We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Akademiska.21 | LSE:50IE | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
RNS Number:9552R Severn River Crossing PLC 09 April 2008 SEVERN RIVER CROSSING PLC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2007 CHAIRMAN'S STATEMENT IN 2007 TRAFFIC TRAVELLING WESTBOUND OVER THE SEVERN BRIDGE AND SECOND SEVERN CROSSING INCREASED BY 1.1% TO 13,152,237 TOLL PAYING VEHICLES (2006: 13,005,678). CAR JOURNEYS INCREASED BY 0.6% (2006: 0.6%), LIGHT GOODS VEHICLES BY 3.9% (2006: 5.6%) AND HEAVY GOODS VEHICLES BY 2.1% (2006: 0.8%). THE COMPANY'S 2007 TURNOVER INCREASED BY 5.7% TO £76.1 MILLION (2006: £72.0 MILLION) AND, DURING THE YEAR, THE RETAINED CASH GENERATED BY THE BUSINESS HAS BEEN USED TO REPAY DEBT. DEBT REPAYMENTS IN 2007 REACHED £37.6 MILLION (2006: £31.1 MILLION) AND THIS INCLUDED THE FULL REPAYMENT OF THE SENIOR FACILITY LOANS IN MAY 2007. IN ADDITION TWO EUROPEAN INVESTMENT BANK LOANS TOTALLING £28.4 MILLION WERE REPAID AHEAD OF SCHEDULE IN JANUARY 2008. IN SPITE OF THESE DEBT REPAYMENTS, FINANCE CHARGES INCREASED TO £38.8 MILLION (2006: £33.8 MILLION) DUE PRIMARILY TO HIGHER INDEXATION COSTS ON THE COMPANY'S INDEX-LINKED DEBT OF £12.7 MILLION (2006: £7.0 MILLION), BUT ALSO DUE TO ACCRUED INDEMNITY COSTS OF £1.4 MILLION ON THE EARLY REPAYMENT OF EUROPEAN INVESTMENT BANK LOANS. THE COMPANY REPORTED A LOSS BEFORE TAX OF £1.0 MILLION (2006: PROFIT OF £2.6 MILLION). DURING MARCH 2007 THE GOVERNMENT ANNOUNCED CHANGES IN TAX LEGISLATION, INCLUDING THE ABOLITION OF INDUSTRIAL BUILDINGS ALLOWANCES, WHICH ADVERSELY AFFECT THE COMPANY. THE COMPANY IS REVIEWING THE BASIS OF FUTURE TAXATION, BUT ON THE CURRENT ACCOUNTING AND TAX BASIS HAS BEEN REQUIRED TO MAKE A NON-CASH CREDIT TO THE TAX CHARGE OF £14.7 MILLION. IN FUTURE YEARS ON THIS BASIS THE ABOLITION OF INDUSTRIAL BUILDINGS ALLOWANCES WILL ACT TO SIGNIFICANTLY INCREASE THE COMPANY'S EFFECTIVE TAX RATE. THE COMPANY, THEREFORE, RECORDED A PROFIT AFTER TAX OF £11.2 MILLION (2006: £0.9 MILLION), DUE TO A TAX CREDIT OF £12.3 MILLION (2006 TAX CHARGE OF £1.6 MILLION) PRIMARILY ARISING FROM THE RELEASE OF £14.7 MILLION OF THE DEFERRED TAX LIABILITY RELATING IN THE MAIN TO THE ABOLITION OF INDUSTRIAL BUILDINGS ALLOWANCES. THE COMPANY CONTINUES TO USE AN ANNUITY DEPRECIATION METHOD TO DEPRECIATE THE ASSET VALUE OF THE TWO BRIDGES. IF THE COMPANY HAD CHANGED ITS DEPRECIATION POLICY FOR THE BRIDGES TO AN ECONOMIC USAGE METHOD, THEN THE DEPRECIATION CHARGE FOR 2007 WOULD HAVE INCREASED BY £10.1 MILLION. THIS DOES NOT AFFECT THE COMPANY'S STRONG CASH POSITION. DURING 2007 THE FUNDING POSITION OF THE COMPANY'S PENSION SCHEME IMPROVED. AN ACTUARIAL VALUATION AT 1 APRIL 2007 CONFIRMED THAT THE FUND HAD MOVED