Final Results
06 April 2004 - 10:05PM
UK Regulatory
RNS Number:3926X
Severn River Crossing PLC
6 April 2004
SEVERN RIVER CROSSING PLC
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2003
CHAIRMAN'S STATEMENT
TRAFFIC VOLUMES FOR 2003 INCREASED BY 3.6% OVER 2002 LEVELS. THE INCREASES IN
THE PREVIOUS TWO YEARS (5.6% 2001 AND 5.7% 2002) HAVE NOT BEEN MATCHED BUT THE
GROWTH IN TRAFFIC IS STILL HEALTHY.
THERE HAS BEEN A SLOWING IN GROWTH TRENDS IN CARS (3.7%) AND HGV'S (1.2%) BUT
THE VOLUME OF LIGHT GOODS VEHICLES HAS INCREASED BY 6.5% ABOVE 2002 LEVELS.
THE COMPANY COMMENCED THE COLLECTION OF VAT ON TOLLS ON 1 FEBRUARY 2003. THIS
IMPACTED THE TOLL REVENUE TO THE COMPANY AND TOTAL REVENUES WERE #64.4M COMPARED
WITH #70.5M IN 2002. THE COMPANY HAS INCURRED A LOSS AFTER TAX OF 3.5M (2002
PROFIT #7.3M). THE COMPANY HAS REPAID #42M OF DEBT DURING THE YEAR. THIS WAS
MADE UP OF SCHEDULED REPAYMENTS OF #8M OF BANK DEBT, #9M OF EUROPEAN INVESTMENT
BANK DEBT AND VOLUNTARY PREPAYMENTS OF #25M OF BANK DEBT.
THE COMPANY MADE AN ADDITIONAL #1.8M EMPLOYER CONTRIBUTION TO THE SRC PENSION
FUND DURING 2003. THE NEED FOR ANY FURTHER ADDITIONAL CONTRIBUTION WILL BE
REVIEWED DURING 2004.
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 2003 WOULD HAVE INCREASED BY #11.2 MILLION. THIS DOES
NOT AFFECT THE COMPANY'S STRONG CASH POSITION.
THE COMPANY'S AUDITORS, DELOITTE & TOUCHE LLP, HAVE ADVISED THAT ALL EUROPEAN
UNION LISTED COMPANIES WILL BE REQUIRED TO PRESENT THEIR CONSOLIDATED ACCOUNTS
IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) IN 2005.
SEVERN RIVER CROSSING PLC DOES NOT PRODUCE CONSOLIDATED ACCOUNTS AND THEREFORE
THIS WILL NOT BE MANDATORY FOR THE COMPANY'S 2005 FINANCIAL STATEMENTS.
HOWEVER, THE COMPANY IS CONSIDERING WHETHER IT WOULD BE APPROPRIATE TO FOLLOW
IFRS.
THE CONTRACTS FOR MAINTENANCE AND TOLL COLLECTION MANAGEMENT WILL EXPIRE IN
APRIL 2004. THE PROCESS OF PUTTING NEW CONTRACTS IN PLACE HAS COMMENCED AND
WILL BE DEALT WITH THROUGH THE RELEVANT BOARD COMMITTEES.
