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Name | Symbol | Market | Type |
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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 | |
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RNS Number:3926X Severn River Crossing PLC 6 April 2004 SEVERN RIVER CROSSING PLC FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2003 CHAIRMAN'S STATEMENT TRAFFIC VOLUMES FOR 2003 INCREASED BY 3.6% OVER 2002 LEVELS. THE INCREASES IN THE PREVIOUS TWO YEARS (5.6% 2001 AND 5.7% 2002) HAVE NOT BEEN MATCHED BUT THE GROWTH IN TRAFFIC IS STILL HEALTHY. THERE HAS BEEN A SLOWING IN GROWTH TRENDS IN CARS (3.7%) AND HGV'S (1.2%) BUT THE VOLUME OF LIGHT GOODS VEHICLES HAS INCREASED BY 6.5% ABOVE 2002 LEVELS. THE COMPANY COMMENCED THE COLLECTION OF VAT ON TOLLS ON 1 FEBRUARY 2003. THIS IMPACTED THE TOLL REVENUE TO THE COMPANY AND TOTAL REVENUES WERE #64.4M COMPARED WITH #70.5M IN 2002. THE COMPANY HAS INCURRED A LOSS AFTER TAX OF 3.5M (2002 PROFIT #7.3M). THE COMPANY HAS REPAID #42M OF DEBT DURING THE YEAR. THIS WAS MADE UP OF SCHEDULED REPAYMENTS OF #8M OF BANK DEBT, #9M OF EUROPEAN INVESTMENT BANK DEBT AND VOLUNTARY PREPAYMENTS OF #25M OF BANK DEBT. THE COMPANY MADE AN ADDITIONAL #1.8M EMPLOYER CONTRIBUTION TO THE SRC PENSION FUND DURING 2003. THE NEED FOR ANY FURTHER ADDITIONAL CONTRIBUTION WILL BE REVIEWED DURING 2004. THE ISSUE OF ANNUITY DEPRECIATION OR USAGE DEPRECIATION REMAINS AN ONGOING MATTER FOR THE ACCOUNTING STANDARDS BOARD. IF THE COMPANY HAD CHANGED ITS DEPRECIATION POLICY FOR THE BRIDGES TO AN ECONOMIC USAGE METHOD, THEN THE DEPRECIATION CHARGE FOR 2003 WOULD HAVE INCREASED BY #11.2 MILLION. THIS DOES NOT AFFECT THE COMPANY'S STRONG CASH POSITION. THE COMPANY'S AUDITORS, DELOITTE & TOUCHE LLP, HAVE ADVISED THAT ALL EUROPEAN UNION LISTED COMPANIES WILL BE REQUIRED TO PRESENT THEIR CONSOLIDATED ACCOUNTS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) IN 2005. SEVERN RIVER CROSSING PLC DOES NOT PRODUCE CONSOLIDATED ACCOUNTS AND THEREFORE THIS WILL NOT BE MANDATORY FOR THE COMPANY'S 2005 FINANCIAL STATEMENTS. HOWEVER, THE COMPANY IS CONSIDERING WHETHER IT WOULD BE APPROPRIATE TO FOLLOW IFRS. THE CONTRACTS FOR MAINTENANCE AND TOLL COLLECTION MANAGEMENT WILL EXPIRE IN APRIL 2004. THE PROCESS OF PUTTING NEW CONTRACTS IN PLACE HAS COMMENCED AND WILL BE DEALT WITH THROUGH THE RELEVANT BOARD COMMITTEES. I CONTINUE TO SUPPORT THE MANAGEMENT TEAM AND HAVE ATTENDED THE SAFETY AND AUDIT COMMITTEE MEETINGS DURING THE YEAR. N D HASTE OBE CHAIRMAN SEVERN RIVER CROSSING PLC DIRECTORS' REPORT THE DIRECTORS SUBMIT THEIR ANNUAL REPORT AND THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2003 BUSINESS REVIEW AND PRINCIPAL ACTIVITIES OPERATION AND MAINTENANCE OF THE SEVERN BRIDGE COMMENCED ON 26 APRIL 1992 FOLLOWING ROYAL ASSENT OF THE SEVERN BRIDGES BILL. AT THAT TIME, #131 MILLION OF INDEX-LINKED DEBENTURESTOCK WAS ISSUED, #60 MILLION OF INDEX-LINKED GOVERNMENT DEBT WAS ASSUMED AND #62 MILLION WAS PAID TO THE SECRETARY OF STATE FOR TRANSPORT TOWARDS THE OUTSTANDING DEBT OH THE SEVERN BRIDGE. IN ADDITION, #340 MILLION OF