REG - Severn Trent PLC - Final Results <Origin Href="QuoteRef">SVT.L</Origin> - Part 2
15/07/2015 18:58
- Part 2: For the preceding part double click ID:nRSV9932Na
66.7 80.2
Property, plant and equipment 7,239.8 7,023.5
Interests in joint ventures and associates 4.6 5.2
Derivative financial assets 13.5 72.4
Available for sale financial assets 0.1 0.1
7,339.0 7,196.2
Current assets
Inventory 16.7 27.2
Trade and other receivables 492.0 513.2
Current tax receivable 11.2 16.5
Derivative financial assets 13.5 12.9
Cash and cash equivalents 176.7 123.2
Assets held for sale 8 107.9 -
818.0 693.0
Total assets 8,157.0 7,889.2
Current liabilities
Borrowings (463.0) (206.1)
Derivative financial liabilities (32.2) (24.8)
Trade and other payables (494.0) (412.7)
Provisions for liabilities and charges (15.9) (12.1)
Liabilities associated with assets held for sale 8 (35.3) -
(1,040.4) (655.7)
Non-current liabilities
Borrowings (4,463.7) (4,416.0)
Derivative financial liabilities (175.1) (206.2)
Trade and other payables (542.0) (492.4)
Deferred tax (625.1) (654.0)
Retirement benefit obligations 10 (468.9) (348.3)
Provisions for liabilities and charges (18.5) (26.5)
(6,293.3) (6,143.4)
Total liabilities (7,333.7) (6,799.1)
Net assets 823.3 1,090.1
Equity
Called up share capital 233.7 233.9
Share premium account 100.2 94.2
Other reserves 98.2 82.2
Retained earnings 377.8 667.3
Equity attributable to owners of the company 809.9 1,077.6
Non-controlling interests 13.4 12.5
Total equity 823.3 1,090.1
Consolidated cash flow statement
Year ended 31 March 2015
2015 2014
Note £m £m
Cash generated from operations 11 760.1 730.2
Tax (paid)/received (28.6) 27.2
Net cash generated from operating activities 731.5 757.4
Investing activities
Interest received 1.8 6.5
Acquisition of non-controlling interests - (11.4)
Proceeds on disposal of property, plant and equipment and intangible assets 11.6 10.3
Purchases of intangible assets (17.7) (13.9)
Purchases of property, plant and equipment (446.2) (490.6)
Contributions and grants received 36.2 30.3
Net cash used in investing activities (414.3) (468.8)
Financing activities
Interest paid (213.1) (206.9)
Payments to close out interest rate swaps (139.2) -
Interest element of finance lease payments (6.9) (4.2)
Dividends paid to owners of the company (196.9) (185.3)
Dividends paid to non-controlling interests (1.4) (0.6)
Repayments of borrowings (334.2) (172.4)
Repayments of obligations under finance leases (21.2) (0.4)
New loans raised 685.0 0.7
Issue of shares 6.7 5.1
Share buy back (17.5) -
Purchase of own shares (5.9) (2.8)
Net cash used in financing activities (244.6) (566.8)
Increase/(decrease) in cash and cash equivalents 72.6 (278.2)
Net cash and cash equivalents at beginning of period 123.2 403.2
Effect of foreign exchange rates 0.2 (1.8)
Transferred to assets held for sale 8 (19.3) -
Net cash and cash equivalents at end of period 176.7 123.2
Net cash and cash equivalents comprise:
Cash at bank and in hand 24.9 46.4
Short term deposits 151.8 76.8
Net cash and cash equivalents at end of period 176.7 123.2
176.7
123.2
Net cash and cash equivalents comprise:
Cash at bank and in hand
24.9
46.4
Short term deposits
151.8
76.8
Net cash and cash equivalents at end of period
176.7
123.2
Notes
1 Basis of preparation
a) Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS),
International Accounting Standards (IAS) and IFRIC interpretations issued and effective and ratified by the European Union
as at 31 March 2015 and those parts of the Companies Act 2006 applicable to companies reporting under IFRS as adopted by
the European Union.
The financial statements have been prepared on the going concern basis under the historical cost convention as modified by
the revaluation of certain financial assets and liabilities (including derivative instruments) at fair value.
The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues
and expenses for the reporting period. Although these estimates are based on management's best knowledge of the amount,
event or actions, actual results may ultimately differ from those estimates.
