Final Results
April 10 2007 - 10:32AM
UK Regulatory
RNS Number:6068U
Severn River Crossing PLC
10 April 2007
SEVERN RIVER CROSSING PLC
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2006
CHAIRMAN'S STATEMENT
====================
TOTAL TRAFFIC VOLUMES FOR 2006 INCREASED BY 1.1% IN RELATION TO 2005. CAR
JOURNEYS INCREASED BY 0.6% (1.0% IN 2005). LIGHT GOODS VEHICLES BY 5.6% (3.2%
IN 2005) AND HEAVY GOODS VEHICLES BY 0.8% (COMPARED TO A FALL OF 1.4% IN 2005).
2006 WESTBOUND TOLL PAYING TRAFFIC VOLUMES OVER THE SEVERN BRIDGE AND SECOND
SEVERN CROSSING WERE 13,005,678 COMPARED TO 9,736,853 IN 1997 (THE FIRST FULL
YEAR AFTER THE OPENING OF THE SECOND SEVERN CROSSING), AN INCREASE OF A THIRD
OVER THE TEN YEAR PERIOD.
THE TURNOVER OF THE COMPANY WAS STG 72 MILLION (STG 69.5 MILLION IN 2005) AND
DURING 2006, THE COMPANY MADE DEBT REPAYMENTS OF STG 31.1 MILLION (STG 28.8
MILLION IN 2005).
THE COMPANY CONTINUES TO USE AN ANNUITY DEPRECIATION METHOD TO DEPRECIATE THE
ASSET VALUE OF THE BRIDGES. IF THE COMPANY HAD CHANGED ITS DEPRECIATION POLICY
FOR THE BRIDGES TO AN ECONOMIC USAGE METHOD, THEN THE DEPRECIATION CHARGE FOR
2006 WOULD HAVE INCREASED BY STG 10.6 MILLION. THIS DOES NOT AFFECT THE
COMPANY'S STRONG CASH POSITION.
DURING THE YEAR, THE COMPANY MADE AN ADDITIONAL CONTRIBUTION OF STG 750,000 TO
ADDRESS THE DEFICIT IN THE COMPANY PENSION SCHEME AND ALSO AGREED PHASED
INCREASES IN EMPLOYEE PENSION CONTRIBUTIONS. THE DEFICIT IN THE COMPANY'S
PENSION SCHEME, NET OF DEFERRED TAX, FELL TO STG 967,000 (STG 1,334,000 IN
2005).
THE CONTRACTS FOR TOLL MANAGEMENT AND MAINTENANCE ON BOTH BRIDGES CONTINUE TO
WORK WELL, AND WHILST THERE HAVE BEEN SOME DELAYS IN THE CONTRACT FOR THE
REPLACEMENT OF TOLLING EQUIPMENT ON BOTH CROSSINGS, THE EQUIPMENT IS NOW BEING
INSTALLED ON SITE AND IS EXPECTED TO BE COMMISSIONED AFTER EASTER.
THE COMPANY, WORKING IN CONJUNCTION WITH THE DEPARTMENT FOR TRANSPORT/HIGHWAYS
AGENCY, HAS ALMOST COMPLETED A PROGRAMME OF INSPECTIONS ON THE MAIN CABLES OF
THE SEVERN BRIDGE WHICH WAS 40 YEARS OLD DURING THE YEAR. THIS HAS REVEALED
SOME CORROSION AND WIRE BREAKAGES IN THE MAIN CABLES. ENGINEERS ARE CARRYING
OUT AN ASSESSMENT OF STRENGTH LOSS AND ARE DISCUSSING APPROPRIATE REMEDIAL
WORKS. UNDER THE TERMS OF THE CONCESSION AGREEMENT WITH THE DEPARTMENT FOR
TRANSPORT ("DFT") THE DFT REMAIN LIABLE FOR THE COSTS OF CABLE INSPECTION AND
ANY FUTURE 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 2006
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 2006 TURNOVER INCREASED BY 3.6% TO STG 72.0 MILLION (2005 : STG
69.5 MILLION) AND THE COMPANY REPORTED A PROFIT AFTER TAX OF STG 0.9 MILLION
(2005 : LOSS STG 2.5 MILLION). NO DIVIDENDS ARE PROPOSED (2005 : STG NIL).
DIRECTORS
THE DIRECTORS (ALL NON-EXECUTIVE) WHO SERVED DURING THE YEAR AND THOSE
APPOINTED SINCE THE YEAR END WERE :
ALTERNATE
=========
A H MOORE (CHAIRMAN) (APPOINTED 1 JANUARY 2007)
N D HASTE (CHAIRMAN) (RESIGNED 31 MAY 2006)
D W BOWLER - V PIRON
P-L DELSENY - C LABEYRIE
C J ELLIOTT - N W MIDDLETON
D A J FOOT (APPOINTED 21 NOVEMBER 2006) - G A NEVILLE (APPOINTED 21 NOVEMBER 2006)
D J MCMULLAN - S CLOWES (RESIGNED 15 DECEMBER 2006)
- J TETZLAFF (APPOINTED 15 DECEMBER 2006)
M J MERCER-DEADMAN (RESIGNED 21 NOVEMBER 2006)- A C ROPER (RESIGNED 15 MARCH 2006)
- G A NEVILLE (APPOINTED 15 MARCH 2006)
(RESIGNED 21 NOVEMBER 2006)
D POTTS - A C HOGG (RESIGNED 21 NOVEMBER 2006)
- M MERCER-DEADMAN
(APPOINTED 21 NOVEMBER 2006)
J E EVANS (APPOINTED 1 JANUARY 2007)
A H MOORE AND J E EVANS ARE INDEPENDENT DIRECTORS 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 IS AND A C ROPER WAS A DIRECTOR OF LAING INVESTMENTS LIMITED. D POTTS
AND G NEVILLE ARE DIRECTORS OF JOHN LAING PLC, WHICH OWNS LAING INVESTMENTS
LIMITED. D FOOT IS AN INVESTMENT DIRECTOR OF JOHN LAING INFRASTRUCTURE LIMITED.