SENIOR DEBT WAS ARRANGED TO FINANCE THE CONSTRUCTION OF THE SECOND 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 THESECRETARY 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 RESULTS AND DIVIDENDS THE COMPANY'S 2003 TURNOVER DECREASED BY 9% TO #64.4 MILLION (2002 : #70.5 MILLION) AND THE COMPANY REPORTED A LOSS AFTER TAX OF #3.5 MILLION (2002 : PROFIT #7.3 MILLION). THIS FOLLOWS THE INTRODUCTION OF VAT ON TOLLS FROM 1 FEBRUARY 2003. DIRECTORS THE DIRECTORS WHO SERVED DURING THE YEAR WERE ALTERNATE N D HASTE OBE (CHAIRMAN) G BREEM - V PIRON P-L DELSENY - C LABEYRIE D J MCMULLAN - S CLOWES (APPOINTED 24TH MARCH2003) C J ELLIOTT - N MIDDLETON A C ROPER - I J WELLS D POTTS - A FRIEND DIRECTORS' SHAREHOLDINGS THE DIRECTORS AND ALTERNATEDIRECTORS HAD NO INTEREST IN ANY SHARES OF THE COMPANY AT ANY TIME DURING THE YEAR. DIRECTORS' INTERESTS A C ROPER, D POTTS AND I J WELLS (WHO HOLD SHARES IN JOHN LAING PLC) ARE DIRECTORS OF LAING INVESTMENTS LIMITED. A FRIEND IS A DIRECTOR OF AND SHAREHOLDER IN JOHN LAING PLC WHICH OWNS LAING INVESTMENTS LIMITED. G BREEM AND P-L DELSENY ARE RESPECTIVELY GENERAL MANAGER AND OPERATIONS MANAGER OF VINCI INFRASTRUCTURES, A FULLY OWNED SUBSIDIARY OF VINCI. G BREEM IS A SHAREHOLDER OF VINCI AND A DIRECTOR OF TOLL MANAGEMENT COMPANY LIMITED. V PIRON IS STRATEGY VICE PRESIDENT FOR VINCI CONCESSIONS AND A SHAREHOLDER OF VINCI. C LABEYRIE IS A SHAREHOLDER OF VINCI AND A DIRECTOR OF VINCI CONSTRUCTION WHOSE WHOLLY OWNED SUBSIDIARY GTM-EUROPE WAS PARTY TO THE CONSTRUCTION CONTRACT IN JOINT VENTURE WITH JOHN LAING CONSTRUCTION LIMITED. D J MCMULLAN IS A MANAGING DIRECTOR OF AND SHAREHOLDER IN BANK OF AMERICA. S CLOWES IS A SENIOR VICE PRESIDENT OF BANK OF AMERICA. C J ELLIOTT IS A DIRECTOR OF BARCLAYS INDUSTRIAL INVESTMENTS LIMITED. 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 AND BANK OF AMERICA HAS ACTED AS FINANCIAL ADVISER TO THE COMPANY. JOHN LAING PLC, VINCI, 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 TOLL MANAGEMENT COMPANY LIMITED, A SUBSIDIARY OF VINCI, AS ITS TOLLING CONTRACTOR. SUBSTANTIAL SHAREHOLDINGS PURSUANT TO THE VARIOUS LOAN AGREEMENTS, BANC OF AMERICA SECURITIES LIMITED HAD A CHARGE OVER THE COMPANY'S ORDINARY SHARES. AT 31 DECEMBER 2003, BANC OF AMERICA SECURITIES LIMITED WAS BENEFICIALLY INTERESTED IN 49,000 ORDINARY SHARES (98%) OF THE ISSUED ORDINARY SHARE CAPITAL OF THE COMPANY. ON 12 FEBRUARY 2004 THESE 49,000 ORDINARY SHARES WERE TRANSFERRED TO RANELAGH NOMINEES LIMITED. AT 24 MARCH 2004 THERE IS NO CHANGE IN THIS SHAREHOLDING. AUDITORS ON 1 AUGUST 2003, DELOITTE & TOUCHE THE COMPANY'S AUDITORS TRANSFERRED THEIR BUSINESS TO DELOITTE & TOUCHE LLP, A LIMITED LIABILITY PARTNERSHIP INCORPORATED UNDER THE LIMITED LIABILITY PARTNERSHIPS ACT 2000. THE COMPANY'S CONSENT HAS BEEN GIVEN TO TREATING THE APPOINTMENT OF DELOITTE & TOUCHE AS EXTENDING TO DELOITTE & TOUCHE LLP WITH EFFECT FROM 1 AUGUST 2003 UNDER THE PROVISIONS OF SECTION 26(5) OF THE COMPANIES ACT 1989. 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 24 MARCH 2004 THE FOLLOWING PROFIT AND LOSS ACCOUNT, 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 2003. 