The financial information set out in this announcement does not constitute the company's statutory accounts, within the
meaning of section 430 of the Companies Act 2006, for the years ended 31 March 2015 or 2014, but is derived from those
accounts. Statutory accounts for 2014 have been delivered to the Registrar of Companies and those for 2015 will be
delivered following the company's annual general meeting. The auditors have reported on those accounts; their reports were
unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The auditors have consented to the publication of the Preliminary Announcement as required by Listing Rule 9.7a having
completed their procedures under APB bulletin 2008/2.
b) Prior year restatement
Prior year figures in the consolidated income statement and related notes have been restated to present separately amounts
relating to operations classified as discontinued in the current year. For details see note 8.
2 Segmental analysis
The group is organised into two main segments:
Severn Trent Water
Provides water and sewerage services to domestic and commercial customers in England and Wales.
Severn Trent Services
Provides services and products associated with water and waste water principally in the US, UK and Europe.
a) Segmental results
2015 2014
Severn Trent Water Severn Trent Services Severn Trent Water Severn Trent Services
Restated
£m £m £m £m
External sales 1,579.1 216.2 1,542.6 209.9
Inter-segment sales 2.1 0.1 2.2 0.3
Total sales 1,581.2 216.3 1,544.8 210.2
Profit before interest, tax and exceptional items 539.0 9.7 518.6 13.3
Exceptional items (20.6) 1.9 8.2 (2.3)
Profit before interest and tax 518.4 11.6 526.8 11.0
Profit before interest, tax and exceptional items is stated after:
Amortisation of intangible assets 22.2 1.0 28.0 0.9
Depreciation of property, plant and equipment 276.7 3.5 267.5 3.2
Profit on disposal of fixed assets (0.4) (0.1) (0.3) (0.2)
The segmental profit before interest tax and exceptional items is reconciled to the consolidated income statement below:
2015 2014
Restated
£m £m
Underlying PBIT
- Severn Trent Water 539.0 518.6
- Severn Trent Services 9.7 13.3
- Corporate and other costs (12.1) (11.5)
Consolidation adjustments 3.7 3.4
Group underlying PBIT 540.3 523.8
Exceptional items allocated to segments
- Severn Trent Water (20.6) 8.2
- Severn Trent Services 1.9 (2.3)
- Corporate and other - (21.1)
Share of results of associates and joint ventures 0.1 0.2
Net finance costs (240.0) (247.9)
(Losses)/gains on financial instruments (133.5) 58.0
Profit before tax and discontinued operations 148.2 318.9
(Losses)/gains on financial instruments
(133.5)
58.0
Profit before tax and discontinued operations
148.2
318.9
b) Segmental capital employed
The segmental analysis of capital employed was as follows:
2015 2014
Severn Trent Water Severn Trent Services Severn Trent Water Severn Trent Services
£m £m £m £m
Operating assets 7,679.9 100.9 7,442.2 172.8
Goodwill 1.3 14.3 1.3 14.8
Interests in joint ventures and associates 0.1 4.5 0.1 5.0
Segment assets 7,681.3 119.7 7,443.6 192.6
Segment operating liabilities (1,350.1) (58.8) (1,155.7) (92.2)
Capital employed 6,331.2 60.9 6,287.9 100.4
Operating assets comprise other intangible assets, property plant and equipment, inventory and trade and other
receivables.
Operating liabilities comprise trade and other payables, retirement benefit obligations and provisions.
Additions to other intangible assets and property plant and equipment were as follows:
2015 2014
Severn Trent Water Severn Trent Services Severn Trent Water Severn Trent Services
£m £m £m £m
Other intangible assets 15.4 1.0 8.2 5.5
Property, plant and equipment 481.3 2.7 519.6 6.9
3 Exceptional items before tax
2015 2014
Restated
£m £m
Severn Trent Water
Restructuring costs 28.3 -
Profit on disposal of fixed assets (7.7) (8.2)
20.6 (8.2)
Severn Trent Services
Restructuring costs 4.4 2.3
Release of bad debt provision (6.3) -
(1.9) 2.3
Corporate and Other
Professional fees related to LongRiver proposal - 18.7
Provision for terminated operations and disposals - 2.4
- 21.1
Total exceptional operating items before tax 18.7 15.2
Exceptional tax is disclosed in note 6.
