REG - Severn Trent PLC - Half Yearly Report <Origin Href="QuoteRef">SVT.L</Origin> - Part 2
25/11/2014 08:50
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1,061.2 1,090.1
Equity
Called up share capital 11 234.6 233.9
Share premium account 99.7 94.2
Other reserves 79.3 82.2
Retained earnings 635.8 667.3
Equity attributable to owners of the company 1,049.4 1,077.6
Non-controlling interests 11.8 12.5
Total equity 1,061.2 1,090.1
Condensed consolidated cash flow statementSix months ended 30 September 2014 2014 2013
Note £m £m
Cash generated from operations 12 486.3 432.0
Tax paid (15.3) (1.1)
Net cash generated from operating activities 471.0 430.9
Investing activities
Interest received 1.1 3.2
Proceeds on disposal of property, plant and equipment 0.5 8.6
Purchases of intangible assets (4.4) (6.8)
Purchases of property, plant and equipment (226.2) (216.7)
Contributions and grants received 17.3 11.3
Net cash used in investing activities (211.7) (200.4)
Financing activities
Interest paid (77.4) (77.5)
Interest element of finance lease payments (2.7) -
Dividends paid to shareholders of the parent (115.5) (108.6)
Dividends paid to non-controlling interests (1.6) (0.7)
Repayments of borrowings (15.5) (169.3)
Repayments of obligations under finance leases (20.5) -
New loans raised - 1.0
Issues of shares 6.2 4.8
Redemption of preference shares - (1.0)
Purchase of own shares (2.5) (2.9)
Net cash used in financing activities (229.5) (354.2)
Net increase/(decrease) in cash and cash equivalents 29.8 (123.7)
Net cash and cash equivalents at beginning of period 123.2 403.2
Effect of foreign exchange rates 0.5 (1.3)
Net cash and cash equivalents at end of period 153.5 278.2
Net cash and cash equivalents
Cash and cash equivalents 154.1 278.3
Bank overdrafts (0.6) (0.1)
153.5 278.2
Notes to the condensed interim financial information
1 General information
The interim report has been prepared in accordance with the recognition and
measurement criteria of IFRS and the disclosure requirements of the Listing
Rules.
The information for the year ended 31 March 2014 does not constitute statutory
accounts within the meaning of section 434 of the Companies Act 2006. A copy
of the statutory accounts for that year prepared under IFRS has been delivered
to the Registrar of Companies. The auditor's report on those accounts was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statements under section 498 (2) or (3) of the Companies Act
2006.
Accounting policies
The interim financial information has been prepared on the going concern basis
using accounting policies consistent with International Financial Reporting
Standards and in accordance with IAS 34 "Interim Financial Reporting" as
adopted by the European Union. The same accounting policies, presentation and
methods of computation are followed in the interim financial information as
applied in the group's annual financial statements for the year ended 31 March
2014. The group has adopted IFRSs 10, 11 and 12 with effect from 1 April 2014.
They have had no material impact on the financial statements.
Going concern
Including undrawn committed credit facilities, the group is fully funded for
its investment and cash flow needs until 2016. After making enquiries the
directors have a reasonable expectation that the group has adequate resources
to continue in operational existence for the foreseeable future and hence the
interim financial information has been prepared on a going concern basis.
Seasonality
The group's businesses are not seasonal in nature.
2 Segmental analysis
The group is organised into two main business segments:
Severn Trent Water: Provides water and waste water 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.
Six months ended 30 September 2014 2013
Severn Trent Water Severn Trent Services Severn Trent Water Severn Trent Services
£m £m £m £m
External sales 792.2 153.9 774.0 147.5
Inter-segment sales 0.8 1.0 0.6 0.5
Total sales 793.0 154.9 774.6 148.0
Profit before interest, tax and exceptional items 275.1 6.4 269.5 1.6
Exceptional items (see note 3) - 6.5 7.1 0.4
Profit before interest and tax 275.1 12.9 276.6 2.0
The reportable segments' external turnover is reconciled to group turnover as
follows:
Six months ended 30 September 2014 2013
£m £m
Severn Trent Water 792.2 774.0
Severn Trent Services 153.9 147.5
Corporate and other 1.5 0.9
947.6 922.4
Segmental underlying PBIT is reconciled to the group's profit before tax as
follows:
Six months ended 30 September 2014 2013
£m £m
Underlying PBIT:
Severn Trent Water 275.1 269.5
Severn Trent Services 6.4 1.6
Corporate and other costs (7.6) (5.5)
Consolidation adjustments 1.0 1.3
Group underlying PBIT 274.9 266.9
Exceptional items:
Severn Trent Water - 7.1
Severn Trent Services 6.5 0.4
Corporate and other costs - (18.7)
Net finance costs (119.1) (125.6)
Net (losses)/gains on financial instruments (24.1) 61.1
Profit before tax 138.2 191.2
The segmental analysis of capital employed was as follows:
30 September 2014 31 March 2014
Severn Trent Water Severn Trent Services Severn Trent Water Severn Trent Services
£m £m £m £m
Operating assets 7,547.1 182.3 7,442.2 172.8
Goodwill 1.3 15.1 1.3 14.8
Interests in joint ventures and associates 0.1 4.7 0.1 5.0
Segment assets 7,548.5 202.1 7,443.6 192.6
Segment operating liabilities (1,332.8) (88.4) (1,155.7) (92.2)
Capital employed 6,215.7 113.7 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.