INTO A SMALL SURPLUS, AND THE FRS 17 VALUATION AT 31 DECEMBER 2007 CONFIRMED THAT THE MARKET VALUE OF ASSETS AT £14.4 MILLION MATCHED THE ACTUARIAL VALUE OF THE SCHEME LIABILITIES (2006: NET PENSION LIABILITY £0.9 MILLION). THE CONTRACTS FOR TOLL MANAGEMENT AND MAINTENANCE ON BOTH BRIDGES CONTINUE TO WORK WELL, AND NEW TOLL EQUIPMENT HAS NOW BEEN INSTALLED AND IS IN OPERATION ON BOTH BRIDGES, WITH NEW TOLL BOOTHS ON THE M48 SEVERN BRIDGE TOLL PLAZA. THE COMPANY, WORKING IN CONJUNCTION WITH THE DEPARTMENT FOR TRANSPORT/HIGHWAYS AGENCY, HAS NOW COMPLETED A PROGRAMME OF INSPECTIONS ON THE MAIN CABLES OF THE SEVERN BRIDGE. ACOUSTIC MONITORING SYSTEMS HAVE BEEN INSTALLED, TOGETHER WITH A PARTIAL DEHUMIDIFICATION SYSTEM. A CONTRACT FOR A FULL DEHUMIDIFICATION SYSTEM ALONG THE LENGTH OF BOTH MAIN CABLES HAS NOW STARTED AND WILL COMPLETE LATER IN 2008. ENGINEERS ARE CARRYING OUT AN ASSESSMENT OF STRENGTH LOSS, AND ARE CONSIDERING APPROPRIATE REMEDIAL WORKS. UNDER THE TERMS OF THE CONCESSION AGREEMENT WITH THE DEPARTMENT FOR TRANSPORT ("DfT") THE DfT REMAIN FINANCIALLY LIABLE FOR THE WORKS OF THE SEVERN BRIDGE MAIN CABLE INSPECTIONS AND REMEDIAL WORKS. A H MOORE Chairman SEVERN RIVER CROSSING PLC DIRECTORS' REPORT ================= THE DIRECTORS SUBMIT THEIR ANNUAL REPORT AND THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 BUSINESS REVIEW AND PRINCIPAL ACTIVITIES ====================================== THE COMPANY WAS FORMED TO TAKE OVER THE OPERATION AND MAINTENANCE OF THE SEVERN BRIDGE AND FINANCE THE OUTSTANDING DEBT AND TO DESIGN, CONSTRUCT, FINANCE, OPERATE AND MAINTAIN THE SECOND SEVERN CROSSING. REVENUE FROM TOLL CHARGES IS BEING USED TO REPAY THE DEBT FINANCE AND BOTH BRIDGES WILL REVERT TO PUBLIC OWNERSHIP ONCE THE PROJECT'S REQUIRED REVENUE, AS DEFINED IN THE CONCESSION AGREEMENT WITH THE SECRETARY OF STATE FOR TRANSPORT, HAS BEEN COLLECTED, SUBJECT TO A MAXIMUM CONCESSION PERIOD OF 30 YEARS. A BUSINESS REVIEW IS INCLUDED IN THE CHAIRMAN'S STATEMENT. THE DIRECTORS EXPECT CONTINUED GROWTH IN TURNOVER IN THE FORTHCOMING FINANCIAL YEAR. RESULTS AND DIVIDENDS ===================== THE COMPANY'S 2007 TURNOVER INCREASED BY 5.7% TO STG 76.1 MILLION (2006: STG 72.0 MILLION) AND THE COMPANY REPORTED A PROFIT AFTER TAX OF STG 11.2 MILLION (2006: PROFIT STG 0.9 MILLION). NO DIVIDENDS ARE PROPOSED (2006: STG NIL). DIRECTORS ========== THE DIRECTORS (ALL NON-EXECUTIVE) WHO SERVED DURING THE YEAR AND THOSE APPOINTED SINCE THE YEAR END WERE : DIRECTORS ALTERNATES ========= ========== A H MOORE (CHAIRMAN) (APPOINTED 1 JANUARY 2007) D W BOWLER - V PIRON (RESIGNED 22 JANUARY 2008) - C LABEYRIE (APPOINTED 22 JANUARY 2008) A BRESOLIN (APPOINTED 22 JANUARY 2008) - P-L DELSENY (APPOINTED 22 JANUARY 2008) P-L