risks and uncertainties ..................................................................14 Viridor: Overview.................................................................................................16 Key Performance Indicators .........................................................19 Main trends...........................................................................................20 Business and strategy .....................................................................20 Regulatory and competitive environment ............................22 Corporate responsibility/relationships..................................24 Risks and uncertainties ..................................................................24 Pennon Group: Key Performance Indicators .........................................................28 Financial performance ....................................................................28 Risks and uncertainties .................................................................35 Our corporate responsibility ........................................................36 Interpretation .....................................................................................42 Other statutory information...............................................................44 Board of Directors............................................................................................46 Directors’ remuneration report ................................................................47 Corporate governance and internal control .......................................54 Independent Auditors’ report ...................................................................57 Photographs marked with this symbol were from entries in the 2007 Pennon Financial statements......................................................................................58 Environmental Photographic Competition by employees and their families. Five year financial summary ....................................................................113 Shareholder information...........................................................................114 Cover photo: Waterfall at Watersmeet, Exmoor – photography by Rob Kendall Above: Respryn, Lanhydrock, Bodmin – photography by Dave Bridges WorldReginfo - 74bed764-59f1-4a11-acf6-b5887a093dd0 Financial highlights and Group strategy REVENUE UP 16.9% TO £875.0 MILLION UNDERLYING OPERATING PROFIT UP 19.8% TO £242.1MILLION UNDERLYING PROFIT BEFORE TAX UP 16.3% TO £154.9MILLION UNDERLYING EARNINGS PER SHARE UP 19.4% TO 36.9P DIVIDEND PER SHARE UP 6.8% TO19.81P A reconciliation to underlying measures PENNON GROUP OPERATES PENNON GROUP BOARD’S of performance is given on page 28. AND INVESTS IN WATER STRATEGY is to promote the Statutory results are: success of the Group for the benefit AND SEWERAGE SERVICES of its shareholders through its focus operating profit £236.8 million AND WASTE MANAGEMENT. on water and sewerage services and (2006/07 £200.0 million) IT HAS ASSETS OF AROUND waste management. profit before tax £149.6 million £3.5 BILLION AND A In pursuit of its strategy the Group (2006/07 £131.1 million) WORKFORCE OF OVER aims to be a pre-eminent provider of customer services to high standards earnings per share 38.2p 3,300 PEOPLE. of quality, efficiency and reliability (2006/07 26.5p). whilst having regard to a wide range Pennon Group’s business is operated of matters including: through two main subsidiaries: the impact of its operations and South West Water Limited holds the activities on the community and water and sewerage appointments for the environment Devon, Cornwall and parts of Dorset and Somerset maintaining high standards of business conduct Viridor Limited is one of the leading waste management and the need to foster business renewable energy businesses in the relationships with suppliers, United Kingdom. customers and other key persons important to the success of the Group the likely long-term consequences of any decisions the interests of employees. Pennon Group Annual Report and Accounts 1 WorldReginfo - 74bed764-59f1-4a11-acf6-b5887a093dd0 Directors’ report | Business review Ken Harvey Chairman’s statement Chairman Pennon Group Plc Another excellent year for the Group – we are continuing to deliver the benefits of our strategy of focusing on our two key businesses of South West Water and Viridor. FINANCIAL OVERVIEW to £151.0 million. This arose from inflation of ‘WaterCare’ is the company’s new ground- Group revenue increased by 16.9% to £875.0 £2.3 million (net of a reduction in power costs breaking customer care programme which was million with operating profit up 19.8% to of £2.5 million), the additional costs from new launched in early 2007. It aims to help those £242.1 million. Profit before tax was up 16.3% capital schemes of £1.1 million, reduced property most in need pay their bills by advising them to £154.9 million and earnings per share were disposals of £2.6 million and other cost increases on how to manage better both their water use 36.9p, an increase of 19.4% (all figures being of £2.5 million (including infrastructure and household budget, including claiming underlying results as explained on page 28). expenditure charged to operating costs), partially all the benefits to which they are entitled. offset by £4.2 million of efficiency savings. During this last year ‘WaterCare’ has delivered The Board is recommending a final dividend tangible benefits to around 2,000 customers of 13.56p which, together with the interim In the ‘Water and Sewerage Companies’ and and has been commended by the Government dividend of 6.25p, will result in a total dividend ‘All Companies’ league tables for 2006/07 as an exemplary service offered to customers. for the year of 19.81p. This represents an covering the wide range of measures used by increase of 6.8% on the total dividend for the Ofwat, referred to as the Overall Performance The RCV of South West Water is expected previous year. The Board’s stated policy is to Assessment (OPA), South West Water achieved a to grow by 36% over the current regulatory grow the Group dividend to 2009/10 by 3% best ever ranking of fifth out of 10 amongst the period to March 2010 – the highest forecast above inflation per annum. Shareholders will water and sewerage companies, compared with percentage increase of any quoted UK water again be given an opportunity to participate in sixth place in 2005/06. Ofwat’s ‘Financial company. After adjusting for the effect of the the Company’s Dividend Re-investment Plan, Performance and Expenditure’ report, published 2006 capital return to shareholders, the details of which will be circulated in August. in September 2007, reported that the company company expects its growth in RCV to outstrip was the only water and sewerage company to significantly the anticipated growth in net In the year Group capital expenditure was achieve a ‘stable’ serviceability assessment in borrowings over the period. £228.8 million (2006/07 £245.1 million) all four service areas in 2006/07. and net borrowings at 31 March 2008 were As part of its preparation for the next £1,763.8 million, an increase of £206.5 million South West Water is implementing detailed Periodic Review in 2009, South West Water over the year. Gearing, being net borrowings to plans to target outperformance of the last December published its Strategic Direction shareholders’ funds plus net borrowings, was operating cost efficiency targets set by Ofwat Statement setting out its vision for the next 73% (2007 71%). Interest cover was 2.8 times for the period up to 2010. Further efficiency 25 years. This Statement outlines the first (2006/07 2.9 times). South West Water’s net projects are under way to enable further steps the company proposes to take towards debt to Regulatory Capital Value (RCV) was improvements to operational and customer facing the challenges of the future, including 60% (2007 62%). service performance. The company is continuing climate change and new legislative to deliver efficiencies through investment in requirements. The draft Water Resources Plan infrastructure to move the organisation towards published in May 2008 affirms that, despite a SOUTH WEST WATER a more centralised operational structure forecast 12% regional population increase by South West Water’s revenue increased by £39.5 employing increased levels of automation and 2035 and new challenges created by climate million to £421.0 million and operating profit remote working. The company also has an change, no new reservoirs will need to be built rose 17.8% to £185.0 million. Operating costs, ongoing programme of organisational in the region. Instead the Plan describes excluding depreciation, increased by £4.3 million restructuring across the business.
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