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South West Water Annual Report and Financial Statements SOUTH WEST WATER LIMITED ANNUAL REPORT and FINANCIAL STATEMENTS for the YEAR ENDED 31 MARCH 2018

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South West Water Annual Report and Financial Statements SOUTH WEST WATER LIMITED ANNUAL REPORT and FINANCIAL STATEMENTS for the YEAR ENDED 31 MARCH 2018 2018 South West Water Annual Report and Financial Statements SOUTH WEST WATER LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 southwestwater.co.uk bournemouthwater.co.uk South West Water Limited Annual Report and Financial Statements 2018 1 CONTENTS STRATEGIC REPORT Chairman’s Statement 03 South West Water’s Group Context 06 South West Water’s Business Model 07 Our People 08 Our Operations 11 Report of the Finance Director 16 RISK REPORT 23 GOVERNANCE AND REMUNERATION 38 Chairman’s Letter 39 South West Water Limited Board of Directors 41 The Board and its Governance Framework 46 The Audit Committee 58 The Sustainability Committee 66 Sustainability Targets 69 The Nomination Committee 71 The Remuneration Committee 73 Directors’ Remuneration at a Glance 75 Annual Statement from the Chairman of the Remuneration Committee 76 Directors’ Remuneration Policy 78 Annual Report on Remuneration 83 Board of Directors and Company Information 96 Directors Report – other statutory information 97 Statement of Directors’ Responsibilities 100 INDEPENDENT AUDITOR’S REPORT 102 FINANCIAL STATEMENTS Income Statement 111 Statement of Comprehensive Income 111 Balance Sheet 112 Statement of Changes in Equity 113 Cash Flow Statement 114 Notes to the Financial Statements 115 South West Water Limited Annual Report and Financial Statements 2018 2 CHAIRMAN’S STATEMENT The Company is, once again, reporting a strong year with strong operational and financial performance underpinning our sector-leading Return on Regulated Equity (RoRE). South West Water achieved overall outperformance against its Outcome Delivery Incentives (ODIs), resulting in a net reward of £2.6 million for the year. Regretfully, we failed to meet our targets for pollution control however a dedicated improvement programme is underway. This has already resulted in a 19% reduction since the start of the five year period (2015-20) and we are confident in our ability to reduce the number of incidents further during 2018/19. We delivered high levels of service to our customers, improving our Service Incentive Mechanism (SIM) score. We also significantly enhanced the quality of our communication and engagement with our workforce. I welcome the way we have tackled improvements in safety and environmental incident management over the past year. Our new Vision and Values emphasise to employees and external stakeholders that we strive to be a trusted and responsible company delivering high-quality, resilient services in a safe, reliable and sustainable manner. SAFETY The Company treats the issue of safety very seriously and has taken steps to enhance its performance in this crucial area with the injection of fresh expertise at both Board and executive level. Safety continues to be the first item for discussion on the agenda of all Board meetings. Jon Butterworth was appointed as a new independent Non-Executive Director of South West Water in September 2017. In the role of independent scrutineer of health and safety processes across the Group, he is giving us the benefit of his years of operational and safety experience gained in the electricity and gas industry. During the year our Pennon Group Director of Health, Safety, Security and Assurance continued to lead the development of our HomeSafe programme, which is designed to deliver the highest standards of health and safety performance across the Group. The Board has given its whole-hearted support to HomeSafe and, following the successful completion of pilot schemes, the full roll-out throughout South West Water started in April 2018. It is our ambition to deliver sector-leading performance in this area and South West Water continues to seek out and implement new technologies and ways of working that will protect our staff. EMPLOYEES AND CULTURE I firmly believe organisations that embody a clear sense of vision and purpose deliver significant, measurable results. Such organisations acquire and retain the best employees, deliver the most for customers and increase returns for shareholders. Following last year’s appointment of a Pennon Group Director of HR, we are seeing a refreshed dialogue with our workforce through a variety of initiatives. Our first Group-wide integrated employee survey has given us a tool for benchmarking our workplace culture against other companies. The most successful workplace cultures are built on trust and this is a key driver of engagement. Our corporate value of ‘trusted’ has particular resonance for all our stakeholders. In addition to employing graduates, we have retained our emphasis on offering apprenticeships and have now employed our 149th apprentice, while recognising the need to continually train and develop our people in line with South West Water Limited Annual Report and Financial Statements 2018 3 best practice. I would like to take the opportunity to thank all our employees for their dedication and hard work in serving our customers, communities