Final Results
2008年4月9日 - 7:17PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:9552R
Severn River Crossing PLC
09 April 2008
SEVERN RIVER CROSSING PLC
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2007
CHAIRMAN'S STATEMENT
IN 2007 TRAFFIC TRAVELLING WESTBOUND OVER THE SEVERN BRIDGE AND SECOND SEVERN
CROSSING INCREASED BY 1.1% TO 13,152,237 TOLL PAYING VEHICLES (2006:
13,005,678). CAR JOURNEYS INCREASED BY 0.6% (2006: 0.6%), LIGHT GOODS VEHICLES
BY 3.9% (2006: 5.6%) AND HEAVY GOODS VEHICLES BY 2.1% (2006: 0.8%). THE
COMPANY'S 2007 TURNOVER INCREASED BY 5.7% TO �76.1 MILLION (2006: �72.0 MILLION)
AND, DURING THE YEAR, THE RETAINED CASH GENERATED BY THE BUSINESS HAS BEEN USED
TO REPAY DEBT. DEBT REPAYMENTS IN 2007 REACHED �37.6 MILLION (2006: �31.1
MILLION) AND THIS INCLUDED THE FULL REPAYMENT OF THE SENIOR FACILITY LOANS IN
MAY 2007. IN ADDITION TWO EUROPEAN INVESTMENT BANK LOANS TOTALLING �28.4
MILLION WERE REPAID AHEAD OF SCHEDULE IN JANUARY 2008. IN SPITE OF THESE DEBT
REPAYMENTS, FINANCE CHARGES INCREASED TO �38.8 MILLION (2006: �33.8 MILLION) DUE
PRIMARILY TO HIGHER INDEXATION COSTS ON THE COMPANY'S INDEX-LINKED DEBT OF �12.7
MILLION (2006: �7.0 MILLION), BUT ALSO DUE TO ACCRUED INDEMNITY COSTS OF �1.4
MILLION ON THE EARLY REPAYMENT OF EUROPEAN INVESTMENT BANK LOANS.
THE COMPANY REPORTED A LOSS BEFORE TAX OF �1.0 MILLION (2006: PROFIT OF �2.6
MILLION).
DURING MARCH 2007 THE GOVERNMENT ANNOUNCED CHANGES IN TAX LEGISLATION, INCLUDING
THE ABOLITION OF INDUSTRIAL BUILDINGS ALLOWANCES, WHICH ADVERSELY AFFECT THE
COMPANY. THE COMPANY IS REVIEWING THE BASIS OF FUTURE TAXATION, BUT ON THE
CURRENT ACCOUNTING AND TAX BASIS HAS BEEN REQUIRED TO MAKE A NON-CASH CREDIT TO
THE TAX CHARGE OF �14.7 MILLION. IN FUTURE YEARS ON THIS BASIS THE ABOLITION
OF INDUSTRIAL BUILDINGS ALLOWANCES WILL ACT TO SIGNIFICANTLY INCREASE THE
COMPANY'S EFFECTIVE TAX RATE.
THE COMPANY, THEREFORE, RECORDED A PROFIT AFTER TAX OF �11.2 MILLION (2006: �0.9
MILLION), DUE TO A TAX CREDIT OF �12.3 MILLION (2006 TAX CHARGE OF �1.6
MILLION) PRIMARILY ARISING FROM THE RELEASE OF �14.7 MILLION OF THE DEFERRED TAX
LIABILITY RELATING IN THE MAIN TO THE ABOLITION OF INDUSTRIAL BUILDINGS
ALLOWANCES.
THE COMPANY CONTINUES TO USE AN ANNUITY DEPRECIATION METHOD TO DEPRECIATE THE
ASSET VALUE OF THE TWO BRIDGES. IF THE COMPANY HAD CHANGED ITS DEPRECIATION
POLICY FOR THE BRIDGES TO AN ECONOMIC USAGE METHOD, THEN THE DEPRECIATION CHARGE
FOR 2007 WOULD HAVE INCREASED BY �10.1 MILLION. THIS DOES NOT AFFECT THE
COMPANY'S STRONG CASH POSITION.
