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Name | Symbol | Market | Type |
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Aviva 23 | LSE:52IP | 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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0.00 | 0.00% | 99.186 | 0 | 01:00:00 |
RNS Number:2360E Welsh Water Utilities Finance PLC 08 June 2006 NEWS FROM WELSH WATER Financial Results for the year to 31 March 2006 EMBARGO 07.00 8 June 2006 Welsh Water meets expectations and 'customer dividend' increased to #19 Glas Cymru has today published its results for the year to 31 March 2006, highlighting Welsh Water's strong financial performance and continuing good overall customer service levels and the fact that Welsh Water's customers have received an increased 'customer dividend' this year of #19. Glas Cymru is the Company that has owned Welsh Water since May 2001, with the single purpose of delivering a high quality service and value for money to its customers. Glas Cymru has no shareholders and reinvests all financial surpluses for the benefit of Welsh Water's customers. Financial highlights include: * Profit before tax of #11 million, which will be retained for the benefit of customers (2005: #4 million). * From April 2006 - customers benefit from a #19 'customer dividend' (at an annual cost of some #24 million) - up from #18 in the previous year. * Financial gearing (the ratio of net debt (see note 4) to Regulatory Capital Value) reduced to 78% - down from 93% on the acquisition of Welsh Water in May 2001. * #525 million of floating rate bonds refinanced during the year, achieving an annual saving of some #6 million (bringing the overall annual interest saving to over #11 million from redemptions in the last two years). * Funding now substantially in place for the Company's #1.2 billion investment programme to 2010, which will bring substantial benefits to customers and the environment. Operational and performance highlights include: * Joint best performing water and sewerage Company in industry regulator Ofwat's latest published 'Overall Performance Assessment'. * On 10 of the 15 measures that make up the 'Overall Performance Assessment", at or ahead of the previous year's performance. * Leakage reduction target achieved, and water resource position normal for this time of year with all major reservoirs currently over 90% full. * Capital investment of #238 million (including infrastructure renewals expenditure) in the first year of the five year capital investment programme which will deliver further improvements in water quality, environmental quality and customer service, notably in mitigating the risk to customers of repeat flooding from sewers. * A record number of 47 Blue Flag beaches gained in Wales - a third of the total awarded in the UK - demonstrating the highest bathing water quality, together with 50 equivalent Green Coast awards for rural beaches. Commenting on the performance and financial results, Glas Cymru Chairman Lord Burns said, "I am pleased to be able to report that our customers have again seen a good year of overall service performance from Welsh Water. We have been able to increase our 'customer dividend' to #19 this year, reflecting our improved financial performance, which has exceeded our expectations." Welsh Water has commenced its five year (2005-2010) #1.2 billion investment programme to maintain and improve its network of water supply and sewerage assets - equivalent to an investment of some #1,000 for every Welsh Water customer. Examples of capital investment schemes completed during the year include: * 407km of unlined iron water mains renovated to reduce the risk of discoloured water at customers' taps plus 72km of poor condition water mains to reduce the number of bursts and interruptions to supply. * Completion of the new #35 million Holyhead wastewater treatment works on Anglesey, serving some 25,000 customers. * Improvements to 81 wastewater treatment works and 82 intermittent sewer discharges to meet tighter environmental standards. * Schemes to reduce the risk of repeat flooding from sewers for 89 properties. * 70km of new sewers and 58km of new water mains to support economic development. Challenging targets for further improvements in efficiency, both in operations and in capital investment, have been set by Ofwat for the current five year regulatory period. The Company currently believes that it will be able to achieve these targets, although significant upward cost pressures are being experienced, notably power costs which increased by some #9 million, or 54%, in the year, with further increases expected to follow. A successful transition has been made to new, longer-term contracts for service delivery, capital investment and income and billing services, without adverse impact on customer service. Last Autumn the Company had to deal with possibly its biggest challenge to date when a higher than usual number of cases of illness caused by cryptosporidium was linked to the tap water supplied by Cwellyn water treatment works serving part of north west Wales. The Outbreak Control Team, in which we played a full part, decided that Welsh Water should issue a Boil Water Notice to the households supplied by the works. In order to restore public confidence in tap water in the area, Welsh Water installed additional ultra violet treatment at Cwellyn allowing the Boil Water Notice to be lifted at the end of January. The Outbreak Control Team and the Drinking Water Inspectorate will in due course be publishing the results of their enquiries into this outbreak. Lord Burns added, "I am pleased with how all the people at Welsh Water and our new service partners have responded to the various challenges that we have faced last year. It is now just over five years since Glas Cymru became responsible for Welsh Water. Much has been achieved in that period, but we and our partners remain committed to delivering further improvements in value for money to our customers in the years ahead." Ends For further information contact the Glas Cymru press office on 02920 556140. Notes for editors: 1. Glas Cymru was formed in April 2000 for the sole purpose of acquiring Welsh Water. It is a 'company limited by guarantee' registered under the Companies Act 1985. Glas Cymru has no shareholders. Instead, Members carry out an important corporate governance role but they do not receive dividends nor do they have any other financial interest in the Company. This corporate structure ensures that all financial surpluses generated are retained and reinvested for the benefit of Welsh Water and its customers. 2. Glas Cymru's constitution limits its purpose to that of financing water assets in Welsh Water's area of appointment and managing Welsh Water's business so that high quality water and sewerage services are delivered at least cost to the communities served by Welsh Water. Glas Cymru cannot diversify into other unrelated commercial activities. 3. Profit before tax as reported in the accounts was #11 million (2005: #4 million), which includes an accounting loss of #33 million (2005: #8 million) in respect of movements in fair value of financial instruments, as required by International Financial Reporting Standards (IFRS). 4. Net debt as defined for financial covenant purposes in the Common Terms Agreement (CTA) for the Group's financing programme. 5. Welsh Water out-sources the provision of operational and customer services and the delivery of its investment programme. Working closely in a partnership framework with industry specialists has delivered improving business performance and customer service. This information is provided by RNS The company news service from the London Stock Exchange END FR SSDFWWSMSEDM
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