4 Net finance costs
2015 2014
£m £m
Investment income
Bank deposits 0.6 1.8
Other financial income 1.0 3.0
Total interest revenue 1.6 4.8
Interest income on defined benefit scheme assets 80.1 76.0
Total investment income 81.7 80.8
Finance costs
Interest on bank loans and overdrafts (17.1) (22.0)
Interest on other loans (201.8) (205.0)
Interest on finance leases (6.9) (7.7)
Total borrowing costs (225.8) (234.7)
Other financial expenses (1.4) (2.3)
Interest cost on defined benefit scheme obligations (94.5) (91.7)
Total finance costs (321.7) (328.7)
Net finance costs (240.0) (247.9)
5 (Losses)/gains on financial instruments
2015 2014
£m £m
Loss on cross currency swaps used as hedging instruments in fair value hedges (2.6) (26.5)
Gain arising on adjustment for foreign currency debt in fair value hedges - 21.9
Exchange gain on other loans 73.3 24.2
Loss on cash flow hedges transferred from equity (23.6) (8.1)
Hedge ineffectiveness on cash flow hedges 2.8 2.0
(Loss)/gain arising on swaps where hedge accounting is not applied (183.4) 44.5
(133.5) 58.0
6 Taxation
2015 2014
Restated
Total Before exceptional tax Exceptionaltax Total
£m £m £m £m
Current tax
Current year at 21% (2014: 23%) 46.4 46.5 - 46.5
Prior years at 23% (2014: 24%) (8.6) 9.3 (59.2) (49.9)
Total current tax 37.8 55.8 (59.2) (3.4)
Deferred tax
Origination and reversal of temporary differences - current year (11.3) 30.2 - 30.2
Origination and reversal of temporary differences - prior year 6.2 (8.7) (56.2) (64.9)
Exceptional credit arising from rate change - - (114.8) (114.8)
Total deferred tax (5.1) 21.5 (171.0) (149.5)
32.7 77.3 (230.2) (152.9)
The current tax charge was £37.8 million (2014: £55.8 million before exceptional tax). This includes a credit of £8.6
million (2014: charge of £9.3 million) arising from adjustments to prior year tax computations.
In the prior year an exceptional current tax credit of £59.2 million was recognised, reflecting the anticipated refund of
overpayment of tax in prior periods. This was following an agreement with HMRC that certain capital expenditure within our
water and waste water treatment works is eligible for capital allowances as plant and machinery. This also resulted in an
exceptional deferred tax credit of £56.2 million.
The Finance Act 2013 was enacted in the prior year which implemented a reduction in the corporation tax rate from 23% to
21% with effect from 1 April 2014 and then to 20% with effect from 1 April 2015. This resulted in an additional
exceptional deferred tax credit of £114.8 million in the income statement and a deferred tax charge of £12.3 million in
reserves.
7 Dividends
Amounts recognised as distributions to owners of the company in the period:
2015 2014
Pence per share £m Pence per share £m
Final dividend for the year ended 31 March 2014 (2013) 48.24 115.5 45.51 108.6
Interim dividend for the year ended 31 March 2015 (2014) 33.96 81.4 32.16 76.7
Total dividends 82.20 196.9 77.67 185.3
Proposed final dividend for the year ended 31 March 2015 50.94
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included
as a liability in these financial statements.
8 Discontinued operations
On 23 January 2015 the board approved a process to dispose of the group's Water Purification business which formed part of
the Severn Trent Services segment. These operations were classified as discontinued and as a disposal group held for sale
as at 31 March 2015. The results of discontinued operations are disclosed separately in the income statement and the assets
and liabilities of the disposal group are presented separately in the balance sheet.
On 12 May 2015 the group entered into a binding agreement to sell the business to Industrie De Nora. The proceeds of
disposal are expected to exceed the carrying value of the group's share of the disposal group's net assets and hence no
impairment loss has been recognised on the classification of these operations as held for sale.
