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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 2016 KELDA HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 Contents Strategic Report ................................................................................................................. 3 Our Business .................................................................................................................. 3 Business Strategy ........................................................................................................... 4 Business Performance .................................................................................................... 5 Group Financial Performance ....................................................................................... 32 Corporate Governance Report ......................................................................................... 37 Audit Committee ............................................................................................................... 45 Directors’ Remuneration Report ....................................................................................... 51 Directors’ Report .............................................................................................................. 70 Independent auditors’ report to the members of Kelda Holdings Limited .......................... 84 Group income statement .................................................................................................. 85 Group statement of comprehensive income ..................................................................... 87 Group balance sheet ........................................................................................................ 88 Statement of changes in equity ........................................................................................ 89 Group cash flow statement ............................................................................................... 90 Notes to the Group financial statements ........................................................................... 91 Company balance sheet ................................................................................................. 153 Company statement of changes in equity ....................................................................... 154 Notes to the Company financial statements.................................................................... 155 Independent auditors’ report to the members of Kelda Holdings Limited ........................ 159 Kelda Holdings Limited Strategic Report for the year ended 31 March 2016 Strategic Report 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 (Yorkshire Water) Yorkshire Water is the principal UK subsidiary of the Group, providing water and waste water services to more than 5.0 million people and 136,000 businesses. Every day, Yorkshire Water supplies around 1.3 billion litres of water to homes and businesses in Yorkshire. Through the efficient operation of its extensive wastewater network and treatment facilities, it also ensures that the region’s domestic and industrial waste is returned safely to the environment. Business strategy: Yorkshire Water’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. Kelda Water Services Limited (KWS) KWS is a major participant in the UK water and wastewater contract operations market, with its subsidiaries operating contracts in the UK. Business strategy: Leveraging the value from Group assets and skills; Maximising value from our existing business; and Focussing on new opportunities arising from changes in the water market. Loop Customer Management Limited (Loop) Loop specialises in cost effective customer relationship management. Loop’s main contract is to provide customer service support to Yorkshire Water. 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. 3 Kelda Holdings Limited Strategic Report (continued) for the year ended 31 March 2016 Business strategy: To add value to the Group’s surplus property assets and to maximise proceeds from the sale of those assets. Three Sixty Water Limited (Three Sixty) Previously Kelda Retail Limited Three Sixty specialise in offering business customers innovative added value services and national tailored retail services. Business strategy: Create a market leading, sustainable business with demonstrable value by 2018. 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: Our SBOs: Trusted company – The way we do business means our products, services and promises are trusted by all our stakeholders, now and in the future. Safe water – We work safely and we protect public health by ensuring drinking water is always safe to drink and wastewater never harms customers or communities at any point in the process. Excellent catchments, rivers and coasts – We maintain and improve the water environment from source to sea, and influence others to do the same. Water efficient regions – We ensure water needs are met now and in the future by using water wisely and inspiring others to do the same. Sustainable resources – We are efficient and effective now and in the future, with an industry-leading workforce, zero waste and a responsible supply chain. Strong financial foundations – We deliver services to customers at a price they are willing and able to pay, while providing investors with returns that attract long-term investment. The above SBO’s apply to all business of the Group. Kelda Water Services, Loop, Three Sixty and KeyLand have additional strategic objectives specific to their circumstances. 4 Kelda Holdings Limited Strategic Report (continued) for the year ended 31 March 2016 Business Performance Yorkshire Water Services Limited (Yorkshire Water) Yorkshire Water 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 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. Yorkshire Water Business Strategy Our vision is ‘taking responsibility for the water environment for good’. As a regulated water and wastewater company, we recognise in our vision the importance of our role as a provider of some of life’s most essential services and as custodians of the natural environment and critical infrastructure. In addition, our vision captures our ambition to go beyond regulatory requirements and our commitment to long-term sustainability. The essence of our vision is doing what is right for customers, colleagues, partners, the environment and investors, both in the short and long term. This holistic and integrated approach is critical to the sustainability of our water and waste water services and of our business. Putting our customer priorities at the heart of our strategy Central to our business strategy is the delivery of our customer priorities, defined in our seven customer outcomes and 26 performance commitments. These were shaped and agreed through our engagement with over 30,000 customers and our regulators. We have committed to achieve set levels of service across a range of activities which customers and regulators confirm are a priority, for example further reducing pollution incidents and leakage. The regulatory regime in which we operate includes financial and reputational penalties or incentives if we under or over perform against these commitments. Our Customer Outcomes: 5 Kelda Holdings Limited Strategic Report (continued) for the year ended 31 March 2016 Yorkshire Water Business Strategy (continued) Working towards our six Strategic Business Objectives Our strategy also goes beyond our Performance Commitments, responding to the imperative to ensure the long term affordability and effectiveness of the essential services we provide. To ensure the long term sustainability of our business and services, we manage a programme of activity that drives us towards our vision and six SBO’s. Our SBO Framework includes a suite of annual targets
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