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Name | Symbol | Market | Type |
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Mid Kent Wtr4% | LSE:48HO | London | Debenture |
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0.00 | 0.00% | 0 | - |
RNS Number:9945A Mid Kent Water PLC 19 July 2004 Mid Kent Water plc Preliminary results for the year to 31 March 2004 Chairman's Statement Introduction Mid Kent Water plc has again achieved a strong all round performance. Good progress in our financial performance is again matched by improved service levels to customers. The results demonstrate the benefits of the changes to the Company's Board and its new management team with our continued commitment to customer service delivery, regulatory performance and the efficient management of our business. All of this firmly underpins our Periodic Review submission to Ofwat which sets out our plans for our future (2005-2010). We are also continuing to work more closely with our ultimate controlling party, WestLB. The marked improvements in our customer service delivery continue to further enhance our regulatory performance with all regulatory measures either improved or broadly maintained. I am particularly proud of these achievements since they have been secured against a backdrop of an exceptionally hot and dry summer in 2003 which led to record demands for water. These unprecedented demands were met with a first class operational performance, and this was supported by our commitment to communicate with our customers and our community throughout. Results Turnover for the year was #43.0m, an increase of 4.70% from #41.1m. Water income increased by 4.75% on last year reflecting a water price rise of 2.65% together with an increase in measured water income reflecting the high summer demand. Additional turnover was generated by a further increase in our non-regulated activity of #0.2m. Operating profit was #14.2m compared to #11.5m last year, although the latter was affected by one-off restructuring and refinancing costs of #2.3m. The depreciation charge has increased by #0.9m year on year reflecting the Company's continued investment in its infrastructure. Net interest payable has increased from #5.9m to #7.2m, reflecting the full year effect of the refinancing undertaken in December 2002. After property disposals generating a profit of #1.7m (2003: #1.9m) profit before tax has climbed to #8.6m from #7.5m. Dividend The company has declared a final dividend of #1.3m, giving a total dividend for the year of #5.0m. (2003: #29.9m includes exceptional dividend as part of refinancing our business last year). Capital Expenditure Cash payments for capital expenditure in the year were #22.2m (2003: #22.0m). Key projects in the year included the completion of the mains renovation project which saw 102km of mains either relined or replaced in line with our undertaking given to the Drinking Water Inspectorate on behalf of the Secretary of State. We also commenced a major project to build a new service reservoir at our Ford Pumping station which will improve the operational service and the security of supply in the Herne Bay and Whitstable area. Water Quality Once more the quality of water at our customer's taps continues to improve each year, with expected compliance for 2003 being 99.92%, up on our 2002 performance of 99.89%. Non-Regulated Activity Our non-regulated commercial businesses have continued to develop and are now delivering sustainable performance year on year. The commercial activities are being developed by utilising the core skills inherent in our staff coupled with our brand in the utility services market. Early successes are being developed in environmental management, innovative services to new developments and water operational services to owners of private water infrastructure. Corporate Social Responsibility The role Mid Kent Water plays in the community continues to be of importance to the company. We continue to integrate and participate with our community stakeholders, wherever possible adapting our approach and activities to meet the needs of others. We also continue our commitment to sustainability and work with a range of organisations in this respect, including statutory and non statutory environmental groups. This year we have also implemented a new sustainable procurement policy in line with 'Industry Best Practice'. The Company encourages and supports our staff in a range of charitable activities and we are particularly involved in the WaterAid charity. For the second year running one of our staff members participated in a WaterAid visit, this time to Malawi, to appreciate the work of the charity close at hand. Employees Since I joined the Company as Chairman in July 2003 I have been impressed with the ability and commitment of our staff at all levels. This year they have met the twin challenges of the high summer demand and of the Periodic Price Review 2004 whilst safely delivering improved services to customers. I would like to take the opportunity to thank them for their combined hard work