DURING 2007 THE FUNDING POSITION OF THE COMPANY'S PENSION SCHEME IMPROVED. AN
ACTUARIAL VALUATION AT 1 APRIL 2007 CONFIRMED THAT THE FUND HAD MOVED INTO A
SMALL SURPLUS, AND THE FRS 17 VALUATION AT 31 DECEMBER 2007 CONFIRMED THAT THE
MARKET VALUE OF ASSETS AT �14.4 MILLION MATCHED THE ACTUARIAL VALUE OF THE
SCHEME LIABILITIES (2006: NET PENSION LIABILITY �0.9 MILLION).
THE CONTRACTS FOR TOLL MANAGEMENT AND MAINTENANCE ON BOTH BRIDGES CONTINUE TO
WORK WELL, AND NEW TOLL EQUIPMENT HAS NOW BEEN INSTALLED AND IS IN OPERATION ON
BOTH BRIDGES, WITH NEW TOLL BOOTHS ON THE M48 SEVERN BRIDGE TOLL PLAZA.
THE COMPANY, WORKING IN CONJUNCTION WITH THE DEPARTMENT FOR TRANSPORT/HIGHWAYS
AGENCY, HAS NOW COMPLETED A PROGRAMME OF INSPECTIONS ON THE MAIN CABLES OF THE
SEVERN BRIDGE. ACOUSTIC MONITORING SYSTEMS HAVE BEEN INSTALLED, TOGETHER WITH A
PARTIAL DEHUMIDIFICATION SYSTEM. A CONTRACT FOR A FULL DEHUMIDIFICATION SYSTEM
ALONG THE LENGTH OF BOTH MAIN CABLES HAS NOW STARTED AND WILL COMPLETE LATER IN
2008. ENGINEERS ARE CARRYING OUT AN ASSESSMENT OF STRENGTH LOSS, AND ARE
CONSIDERING APPROPRIATE REMEDIAL WORKS. UNDER THE TERMS OF THE CONCESSION
AGREEMENT WITH THE DEPARTMENT FOR TRANSPORT ("DfT") THE DfT REMAIN FINANCIALLY
LIABLE FOR THE WORKS OF THE SEVERN BRIDGE MAIN CABLE INSPECTIONS AND REMEDIAL
WORKS.
A H MOORE
Chairman
SEVERN RIVER CROSSING PLC
DIRECTORS' REPORT
=================
THE DIRECTORS SUBMIT THEIR ANNUAL REPORT AND THE AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
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 2007 TURNOVER INCREASED BY 5.7% TO STG 76.1 MILLION (2006: STG
72.0 MILLION) AND THE COMPANY REPORTED A PROFIT AFTER TAX OF STG 11.2 MILLION
(2006: PROFIT STG 0.9 MILLION). NO DIVIDENDS ARE PROPOSED (2006: STG NIL).
DIRECTORS
==========
THE DIRECTORS (ALL NON-EXECUTIVE) WHO SERVED DURING THE YEAR AND THOSE APPOINTED
SINCE THE YEAR END WERE :
DIRECTORS ALTERNATES
========= ==========
A H MOORE (CHAIRMAN) (APPOINTED 1 JANUARY 2007)
D W BOWLER - V PIRON (RESIGNED 22 JANUARY 2008)
- C LABEYRIE (APPOINTED 22 JANUARY 2008)
A BRESOLIN (APPOINTED 22 JANUARY 2008) - P-L DELSENY (APPOINTED 22 JANUARY 2008)
P-L DELSENY (RESIGNED 22 JANUARY 2008) - C LABEYRIE (RESIGNED 22 JANUARY 2008)
C J ELLIOTT - N W MIDDLETON
D A J FOOT - G A NEVILLE (RESIGNED 31 MAY 2007)
- M MERCER-DEADMAN (APPOINTED 22 AUGUST 2007)
D J MCMULLAN - J TETZLAFF (RESIGNED 20 JUNE 2007)
- M SMITH (APPOINTED 20 JUNE 2007)
D POTTS - M MERCER-DEADMAN
J E EVANS (APPOINTED 1 JANUARY 2007)
(RESIGNED 30 MARCH 2007)
A H MOORE IS AND J E EVANS WAS AN INDEPENDENT DIRECTOR APPOINTED BY THE BOARD
DIRECTORS' INTERESTS
====================
THE DIRECTORS AND ALTERNATE DIRECTORS HAD NO INTEREST IN ANY SHARES OR DEBT OF
THE COMPANY AT ANY TIME DURING THE YEAR.