and other stakeholders during 2017/18. SUSTAINABILITY As one of England and Wales’ ten regional water and wastewater undertakers, we take our responsibilities to the environment and communities we operate very seriously. We are trusted to deliver clean drinking water and reliable removal and disposal of wastewater in an area with more than one-third of the UK’s beaches. Performing all this to the benefit of the communities we serve and providing the consistent investment that underwrites this activity amounts to a significant social contribution. As a sustainable business, we seek continuous improvement in our water and wastewater services, including in our ability to manage environmental incidents. Our Operations Director (Wastewater Services), who was appointed to this position on a permanent basis during the year and who is also the Pennon Group Environmental and Sustainability Director, is helping us to address environmental issues. There has been significant investment already in mitigating the risk of flooding and pollution and I am confident the Company will maintain this momentum. Our record demonstrates that the Board is behaving in a responsible way towards all our stakeholders including our customers, our workforce, our suppliers and our other stakeholders. We are maintaining high levels of investment to ensure customers receive the best possible service, while controlling bills to households and providing support and assistance to those customers in vulnerable circumstances. We look to attract, develop and retain a highly skilled and customer-focused workforce, supported by our award winning apprenticeship programme. Our employees are trained to a high standard and we are investing in them to develop and enhance their careers within the Company and Group. BOARD CHANGES During the year, the Company appointed Jon Butterworth as a new independent Non-Executive Director and Matthew Taylor as Senior Independent Director. Under Pennon’s governance structure, Jon and Matthew, alongside our other Non-Executive Directors, attend the Pennon Group plc board and are encouraged to contribute to a range of issues from a South West Water perspective. GOVERNANCE Our new governance structure has bedded in well and we have continued to refine Board processes. We have further enhanced the descriptions of our governance structure within both this Annual Report and our Annual Performance Report (published in July 2018). The executive team has also shown dedication, drive and enthusiasm, and their transparency with the Board has been a highlight. South West Water Limited Annual Report and Financial Statements 2018 4 DIVERSITY The Board and Company strongly support equality and diversity in the workplace and we have adopted the Pennon Group diversity and inclusion policy. We are committed to the search for Board candidates being conducted (and appointments made) on merit and with due regard for the benefits of gender and ethnic diversity. Following the single Board appointment during the year, the proportion of female Directors has decreased slightly to 20%. Women: 2 Men: 8 More information on the Board’s diversity policy can be found within the Nomination Committee’s report, on page 72. OUTLOOK: BUILDING ON SUCCESS, EARNING TRUST Customer needs and priorities will continue to be the primary focus of our operations. We will continue to share with customers the rewards we receive for outperformance while working to maintain high standards of customer service. South West Water remains on track to meet all its business plan commitments for the K6 period by 2020. Our Annual Performance Report (published in July 2018) will report in detail on the progress we have made against these targets and further plans for improvement. We have also ensured we are well prepared both operationally and in terms of cost effectiveness for the Price Review 2019 (PR19). The successful merger of Bournemouth Water into South West Water has strengthened our operations. We are also currently in talks regarding extending our operational area to cover the Isles of Scilly. South West Water continues to lead the sector in many areas, delivering RoRE outperformance through totex savings, financing with the lowest effective rates in the industry and achieving net ODI rewards. We are determined to sustain our outperformance momentum over the remaining K6 regulatory period, remain at the forefront of cost efficiency for the water sector and continue to share these benefits with our customers. This is a strong platform as we prepare for PR19 and develop our business plan for the next regulatory period 2020-2025. We are demonstrating a real commitment to engaging our customers and other stakeholders in this regard. While we expect PR19 to be challenging, South West Water is well placed to respond and to continue delivering truly outstanding services to customers. We collaborate closely with our customers and have enhanced the way we engage with our workforce. We believe our strong organisational culture will give us a competitive advantage, deliver a high level of service to our customers and ultimately lead to outstanding business performance. Looking ahead, we have many successes upon which we can build as we apply our Pennon Group Vision of ‘Bringing Resources to Life’.
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