Final Results

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)              





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