3 Exceptional items before tax
The group classifies items of income or expenditure as exceptional if
individually or, if of a similar type, in aggregate they should, in the
opinion of the directors, be disclosed by virtue of their size or nature if
the financial statements are to give a true and fair view. In this context
materiality is assessed at the segment level.
Six months ended 30 September 2014 2013
£m £m
Severn Trent Water
Profit on disposal of fixed assets - (7.1)
Severn Trent Services
Restructuring costs - 0.8
Release of provision for bad debts (6.5) -
Release of provision for commercial dispute - (1.2)
(6.5) (0.4)
Corporate and Other
Professional fees relating to LongRiver proposal - 18.7
Total exceptional operating items before tax (6.5) 11.2
4 Net (losses)/gains on financial instruments
Six months ended 30 September 2014 2013
£m £m
Loss on cross currency swaps used as hedging instruments in fair value hedges (3.4) (15.1)
Gain arising on adjustment for foreign currency debt in fair value hedges 1.5 13.5
Exchange gain on other loans 35.0 12.2
Loss on cash flow hedges transferred from equity (6.0) (1.8)
Ineffectiveness of cashflow hedges 2.6 -
(Loss)/gain arising on swaps where hedge accounting is not applied (53.8) 52.3
(24.1) 61.1
5 Tax
Six months ended 30 September 2014 2013
Before exceptional tax Exceptional tax Total
£m £m £m £m
Current tax
Current year 29.6 31.2 - 31.2
Prior years - - (44.0) (44.0)
Total current tax 29.6 31.2 (44.0) (12.8)
Deferred tax
Origination and reversal of temporary differences - current year 0.3 15.1 - 15.1
Origination and reversal of temporary differences - prior year - - (41.1) (41.1)
Exceptional credit arising from rate change - - (114.8) (114.8)
Total deferred tax 0.3 15.1 (155.9) (140.8)
29.9 46.3 (199.9) (153.6)
Income tax for the period is charged in the income statement at 21.4% (2013:
charged at 24.2% before exceptional tax credits), representing the best
estimate of the annual average effective income tax rate expected for the full
year applied to the pre-tax income for the six month period.
The effective rate of current tax, excluding prior year charges and current
tax on exceptional items and on financial instruments, calculated on profit
before tax, exceptional items and net losses on financial instruments was
19.1% (2013: 21.4%).
In the prior period there was an exceptional current tax credit of £44.0
million which arose from the resolution of a long standing industry wide
discussion with HMRC and an exceptional deferred tax credit of £155.9 million
partly arising from the same matter as the current tax credit and partly from
the planned reduction in the corporation tax rate to 20%.
Current tax credits of £0.6 million (2013: £0.9 million) and deferred tax
credits of £7.0 million (2013: £8.2 million charge excluding amounts arising
from rate change) have been taken to reserves in the period.
6 Dividends
Amounts recognised as distributions to equity holders in the period:
Six months ended 30 September 2014 2013
Pence per share £m Pence per share £m
Final dividend for the year ended 31 March 48.24 115.5 45.51 108.6
The proposed interim dividend of 33.96p per share (2013: 32.16p per share) was
approved by the board on 24 November 2014 and has not been included as a
liability as at 30 September 2014.
7 Earnings per share
a) Basic and diluted earnings per share
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares in
issue during the period, 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
period and LTIP awards to the extent that the vesting conditions have been
satisfied at the balance sheet date. Potential ordinary shares which would
reduce a loss per share are not considered to be dilutive and hence in these
circumstances diluted loss per share is equal to basic loss per share.
