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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 : 4219W Welsh Water Utilities Finance PLC 11 June 2008 NEWS FROM WELSH WATER Results for the year to 31 March 2008 Welsh Water to return £27 million to its customers Welsh Water today announces its preliminary results for the year ending 31 March 2008 - showing further gains in efficiency and financial strength. Welsh Water is owned by Glas Cymru, which is unique amongst UK utility companies in that it has no shareholders and it reinvests all its financial surpluses for the benefit of Welsh Water's customers. Welsh Water is the only UK water company to give an annual 'customer dividend', which will rise to £21 per customer this year, at a total cost of £27 million. This brings to over £120 million the total value of 'customer dividends' returned to Welsh Water's customers since it was acquired by Glas Cymru seven years ago. Highlights for the year include: * 'Customer dividend' for 2008-09 increased to £21 for customers receiving both water and sewerage services (2007: £20 per customer) * Capital investment of over £300 million, the highest ever level by Welsh Water, will benefit customers, for example by reducing the risk of sewer flooding in the future * Reduction in leakage, hitting the Ofwat leakage target for the tenth year in a row * Strong financial performance, with gearing reduced to 72% (as against 93% in May 2001) * Improved credit rating, with a recent upgrade of senior bonds to A grade awarded by Standard and Poor's. Glas Cymru Chairman Lord Burns said, "Welsh Water's customers are continuing to see the benefits of our unique business model - receiving a 'customer dividend' which has steadily risen to reach £21 this year. Customers are also seeing benefits from our largest ever capital investment programme, with more than £300 million invested during the past year resulting in improvements to customer service, drinking water quality and the environment." Lord Burns also praised the staff of Welsh Water and partner companies for their response to particularly unfavourable weather conditions over the last twelve months. Summer flooding events, particularly in Herefordshire, and an extremely wet summer in general created additional challenges in maintaining customer supplies and the quality of drinking water. "Customer satisfaction with the service and value for money provided by Welsh Water continues to be very high, notwithstanding a number of external challenges that we have had to cope with over the last year," he continued. "I am confident that customers can look forward to even higher levels of service from Welsh Water in the future, due to the record levels of investment we are making in the business, supporting the commitment and professionalism of our people". The results in detail: Customer benefits and operational performance: * 'customer dividend' increased this year to £21 per customer at a total cost of £27 million (2007: £26 million). The 'customer dividend' has increased steadily since it was first introduced in 2003 at £9 per customer * customers suffering from internal sewer flooding as a result of blockages, collapses or overloaded sewers down by 18% * best ever compliance with the standards for iron in water - a result of nearly 3,500 km of unlined iron water mains being replaced or renewed since April 2000 * in the 2008 summer season, Wales has 47 Blue Flag beaches and marinas (2007: 49 Blue Flags), around a third of the UK total * on health and safety, a 17% reduction in reportable accidents * achieved the leakage reduction target set by Ofwat for 2007/08 - with 50 leaks and bursts being repaired every day * continuing high customer satisfaction of more than 80%, as measured by independent tracking research * a 40% increase in the number of customer calls to our dedicated Welsh language line. Major capital investment programme: * capital investment of £301 million (2007: £269 million) benefiting customer service, environmental quality and drinking water quality * total investment over the AMP4 period (2005 to 2010) forecast to be £1,400 million (equivalent to over £1,000 of investment for every customer served) * total capital investment since April 2005 of £807 million (57% of the expected AMP4 total) * 440 kms of unlined iron water mains replaced or refurbished (2007: 350 kms) * major programme of environmental investment, improving 91 sewer overflows and alleviating the risk of sewer flooding for over 400 properties. Strong financial performance: * net debt has reduced to 72% of Regulatory Capital Value (RCV), down 2% over the year * profit before taxation (but excluding the fair value movements on financial instruments) was £14 million (2007: £2 million), which will be retained in the business for the future benefit of customers * operating costs of £231 million (2007: £229 million), a reduction in real terms of 3% * Standard and Poor's, the credit rating agency, raised their rating of the company's class B bonds from A- to A and of the class C bonds from BBB to BBB+, reflecting the improved credit quality of the company * lease finance of £85 million raised in the year, enhancing the strong liquidity position. Click on, or paste the following link into your web browser, to view the associated PDF document http://www.rns-pdf.londonstockexchange.com/rns/4219W_-2008-6-10.pdf 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 strictly 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. Welsh Water outsources the provision of operational and customer services and the delivery of its investment programme. Working closely in a partnership framework with industry specialists, delivers improving business performance and benefits customers. 4. Unprecedented wet weather conditions throughout much of the area served by Welsh Water led to deteriorating raw water conditions and a major challenge to maintain the quality of drinking water. Despite some marginal reductions in some quality measures, the overall drinking water compliance (mean zonal compliance) in over 300,000 quality tests in 2007 was 99.93% (2006: 99.95%). 5. On Ofwat's annual "Overall Performance Assessment", which captures performance on a basket of measures covering water quality, environmental protection and customer service, we have achieved in 2007/8 a similar result to the previous year at 89% of the maximum score available. Improved performance on reducing the number of sewer flooding and serious pollution incidents was offset by lower performance on compliance with water quality measures as well as the loss of supply suffered by 3,425 customers following the flooding of our Whitbourne water treatment works in July last year. 6. Consistent, independent research of customer opinion carried out by Beaufort Research shows that customer satisfaction with the service provided by Welsh Water remains stable at very high levels * with more than 80% of customers being either *satisfied* or *very satisfied*. Customers rate the value for money provided by Welsh Water as being above that provided by other utility companies in Wales covered by the survey. 7. The company*s liquidity position is strong, with cash of £124 million and undrawn committed bank facilities of £345 million, as at 31 March 2008. Ends For further information, contact the Welsh Water press office on 02920 556140. This information is provided by RNS The company news service from the London Stock Exchange END FR SFDFWSSASESM
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