TIDMBWRA
RNS Number : 7368S
Bristol Water PLC
25 November 2011
BRISTOL WATER plc
Announcement of interim results for the six months ended 30
September 2011
Bristol Water plc is a subsidiary of Bristol Water Holdings UK
Ltd, which is owned by Capstone Infrastructure Corporation (70%)
and Sociedad General de Aguas de Barcelona S.A. (Agbar) (30%).
Bristol Water plc supplies water to 1.16 million people and
businesses in an area of almost 2,400 square kilometres centred on
Bristol.
For further information contact:
Luis Garcia, Chief Executive
Miquel Anglada, Finance Director
Bristol Water plc
Tel 0117 953 6470
Or contact: Bristol Water Corporate Affairs on 0117 953 6470 during
office hours or 07831 453924 at any time.
FINANCIAL HIGHLIGHTS - REPORTED UNDER UK GAAP
Pre - tax Post - tax
GBPm GBPm
(unaudited) (unaudited)
Profit for 6 months to 30
September 2010 3.4 3.0
Significant changes between
periods:
Increased turnover 4.1 3.0
Increased net interest costs (1.9) (1.4)
Competition Commission appeal
costs 1.7 1.2
Increase in depreciation (0.7) (0.5)
All other changes (0.5) (0.5)
Profit for 6 months to 30
September 2011 6.1 4.8
------------ ------------
Summary
* Turnover has increased due to Competition Commission
re-determination of K of 3.9% and RPI of 4.7%
* Competition Commission appeal costs incurred in 2010
not repeated in 2011
* Higher interest and indexation on debt GBP1.6m in
respect of the new index-linked bond plus GBP0.5m on
existing index-linked debt
* Capital investment GBP18.3m (30 September 2010:
GBP9.8m) before grants and contributions
* Net debt, excluding irredeemable cumulative
preference shares, of GBP182.1m - approximately 52%
of projected Regulatory Capital Value at 31 March
2012
CHAIRMAN'S STATEMENT
Introduction
This is the second year of the current 5-year regulatory period
to March 2015. During this time we remain firmly focused on meeting
customer needs and delivering the outputs required by the
re-determination.
We commenced the financial year having experienced a prolonged
dry period during the winter months which continued during the
spring and summer. We put in place a number of measures which
successfully enabled us to protect supplies and avoid a hose pipe
ban. Such measures included maximising the use of our more
expensive river sources and engaging in a local advertising
campaign to encourage our customers to use water wisely during this
time.
On 5 October 2011, CSE Water UK Limited, the UK subsidiary of
Capstone Infrastructure Corporation, a Canadian infrastructure
company, purchased 70% of the equity of Agbar UK Limited (the then
ultimate UK parent company of Bristol Water plc) from Agbar. Agbar
UK Limited and Agbar entered into an Operational and Management
Agreement allowing for the continued involvement of Agbar in
providing enhanced continuity and stability for staff, customers
and stakeholders. We welcome Capstone's infrastructure investment
and management expertise and look forward to the new
partnership.
Operational performance
In our efforts to strengthen the resilience of our network and
maintain excellent levels of service to our customers, we have
invested GBP18.3m (before grants and contributions) in capital
projects during the first half year. We expect the total level of
investment for the year to increase significantly to approximately
GBP70.0m. Now that we have substantially completed the planning and
design work and established framework contracts where appropriate,
we are well placed to accelerate our investment programme. The key
projects which we will focus on include:
-- a programme to replace poor condition water mains to reduce bursts;
-- schemes to further reduce leakage, including pressure reduction and active leakage control;
-- a GBP14m programme to install ultra violet treatment at five treatment works; and
-- a GBP15m main laying scheme to improve the resilience of supply in North Bristol.
In the recently announced results by Ofwat, the company was
ranked 5(th) out of 21 companies in the industry for customer
service performance in 2010/11, measured by the newly introduced
Service Incentive Mechanism (SIM). We are working hard to ensure we
build on this level of performance working closely with our
partners.
Financial performance
The underlying operational financial performance was broadly
similar to the comparative period except for the significant items
described below.
Operating profit for the period increased by GBP4.4m to
GBP12.9m. This increase is primarily due to an increase in turnover
directly attributable to the increase in RPI of 4.7% at November
2010 and the allowed K factor of +3.9%. Operating costs have
decreased slightly over the same period due to non-repeating costs
in respect of the appeal to the Competition Commission offset by
higher depreciation charges due to the increased asset base.