I CONTINUE TO SUPPORT THE MANAGEMENT TEAM AND HAVE ATTENDED THE SAFETY AND AUDIT
COMMITTEE MEETINGS DURING 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 2003
BUSINESS REVIEW AND PRINCIPAL ACTIVITIES
OPERATION AND MAINTENANCE OF THE SEVERN BRIDGE COMMENCED ON 26 APRIL 1992
FOLLOWING ROYAL ASSENT OF THE SEVERN BRIDGES BILL. AT THAT TIME, #131 MILLION
OF INDEX-LINKED DEBENTURESTOCK WAS ISSUED, #60 MILLION OF INDEX-LINKED
GOVERNMENT DEBT WAS ASSUMED AND #62 MILLION WAS PAID TO THE SECRETARY OF STATE
FOR TRANSPORT TOWARDS THE OUTSTANDING DEBT OH THE SEVERN BRIDGE. IN ADDITION,
#340 MILLION OF SENIOR DEBT WAS ARRANGED TO FINANCE THE CONSTRUCTION OF THE
SECOND 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 THESECRETARY 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
RESULTS AND DIVIDENDS
THE COMPANY'S 2003 TURNOVER DECREASED BY 9% TO #64.4 MILLION (2002 : #70.5
MILLION) AND THE COMPANY REPORTED A LOSS AFTER TAX OF #3.5 MILLION (2002 :
PROFIT #7.3 MILLION). THIS FOLLOWS THE INTRODUCTION OF VAT ON TOLLS FROM
1 FEBRUARY 2003.
DIRECTORS
THE DIRECTORS WHO SERVED DURING THE YEAR WERE
ALTERNATE
N D HASTE OBE (CHAIRMAN)
G BREEM - V PIRON
P-L DELSENY - C LABEYRIE
D J MCMULLAN - S CLOWES (APPOINTED 24TH MARCH2003)
C J ELLIOTT - N MIDDLETON
A C ROPER - I J WELLS
D POTTS - A FRIEND
DIRECTORS' SHAREHOLDINGS
THE DIRECTORS AND ALTERNATEDIRECTORS HAD NO INTEREST IN ANY SHARES OF THE
COMPANY AT ANY TIME DURING THE YEAR.
DIRECTORS' INTERESTS
A C ROPER, D POTTS AND I J WELLS (WHO HOLD SHARES IN JOHN LAING PLC) ARE
DIRECTORS OF LAING INVESTMENTS LIMITED. A FRIEND IS A DIRECTOR OF AND
SHAREHOLDER IN JOHN LAING PLC WHICH OWNS LAING INVESTMENTS LIMITED.
G BREEM AND P-L DELSENY ARE RESPECTIVELY GENERAL MANAGER AND OPERATIONS MANAGER
OF VINCI INFRASTRUCTURES, 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
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, 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 TOLL MANAGEMENT COMPANY LIMITED, A SUBSIDIARY OF
VINCI, AS ITS TOLLING CONTRACTOR.
SUBSTANTIAL SHAREHOLDINGS
PURSUANT TO THE VARIOUS LOAN AGREEMENTS, BANC OF AMERICA SECURITIES LIMITED HAD
A CHARGE OVER THE COMPANY'S ORDINARY SHARES. AT 31 DECEMBER 2003, BANC OF
AMERICA SECURITIES LIMITED WAS BENEFICIALLY INTERESTED IN 49,000 ORDINARY SHARES
(98%) OF THE ISSUED ORDINARY SHARE CAPITAL OF THE COMPANY. ON 12 FEBRUARY 2004
THESE 49,000 ORDINARY SHARES WERE TRANSFERRED TO RANELAGH NOMINEES LIMITED. AT
24 MARCH 2004 THERE IS NO CHANGE IN THIS SHAREHOLDING.
AUDITORS
ON 1 AUGUST 2003, DELOITTE & TOUCHE THE COMPANY'S AUDITORS TRANSFERRED THEIR
BUSINESS TO DELOITTE & TOUCHE LLP, A LIMITED LIABILITY PARTNERSHIP INCORPORATED
UNDER THE LIMITED LIABILITY PARTNERSHIPS ACT 2000. THE COMPANY'S CONSENT HAS
BEEN GIVEN TO TREATING THE APPOINTMENT OF DELOITTE & TOUCHE AS EXTENDING TO
DELOITTE & TOUCHE LLP WITH EFFECT FROM 1 AUGUST 2003 UNDER THE PROVISIONS OF
SECTION 26(5) OF THE COMPANIES ACT 1989. 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 2004
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 2003.