The results of the discontinued operations were as follows:
2015 2014
£m £m
Turnover 108.2 100.0
Operating costs before exceptional items (103.3) (107.0)
Exceptional operating items - (29.2)
Total operating costs (103.3) (136.2)
Profit/(loss) before interest and tax 4.9 (36.2)
Finance costs - -
Profit/(loss) before tax 4.9 (36.2)
Attributable tax expense (0.2) (0.7)
Profit/(loss) for the year 4.7 (36.9)
Attributable to:
Owners of the company 3.7 (39.1)
Non-controlling interests 1.0 2.2
4.7 (36.9)
1.0
2.2
4.7
(36.9)
The major classes of assets and liabilities comprising the operations classified as held for sale are as follows:
2015
£m
Goodwill 1.8
Other intangible assets 7.2
Property, plant and equipment 5.0
Inventories 17.3
Trade and other receivables 57.3
Cash and bank balances 19.3
Total assets classified as held for sale 107.9
Trade and other payables (33.6)
Tax liabilities (0.2)
Bank overdrafts -
Other borrowings -
Provisions for liabilities and charges (1.5)
Total liabilities associated with assets held for sale (35.3)
Net assets of disposal group 72.6
Cash flows arising from the disposal group were as follows:
2015 2014
£m £m
Net cash flows attributable to:
- operating activities 1.8 (8.3)
- investing activities (2.1) (4.3)
- financing activities 3.6 12.9
3.3 0.3
Basic and diluted earnings per share from discontinued operations are as follows:
2015 2014
Earnings Weighted average number of shares Per share amount Earnings Weighted Per share
average number of shares amount
£m m pence £m m pence
Basic earnings per share 3.7 238.8 1.5 (39.1) 238.2 (16.4)
Diluted earnings per share 3.7 239.9 1.5 (39.1) 239.3 (16.3)
3.7
239.9
1.5
(39.1)
239.3
(16.3)
9 Earnings per share
a) Basic and diluted earnings per share
Basic earnings per share are calculated by dividing the earnings attributable to ordinary shareholders by the weighted
average number of ordinary shares in issue during the year, excluding those held in the Severn Trent Employee Share
Ownership Trust which are treated as cancelled.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of
all potentially dilutive ordinary shares. These represent share options granted to employees where the exercise price is
less than the average market price of the company's shares during the year.
Basic and diluted earnings per share from continuing and discontinued operations are calculated on the basis of profit from
continuing and discontinued operations attributable to the equity holders of the company.
The calculation of basic and diluted earnings per share is based on the following data:
Earnings for the purpose of basic and diluted earnings per share from continuing operations
2015 2014
£m £m
Profit for the period attributable to owners of the company 119.1 433.8
Adjusted for (profit)/loss from discontinued operations (see note 8) (3.7) 39.1
Profit for the period from continuing operations attributable to owners of the company 115.4 472.9
Number of shares
2015 2014
m m
Weighted average number of ordinary shares for the purpose of basic earnings per share 238.8 238.2
Effect of dilutive potential ordinary shares
- share options and LTIPs 1.1 1.1
Weighted average number of ordinary shares for the purpose of diluted earnings per share 239.9 239.3
b) Adjusted earnings per share from continuing operations
2015 2014
pence pence
Adjusted basic earnings per share 107.2 92.5
Adjusted diluted earnings per share 106.7 92.1
Adjusted earnings per share figures are presented for continuing operations. These exclude the effects of deferred tax,
exceptional tax, losses/gains on financial instruments, current tax related to losses/gains on financial instruments,
exceptional items and current tax related to exceptional items. The directors consider that the adjusted figures provide a
useful additional indicator of performance. The denominators used in the calculations of adjusted basic and diluted
earnings per share are the same as those used in the unadjusted figures set out above.
