Final Results
12 April 2006 - 9:17PM
UK Regulatory
RNS Number:4214B
Severn River Crossing PLC
12 April 2006
SEVERN RIVER CROSSING PLC
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2005
CHAIRMAN'S STATEMENT
====================
Total traffic volumes for 2005 increased by only 0.9 per cent over the figures
for 2004. Car journeys increased by 1.0 per cent (1.4% in 2004) and Light Goods
vehicles increased by 3.2 per cent (5.1% in 2004). However after relatively
strong growth between 2003 and 2004 for Heavy Goods Vehicles (3.1 per cent), in
2005 we have experienced a reduction of 1.4 per cent. It remains to be seen if
this is a general trend.
The turnover of the Company was just under #70 million (#66.4 million in 2004).
During 2005, the Company made debt repayments of #28.8 million (#33.7 million in
2004).
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
2005 would have increased by #11.1 million. This does not affect the Company's
strong cash position. As a result of adopting FRS 17 for treating pension costs
and liabilities in company accounts, the Company has recorded an actuarial loss
#656,000 for the year and recognised the deficit in the Company's Pension Scheme
net of deferred tax of #1.3 million at 31 December 2005 (#0.9 million, 2004).
This is explained in the notes which accompany the accounts.
The contracts for Toll Management and Maintenance that commenced in 2004 are
working well. The Company has awarded a contract for the replacement of Tolling
Equipment on both Crossings which will be completed in 2006.
The company has been working closely with the Forth Estuary Transport Authority
who carried out a preliminary examination of the Main Cables on the Forth Road
Bridge during 2005. The Company, working in conjunction with the Department for
Transport/Highways Agency, has developed a long term programme similar to that
adopted for the Forth Bridge and this will be implemented in 2006 on the Severn
Bridge. The Guidelines for the inspection of and strength evaluation of
Suspension Bridge Cables that have been developed in the United States are being
used for the Cable Inspection.
Under the terms of the Concession Agreement with the Department for Transport,
the DfT remain liable for the costs of the Cable inspection and any future
remedial works. I shall be maintaining a personal watch on these activities
throughout the year.
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 2005
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 2005 turnover increased by 4.7% to #69.5 million (2004 : #66.4
million) and the Company reported a loss after tax of #2.5 million (2004 : loss
#3.0 million). No dividends are proposed (2004 : #nil).
DIRECTORS
==========
The Directors who served during the year were :
Alternate
=========
N D Haste (Chairman)
D W Bowler (Appointed 18 MARCH 2005) - V Piron (Appointed 18 March 2005)
G Breem (Resigned 18 MARCH 2005) - V Piron (Resigned 18 March 2005)
P-L Delseny - C Labeyrie
C J Elliott - N W Middleton
D J McMullan - S Clowes
M J Mercer-Deadman - A C Roper (Resigned 15 March 2006)
- G A Neville (Appointed 15 March 2006)
D Potts - A C Hogg
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 and A C Roper are Directors of Laing Investments Limited. D Potts is a
Director of and Shareholder in John Laing plc, which owns Laing Investments
Limited. A C Roper and G A Neville are shareholders in John Laing PLC.
M J Mercer-Deadman holds options on shares in John Laing PLC. M J
Mercer-Deadman, G A Neville and A C Hogg are Directors of Laing Roads 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. G Breem and P-L Delseny are respectively Managing Director and
Operations Manager (Concessions and Operations) of Vinci Concessions S.A., a
fully owned subsidiary of Vinci S.A.. G Breem is a shareholder 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, 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 2005, Ranelagh Nominees Limited
was beneficially interested in 49,000 ordinary shares (98%) of the issued
ordinary share capital of the Company. At 24 March 2006 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 #697,000 (2004 : #687,000). Trade Creditor days
for 2005 was 59 days (2004 : 53 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
24 March 2006
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 2005.
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, 2005 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 2005
===================================
2005 2004
#000 #000
As restated
Turnover 69,499 66,371
Cost of Sales (32,691) (31,240)
Gross Profit 36,808 35,131
Administrative Expenses (370) (237)
Other Operating Income 501 555
Operating Profit 36,939 35,449
Finance Charges (Net) (37,045) (36,405)
Loss on Ordinary Activities before (106) (956)
Taxation
Tax on Loss on Ordinary Activities (2,379) (1,995)
Loss on Ordinary Activities after
Taxation Being Loss for the Financial Year (2,485) (2,951)
Retained Loss at Beginning of Year (3,430) (609)
Transfer from Share Premium Account 313 312
Retained Loss at End of Year (5,602) (3,248)
====== =====
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 2005
===================================
2005 2004
#000 #000
As restated
Loss for the Financial Year (2,485) (2,951)
FRS17 Actuarial Loss (656) (235)
Associated Deferred Tax 181 53
Total Recognised Gains & Losses Related (2,960) (3,133)
to the Year
Prior Period Adjustment (2,302)
Total Gains and Losses Recognised Since (5,262)
Last Report
Opening Reserves as Previously Stated 1,437
Closing Reserves (3,825)
=====
SEVERN RIVER CROSSING PLC
BALANCE SHEET AT 31 DECEMBER 2005
=================================
2005 2004
#000 #000
As restated
FIXED ASSETS 441,578 465,339
CURRENT ASSETS
Debtors
Due within one year 462 293
Investments - Short Term Deposits 20,600 11,093
Cash at Bank and in Hand 1,365 2,242
22,427 13,628
CREDITORS
Amounts falling due within one year (36,073) (33,824)
NET CURRENT LIABILITIES (13,646) (20,196)
TOTAL ASSETS LESS CURRENT LIABILITIES 427,932 445,143
CREDITORS
Amounts falling due after more than one (402,983) (419,776)
year
PROVISIONS FOR LIABILITIES AND CHARGES (27,440) (25,320)
NET (LIABILITIES)/ASSETS BEFORE PENSION (2,491) 47
LIABILITY
NET PENSION LIABILITIES (1,334) (912)
NET (LIABILITIES) (3,825) (865)
===== ====
CAPITAL AND RESERVES
Ordinary Share Capital 13 13
Share Premium Account 2,213 2,526
Capital Redemption Reserve 26 26
Profit and Loss Account (6,077) (3,430)
EQUITY SHAREHOLDERS' FUNDS (3,825) (865)
===== =====
FOR AND ON BEHALF OF THE BOARD
D POTTS D J MCMULLAN
DIRECTOR DIRECTOR
24 MARCH 2006
SEVERN RIVER CROSSING PLC
CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2005
======================================================
2005 2004
#000 #000
As restated
NET CASH INFLOW 61,236 58,303
FROM OPERATING ACTIVITIES
RETURNS ON INVESTMENT AND SERVICING OF FINANCE
Interest Received 913 752
Interest Paid (24,227) (24,693)
NET CASH OUTFLOW FROM RETURNS
ON INVESTMENT AND
SERVICING OF FINANCE (23,314) (23,941)
TAXATION PAID (205) (182)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of Tangible Fixed Assets (188) (151)
Proceeds on Sale of Tangible Fixed Assets 2 4
CASH INFLOW BEFORE MANAGEMENT OF LIQUID
RESOURCES AND FINANCING 37,531 34,033
MANAGEMENT OF LIQUID RESOURCES
Movement in Cash on Short Term Deposit (9,507) 231
FINANCING
Repayment of Loans (28,841) (33,673)
(DECREASE)/INCREASE IN CASH IN THE YEAR (817) 591
====== ======
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The company news service from the London Stock Exchange
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