The calculation of basic and diluted earnings per share is based on the
following data:
Earnings
Six months ended 30 September 2014 2013
£m £m
Profit for the period attributable to owners of the company 107.5 344.9
Number of shares
Six months ended 30 September 2014 2013
m m
Weighted average number of ordinary shares for the purpose of basic earnings per share 238.6 237.8
Effect of dilutive potential ordinary shares:
- share options and LTIPs 0.9 0.9
Weighted average number of ordinary shares for the purpose of diluted earnings per share 239.5 238.7
b) Adjusted earnings per share
Six months ended 30 September 2014 2013
Pence Pence
Adjusted basic earnings per share 52.6 46.7
Adjusted diluted earnings per share 52.4 46.5
Adjusted earnings per share figures exclude the effects of exceptional items,
net (losses)/gains on financial instruments, current tax on exceptional items
and on net (losses)/gains financial instruments and deferred tax in both 2014
and 2013. 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.
The adjustments to earnings are as follows:
Adjustments to earnings
Six months ended 30 September 2014 2013
£m £m
Earnings for the purpose of basic and diluted earnings per share 107.5 344.9
Adjustments for:
- exceptional items before tax (6.5) 11.2
- current tax on exceptional items 0.2 0.8
- net losses/(gains) on financial instruments 24.1 (61.1)
- current tax on net losses/gains on financial instruments - 0.1
- exceptional current tax credit - (44.0)
- deferred tax 0.3 (140.9)
Earnings for the purpose of adjusted basic and diluted earnings per share 125.6 111.0
8 Borrowings
30 September 31 March
2014 2014
£m £m
Bank overdrafts 0.6 -
Bank loans 595.8 594.9
Other loans 3,786.1 3,826.0
Obligations under finance leases 180.7 201.2
Borrowings 4,563.2 4,622.1
30 September 31 March
2014 2014
£m £m
On demand or within one year - included in current liabilities 250.0 206.1
In the second year 717.1 660.3
In the third to fifth years 558.3 732.1
After five years 3,037.8 3,023.6
Included in non-current liabilities 4,313.2 4,416.0
4,563.2 4,622.1
9 Fair value of financial instruments
a) Fair value measurements
The valuation techniques that the group applies in determining the fair values
of its financial instruments are described below. All techniques are
classified as Level 2 under the hierarchy defined by IFRS 13. There have been
no changes in the levels of classification during the period.
The following table describes the valuation technique that the group applies
for each class of financial instrument which is measured at fair value on a
recurring basis:
Fair value as at
30 September 31 March
2014 2014 Valuation techniques and key inputs
£m £m
Cross currency swaps Discounted cash flow
Assets 50.6 73.1 Future cash flows are estimated based on forward
Liabilities (24.3) (21.7) interest rates from observable yield curves at
the period end and contract interest rates discounted at a
rate that reflects the credit risk of counterparties. The
currency cash flows are translated at the spot rate.
Interest rate swaps Discounted cash flow
Assets 8.2 12.1 Future cash flows are estimated based on forward
Liabilities (232.7) (206.1) interest rates from observable yield curves at
the period end and contract interest rates discounted at
a rate that reflects the credit risk of counterparties.
Energy swaps Discounted cash flow
Liabilities (1.5) (2.9) Future cash flows are estimated based on forward
electricity prices from observable indices at
the period end and contract prices discounted at
a rate that reflects the credit risk of counterparties.
Foreign currency forward contracts Discounted cash flow
Assets 0.2 0.1 Future cash flows are estimated based on observable
Liabilities (0.6) (0.3) forward exchange rates at the period end
and contract forward rates discounted at a rate
that reflects the credit risk of counterparties.
b) Comparison of fair value of financial instruments with their carrying
amounts
The directors consider that the carrying amounts of cash and short term
deposits, bank overdrafts, trade receivables and trade payables are not
materially different from their fair values. Derivative financial instruments
are carried at fair value. The carrying values and estimated fair values of
other non-derivative financial instruments are set out below. This analysis
does not take into account the impact of interest rate swaps. At 30 September
2014 the group held interest rate swaps that converted floating rate interest
to fixed on a net principal amount of £591.4 million (31 March 2014: £591.4
million).