Adjustments to earnings
The adjustments to earnings that are made in calculating adjusted earnings per share are as follows:
2015 2014
Restated
£m £m
Earnings for the purpose of basic and diluted earnings per share from continuing operations 115.4 472.9
Adjustments for
- exceptional items before tax 18.7 15.2
- current tax related to exceptional items (4.7) (0.9)
- loss/(gain) on financial instruments 133.5 (58.0)
- current tax related to loss/(gain) on financial instruments (1.8) (0.1)
- deferred tax excluding exceptional charge (5.1) 21.5
- exceptional tax - (230.2)
Earnings for the purpose of adjusted basic and diluted earnings per share 256.0 220.4
10 Retirement benefit obligations
Movements in the present value of the defined benefit obligation were as follows:
2015 2014
£m £m
Present value at 1 April (348.3) (383.7)
Service cost (22.8) (22.5)
Past service cost (18.1) -
Net interest cost (14.4) (15.7)
Contributions from the sponsoring companies 81.0 73.0
Actuarial losses recognised in the statement of comprehensive income (143.4) 3.6
Scheme administration costs (2.9) (3.0)
Present value at 31 March (468.9) (348.3)
(3.0)
Present value at 31 March
(468.9)
(348.3)
The major assumptions used in the valuation of the defined benefit pension schemes were as follows:
2015 2014
Price inflation 3.0% 3.3%
Pension increases in payment 3.0% 3.3%
Pension increases in deferment 3.0% 3.3%
Discount rate 3.3% 4.4%
Remaining life expectancy for members currently aged 65 (years)
- men 21.4 21.3
- women 24.5 24.4
Remaining life expectancy for members currently aged 45 upon retirement at 65 (years)
- men 22.7 22.6
- women 26.1 26.0
The following table summarises the estimated impact on scheme liabilities resulting from changes to key actuarial
assumptions whilst holding all other assumptions constant:
Assumption Change in assumption Impact on scheme liabilities
Discount rate Increase/decrease by 0.1% Decrease/increase by £50 million
Price inflation Increase/decrease by 0.1% Decrease/increase by £45 million
Mortality Increase in life expectancy by 1 year Increase by £75 million
11 Cash flow statement
a) Reconciliation of operating profit to operating cash flows
2015 2014
£m £m
Profit before interest and tax from continuing operations 521.6 508.6
Profit/(loss) before interest and tax from discontinued operations 4.9 (36.2)
Profit before interest and tax 526.5 472.4
Depreciation of property, plant and equipment 281.6 270.0
Amortisation of intangible assets 24.2 29.3
Impairment 0.2 29.5
Pension service cost 40.9 22.5
Defined benefit pension scheme administration costs 2.9 3.0
Pension contributions (81.0) (73.0)
Share based payments charge 7.7 6.2
Profit on sale of property, plant and equipment and intangible assets (8.6) (8.6)
Deferred income movement (10.1) (9.5)
Provisions charged to the income statement 20.0 11.0
Utilisation of provisions for liabilities and charges (26.0) (13.8)
Operating cashflows before movements in working capital 778.3 739.0
(Increase)/decrease in inventory (5.7) 4.4
Increase in amounts receivable (32.5) (17.2)
Increase in amounts payable 20.0 4.0
Cash generated from operations 760.1 730.2
Tax (paid)/received (28.6) 27.2
Net cash generated from operating activities 731.5 757.4
730.2
Tax (paid)/received
(28.6)
27.2
Net cash generated from operating activities
731.5
757.4
b) Exceptional cash flows
2015 2014
£m £m
Restructuring costs (25.4) (4.3)
Disposal of fixed assets 9.4 9.4
Disposal of subsidiaries (3.5) -
Settlement of customer contractual disputes - (1.9)
Obligations arising from disposal of businesses - (1.6)
Professional fees relating to LongRiver proposal - (18.7)
(19.5) (17.1)
c) Reconciliation of movement in cash and cash equivalents to movement in net debt
As at1 April 2014 Cash flow Fair value adjustments RPI uplift on index-linked debt Foreign exchange Othernon cashmovements As at 31 March 2015
£m £m £m £m £m £m £m
Net cash and cash equivalents 123.2 72.6 - - 0.2 (19.3)1 176.7
Bank loans (594.9) (683.0) - (1.3) - - (1,279.2)
Other loans (3,826.0) 332.2 - (20.7) 73.3 (26.3) (3,467.5)
Finance leases (201.2) 21.2 - - - - (180.0)
Cross currency swaps 51.4 - (78.1) - - 24.1 (2.6)
Net debt (4,447.5) (257.0) (78.1) (22.0) 73.5 (21.5) (4,752.6)
1. Other non cash movements on cash and cash equivalents represent amounts transferred to assets held for sale (see note
8)
12 Contingent liabilities
Bonds and guarantees
Group undertakings have entered into bonds and guarantees in the normal course of business. No liability is expected to
arise in respect of either bonds or guarantees.
The group has given certain guarantees in respect of the borrowings of its associate, Servizio Idrico Integrato S.c.p.a.
The guarantees are limited to E5.1 million (2014: E5.1 million). The group does not expect any liabilities that are not
provided for in these financial statements to arise from these arrangements.