and support and look forward to working with them in the year ahead. Looking forward and Price Review 2004 Our Final Business Plan was submitted to OFWAT in April this year and their final determination of prices for the period 2005 -2010 will be published in December. Throughout this process we have continued to work closely with our Regulators, maintaining constructive dialogue and a positive relationship. We are confident of a balanced determination which will enable us to fulfil our functions and make appropriate longer term investments in our infrastructure to maintain future service levels for our customers. Gordon Maxwell 15 July 2004 Profit and loss account Year ended 31 March 2004 --------------------------------------------------------------- Notes 2004 2003 #000 #000 2 Turnover 43,039 41,116 Operating costs (28,837) (29,622) --------------------------------------------------------------- 3 Operating profit 14,202 11,494 Profit on sale of fixed assets 1,656 1,931 --------------------------------------------------------------- Profit on ordinary activities before 15,858 13,425 interest Interest receivable and similar 2,976 863 income Interest payable and similar (10,218) (6,800) charges --------------------------------------------------------------- Profit on ordinary activities before 8,616 7,488 taxation 4 Tax on profit on ordinary (716) (2,764) activities --------------------------------------------------------------- Profit on ordinary activities after 7,900 4,724 taxation 5 Dividends paid and proposed (4,973) (29,892) --------------------------------------------------------------- Retained profit/(loss) for the year 2,927 (25,168) --------------------------------------------------------------- 6 Earnings per ordinary share - basic 42.4p 25.3p --------------------------------------------------------------- 5 Dividends per ordinary share 26.67p 160.31p --------------------------------------------------------------- Summarised balance sheet At 31 March 2004 ----------------------------------------------------------------------- 2004 2003 #000 #000 Fixed assets Tangible assets 173,986 161,763 ----------------------------------------------------------------------- Current assets Stocks 722 681 Debtors - amounts falling due within one year 8,043 11,157 - amounts falling due after more than one year 35,000 35,000 Investments 10,060 14,928 Cash at bank and in hand 1,130 1,572 ----------------------------------------------------------------------- 54,955 63,338 Creditors: amounts falling due within one year (43,635) (35,752) ----------------------------------------------------------------------- Net current assets/(liabilities) 11,320 27,586 ----------------------------------------------------------------------- Total assets less current liabilities 185,306 189,349 Creditors: amounts falling due after more than (138,105) (144,059) one year Provision for liabilities and charges (9,810) (10,826) ----------------------------------------------------------------------- Net assets 37,391 34,464 ----------------------------------------------------------------------- Capital and reserves Attributable to equity interests Called up ordinary share capital 18,646 18,646 Profit and loss account 18,745 15,818 ----------------------------------------------------------------------- Equity shareholders' funds 37,391 34,464 ----------------------------------------------------------------------- Summarised cash flow statement Year ended 31 March 2004 ----------------------------------------------------------------------- 2004 2003 #000 #000 Net cash inflow from operating activities 21,501 15,034 Returns on investments and servicing of finance (4,550) (7,590) Taxation (411) (840) Net capital expenditure (20,259) (16,253) Equity dividends paid (6,841) (29,388) ----------------------------------------------------------------------- Cash outflow before management of liquid resources (10,560) (39,037) and financing Management of liquid resources 4,868 (14,928) Financing 5,250 54,167 ----------------------------------------------------------------------- (Decrease)/increase in cash in the year (442) 202 ----------------------------------------------------------------------- Notes 7 to 10 are part of this statement. NOTES 1. Basis of preparation (i) The financial information included within this statement has been prepared on the basis of accounting policies consistent with those set out in the Report and Accounts for the year ended 31 March 2003. (ii)The information shown for the years ended 31 March 2004 and 31 March 2003 does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985 and has been extracted from the full accounts for the years ended 31 March 2004 and 31 March 2003 respectively. The reports of the auditors on those accounts were unqualified and did not contain a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985. The accounts for the year ended 31 March 2003 have been filed with the Registrar of Companies. The accounts for the year ended 31 March 2004 will be delivered to the Registrar of Companies in due course. (iii)The financial information included in this statement was approved by the Board on 15th July 2004. 