30 September 31 March
2014 2014
Carryingvalue Fairvalue Carrying value Fairvalue
£m £m £m £m
Floating rate debt
Bank loans 300.0 294.3 300.0 293.0
Currency bonds 192.8 196.3 215.6 217.4
492.8 490.6 515.6 510.4
Fixed rate debt
Bank loans 189.1 201.1 189.7 201.1
Sterling bonds 1,903.9 2,170.6 1,902.9 2,108.1
Currency bonds 540.6 582.5 571.5 627.3
Other loans 1.5 1.5 1.7 1.7
Finance leases 180.7 175.3 201.2 197.7
2,815.8 3,131.0 2,867.0 3,135.9
Index-linked debt
Bank loans 106.7 118.1 105.2 114.7
Sterling bonds 1,147.3 1,337.6 1,134.3 1,213.3
1,254.0 1,455.7 1,239.5 1,328.0
Total 4,562.6 5,077.3 4,622.1 4,974.3
10 Retirement benefit schemes
The group operates two defined benefit schemes being the Severn Trent Pension
Scheme and the Severn Trent Mirror Image Scheme. The group also has an
unfunded obligation to provide benefits to certain former employees whose
earnings were in excess of the pensions cap that operated when the benefits
were accrued.
The retirement benefit obligation as at 30 September 2014 has been calculated
on a year to date basis, using the actuarial valuation update as at 31 March
2014. There have not been any significant fluctuations or one time events
since that date that would require adjustment to the actuarial assumptions
made at 31 March 2014. However, the market based assumptions have been
updated for conditions prevailing at the balance sheet date as follows:
30 September 31 March
2014 2014
Discount rate 4.0% 4.4%
RPI 3.1% 3.3%
The defined benefit assets have been updated to reflect their market value as
at 30 September 2014. Actuarial gains and losses on the scheme assets and
defined benefit obligations have been reported in the statement of
comprehensive income.
Service cost, and the cost of administrating the scheme, are recognised in
operating costs and interest cost is recognised in net finance costs. Amounts
recognised in the income statement in respect of these defined benefit schemes
are as follows:
Six months ended 30 September 2014 2013
£m £m
Current service cost (11.7) (11.3)
Administration cost (2.0) (1.6)
Net interest cost (7.6) (8.3)
Total amount charged to the income statement (21.3) (21.2)
The amount included in the balance sheet arising from the group's obligations
under defined benefit schemes was as follows:
30 September 31 March
2014 2014
£m £m
Total fair value of assets 1,897.3 1,823.6
Present value of the defined benefit obligations - funded schemes (2,276.4) (2,162.5)
Present value of the defined benefit obligations - unfunded schemes (9.6) (9.4)
Liability recognised in the balance sheet (388.7) (348.3)
Movements in the liability recognised in the balance sheet were as follows:
2014 2013
£m £m
At 1 April (348.3) (383.7)
Current service cost (11.7) (11.3)
Administration cost (2.0) (1.6)
Net interest cost (7.6) (8.3)
Contributions from the sponsoring companies 12.3 13.2
Net actuarial (loss)/gain recognised in the statement of comprehensive income (31.4) 21.5
At 30 September (388.7) (370.2)
11 Share capital
At 30 September 2014 the issued and fully paid share capital was 239.6 million
shares of 9717/19p amounting to
£234.6 million (31 March 2014: 238.9 million shares of 9717/19p amounting to
£233.9 million).
During the period the company issued 657,416 shares (2013: 554,070 shares) as
a result of the exercise of employee share options.
12 Cash flow
a) Reconciliation of operating profit to operating cash flows
Six months ended 30 September 2014 2013
£m £m
Profit before interest and tax 281.4 255.7
Depreciation of property, plant and equipment 143.2 136.1
Amortisation of intangible assets 12.9 15.6
Pension service cost 11.7 11.3
Defined benefit pension scheme administration costs 2.0 1.6
Pension contributions (12.3) (13.2)
Share based payments charge 4.0 2.8
Profit on sale of property, plant and equipment - (6.8)
Deferred income movement (5.0) (4.8)
Provisions for liabilities and charges 3.6 4.0
Utilisation of provisions for liabilities and charges (6.6) (5.1)
Increase in inventory (2.2) (0.1)
Increase in receivables (37.9) (48.3)
Increase in payables 91.5 83.2
Cash generated from operations 486.3 432.0
Tax paid (15.3) (1.1)
Net cash generated from operating activities 471.0 430.9
b) Non-cash transactions
No additions to property, plant and equipment during the six months to
September 2014 were financed by new finance leases (2013: nil).