13 Related party transactions
There have been no related party transactions that materially affected the financial position or performance of the group
during the period.
14 Post balance sheet events
Following the year end the board of directors has proposed a final dividend of 50.94 pence per share. Further details of
this are shown in note 7.
On 12 May 2015 the group entered into a binding agreement to sell the business to Industrie De Nora. The proceeds of
disposal are expected to exceed the carrying value of the group's share of the disposal group's net assets and hence no
impairment loss has been recognised on the classification of these operations as held for sale. Further details of this are
shown in note 8.
15 Annual report
The annual report will be made available to shareholders in June. Copies may be obtained from the Company Secretary, Severn
Trent Plc, PO Box 5309, Coventry CV3 9FH.
16 Annual general meeting
The Annual General Meeting will be held at the International Convention Centre, Broad Street, Birmingham B1 2EA at 11am on
Wednesday 15 July 2015.
Ofwat KPI performance 2014/15 vs. 2013/14
Ofwat measures all water and sewerage companies against a suite of KPIs. Our performance against these operational KPIs is
set out in the table below.
KPI 2015 2014
Water Quality compliance1,2 99.96% 99.96%
Water Serviceability - Non infrastructure4 Deteriorating Marginal
Water supply interruptions3 (per properties, mins) 10 16
Leakage (ml/day) 441 441
Security of Supply 100 100
Water Serviceability - Infrastructure4 Stable Marginal
Internal sewer flooding 164 204
Sewerage serviceability - Infrastructure4 Marginal Marginal
Service Incentive Mechanism - (Quantitative)6 105 143
Pollution incidents (Infrastructure Category 1,2,3, per 10,000km network)2,5, 63.88 77.97
Serious pollution incidents (Infrastructure Category 1,2 per 10,000km network)2,5 1.62 1.27
Discharge permit compliance2 99.86% 99.29%
Sewerage serviceability - Non infrastructure4 Stable Stable
Greenhouse gas emissions (ktCO2e) 490.6 510.9
Satisfactory sludge disposal 100% 100%
Notes:
1. Not a required Ofwat KPI but still reported
2. Measured on a calendar year basis
3. Number of minutes lost due to supply interruptions for 3 hours or longer per property served
4. Ofwat serviceability score assesses how effectively we are maintaining our network and assets against a range of measures. Assessed as either improving, stable, marginal or deteriorating.
5. Number of incidents adjusted to reflect company size.
6. The SIM qualitative score this year is not compatible with prior years due to a methodology change, so only the quantitative score is presented.
Cautionary statement regarding Forward Looking Statements
This document contains statements that are, or may be deemed to be, 'forward-looking statements' with respect to Severn
Trent's financial condition, results of operations and business and certain of Severn Trent's plans and objectives with
respect to these items.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as
'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans',
'projects', 'potential', 'reasonably possible', 'targets', 'goal' or 'estimates' and, in each case, their negative or other
variations or comparable terminology. Any forward-looking statements in this document are based on Severn Trent's current
expectations and, by their very nature, forward-looking statements are inherently unpredictable, speculative and involve
risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance and no assurances can be given that the forward-looking
statements in this document will be realised. There are a number of factors, many of which are beyond Severn Trent's
control, that could cause actual results, performance and developments to differ materially from those expressed or implied
by these forward-looking statements. These factors include, but are not limited to: the Principal Risks disclosed in our
Annual Report as at May 2013 (which have not been updated since); changes in the economies and markets in which the group
operates; changes in the regulatory and competition frameworks in which the group operates; the impact of legal or other
proceedings against or which affect the group; and changes in interest and exchange rates.
All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to
Severn Trent or any other member of the group or persons acting on their behalf are expressly qualified in their entirety
by the factors referred to above. Subject to compliance with applicable laws and regulations, Severn Trent does not intend
to update these forward-looking statements and does not undertake any obligation to do so,
Nothing in this document should be regarded as a profits forecast.
This document is not an offer to sell, exchange or transfer any securities of Severn Trent Plc or any of its subsidiaries
and is not soliciting an offer to purchase, exchange or transfer such securities in any jurisdiction. Securities may not be
offered, sold or transferred in the United States absent registration or an applicable exemption from the registration
requirements of the US Securities Act of 1933 (as amended).
This information is provided by RNS
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