D POTTS AND M MERCER-DEADMAN ARE DIRECTORS OF JOHN LAING INVESTMENTS LIMITED. D
POTTS IS AND G NEVILLE WAS A DIRECTOR OF JOHN LAING PLC, WHICH OWNS JOHN LAING
INVESTMENTS LIMITED. D FOOT IS AN INVESTMENT DIRECTOR OF JOHN LAING
INFRASTRUCTURE LIMITED, A SUBSIDIARY OF JOHN 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.
A BRESOLIN IS ASSET MANAGER OF VINCI CONCESSIONS S.A. AND A SHAREHOLDER OF VINCI
S.A.. P-L DELSENY IS PORTFOLIO MANAGER (CONCESSIONS AND OPERATIONS) OF VINCI
CONCESSIONS S.A., A FULLY OWNED SUBSIDIARY 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, M
SMITH IS AND J TETZLAFF WAS A VICE PRESIDENT OF AND SHAREHOLDER IN BANK OF
AMERICA. C J ELLIOTT IS A DIRECTOR OF BARCLAYS INDUSTRIAL INVESTMENTS LIMITED
AND SHAREHOLDER OF BARCLAYS PLC. 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.
JOHN LAING PLC, VINCI CONCESSIONS S.A., 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 S.A., 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 2007, RANELAGH NOMINEES LIMITED
WAS BENEFICIALLY INTERESTED IN 49,000 ORDINARY SHARES (98%) OF THE ISSUED
ORDINARY SHARE CAPITAL OF THE COMPANY. AT 4 APRIL 2008 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 �1,433,000 (2006: �896,000). TRADE CREDITOR
DAYS FOR 2007 WAS 59 DAYS (2006: 43 DAYS).
AUDITORS
========
EACH OF THE PERSONS WHO IS A DIRECTOR AT THE DATE OF APPROVAL OF THIS REPORT
CONFIRMS THAT:
* AS FAR AS THE DIRECTOR IS AWARE, THERE IS NO RELEVANT AUDIT INFORMATION OF
WHICH THE COMPANY'S AUDITORS ARE UNAWARE; AND
* THE DIRECTOR HAS TAKEN ALL THE STEPS THAT HE OUGHT TO HAVE TAKEN AS A
DIRECTOR IN ORDER TO MAKE HIMSELF AWARE OF ANY RELEVANT AUDIT INFORMATION
AND TO ESTABLISH THAT THE COMPANY'S AUDITORS ARE AWARE OF THAT INFORMATION.
THIS CONFIRMATION IS GIVEN AND SHOULD BE INTERPRETED IN ACCORDANCE WITH THE
PROVISION OF S234ZA OF THE COMPANIES ACT 1985.
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
4 APRIL 2008
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 2007.