c) Exceptional cash flows
The following cash flows arose from items classified as exceptional in the
income statement:
Six months ended 30 September 2014 2013
£m £m
Restructuring costs - (1.7)
Professional fees relating to LongRiver proposal - (18.6)
Proceeds on disposal of fixed assets - 8.1
Settlement of commercial disputes - (2.0)
- (14.2)
d) Reconciliation of movements in net debt
As at RPI uplift Other As at 30
1 April Cash Fair value on index Foreign non-cash September
2014 flow adjustments linked debt exchange movements 2014
£m £m £m £m £m £m £m
Cash and cash equivalents 123.2 30.4 - - 0.5 - 154.1
Bank overdrafts - (0.6) - - - - (0.6)
Net cash and cash equivalents 123.2 29.8 - - 0.5 - 153.5
Bank loans (594.9) 0.5 - (1.4) - - (595.8)
Other loans (3,826.0) 17.6 1.5 (13.1) 35.1 (1.2) (3,786.1)
Finance leases (201.2) 20.5 - - - - (180.7)
Cross currency swaps hedging debt 51.4 (2.6) (37.3) - - 14.8 26.3
Net debt (4,447.5) 65.8 (35.8) (14.5) 35.6 13.6 (4,382.8)
13 Post balance sheet events
The group has announced that it is in consultation with its employees in
relation to proposals to create a new organisation structure to respond to the
challenges of AMP 6. These proposals would result in around 500 fewer
management and support roles in the company. The consultation process is
expected to be completed in December. The costs of implementing these changes
will be determined when consultation is complete and it is expected that they
will be recorded as an exceptional item in the second half of the current
financial year.
14 Contingent liabilities
Details of the group's contingent liabilities were disclosed in the financial
statements for the year ended 31 March 2014 which were approved on 28 May
2014. There have been no significant developments relating to the contingent
liabilities disclosed in those financial statements.
15 Related party transactions
There have been no related party transactions that materially affected the
financial position or performance of the group during the period.
Responsibility statement
We confirm to the best of our knowledge:
(a) the condensed set of financial statements has been prepared in
accordance with IAS 34 "Interim Financial Reporting"; and
(b) the interim management report includes a fair review of the
information required by Disclosure and Transparency Rules 4.2.7R and 4.2.8R of
the United Kingdom Financial Conduct Authority.
Signed on behalf of the Board who approved the half yearly financial report on
24 November 2014.
Andrew Duff Michael McKeon
Chairman Finance Director
Further copies of this half yearly financial report may be obtained from the
Company Secretary, Severn Trent Plc, Severn Trent Centre, PO Box 5309,
Coventry, CV3 9FH.
INDEPENDENT REVIEW REPORT TO SEVERN TRENT PLC
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2014 which comprises the condensed consolidated income statement,
the condensed consolidated statement of comprehensive income, the condensed
consolidated statement of changes in equity, the condensed consolidated
balance sheet, the condensed consolidated cash flow statement and related
notes 1 to 15. We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent misstatements
or material inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the company in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity"
issued by the Auditing Practices Board. Our work has been undertaken so that
we might state to the company those matters we are required to state to them
in an independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the company, for our review work, for this report, or for the
conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, "Interim Financial Reporting," as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.
Scope of Review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 September 2014 is not prepared,
in all material respects, in accordance with International Accounting Standard
34 as adopted by the European Union and the Disclosure and Transparency Rules
of the United Kingdom's Financial Conduct Authority.
Deloitte LLP
Chartered Accountants and Statutory Auditor
London, UK
24 November 2014
Forward-looking statements
This document contains certain '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', 'should', 'expects', 'believes', 'seeks',
'anticipates', 'intends', 'plans', 'potential', 'reasonably possible',
'targets', 'goal' or 'estimates', and words of similar meaning. 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 will occur in the future.
There are a number of factors that could cause actual results 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 2014 (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; changes in the capital markets from which the group raises
finance; 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. No assurances can be given
that the forward-looking statements in this document will be realised. Subject
to compliance with applicable law 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.
Without prejudice to the above
(a) neither Severn Trent Plc nor any other member of the group, nor persons
acting on their behalf shall otherwise have any liability whatsoever for loss
howsoever arising, directly or indirectly, from use of the information
contained within this document; and
(b) neither Severn Trent Plc nor any other member of the group, nor persons
acting on their behalf makes any representation or warranty, express or
implied, as to the accuracy or completeness of the information contained
within this document.
This document is accurate as at the date of publication. You should be aware
that this document has not been and will not be updated to reflect any changes
since that date.
Past performance of securities of Severn Trent Plc cannot be relied upon as a
guide to the future performance of securities of Severn Trent Plc.
Cautionary statement
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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