M J MERCER-DEADMAN, G A NEVILLE AND A C HOGG ARE DIRECTORS OF JOHN LAING
INFRASTRUCTURE LIMITED, A SUBSIDIARY OF 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. 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, J
TETZLAFF IS A SENIOR VICE PRESIDENT OF AND SHAREHOLDER IN BANK OF AMERICA. S
CLOWES WAS A SENIOR VICE PRESIDENT OF 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 2006, RANELAGH NOMINEES LIMITED
WAS BENEFICIALLY INTERESTED IN 49,000 ORDINARY SHARES (98%) OF THE ISSUED
ORDINARY SHARE CAPITAL OF THE COMPANY. AT 23 MARCH 2007 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 #896,000 (2005 : #697,000). TRADE CREDITOR DAYS
FOR 2006 WAS 43 DAYS (2005 : 59 DAYS).
AUDITORS
========
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
23 MARCH 2007
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 2006.
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 2006 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 2006
===================================
2006 2005
----- -----
#000 #000
----- -----
TURNOVER 72,008 69,499
COST OF SALES (35,849) (32,528)
---------- ---------
GROSS PROFIT 36,159 36,971
ADMINISTRATIVE EXPENSES (326) (370)
OTHER OPERATING INCOME (NET) 549 338
---- ----
OPERATING PROFIT 36,382 36,939
FINANCE CHARGES (NET) (33,799) (37,045)
--------- --------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES 2,583 (106)
BEFORE TAXATION
TAX ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES (1,646) (2,379)
------- -------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER 937 (2,485)
TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL
YEAR ======= =======
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 2006
===================================
2006 2005
----- -----
#000 #000
----- -----
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 937 (2,485)
ACTUARIAL LOSS (232) (656)
ASSOCIATED DEFERRED TAX (158) 181
TOTAL RECOGNISED GAINS & LOSSES RELATED TO 547 (2,960)
THE YEAR
====== ======
SEVERN RIVER CROSSING PLC
BALANCE SHEET AT 31 DECEMBER 2006
=================================
2006 2005
----- -----
#000 #000
----- -----
FIXED ASSETS 416,566 441,578
------- -------
CURRENT ASSETS
DEBTORS DUE WITHIN ONE YEAR 484 462
INVESTMENTS - SHORT TERM DEPOSITS 29,585 20,600
CASH AT BANK AND IN HAND 1,952 1,365
------ ------
32,021 22,427
CREDITORS
AMOUNTS FALLING DUE WITHIN ONE YEAR (39,521) (36,073)
-------- --------
NET CURRENT LIABILITIES (7,500) (13,646)
-------- --------
TOTAL ASSETS LESS CURRENT LIABILITIES 409,066 427,932
CREDITORS
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (382,707) (402,983)
PROVISIONS FOR LIABILITIES AND CHARGES (28,670) (27,440)
-------- --------
NET LIABILITIES BEFORE PENSION LIABILITY (2,311) (2,491)
-------- --------
NET PENSION LIABILITY (967) (1,334)
----- --------
NET LIABILITIES (3,278) (3,825)
======= =======
CAPITAL AND RESERVES
ORDINARY SHARE CAPITAL 13 13
SHARE PREMIUM ACCOUNT 1,899 2,213
CAPITAL REDEMPTION RESERVE 26 26
PROFIT AND LOSS ACCOUNT (5,216) (6,077)
------- -------
SHAREHOLDERS' DEFICIT (3,278) (3,825)
THE ACCOUNTS WERE APPROVED BY THE BOARD ON 23 MARCH 2007 AND SIGNED ON ITS
BEHALF BY
P-L DELSENY D J MCMULLAN
DIRECTOR DIRECTOR
SEVERN RIVER CROSSING PLC
CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006
======================================================
2006 2005
---- ----
#000 #000
---- ----
NET CASH INFLOW
FROM OPERATING ACTIVITIES 62,582 61,236
------ ------
RETURNS ON INVESTMENT AND SERVICING OF
FINANCE
INTEREST RECEIVED 1,368 913
INTEREST PAID (21,899) (24,227)
-------- --------
NET CASH OUTFLOW FROM RETURNS
ON INVESTMENT AND SERVICING OF FINANCE (20,531) (23,314)
TAXATION PAID (259) (205)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
PURCHASE OF TANGIBLE FIXED ASSETS (912) (188)
PROCEEDS ON SALE OF TANGIBLE FIXED ASSETS - 2
CASH INFLOW BEFORE MANAGEMENT OF LIQUID
RESOURCES AND FINANCING 40,880 37,531
MANAGEMENT OF LIQUID RESOURCES
MOVEMENT IN CASH ON SHORT TERM DEPOSIT (8,985) (9,507)
FINANCING
REPAYMENT OF LOANS (31,087) (28,841)
-------- --------
INCREASE/(DECREASE) IN CASH IN THE YEAR 808 (817)
===== =====
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