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, IN
ACCORDANCE WITH UNITED KINGDOM GENERALLY ACCEPTED ACCOUNTING PRACTICE, OF THE
STATE OF THE COMPANY'S AFFAIRS AT 31 DECEMBER 2007 AND OF ITS PROFIT 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 2007
===================================
2007 2006
�000 �000
TURNOVER 76,101 72,008
COST OF SALES (38,864) (35,849)
_______ _______
GROSS PROFIT 37,237 36,159
ADMINISTRATIVE EXPENSES (319) (326)
OTHER OPERATING INCOME (NET) 861 549
_______ _______
OPERATING PROFIT 37,779 36,382
FINANCE CHARGES (NET) (38,816) (33,799)
_______ _______
(LOSS)/PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION (1,037) 2,583
TAX CREDIT/(CHARGE) ON (LOSS)/PROFIT ON
ORDINARY ACTIVITIES 12,253 (1,646)
_______ _______
PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION BEING PROFIT FOR THE FINANCIAL
YEAR 11,216 937
====== ======
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 2007
===================================
2007 2006
�000 �000
PROFIT FOR THE FINANCIAL YEAR 11,216 937
ACTUARIAL GAIN/(LOSS) 1,394 (232)
ASSOCIATED DEFERRED TAX (414) (158)
_______ _______
TOTAL RECOGNISED GAINS & LOSSES
RELATED TO THE YEAR 12,196 547
====== ======
SEVERN RIVER CROSSING PLC
BALANCE SHEET AT 31 DECEMBER 2007
=================================
2007 2006
�000 �000
FIXED ASSETS 389,577 416,566
_______ _______
CURRENT ASSETS
DEBTORS DUE WITHIN ONE YEAR 525 484
INVESTMENTS - SHORT TERM DEPOSITS 38,991 29,585
CASH AT BANK AND IN HAND 3,362 1,952
_______ _______
42,878 32,021
CREDITORS
AMOUNTS FALLING DUE WITHIN ONE
YEAR (55,116) (39,521)
_______ _______
NET CURRENT LIABILITIES (12,238) (7,500)
_______ _______
TOTAL ASSETS LESS CURRENT
LIABILITIES 377,339 409,066
CREDITORS
AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR (354,479) (382,707)
PROVISIONS FOR LIABILITIES AND
CHARGES (13,942) (28,670)
_______ _______
NET ASSETS/(LIABILITIES) BEFORE
PENSION LIABILITY 8,918 (2,311)
_______ _______
NET PENSION LIABILITY - (967)
_______ _______
NET ASSETS/(LIABILITIES) 8,918 (3,278)
======= =======
CAPITAL AND RESERVES
ORDINARY SHARE CAPITAL 13 13
SHARE PREMIUM ACCOUNT 1,585 1,899
CAPITAL REDEMPTION RESERVE 26 26
PROFIT AND LOSS ACCOUNT 7,294 (5,216)
_______ _______
SHAREHOLDERS' FUNDS/(DEFICIT) 8,918 (3,278)
======= =======
THE ACCOUNTS WERE APPROVED BY THE BOARD ON 4 APRIL 2008 AND SIGNED ON ITS BEHALF
BY
DAJ FOOT DJ MCMULLAN
DIRECTOR DIRECTOR
SEVERN RIVER CROSSING PLC
CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2007
======================================================
2007 2006
�000 �000
NET CASH INFLOW
FROM OPERATING ACTIVITIES 67,414 62,582
______ ______
RETURNS ON INVESTMENT AND
SERVICING OF FINANCE
INTEREST RECEIVED 1,965 1,368
INTEREST PAID (19,964) (21,899)
______ ______
NET CASH OUTFLOW FROM RETURNS
ON INVESTMENT AND SERVICING
OF FINANCE (17,999) (20,531)
TAXATION PAID (417) (259)
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
PURCHASE OF TANGIBLE FIXED
ASSETS (1,102) (912)
PROCEEDS ON SALE OF TANGIBLE
FIXED ASSETS 1 -
CASH INFLOW BEFORE MANAGEMENT
OF LIQUID RESOURCES AND
FINANCING 47,897 40,880
MANAGEMENT OF LIQUID RESOURCES
MOVEMENT IN CASH ON SHORT TERM
DEPOSIT (9,406) (8,985)
FINANCING
REPAYMENT OF LOANS (37,563) (31,087)
______ ______
INCREASE IN CASH IN THE YEAR 928 808
======= ========
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The company news service from the London Stock Exchange
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