2 Analysis of turnover 2004 2003 #000 #000 Unmeasured supplies 21,072 21,144 Measured supplies 17,407 15,595 Other activities 4,560 4,377 ----------------------------------------------------------------------- 43,039 41,116 ----------------------------------------------------------------------- 3 Operating profit 2004 2003 #000 #000 ---------------------------------------------------------------------- Operating profit is stated after charging Refinancing costs - 751 Restructuring costs - 1,536 ---------------------------------------------------------------------- 4 Corporation tax ----------------------------------------------------------------------- 2004 2003 #000 #000 Current tax ----------------------------------------------------------------------- Tax (over)/under provided in previous years (875) 1,625 Group relief surrendered by other group 2,607 3,211 undertakings ----------------------------------------------------------------------- 1,732 4,836 Deferred tax Discounted origination and reversal of timing (1,016) (2,072) differences ----------------------------------------------------------------------- 716 2,764 ----------------------------------------------------------------------- 5 Dividends A final dividend of 6.83p per ordinary share in respect of the year ended 31 March 2004 was paid on 2 June 2004 to shareholders on the register at 28 May 2004. The final dividend is in addition to the interim dividend of 19.84p, already paid, making a total of 26.67p for the year. This compares with a final dividend last year of 16.85p and an interim dividend of 143.46p, making a total of 160.31p for that year. 6 Earnings per ordinary share - basic and diluted Earnings per ordinary share are calculated on the profit for the year of #7,900,000 (2003: #4,724,000) and the weighted average number of shares in issue of 18,646,142 (2003: 18,646,142). 7 Reconciliation of operating profit to net cash inflow from operating activities 2004 2003 #000 #000 Operating profit 14,202 11,494 Depreciation charge 8,745 7,866 Increase in stocks (41) (114) Decrease/(Increase) in debtors 3,748 (2,933) Decrease in creditors (5,153) (1,279) ------------------------------------------------------------------------ 21,501 15,034 ------------------------------------------------------------------------ 8 Analysis of cash flows for headings netted in cash flow statement 2004 2003 #000 #000 Returns on investments and servicing of finance Interest received 2,342 223 Interest paid (6,884) (5,355) Issue costs - (2,450) Interest element of finance lease rental (8) (8) payments ------------------------------------------------------------------------ (4,550) (7,590) ------------------------------------------------------------------------ Net capital expenditure Purchase of tangible fixed assets (22,180) (22,016) Contributions to infrastructure assets 234 3,120 Sale of tangible fixed assets 1,687 2,643 ------------------------------------------------------------------------ (20,259) (16,253) ------------------------------------------------------------------------ Management of liquid resources Cash deposits 4,868 (14,928) ------------------------------------------------------------------------ Financing Capital element of finance lease rental - (53) payments Loans from other group undertakings 5,250 (45,780) Loan to parent undertaking - (35,000) Index linked loan - 135,000 ------------------------------------------------------------------------ 5,250 54,167 ------------------------------------------------------------------------ 9 Analysis of net debt At 1 April 31 March Non-cash At 2003 Cash flow changes 2004 #000 #000 #000 #000 Cash at bank and in 1,572 (442) - 1,130 hand Short term deposits 14,928 (4,868) - 10,060 ----------------------------------------------------------------------- 16,500 (5,310) - 11,190 Loans from other group (5,820) (5,250) - (11,070) undertakings Loan to parent 35,000 - - 35,000 undertaking Index linked loan (136,203) - (3,782) (139,985) Issue costs 2,425 - (84) 2,341 Debenture stock (4,461) - - (4,461) ----------------------------------------------------------------------- (92,559) (10,560) (3,866) (106,985) ----------------------------------------------------------------------- 10 Reconciliation of net cash flow to movements in net debt 2004 2003 #000 #000 (Decrease)/Increase in cash in the year (442) 202 Cash inflow from increase in debt and lease financing (net of issue costs paid of nil (2003: #2,450,000)) (5,250) (51,717) Cash (inflow)/outflow from movement in liquid (4,868) 14,928 resources Movement in net debt resulting from cash (10,560) (36,587) flows Loan indexation (3,782) (1,203) Amortisation of loan issue costs (84) (25) Net debt at 1 April (92,559) (54,744) ----------------------------------------------------------------------- Net debt at 31 March (106,985) (92,559) ----------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END FR UKVVRSURBAAR
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