DELSENY (RESIGNED 22 JANUARY 2008) - C LABEYRIE (RESIGNED 22 JANUARY 2008) C J ELLIOTT - N W MIDDLETON D A J FOOT - G A NEVILLE (RESIGNED 31 MAY 2007) - M MERCER-DEADMAN (APPOINTED 22 AUGUST 2007) D J MCMULLAN - J TETZLAFF (RESIGNED 20 JUNE 2007) - M SMITH (APPOINTED 20 JUNE 2007) D POTTS - M MERCER-DEADMAN J E EVANS (APPOINTED 1 JANUARY 2007) (RESIGNED 30 MARCH 2007) A H MOORE IS AND J E EVANS WAS AN INDEPENDENT DIRECTOR APPOINTED BY THE BOARD DIRECTORS' INTERESTS ==================== THE DIRECTORS AND ALTERNATE DIRECTORS HAD NO INTEREST IN ANY SHARES OR DEBT OF THE COMPANY AT ANY TIME DURING THE YEAR. D POTTS AND M MERCER-DEADMAN ARE DIRECTORS OF JOHN LAING INVESTMENTS LIMITED. D POTTS IS AND G NEVILLE WAS A DIRECTOR OF JOHN LAING PLC, WHICH OWNS JOHN LAING INVESTMENTS LIMITED. D FOOT IS AN INVESTMENT DIRECTOR OF JOHN LAING INFRASTRUCTURE LIMITED, A SUBSIDIARY OF JOHN LAING INVESTMENTS LIMITED. D BOWLER IS MANAGING DIRECTOR OF VINCI INVESTMENTS LIMITED, AND A DIRECTOR OF VINCI PLC. VINCI INVESTMENTS LIMITED IS A SUBSIDIARY OF VINCI PLC, AND THE ULTIMATE PARENT COMPANY OF VINCI PLC IS VINCI S.A., A COMPANY INCORPORATED IN FRANCE. A BRESOLIN IS ASSET MANAGER OF VINCI CONCESSIONS S.A. AND A SHAREHOLDER OF VINCI S.A.. P-L DELSENY IS PORTFOLIO MANAGER (CONCESSIONS AND OPERATIONS) OF VINCI CONCESSIONS S.A., A FULLY OWNED SUBSIDIARY OF VINCI S.A.. V PIRON IS STRATEGY VICE PRESIDENT FOR VINCI CONCESSIONS S.A. AND A SHAREHOLDER OF VINCI S.A.. C LABEYRIE IS A SHAREHOLDER OF VINCI S.A. AND A DIRECTOR OF VINCI CONSTRUCTION S.A.S., WHOSE WHOLLY OWNED SUBSIDIARY GTM-EUROPE WAS PARTY TO THE CONSTRUCTION CONTRACT IN A JOINT VENTURE WITH JOHN LAING CONSTRUCTION LIMITED. D J MCMULLAN IS A MANAGING DIRECTOR OF AND SHAREHOLDER IN BANK OF AMERICA, M SMITH IS AND J TETZLAFF WAS A VICE PRESIDENT OF AND SHAREHOLDER IN BANK OF AMERICA. C J ELLIOTT IS A DIRECTOR OF BARCLAYS INDUSTRIAL INVESTMENTS LIMITED AND SHAREHOLDER OF BARCLAYS PLC. BOTH C J ELLIOTT AND N W MIDDLETON ARE EMPLOYED IN ACTIVITIES UNDERTAKEN BY BARCLAYS CAPITAL, THE INVESTMENT BANKING ARM OF BARCLAYS PLC. BARCLAYS CAPITAL AND BANK OF AMERICA ARRANGED RESPECTIVELY THE DEBENTURE STOCK AND THE ORIGINAL SENIOR FACILITY FOR THE PROJECT. JOHN LAING PLC, VINCI CONCESSIONS S.A., BARCLAYS PLC AND BANK OF AMERICA BETWEEN THEM OWN, THROUGH SUBSIDIARY COMPANIES, 100% OF THE ISSUED ORDINARY SHARE CAPITAL OF THE COMPANY. THE COMPANY HAS APPOINTED COFIROUTE (UK) LIMITED, A SUBSIDIARY OF VINCI CONCESSIONS S.A., AS ITS TOLLING CONTRACTOR. SUBSTANTIAL SHAREHOLDINGS ========================= PURSUANT TO THE VARIOUS LOAN AGREEMENTS, LLOYDS TSB BANK PLC HAS A CHARGE OVER THE COMPANY'S ORDINARY SHARES. AT 31 DECEMBER 2007, RANELAGH NOMINEES LIMITED WAS BENEFICIALLY INTERESTED IN 