Final Results
31 March 2005 - 9:26PM
UK Regulatory
RNS Number:3540K
Severn River Crossing PLC
30 March 2005
SEVERN RIVER CROSSING PLC
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2004
CHAIRMAN'S STATEMENT
====================
TRAFFIC VOLUMES FOR 2004 HAVE SHOWN A FURTHER LEVELLING OF GROWTH COMPARED WITH
2003. TOTAL VOLUMES INCREASED BY ONLY 1.9% OVER 2003 MAINLY DUE TO THE FALL OFF
IN THE NUMBER OF CARS, WHICH INCREASED BY JUST 1.4% OVER 2003. LIGHT GOODS
VEHICLES, HOWEVER, INCREASED BY 5.1% AND HEAVY GOODS VEHICLES INCREASED BY 3.1%,
WHICH WAS A SIGNIFICANT IMPROVEMENT ON THE GROWTH OF 2003 FOR THIS
CLASSIFICATION OF VEHICLE.
THIS WAS THE SECOND YEAR SEVERN RIVER CROSSING PLC HAS COLLECTED AND ACCOUNTED
FOR VAT ON TOLLS. TURNOVER INCREASED BY 3% TO #66.4 MILLION (2003 : #64.4
MILLION) OPERATING PROFIT FOR 2004 WAS #35.5M (2003 #35.4M) AND THE COMPANY
RECORDED A LOSS AFTER FINANCE CHARGES AND TAX OF #3.0M (2003 #3.5M).
DURING 2004, THE COMPANY MADE SCHEDULED REPAYMENTS OF #8.8M OF BANK DEBT,
#9.8M OF EUROPEAN INVESTMENT BANK LOANS AND VOLUNTARY PREPAYMENTS OF #15M OF
BANK DEBT. THIS WAS DUE TO STRONG CASH GENERATION FROM THE PROJECT.
THE PENSIONS SCHEME ACTUARY HAS ADVISED THAT FOLLOWING THE #1.8M EMPLOYER
CONTRIBUTION TO THE COMPANY PENSION FUND MADE IN 2003, THERE IS NO NEED TO MAKE
A FURTHER ADDITIONAL CONTRIBUTION IN 2004. RESULTS FROM THE LATEST TRIENNIAL
ACTUARIAL VALUATION AT 1ST APRIL 2004 ARE DISCLOSED IN NOTE 14 TO THESE
ACCOUNTS.
THE ISSUE OF ANNUITY DEPRECIATION OR USAGE DEPRECIATION REMAINS AN ONGOING
MATTER FOR THE ACCOUNTING STANDARDS BOARD. IF THE COMPANY HAD CHANGED ITS
DEPRECIATION POLICY FOR THE BRIDGES TO AN ECONOMIC USAGE METHOD, THEN THE
DEPRECIATION CHARGE FOR 2004 WOULD HAVE INCREASED BY #11.4 MILLION. THIS DOES
NOT AFFECT THE COMPANY'S STRONG CASH POSITION.
IN MY STATEMENT LAST YEAR I REFERRED TO THE EXPIRY OF THE CONTRACTS FOR
MAINTENANCE AND TOLL COLLECTION MANAGEMENT. NEW CONTRACTS WERE PUT IN PLACE
DURING 2004 WITH LAING UTILITIES FOR MAINTENANCE AND COFIROUTE UK FOR TOLLING.
BOTH CONTRACTS WERE LET ON NEW TERMS WHICH INCENTIVISE THE CONTRACTORS TO
IMPROVE PERFORMANCE THEREBY ACHIEVING SAVINGS FOR SEVERN RIVER CROSSING PLC.
FINALLY, I WISH TO REPORT THAT GILLES BREEM, WHO HAS BEEN A BOARD MEMBER ALMOST
SINCE THE CONCESSION COMMENCED, WILL BE RESIGNING DUE TO A JOB RELOCATION WITH
VINCI TO SOUTH AMERICA. GILLES HAS BEEN A VALUED MEMBER OF THE BOARD. WE WISH
HIM WELL AND THANK HIM FOR HIS IMMENSE CONTRIBUTION. HE WILL BE REPLACED AS A
VINCI NOMINATED DIRECTOR, BY DAVID BOWLER, WHO WILL BE WELCOMED TO THE BOARD IN
2005.