Net interest charges, excluding those related to retirement
benefits and the preference share dividend, have increased by
GBP1.9m in the period. This increase mainly reflects the impact of
higher RPI on our indexed-linked debt and an increase in the
underlying level of index-linked debt following the issuance of the
GBP40.0m index linked bond in March 2011.
Profit before tax increased by GBP2.7m to GBP6.1m as a result of
the changes noted above.
The overall tax charge represents 21% of the profit before
taxation (six months to 30 September 2010: 12%; year ended 31 March
2011: 11%). The tax charge in the current period is lower than the
standard rate of corporation tax of 26% due to the reduction in tax
rates applicable from 1 April 2012, which was enacted on 4 July
2011. This has resulted in a credit to taxation which is mitigated
by the effect of a drop in the discounting rates. The low effective
tax rates in prior periods are also impacted by a series of
corporation tax rate reductions.
Net debt, excluding the irredeemable preference shares,
increased to GBP182.1m (31 March 2011: GBP180.4m). This debt level
represents approximately 52% of the forecast Regulatory Capital
Value at 31 March 2012. As a consequence of the appeal to the
Competition Commission in 2010 we delayed the start to our
investment programme. Our current profile of capital investment is
lower than that reflected in RCV as notified by Ofwat. Our net debt
level as a percentage of RCV is therefore lower than expected. This
percentage will increase as our capital investment comes into line
with Ofwat's expectations as we go through AMP5.
On 19 October 2011, Agbar UK Limited, the former UK ultimate
parent company, changed its name to Bristol Water Holdings UK
Limited.
Prospects
In the Directors' Report within the company's Annual Report and
Accounts 2011 we set out a summary of the key risks and
uncertainties facing the company. The key risks identified are
operational problems, bad debts, performance requirements and
regulatory developments, and financial factors.
We anticipate that the results for the second half of the year
will include the following material effects:
-- a significant increase in the level of capital investment; and
-- an increase in interest charges related to our index-linked debt.
Dividends
During the period a first interim ordinary dividend of GBP1.5m
was paid. This represents a return of the after-tax interest income
of the intercompany loan with the former UK ultimate parent
company, Agbar UK Limited (now called Bristol Water Holdings UK
Limited), received during the period.
A second interim dividend of GBP4.0m in respect of the year
ended 31 March 2012 has been approved for payment before 31
December 2011.
Board membership
A Parsons, former Managing Director, retired from the business
on 30 September 2011. On behalf of the company I want to thank Alan
for his tremendous contribution to the success of the company
during his 19 years of service.
Following the change in ownership on 5 October 2011, R Brito
(executive director) retired from the Board but remains with the
company as Operations Director. On 5 October 2011, the
non-executive directors, J A Guijarro, M Cermeron, and J Valls
retired from the Board. We thank them for their contribution to the
business during their periods of appointment.
On 5 October 2011 we appointed P Bourdillon, M Bernstein, S
Miller, M Smerdon and J Bittan to the Board.
Moger Woolley
Chairman
24 November 2011
PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2011
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
Note GBPm GBPm GBPm
Turnover 2 54.4 50.3 100.7
Operating costs 3 (41.5) (41.8) (82.1)
Operating profit 12.9 8.5 18.6
Other net interest payable and similar charges 4 (6.3) (4.4) (9.5)
Dividends on 8.75% irredeemable cumulative preference
shares 4 (0.5) (0.5) (1.1)
Interest in respect of retirement benefit scheme surplus 4 - (0.2) (0.4)
Net interest payable and similar charges (6.8) (5.1) (11.0)
----------- -------- ----------
Profit on ordinary activities before taxation 6.1 3.4 7.6
Tax on profit on ordinary activities 5 (1.3) (0.4) (0.8)
Profit on ordinary activities after taxation 4.8 3.0 6.8
----------- -------- ----------
Earnings per ordinary share 6 80.0p 50.0p 113.3p
All activities above relate to the continuing activities of the
company.