49,000 ORDINARY SHARES (98%) OF THE ISSUED ORDINARY SHARE CAPITAL OF THE COMPANY. AT 4 APRIL 2008 THERE IS NO CHANGE IN THIS SHAREHOLDING. SUPPLIER PAYMENT POLICY ======================= THE COMPANY'S POLICY IS TO SETTLE TERMS OF PAYMENT WITH SUPPLIERS WHEN AGREEING THE TERMS OF EACH TRANSACTION, ENSURE THAT SUPPLIERS ARE MADE AWARE OF THE TERMS OF PAYMENT AND ABIDE BY THEM. INCLUDED WITHIN THE CREDITORS FALLING DUE WITHIN ONE YEAR ARE TRADE CREDITORS OF £1,433,000 (2006: £896,000). TRADE CREDITOR DAYS FOR 2007 WAS 59 DAYS (2006: 43 DAYS). AUDITORS ======== EACH OF THE PERSONS WHO IS A DIRECTOR AT THE DATE OF APPROVAL OF THIS REPORT CONFIRMS THAT: * AS FAR AS THE DIRECTOR IS AWARE, THERE IS NO RELEVANT AUDIT INFORMATION OF WHICH THE COMPANY'S AUDITORS ARE UNAWARE; AND * THE DIRECTOR HAS TAKEN ALL THE STEPS THAT HE OUGHT TO HAVE TAKEN AS A DIRECTOR IN ORDER TO MAKE HIMSELF AWARE OF ANY RELEVANT AUDIT INFORMATION AND TO ESTABLISH THAT THE COMPANY'S AUDITORS ARE AWARE OF THAT INFORMATION. THIS CONFIRMATION IS GIVEN AND SHOULD BE INTERPRETED IN ACCORDANCE WITH THE PROVISION OF S234ZA OF THE COMPANIES ACT 1985. A RESOLUTION TO REAPPOINT DELOITTE & TOUCHE LLP AS THE COMPANY'S AUDITORS WILL BE PROPOSED AT THE FORTHCOMING ANNUAL GENERAL MEETING. ON BEHALF OF THE BOARD J A RAWLE COMPANY SECRETARY BRIDGE ACCESS ROAD AUST SOUTH GLOUCESTERSHIRE BS35 4BD 4 APRIL 2008 THE FOLLOWING PROFIT AND LOSS ACCOUNT, STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES, BALANCE SHEET AND CASH FLOW STATEMENT SHOULD BE READ IN CONJUNCTION WITH THE NOTES CONTAINED IN THE REPORT AND ACCOUNTS FOR THE YEAR TO 31 DECEMBER 2007. THE REPORT AND ACCOUNTS CONTAINS AN OPINION FROM DELOITTE & TOUCHE LLP, THE COMPANY'S AUDITORS, THAT THE FINANCIAL STATEMENTS GIVE A TRUE AND FAIR VIEW, IN ACCORDANCE WITH UNITED KINGDOM GENERALLY ACCEPTED ACCOUNTING PRACTICE, OF THE STATE OF THE COMPANY'S AFFAIRS AT 31 DECEMBER 2007 AND OF ITS PROFIT FOR THE YEAR THEN ENDED AND HAVE BEEN PROPERLY PREPARED IN ACCORDANCE WITH THE COMPANIES ACT 1985. SEVERN RIVER CROSSING PLC PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2007 =================================== 2007 2006 £000 £000 TURNOVER 76,101 72,008 COST OF SALES (38,864) (35,849) _______ _______ GROSS PROFIT 37,237 36,159 ADMINISTRATIVE EXPENSES (319) (326) OTHER OPERATING INCOME (NET) 861 549 _______ _______ OPERATING PROFIT 37,779 36,382 FINANCE CHARGES (NET) (38,816) (33,799) _______ _______ (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (1,037) 2,583 TAX CREDIT/(CHARGE) ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES 12,253 (1,646) _______ _______ PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 11,216 937 ====== ====== ALL OPERATIONS OF THE COMPANY CONTINUED THROUGHOUT