N D HASTE OBE
CHAIRMAN
SEVERN RIVER CROSSING PLC
DIRECTORS' REPORT
=================
THE DIRECTORS SUBMIT THEIR ANNUAL REPORT AND THE AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004
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 2004 TURNOVER INCREASED BY 3% TO #66.4 MILLION (2003 : #64.4
MILLION) AND THE COMPANY REPORTED A LOSS AFTER TAX OF #3 MILLION (2003 : LOSS
#3.5 MILLION). NO DIVIDENDS ARE PROPOSED (2003 : #NIL).
DIRECTORS
=========
THE DIRECTORS WHO SERVED DURING THE YEAR WERE :
ALTERNATE
=========
N D HASTE (CHAIRMAN)
G BREEM - V PIRON
P-L DELSENY - C LABEYRIE
D J MCMULLAN - S CLOWES
C J ELLIOTT - N W MIDDLETON
A C ROPER (RESIGNED 18 MAY 2004) - I J WELLS (RESIGNED 18 MAY 2004)
D POTTS - A FRIEND (RESIGNED 18 MAY 2004)
- A C HOGG (APPOINTED 18 MAY 2004)
M J MERCER-DEADMAN (APPOINTED 18 MAY 2004) - A C ROPER (APPOINTED 18 MAY 2004)
DIRECTORS' SHAREHOLDINGS
========================
THE DIRECTORS AND ALTERNATE DIRECTORS HAD NO INTEREST IN ANY SHARES OF THE
COMPANY AT ANY TIME DURING THE YEAR.
DIRECTORS' INTERESTS
D POTTS, A C ROPER AND I J WELLS (WHO HOLD SHARES IN JOHN LAING PLC) ARE
DIRECTORS OF LAING INVESTMENTS LIMITED. D POTTS AND A FRIEND ARE DIRECTORS OF
AND SHAREHOLDERS IN JOHN LAING PLC, WHICH OWNS LAING INVESTMENTS LIMITED. M J
MERCER-DEADMAN AND A C HOGG ARE RESPECTIVELY DIRECTOR AND SENIOR INVESTMENT
MANAGER OF LAING ROADS LIMITED, A SUBSIDIARY OF LAING INVESTMENTS LIMITED.
G BREEM AND P-L DELSENY ARE RESPECTIVELY MANAGING DIRECTOR AND OPERATIONS
MANAGER (CONCESSIONS AND OPERATIONS) OF VINCI CONCESSIONS, A FULLY OWNED
SUBSIDIARY OF VINCI. G BREEM IS A SHAREHOLDER OF VINCI AND A DIRECTOR OF TOLL
MANAGEMENT COMPANY LIMITED. V PIRON IS STRATEGY VICE PRESIDENT FOR VINCI
CONCESSIONS AND A SHAREHOLDER OF VINCI. C LABEYRIE IS A SHAREHOLDER OF VINCI AND
A DIRECTOR OF VINCI CONSTRUCTION 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, S
CLOWES IS A SENIOR VICE PRESIDENT OF BANK OF AMERICA. C J ELLIOTT IS A DIRECTOR
OF BARCLAYS INDUSTRIAL INVESTMENTS LIMITED. 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 AND BANK OF AMERICA HAS ACTED AS FINANCIAL ADVISER TO THE COMPANY.
JOHN LAING PLC, VINCI CONCESSIONS, 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, 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 2004, RANELAGH NOMINEES LIMITED
WAS BENEFICIALLY INTERESTED IN 49,000 ORDINARY SHARES (98%) OF THE ISSUED
ORDINARY SHARE CAPITAL OF THE COMPANY. AT 18 MARCH 2005 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 #687,000 (2003 : #575,000). TRADE CREDITOR
DAYS FOR 2004 WAS 53 DAYS (2003 : 44 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
18 MARCH 2005
THE FOLLOWING PROFIT AND LOSS ACCOUNT, 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 2004.