The accompanying notes to the interim results form an integral
part of this statement.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six months ended 30 September 2011
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
Note GBPm GBPm GBPm
Profit attributable to Bristol Water plc shareholders 4.8 3.0 6.8
Actuarial gains/(losses) recognised in respect of
retirement benefit obligations 10,11 0.7 3.0 1.4
Attributable deferred taxation 10,11 (0.2) (0.8) (0.4)
Change in the fair value of the interest rate swap 11 (0.7) (0.6) 0.1
Attributable deferred taxation 11 0.2 0.2 -
Total recognised gains for the period 4.8 4.8 7.9
---------- -------- -------
The accompanying notes to the interim results form an integral
part of this statement.
BALANCE SHEET
30 September 2011
At At At
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
Note GBPm GBPm GBPm
Fixed assets 7 241.0 243.7 240.7
Investment - Loans to intermediate parent company 68.5 68.5 68.5
Current assets
Stocks 1.2 1.0 1.1
Debtors 28.5 26.9 22.3
Investments 8 77.3 26.3 77.3
Cash at bank and in hand 8 2.4 1.5 2.4
109.4 55.7 103.1
Short-term borrowings 8 (3.2) (2.8) (2.8)
Other creditors (27.0) (25.1) (25.3)
(30.2) (27.9) (28.1)
Net current assets 79.2 27.8 75.0
Total assets less current liabilities 388.7 340.0 384.2
Creditors: amounts falling due after more than one year
Borrowings and derivatives 8 (258.6) (215.8) (257.3)
8.75% irredeemable cumulative preference shares 8 (12.5) (12.5) (12.5)
Deferred income (9.6) (10.0) (9.8)
Provision for liabilities 9 (23.0) (22.2) (22.3)
Retirement benefit surplus 10 8.2 8.7 7.6
Net assets 93.2 88.2 89.9
Capital and reserves
Called-up share capital 6.0 6.0 6.0
Share premium 4.4 4.4 4.4
Other reserves 4.6 4.6 5.1
Profit and loss account 78.2 73.2 74.4
Shareholders' funds 11 93.2 88.2 89.9
The accompanying notes to the interim results form an integral
part of this statement.
CASH FLOW STATEMENT
For the six months ended 30 September 2011
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
Note GBPm GBPm GBPm
Net cash inflow from operating activities 13(a) 22.1 19.4 49.0
Returns on investments and servicing of finance
Interest received 2.2 2.0 4.2
Interest paid on term loans and debentures (4.9) (4.2) (8.6)
Interest paid on finance leases (0.3) (0.3) (0.3)
Dividends paid on 8.75% irredeemable cumulative (0.5) (0.5) (1.1)
preference shares
(3.5) (3.0) (5.8)
Taxation
Corporation tax paid (1.6) (2.5) (4.0)
Capital expenditure and investing activities
Purchase of tangible fixed assets (15.0) (11.2) (24.4)
Contributions received 2.3 2.3 3.8
Proceeds on sale of fixed assets - - 0.2
Decrease/(increase) in cash deposits maturing after three
months of balance sheet date 19.8 - (46.8)
7.1 (8.9) (67.2)
Equity dividends paid (1.5) (1.5) (2.9)
Cash inflow/(outflow) before management of
liquid resources and financing 22.6 3.5 (30.9)
Management of liquid resources
Being increase in short-term deposits (19.8) (1.3) (5.5)
-------------- -------------- ----------
Financing
New term loan - - 39.5
Capital element of lease repayments (2.8) (2.5) (2.5)
(Decrease)/increase in cash 13(b) - (0.3) 0.6
Cash, beginning of period 2.4 1.8 1.8
Cash, end of period 2.4 1.5 2.4
The accompanying notes to the interim results form an integral
part of this statement.
NOTES TO THE INTERIM RESULTS
For the six months ended 30 September 2011
Note Accounting policies
1:
The financial information contained in this interim announcement
does not constitute statutory accounts within the meaning
of section 435 of the Companies Act 2006. The interim results,
which have not been audited but have been reviewed by the
company's auditors, have been prepared on the basis of the
accounting policies adopted by Bristol Water plc for the year
ended 31 March 2011 as set out in the Annual Report and Accounts.
A copy of the statutory accounts for that year has been delivered
to the Registrar of Companies. The auditors' report on those
accounts was not qualified and did not contain statements
under s.498 (2) or (3) of the Companies Act 2006. The accounting
policies adopted in the preparation of these interim results
are in accordance with United Kingdom Generally Accepted Accounting
Practices (UK GAAP). These interim results have also been
prepared in accordance with the Accounting Standards Board
Statement, 'Half-yearly Financial Reports'.
As outlined in the company's Annual Report and Accounts for
the year ended 31 March 2011, the company is not required
to, and does not intend to, adopt IFRS for statutory reporting
until UK GAAP and IFRS are fully harmonised.
Note 2: Turnover
Turnover is wholly derived from water supply and related activities in the United Kingdom.
The maximum level of prices the company may levy for the majority of water charges is controlled
by the Water Services Regulation Authority (Ofwat) through the RPI +/- K price formula.
Note 3: Operating costs
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
GBPm GBPm GBPm
Operating costs comprise -
Payroll cost, net of recharges to fixed assets and
including retirement benefit costs 6.5 7.0 12.3
Depreciation, net of amortisation of deferred income 15.5 14.9 29.9
Other operating costs 19.5 19.9 39.9
41.5 41.8 82.1
---------- --------- -------
Note 4: Net interest payable and similar charges
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 (unaudited) 2011
(unaudited)
GBPm GBPm GBPm
Other net interest payable/(receivable)
and similar charges/(income) relate to -
Bank borrowings 0.5 0.5 1.0
Term loans and debentures:
interest charges 4.2 3.7 7.5
indexation charge 3.8 2.2 4.9
Finance leases 0.1 0.1 0.3
-------------- ------------------ ----------
8.6 6.5 13.7
-------------- ------------------ ----------
Less:
Loan to Agbar UK Ltd - interest receivable (2.0) (2.0) (4.0)
Other external investments and deposits (0.3) (0.1) (0.2)
(2.3) (2.1) (4.2)
-------------- ------------------ ----------
Total other net interest payable and similar charges 6.3 4.4 9.5
Dividends on 8.75% irredeemable cumulative
preference shares 0.5 0.5 1.1
Interest charge in respect of retirement benefit
scheme surplus
- 0.2 0.4
6.8 5.1 11.0
-------------- ------------------ ----------
Note 5: Tax on profit on ordinary activities
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
GBPm GBPm GBPm
The charge for taxation comprises -
Current tax:
Corporation tax at 26% (2010/11: 28%) 0.6 0.4 1.0
Adjustment to prior periods (0.1) - (0.1)
0.5 0.4 0.9
Deferred tax:
Current period movement 1.1 0.8 1.4
Effect of reduction in tax rate (1.5) (1.5) (3.0)
Adjustment to prior periods 0.1 - 0.1
Effect of discounting 1.1 0.7 1.4
Total deferred tax 0.8 - (0.1)
Total tax on profit on ordinary activities 1.3 0.4 0.8
The overall tax charge represents 21% (six months to 30 September 2010: 12%; year ended 31
March 2011: 11%) of the profit before taxation.
The overall tax charge includes the exceptional effect on the deferred tax provision of the
reduction in the corporation tax rate from 26% to 25% with effect from 1 April 2012. The effect
of this tax rate reduction is disclosed above on an undiscounted basis as a credit of GBP1.5m
(discounted basis: credit of GBP0.9m).
Note 6: Earnings per ordinary share
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
m m m
Earnings per share have been calculated as follows -
Earnings GBP4.8 GBP3.0 GBP6.8
Weighted average number of ordinary shares in issue 6.0 6.0 6.0
Note 7: Fixed assets
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
GBPm GBPm GBPm
The movement in fixed assets comprises -
Net book value, beginning of period 240.7 251.2 251.2
Additions 18.3 9.8 23.9
Disposals - - (0.2)
Grants and contributions (2.3) (2.3) (3.8)
Depreciation charge for period (15.7) (15.0) (30.4)
Net book value, end of period 241.0 243.7 240.7
Note 8: Net borrowings
At At At
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
GBPm GBPm GBPm
Net borrowings comprise -
Debt due after one year, excluding 8.75%
irredeemable cumulative preference shares 258.6 215.8 257.3
Current portion of debt 3.2 2.8 2.8
261.8 218.6 260.1
Cash balances and investments (79.7) (27.8) (79.7)
---------- -------- -------
Net borrowings excluding 8.75% irredeemable
cumulative preference shares 182.1 190.8 180.4
8.75% irredeemable cumulative preference shares 12.5 12.5 12.5
Net borrowings 194.6 203.3 192.9
Note 9: Provision for liabilities
At At At
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
GBPm GBPm GBPm
Deferred tax liability 40.0 41.4 40.3
Effect of discounting (14.2) (16.0) (15.3)
Net provision, including deferred tax on
retirement
obligations 25.8 25.4 25.0
Less,
attributable to retirement benefit obligations
(note 10) (2.8) (3.2) (2.7)
-------------- -------------- -------------
Net provision, excluding deferred tax on
retirement
benefit obligations 23.0 22.2 22.3
-------------- -------------- -------------
Note Retirement benefits
10:
Pension arrangements for the company's employees are partly
provided through the company's membership of the Water Companies'
Pension Scheme (WCPS), which provides defined benefits based
on final pensionable pay. The company's membership of WCPS
is through a separate section of the scheme. The assets of
the section are held separately from those of the company
and are invested by discretionary fund managers appointed
by the trustees of the scheme. The section has been closed
to new entrants and all new eligible employees are offered
membership of a stakeholder pension scheme.
In addition to providing benefits to employees and ex-employees
of Bristol Water plc, the section provides benefits to employees
and ex-employees of Bristol Water Holdings Limited and former
Bristol Water plc employees who transferred to Bristol Wessex
Billing Services Ltd. The majority of the section assets and
liabilities relate to Bristol Water plc current and former
employees.
In 2005/06, in connection with new financing and the return
to shareholders by the then ultimate parent company, the company
made a one-off contribution to WCPS of GBP7.0m. The company
also agreed to make additional contributions of GBP1.0m in
each of the four years beginning 1 April 2006 and a further
GBP0.9m in 2010/11. The amounts are in addition to the normal
pension contributions required by the WCPS trustees.
Pension assets and liabilities are recognised in financial
statements in accordance with Financial Reporting Standard
17 'Retirement Benefits' (FRS 17). In applying this standard
the Bristol Water section of WCPS has recorded a net surplus
at 30 September 2011. However, the most recent estimate of
the level of scheme funding at 31 March 2011, which considers
long-term funding based on contribution rates and not FRS
17, indicated a funding deficit of approximately GBP2.9m.
The triennial valuation of the level of scheme funding at
31 March 2011 is on-going.
In accordance with FRS 17 actuarial gains and losses are recognised
immediately in the Statement of Total Recognised Gains and
Losses.
In summary, assets and liabilities under FRS 17 were:
At At At
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
GBPm GBPm GBPm
Market value of section assets 156.5 147.1 149.5
Present value of liabilities (126.2) (135.2) (122.8)
Surplus in the section 30.3 11.9 26.7
Amount not recognised due to asset
recognition limit (19.3) - (16.4)
Deferred taxation (2.8) (3.2) (2.7)
Net retirement benefit surplus 8.2 8.7 7.6
-------------- -------------- ----------
Note 11: Shareholders' funds
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
GBPm GBPm GBPm
Movement in shareholders' funds -
At beginning of period 89.9 84.9 84.9
Profit for the period 4.8 3.0 6.8
Actuarial gains/(losses) recognised in respect of
retirement benefit obligations 0.7 3.0 1.4
Attributable deferred taxation (0.2) (0.8) (0.4)
Fair value of interest rate swap (0.7) (0.6) 0.1
Attributable deferred taxation 0.2 0.2 -
Ordinary dividends (note 12) (1.5) (1.5) (2.9)
End of period 93.2 88.2 89.9
---------- -------- -------
Note 12: Ordinary dividends
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
GBPm GBPm GBPm
Dividends in respect of 2010/11:
First interim dividend of 24.27 pence per share,
approved by the Board on 27 September 2010 - 1.5 1.5
Second interim dividend of 24.14 pence per share,
approved by the Board on 17 March 2011 - - 1.4
Dividends in respect of 2011/12:
First interim dividend of 24.95 pence per share,
approved by the Board on 22 September 2011 1.5 - -
-------------- -------------- ----------
1.5 1.5 2.9
-------------- -------------- ----------
A second interim dividend of GBP4.0m in respect of the year ended 31 March 2012 has been approved
for payment before 31 December 2011.