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 OF THE COMPANY'S STATE OF AFFAIRS AT 31 DECEMBER, 2003 AND OF ITS LOSS 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 2003 2003 2002 STG '000 STG '000 TURNOVER 64,413 70,544 COST OF SALES (29,612) (25,512) GROSS PROFIT 34,801 45,032 ADMINISTRATION EXPENSES (164) (1,596) OTHER OPERATING INCOME 747 441 OPERATING PROFIT 35,384 43,877 FINANCE CHARGES (NET) (38,621) (33,775) (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (3,237) 10,102 TAX ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES (262) (2,819) (LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION, BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR (3,499) 7,283 DIVIDENDS PAID AND PROPOSED - (12,000) RETAINED PROFIT AT BEGINNING OF YEAR 4,739 36,918 TRANSFER FROM SHARE PREMIUM ACCOUNT 311 310 REDEMPTION OF PREFERENCE SHARES - (27,772) RETAINED PROFIT AT END OF YEAR 1,551 4,739 THERE ARE NO RECOGNISED GAINS OR LOSSES IN THE CURRENT OR PRIOR FINANCIAL YEARS OTHER THAN AS STATED IN THE PROFIT AND LOSS ACCOUNT. ACCORDINGLY, A STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES HAS NOT BEEN PRESENTED. SEVERN RIVER CROSSING PLC BALANCE SHEET AT 31 DECEMBER 2003 2003 2002 STG '000 STG '000 FIXED ASSETS 487,306 507,560 CURRENT ASSETS DEBTORS DUE WITHIN ONE YEAR 442 408 DUE AFTER MORE THAN ONE YEAR 1,654 - INVESTMENTS - SHORT TERM DEPOSITS 11,324 25,112 CASH AT BANK AND IN HAND 1,206 10,863 14,626 36,383 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR (28,085) (36,165) NET CURRENT (LIABILITIES) / ASSETS (13,459) 218 TOTAL ASSETS LESS CURRENT LIABILITIES 473,847 507,776 CREDITORS AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (445,489) (475,982) PROVISIONS FOR LIABILITIES AND CHARGES (23,930) (23,869) NET ASSETS 4,428 7,927 CAPITAL AND RESERVES ORDINARY SHARE CAPITAL 13 13 REDEEMABLE PREFERENCE SHARES - - SHARE PREMIUM 2,838 3,149 CAPITAL REDEMPTION RESERVE 26 26 PROFIT AND LOSS ACCOUNT 1,551 4,739 EQUITY SHAREHOLDERS FUNDS 4,428 7,927 FORAND ON BEHALF OF THE BOARD G BREEM D J MCMULLAN DIRECTOR DIRECTOR 24 MARCH 2004 SEVERN RIVER CROSSING PLC CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2003 2003 2002 STG '000 STG '000 NET CASH INFLOW FROM OPERATING ACTIVITIES 54,278 61,407 RETURNS ON INVESTMENT AND SERVICING OF FINANCE INTEREST RECEIVED 893 931 INTEREST PAID (26,669) (30,725) NET CASH OUTFLOW FROM RETURNS ON INVESTMENT AND SERVICING OF FINANCE (25,776) (29,794) TAXATION PAID (265) (263) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT PURCHASE OF TANGIBLE FIXED ASSETS (225) (246) EQUITY DIVIDENDS PAID - (12,000) CASH INFLOW BEFORE MANAGEMENT OF LIQUID RESOURCES AND FINANCING 28,012 19,104 MANAGEMENT OF LIQUID RESOURCES CASH ON SHORT TERM DEPOSITS 13,788 (21,265) FINANCING NEW LOANS - 42,141 REPAYMENT OF LOANS (41,988) (23,561) REDEMPTION OF PREFERENCE SHARES - (27,772) (DECREASE)/ IN CASH IN THE YEAR (188) (11,353) This information is provided by RNS The company news service from the London Stock Exchange END FR UNOKRSWRSRRR
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