Interim Results
28 Novembre 2008 - 8:00AM
UK Regulatory
RNS Number : 1061J
Bristol Water PLC
28 November 2008
BRISTOL WATER plc
Announcement of interim results for the six months ended 30 September 2008
Bristol Water plc is a subsidiary of Sociedad General de Aguas de Barcelona S.A.
For further information:
Alan Parsons, Managing Director
Stefano Pellegri, Finance Director
Bristol Water plc
Tel: 0117 953 6407
or contact:
Bristol Water Corporate Affairs on 0117 953 6470 during office hours
or 07831 453924 or 07831 518964 at any time
HIGHLIGHTS - REPORTED UNDER UK GAAP
Six months ended 30 September 2008 2007
(unaudited) (unaudited)
�m �m
Turnover 48.9 46.0
Operating profit 15.0 14.2
Profit before taxation 10.0 10.6
Profit after taxation 8.2 9.9
Regulatory Capital Value (RCV) - forecast year 276 275
end
Net debt (excluding 8.75% irredeemable cumulative
preference shares) as percentage of forecast RCV 72% 68%
at year end
* Operating profit �15.0m - 6% increase
* Profit before taxation �10.0m - 6% decrease reflecting higher interest costs and loan indexation
* Capital investment of �15.7m in the period
* Net debt, excluding irredeemable cumulative preference shares, of �197.4m - approximately 72% of projected RCV at 31 March 2009
Bristol Water plc supplies water to over 1.1 million people and businesses in an area of almost 2,400 square kilometres centred on
Bristol.
CHAIRMAN'S STATEMENT
Introduction
The recent publication of the Ofwat OPA (Overall Performance Assessment) for 2007/08 ranked Bristol Water plc in third position out of a
total of 22 companies. During the first six months of the 2008/09 financial year, we have continued to provide an excellent service to our
customers, maintaining our high standards.
We are heavily involved in the planning process for the next periodic review which sets our tariffs for the five years beginning April
2010.
We submitted a Draft Business Plan to Ofwat in August 2008 and will submit a Final Business Plan in April 2009.
Operational performance
We are only 18 months from the end of the current regulatory period 2005-10 and are continuing to make good progress towards delivery of
the outputs required by Ofwat's determination of price limits for the current period. Three major capital schemes have been completed:
* A �24m project to improve the security of supply for a population of almost 200,000 in the northern and eastern parts of Bristol
and surrounding areas. The new network has already been used twice since completion despite initial expectations that it would be rarely
used. Such resilience schemes are vitally important to providing the service customers expect in a time of crisis, however it arises.
* A �14m project to upgrade our Banwell treatment works to improve its effectiveness in dealing with a range of different raw water
qualities. The complexity of the new technology being used is challenging and finalisation of commissioning and optimisation continues
although treated water has been put into supply for some time.
* A �7m project to construct a new treatment works to treat water from the River Axe.
In total, we invested �16m in capital projects during the period. We currently anticipate a total investment programme for the current
5-year regulatory period of about �180m (at current prices, before grants and contributions). This is broadly in line with Ofwat's
assumptions.
We continue to meet our leakage target and our customer service performance remains at high levels with customer surveys consistently
showing high satisfaction levels.
Financial performance
Operating profit for the period increased by �0.8m to �15.0m. Despite this increase, profit before tax has decreased to �10.0m (�0.6m
reduction compared to same period last year).
Net interest charges, excluding those related to retirement benefits and the preference share dividend, increased by �0.8m to �4.4m.
This mainly reflects the increase in net debt resulting from the financing of the capital expenditure programme and an increase in the
inflation element of the charge related to our indexed-linked debt. In addition, a net interest charge totalling �0.1m has arisen in
relation to retirement benefits compared with net interest income totalling �0.5m in the same period last year.
The tax charge of �1.8m represents an effective tax rate of 18% (2007: 7%). The charge in 2007/08 was net of a �1.7m gain due to a
reduction in deferred tax liabilities (after discounting) following the reduction in corporation tax rates from April 2008.