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 OF
THE COMPANY'S STATE OF AFFAIRS AT 31 DECEMBER, 2004 AND OF ITS LOSS 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 2004
2004 2003
STG '000 STG '000
TURNOVER 66,371 64,413
COST OF SALES (31,230) (29,612)
GROSS PROFIT 35,141 34,801
ADMINISTRATION EXPENSES (237) (164)
OTHER OPERATING INCOME 535 747
OPERATING PROFIT 35,459 35,384
FINANCE CHARGES (NET) (36,403) (38,621)
(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION (944) (3,237)
TAX ON (LOSS)/PROFIT ON ORDINARY
ACTIVITIES (2,047) (262)
(LOSS) ON ORDINARY
ACTIVITIES AFTER TAXATION,
BEING (LOSS) FOR THE
FINANCIAL YEAR (2,991) (3,499)
RETAINED PROFIT AT BEGINNING
OF YEAR 1,551 4,739
TRANSFER FROM SHARE PREMIUM
ACCOUNT 312 311
RETAINED (LOSS)/PROFIT AT END OF YEAR (1,128) 1,551
THERE ARE NO RECOGNISED GAINS OR LOSSES IN THE CURRENT OR PRIOR FINANCIAL YEARS
OTHER THAN AS STATED IN THE PROFIT AND LOSS ACCOUNT. ACCORDINGLY, A STATEMENT
OF TOTAL RECOGNISED GAINS AND LOSSES HAS NOT BEEN PRESENTED.
SEVERN RIVER CROSSING PLC
BALANCE SHEET AT 31 DECEMBER 2004
=================================
2004 2003
STG '000 STG '000
FIXED ASSETS 465,339 487,306
CURRENT ASSETS
DEBTORS
DUE WITHIN ONE YEAR 293 442
DUE AFTER MORE THAN ONE YEAR 1,862 1,654
INVESTMENTS - SHORT TERM
DEPOSITS 11,093 11,324
CASH AT BANK AND IN HAND 2,242 1,206
15,490 14,626
CREDITORS
AMOUNTS FALLING DUE WITHIN
ONE YEAR (33,824) (28,085)
NET CURRENT (LIABILITIES) (18,334) (13,459)
TOTAL ASSETS LESS CURRENT
LIABILITIES 447,005 473,847
CREDITORS
AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR (419,776) (445,489)
PROVISIONS FOR LIABILITIES
AND CHARGES (25,792) (23,930)
NET ASSETS 1,437 4,428
CAPITAL AND RESERVES
ORDINARY SHARE CAPITAL 13 13
SHARE PREMIUM 2,526 2,838
CAPITAL REDEMPTION RESERVE 26 26
PROFIT AND LOSS ACCOUNT (1,128) 1,551
EQUITY SHAREHOLDERS FUNDS 1,437 4,428
FOR AND ON BEHALF OF THE BOARD
G BREEM D J MCMULLAN
DIRECTOR DIRECTOR
18 MARCH 2005
SEVERN RIVER CROSSING PLC
CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004
2004 2003
STG '000 STG '000
NET CASH INFLOW
FROM OPERATING ACTIVITIES 58,300 54,278
RETURNS ON INVESTMENT AND
SERVICING OF FINANCE
INTEREST RECEIVED 752 893
INTEREST PAID (24,691) (26,669)
NET CASH OUTFLOW FROM RETURNS
ON INVESTMENT AND SERVICING
OF FINANCE (23,939) (25,776)
TAXATION PAID (181) (265)
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
PURCHASE OF
TANGIBLE FIXED ASSETS (151) (225)
SALE OF TANGIBLE FIXED ASSETS 4 -
CASH INFLOW BEFORE MANAGEMENT
OF LIQUID RESOURCES AND
FINANCING 34,033 28,012
MANAGEMENT OF LIQUID RESOURCES
CASH ON SHORT TERM DEPOSITS 231 13,788
FINANCING
REPAYMENT OF LOANS (33,673) (41,988)
INCREASE(DECREASE)/ IN CASH
IN THE YEAR 591 (188)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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