BOTH YEARS AND NO OPERATIONS WERE ACQUIRED OR DISCONTINUED. SEVERN RIVER CROSSING PLC STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 DECEMBER 2007 =================================== 2007 2006 £000 £000 PROFIT FOR THE FINANCIAL YEAR 11,216 937 ACTUARIAL GAIN/(LOSS) 1,394 (232) ASSOCIATED DEFERRED TAX (414) (158) _______ _______ TOTAL RECOGNISED GAINS & LOSSES RELATED TO THE YEAR 12,196 547 ====== ====== SEVERN RIVER CROSSING PLC BALANCE SHEET AT 31 DECEMBER 2007 ================================= 2007 2006 £000 £000 FIXED ASSETS 389,577 416,566 _______ _______ CURRENT ASSETS DEBTORS DUE WITHIN ONE YEAR 525 484 INVESTMENTS - SHORT TERM DEPOSITS 38,991 29,585 CASH AT BANK AND IN HAND 3,362 1,952 _______ _______ 42,878 32,021 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR (55,116) (39,521) _______ _______ NET CURRENT LIABILITIES (12,238) (7,500) _______ _______ TOTAL ASSETS LESS CURRENT LIABILITIES 377,339 409,066 CREDITORS AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (354,479) (382,707) PROVISIONS FOR LIABILITIES AND CHARGES (13,942) (28,670) _______ _______ NET ASSETS/(LIABILITIES) BEFORE PENSION LIABILITY 8,918 (2,311) _______ _______ NET PENSION LIABILITY - (967) _______ _______ NET ASSETS/(LIABILITIES) 8,918 (3,278) ======= ======= CAPITAL AND RESERVES ORDINARY SHARE CAPITAL 13 13 SHARE PREMIUM ACCOUNT 1,585 1,899 CAPITAL REDEMPTION RESERVE 26 26 PROFIT AND LOSS ACCOUNT 7,294 (5,216) _______ _______ SHAREHOLDERS' FUNDS/(DEFICIT) 8,918 (3,278) ======= ======= THE ACCOUNTS WERE APPROVED BY THE BOARD ON 4 APRIL 2008 AND SIGNED ON ITS BEHALF BY DAJ FOOT DJ MCMULLAN DIRECTOR DIRECTOR SEVERN RIVER CROSSING PLC CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2007 ====================================================== 2007 2006 £000 £000 NET CASH INFLOW FROM OPERATING ACTIVITIES 67,414 62,582 ______ ______ RETURNS ON INVESTMENT AND SERVICING OF FINANCE INTEREST RECEIVED 1,965 1,368 INTEREST PAID (19,964) (21,899) ______ ______ NET CASH OUTFLOW FROM RETURNS ON INVESTMENT AND SERVICING OF FINANCE (17,999) (20,531) TAXATION PAID (417) (259) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT PURCHASE OF TANGIBLE FIXED ASSETS (1,102) (912) PROCEEDS ON SALE OF TANGIBLE FIXED ASSETS 1 - CASH INFLOW BEFORE MANAGEMENT OF LIQUID RESOURCES AND FINANCING 47,897 40,880 MANAGEMENT OF LIQUID RESOURCES MOVEMENT IN CASH ON SHORT TERM DEPOSIT (9,406) (8,985) FINANCING REPAYMENT OF LOANS (37,563) (31,087) ______ ______ INCREASE IN CASH IN THE YEAR 928 808 ======= ======== This information is provided by RNS The company news service from the London Stock Exchange END FR UKSKRWBRSRRR
1 Year Akademiska.21 Chart |
1 Month Akademiska.21 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions