Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Friday 14 July, 2017

Northumbrian Water

Financial Statements and Annual Performance Report

RNS Number : 1747L
Northumbrian Water Limited
14 July 2017
 

NORTHUMBRIAN WATER LIMITED

 

FINANCIAL STATEMENTS AND ANNUAL PERFORMANCE REPORT 2016/17

 

Northumbrian Water Limited (NWL) has today published its Annual Performance Report (APR) and its Annual Report and Financial Statements and for the year ended 31 March 2017.

 

Chief Executive Officer, Heidi Mottram, said "Our vision is to be the national leader in the provision of sustainable water and wastewater services, and I am delighted that we have made further progress towards this and remain at the forefront of performance in our industry.  I am particularly proud that we have achieved national leader status for customer satisfaction as customers are at the heart of our business."

 

Performance review

Our APR, which is published on our websites today, describes our performance in the year against a wide range of measures.  We are pleased to report continued strong operational and financial performance for 2016/17.

 

In respect of customer service, as measured by Ofwat, we are pleased to be joint first in the industry for customer satisfaction.  We believe that this is a result of the work we carried out last year with the participation of our customers, as well as our employees and supply chain partners, to co-create our unrivalled customer experience strategy, allowing us to understand what is really important to customers.

 

Our water business continues to provide a reliable and resilient supply of clean water to our customers, and we have continued our industry leading performance in lowest interruptions to supply and maintained 100% security of supply.  The quality of the water we produce remains exceptionally high and we have made further progress tackling discolouration of water.  We take an active catchment management approach to improving the quality of water in the environment and have forged a number of environmental partnerships allowing us to pool our knowledge and resources and work more effectively together.

 

In our wastewater business we remain committed to reducing the risk of sewer flooding and are adopting a wide range of innovative approaches to achieve this, including working in partnership to deliver sustainable urban drainage solutions and engaging with local communities.  The impact of this can be seen through further reductions in the number of flooding incidents.  In the wider environment, we continue to deliver excellent levels of wastewater treatment compliance and are committed to minimising the risk of environmental damage from our network.  We are proud that all of the bathing waters in our north east operating region met the required standard and that we have the highest proportion meeting the good or excellent standard in England.

 

Financial performance

The Annual Report and Financial Statements, published on our websites today, report our financial performance in the year.  The underlying operating profit for 2016/17, excluding exceptional items, increased by £12.4m compared to the previous year.  This reflected increased revenue from wholesale charges, set in line with Ofwat's  2014 price control, which increased by a 'K factor' of 0.8%, plus RPI of 1.1%.  Underlying operating costs increased by £3.7m, a lower than inflation rise.

 

Net finance charges increased to £136.6m in the year, which reflected higher charges on index linked debt due to increased levels of prevailing RPI during the year, and mark to market movements on the fair value of financial instruments.  The net tax charge was £19m, generating a profit after tax of £201.3m.

 

Capital investment for the year was £225.2m, including around £148m invested in maintaining the health of our asset base to ensure the continued provision of sustainable water and wastewater services in the areas we serve.  We have continued to enhance our asset base, in particular to reduce the risk of sewer flooding and to support new development activity in our areas of operation.  Our programme to transform our billing and customer contact systems for household customers and in readiness for the opening of the non-household retail market progressed well and we continued work on major projects at Horsley water treatment works, which serves Newcastle, and addressing sewage spills at Whitburn.

 

In October 2016, we issued £300m of bonds with an annual coupon of 1.625% over a 10 year maturity.  The proceeds were partially used to buy back £120m of bonds due to mature in October 2017 and we are currently developing our strategy for the refinancing of the remaining £180m bonds maturing at that date.  The Company has a committed five year bank facility in place to maintain general liquidity, with a total value of £350m maturing in 2019.  This was undrawn at 31 March 2017.

 

Cash interest cover and gearing measures have remained consistent with the strong investment grade credit rating for the Company remaining at BBB+ (Standard & Poor's) and Baa1 (Moody's).

 

Assurance and Governance

We have robust governance and assurance arrangements in place to ensure that the data we publish is accurate, clear and transparent.  We have produced a separate Data Assurance Summary, published on our websites today, which sets out the assurance that we have carried out on our APR, Financial Statements and other areas of risk over the past year, and the outcomes of these assurance activities.

 

This is essential to building and maintaining a high level of trust and confidence with our customers and stakeholders.  We are proud that a customer survey carried out for CCWater has named us as the most trusted water company for the third year running.

 

Regulatory and legislative developments

One of our major areas of focus this year has been on preparing for the opening of the competitive non-household retail market, which opened on 1 April 2017.  With the support of external assurance partners, our Board was able to confirm to Ofwat and Market Operator Services Limited that we had satisfied all of the market entry requirements and were ready for market opening from both a wholesale and retail perspective. 

 

As NWL, we chose to exit the non-household retail market and transfer our non-household customers to NWG Business Limited, an associated company.  This decision was taken to allow us to demonstrate transparently that, as a wholesaler, we will work with all retailers on an equal basis and will continue to provide excellent wholesale services to all.

 

Although we have only just completed the second year of the current price control period, Ofwat has recently issued a consultation on its methodology for the 2019 price review.  We have already commenced an extensive programme of customer participation workshops to help inform and co-create our plans.

 

Outlook

 

The Directors believe that the Company is well placed to manage its business risks successfully and expect that the business can continue to operate effectively over the long term and, specifically, meet its financial obligations over the five years to March 2022.

 

This has been a successful year across many aspects of our business.  The focus on our vision, values and business plan will continue in the coming year and we are confident of further success and achieving our vision of becoming the national leader in the provision of sustainable water and waste water services.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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