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, 2003 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 2003
2003 2002
STG '000 STG '000
TURNOVER 64,413 70,544
COST OF SALES (29,612) (25,512)
GROSS PROFIT 34,801 45,032
ADMINISTRATION EXPENSES (164) (1,596)
OTHER OPERATING INCOME 747 441
OPERATING PROFIT 35,384 43,877
FINANCE CHARGES (NET) (38,621) (33,775)
(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION (3,237) 10,102
TAX ON (LOSS)/PROFIT ON ORDINARY
ACTIVITIES (262) (2,819)
(LOSS)/PROFIT ON ORDINARY
ACTIVITIES AFTER TAXATION,
BEING (LOSS)/PROFIT FOR THE
FINANCIAL YEAR (3,499) 7,283
DIVIDENDS PAID AND PROPOSED - (12,000)
RETAINED PROFIT AT BEGINNING
OF YEAR 4,739 36,918
TRANSFER FROM SHARE PREMIUM
ACCOUNT 311 310
REDEMPTION OF PREFERENCE
SHARES - (27,772)
RETAINED PROFIT AT END OF YEAR 1,551 4,739
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 2003
2003 2002
STG '000 STG '000
FIXED ASSETS 487,306 507,560
CURRENT ASSETS
DEBTORS
DUE WITHIN ONE YEAR 442 408
DUE AFTER MORE THAN ONE YEAR 1,654 -
INVESTMENTS - SHORT TERM
DEPOSITS 11,324 25,112
CASH AT BANK AND IN HAND 1,206 10,863
14,626 36,383
CREDITORS
AMOUNTS FALLING DUE WITHIN
ONE YEAR (28,085) (36,165)
NET CURRENT (LIABILITIES)
/ ASSETS (13,459) 218
TOTAL ASSETS LESS CURRENT
LIABILITIES 473,847 507,776
CREDITORS
AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR (445,489) (475,982)
PROVISIONS FOR LIABILITIES
AND CHARGES (23,930) (23,869)
NET ASSETS 4,428 7,927
CAPITAL AND RESERVES
ORDINARY SHARE CAPITAL 13 13
REDEEMABLE PREFERENCE SHARES - -
SHARE PREMIUM 2,838 3,149
CAPITAL REDEMPTION RESERVE 26 26
PROFIT AND LOSS ACCOUNT 1,551 4,739
EQUITY SHAREHOLDERS FUNDS 4,428 7,927
FORAND ON BEHALF OF THE BOARD
G BREEM D J MCMULLAN
DIRECTOR DIRECTOR
24 MARCH 2004
SEVERN RIVER CROSSING PLC
CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2003
2003 2002
STG '000 STG '000
NET CASH INFLOW
FROM OPERATING ACTIVITIES 54,278 61,407
RETURNS ON INVESTMENT AND
SERVICING OF FINANCE
INTEREST RECEIVED 893 931
INTEREST PAID (26,669) (30,725)
NET CASH OUTFLOW FROM RETURNS
ON INVESTMENT AND SERVICING
OF FINANCE (25,776) (29,794)
TAXATION PAID (265) (263)
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT PURCHASE
OF TANGIBLE FIXED ASSETS (225) (246)
EQUITY DIVIDENDS PAID - (12,000)
CASH INFLOW BEFORE MANAGEMENT
OF LIQUID RESOURCES AND
FINANCING 28,012 19,104
MANAGEMENT OF LIQUID RESOURCES
CASH ON SHORT TERM DEPOSITS 13,788 (21,265)
FINANCING
NEW LOANS - 42,141
REPAYMENT OF LOANS (41,988) (23,561)
REDEMPTION OF PREFERENCE SHARES - (27,772)
(DECREASE)/ IN CASH
IN THE YEAR (188) (11,353)
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UNOKRSWRSRRR
Akademiska.21 (LSE:50IE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Akademiska.21 (LSE:50IE)
Historical Stock Chart
From Jul 2023 to Jul 2024