Note 13: Supplementary cash flow information
Six months to Six months to Year to
30 September 30 September 31 March
2011 2010 2011
(unaudited) (unaudited)
GBPm GBPm GBPm
a) Reconciliation of operating profit to net cash
inflow from operating activities -
Operating profit 12.9 8.5 18.6
Depreciation, net of amortisation of deferred
income 15.5 14.9 29.9
Difference between pension charges and
normal contributions - 0.1 0.3
Cash flow from operations 28.4 23.5 48.8
Working capital movements:
Stocks (0.1) - (0.1)
Debtors (5.8) (3.8) 0.8
Creditors and provisions (0.4) 0.2 0.4
Additional contributions to pension scheme - (0.5) (0.9)
Net cash inflow from operating activities 22.1 19.4 49.0
---------- -------- --------
b) Reconciliation of net cash flow to movement in net borrowings -
(Decrease)/increase in net cash in the period - (0.3) 0.6
Cash used to repay borrowings 2.8 2.5 2.5
Cash from new borrowings - (39.5)
Cash from increase in short-term deposits - 1.3 52.3
Decrease in net borrowings 2.8 3.5 15.9
Indexation of debt and amortisation of fees and premiums not affecting cash
flow (3.8) (2.2) (4.9)
Fair value of interest rate swap not affecting
cash flow (0.7) (0.6) 0.1
Net borrowings, beginning of period, including
8.75% irredeemable cumulative
preference shares (192.9) (204.0) (204.0)
Net borrowings, end of period, including 8.75%
irredeemable cumulative preference shares (194.6) (203.3) (192.9)
-------- -------- --------
Note Ultimate parent company and controlling party
14:
At the balance sheet date the ultimate parent company was
considered by the directors to be Suez Environnement Company
S.A, a company incorporated in France and partly owned by
the French group GDF Suez.
The largest group in which the company is consolidated is
Suez Environnement Company S.A. and copies of its consolidated
annual report are available from Tour CB21, 16, Place de l'Iris,
92040 Paris, La Defense Cedex, France.
The smallest group in which the company is consolidated is
Sociedad General de Aguas de Barcelona S.A. (Agbar), and copies
of its consolidated annual report are available from Torre
Agbar, Avda Diagonal, 211, Planta 20-08018, Barcelona, Spain.
Note Post balance sheet events
15:
On 5 October 2011, CSE Water UK Limited, the UK subsidiary
of Capstone Infrastructure Corporation, a Canadian infrastructure
company, purchased 70% of the equity of Agbar UK Limited (the
then ultimate UK parent company of Bristol Water plc) from
Agbar.
The acquisition by CSE Water UK Limited has been communicated
to Ofwat who have yet to start their standard public consultation
on the identity of Bristol Water plc's ultimate holding company
for the purposes of Condition P of the company's Instrument
of Appointment.
On 19 October 2011, Agbar UK Limited, the former UK ultimate
parent company, changed its name to Bristol Water Holdings
UK Limited.
Note Circulation
16:
This interim announcement is being sent to all shareholders
and debenture holders. Copies are available to the public
from the company's registered office at PO Box 218, Bridgwater
Road, Bristol, BS99 7AU and on the Bristol Water web site:
http://www.bristolwater.co.uk.
DIRECTORS' RESPONSIBILITIES FOR THE PREPARATION OF INTERIM
FINANCIAL STATEMENTS
We confirm that to the best of our knowledge:
-- These interim financial statements have been prepared in
accordance with UK GAAP;
-- The Chairman's Statement includes a fair review of the
information required to indicate important events during the first
six months of the financial year and their impact on the interim
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial
year.
By order of the Board
S C Robson
Secretary
24 November 2011
INDEPENDENT REVIEW REPORT TO BRISTOL WATER PLC
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 September 2011 which comprises the profit and
loss account, statement of total recognised gains and losses,
balance sheet, cash flow statement and the related notes 1 to 16.
We have read the other information contained in the half yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the company in accordance with
guidance contained in International Standard on Review Engagements
2410 (UK and Ireland) "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the
Auditing Practices Board. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
company, for our work, for this report, or for the conclusions we
have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Services Authority.
As disclosed in note 1, the annual financial statements of the
company are prepared in accordance with United Kingdom Generally
Accepted Accounting Practice. The condensed set of financial
statements included in this half-yearly financial report has been
prepared in accordance with the Accounting Standards Board
Statement "Half-Yearly Financial Reports".
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
September 2011 is not prepared, in all material respects, in
accordance with the Accounting Standards Board Statement
"Half-Yearly Financial Reports" and the Disclosure and Transparency
Rules of the United Kingdom's Financial Services Authority.
Ernst & Young LLP
24 November 2011
Bristol, United Kingdom
This information is provided by RNS
The company news service from the London Stock Exchange
END
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