Net debt, excluding the irredeemable preference shares, increased to �197.4m (31 March 2008: �196.6m) and represents approximately 72%
of forecast Regulatory Capital Value at 31 March 2009. As previously indicated we currently anticipate that this ratio will remain between
70% and 80% for the period to 31 March 2010.
Prospects
In the Directors' Report and Business Review within the company's Annual Report and Accounts 2008 we set out a summary of the key risks
and uncertainties facing the company. The main risk areas are operational problems, performance and regulatory requirements and
developments. Financial factors are also unpredictable due to the present financial market turmoil and high volatility related to all main
financial indicators. The company is well placed to face medium-term events but it is not immune to the severe financial market
uncertainties.
The results for the second half of the year will include the following:
* An increase in energy costs.
* A significant increase in interest charges reflecting increased net debt and higher indexation charges related to our index-linked
debt.
* Increased net debt to finance the continuing planned levels of capital investment.
The Board considers that the company has adequate financial resources to complete planned capital investment until at least the end of
the current periodic review period.
Clearly the final determination from Ofwat in November 2009 in relation to future tariffs will play a significant role in the future of
the company. We are now working on our final submission due in April 2009 where we will put forward proposals regarding the next five years.
We currently envisage a capital programme at double current levels of spend to achieve a sustainable basis for providing the service that
customers seek.
Dividends
The company policy is to pay an annual level of ordinary dividends comprising:
* A base level reflecting the cost of capital allowed by Ofwat in the 5-year determination of price limits, adjusted to reflect
actual gearing levels and where appropriate actual performance relative to Ofwat's assumptions.
* An amount equal to the post-tax interest receivable from Bristol Water Group Ltd (the ultimate UK parent company) in respect of
intercompany loans.
During the period an interim ordinary dividend for 2008/09, in respect of the interest element of the intercompany loan, of �1.5m was
paid.
A final dividend of �3.2m in respect of 2007/08 was approved at the last Annual General Meeting and has been accrued in these
statements. It was paid on 28 October 2008.
A second interim ordinary dividend for 2008/09 in respect of the base level dividend of �2.7m was approved by the Board on 24 November
2008 and will be subsequently paid. In accordance with Financial Reporting Standard 21 "Events after the balance sheet date" this amount has
not been provided for in the attached interim financial statements.
Board membership
In May 2008 Dr Arnold Bates retired as an executive director from the Board after 18 years with the company and we wish him all the best
for his retirement. In July 2008 Manuel Cermeron left his executive director position in the company and is now a non-executive director. In
September 2008, Trevor Smallwood retired from the Board as Deputy Chairman and independent non-executive director after 9 years service. We
thank those who have recently left us for their excellent service to the company and wish them well for the future.
We welcome Robert Davis who has been appointed as an independent non-executive director on 24 November 2008.
Moger Woolley
Chairman
28 November 2008
PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2008
Six months to Six months to Year to
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited)
Note �m �m �m
Turnover 2 48.9 46.0 91.0
Operating costs 3 (33.9) (31.8) (64.7)
Operating profit 15.0 14.2 26.3
Net interest payable and similar charges 4 (4.4) (3.6) (8.4)
Dividends on 8.75% irredeemable cumulative
preference
shares (0.5) (0.5) (1.1)
Interest in respect of retirement benefit scheme (0.1) 0.5 1.1
surplus
(5.0) (3.6) (8.4)
Profit on ordinary activities before taxation 10.0 10.6 17.9
Taxation on profit on ordinary activities 5 (1.8) (0.7) (3.4)
Profit on ordinary activities after taxation 8.2 9.9 14.5
Earnings per ordinary share 6 136.3p 164.5p 243.2p
Dividend per ordinary share 12
- declared or proposed in respect of the period 77.62p 75.28p 152.28p
- paid during the period 24.27p 23.60p 198.78p
All activities above relate to the continuing operations of the company.
The accompanying notes to the accounts form an integral part of this statement.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six months ended 30 September 2008
Six months to Six months to Year to
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited)
Note �m �m �m
Profit attributable to Bristol Water plc ordinary 8.2 9.9 14.5
shareholders
Actuarial (losses) / gains recognised in respect of
retirement
benefit obligations 10,11 (0.4) 2.3 1.1
Attributable deferred taxation 10,11 0.1 (0.7) (0.3)
Total recognised gains for the period 7.9 11.5 15.3
The accompanying notes to the accounts form an integral part of this statement.
BALANCE SHEET
30 September 2008
At At At
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited)
Note �m �m �m
Fixed assets 7 247.4 232.8 244.1
Investment - Loans to ultimate UK holding company 68.5 68.5 68.5
Current assets
Stocks 1.0 0.9 0.9
Debtors 25.5 24.5 20.9
Other investments 8 24.4 17.5 21.3
Cash at bank 8 1.1 3.8 0.2
52.0 46.7 43.3
Creditors: amounts falling due within one year
Short term borrowings and derivatives 8 (17.2) (11.7) (16.9)
Ordinary dividends approved but not paid at period 12 (3.2) (6.0) -
end
Other creditors (26.5) (25.4) (26.2)
(46.9) (43.1) (43.1)
Net current assets 5.1 3.6 0.2
Total assets less current liabilities 321.0 304.9 312.8
Creditors: amounts falling due after more than one
year
Borrowings 8 (205.7) (195.2) (201.2)
Other creditors (0.2) (0.3) (0.4)
(205.9) (195.5) (201.6)
8.75% irredeemable cumulative preference shares 8 (12.5) (12.5) (12.5)
Deferred income (10.2) (9.7) (10.0)
Provision for deferred tax liabilities 9 (20.7) (18.8) (20.3)
Retirement benefit surplus, net of attributable
deferred
taxation 10 10.0 10.8 10.1
Net assets 81.7 79.2 78.5
Capital and reserves
Called up share capital 6.0 6.0 6.0
Share premium 4.4 4.4 4.4
Other reserves 5.8 5.8 5.8
Profit and loss account 65.5 63.0 62.3
Shareholders' funds 11 81.7 79.2 78.5
The accompanying notes to the accounts form an integral part of this statement.
CASH FLOW STATEMENT
For the six months ended 30 September 2008
Six months to Six months to Year to
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited)
Note �m �m �m
Net cash inflow from operating activities 13 21.2 20.6 49.4
Returns on investments and servicing of finance
Interest received 2.6 2.8 5.6
Interest paid on term loans and debentures (4.9) (4.5) (9.0)
Interest paid on finance leases (0.9) (0.5) (1.0)
Dividends paid on 8.75% irredeemable cumulative
preference shares (0.5) (0.5) (1.1)
Net costs of issue of new loans - - (0.2)
(3.7) (2.7) (5.7)
Taxation
Corporation tax paid - (0.4) (2.1)
Capital expenditure and investing activities
Purchase of tangible fixed assets (17.2) (26.6) (50.5)
Contributions received 2.1 2.6 4.0
(15.1) (24.0) (46.5)
Equity dividends paid (1.5) (1.4) (11.9)
Cash inflow / (outflow) before management
of liquid resources 0.9 (7.9) (16.8)
and financing
Management of liquid resources
Being (increase) / decrease in short term (3.1) 10.5 6.7
deposits
Financing
New term loans 5.0 - 20.0
Capital element of lease repayments (1.9) (1.6) (2.5)
Loan repayments - - (10.0)
3.1 (1.6) 7.5
Increase / (decrease) in cash 13 0.9 1.0 (2.6)
Cash, beginning of period 0.2 2.8 2.8
Cash, end of period 1.1 3.8 0.2
The accompanying notes to the accounts form an integral part of this statement.
NOTES TO THE INTERIM RESULTS
For the six months ended 30 September 2008
Note 1: Accounting policies
The financial information contained in this interim announcement
does not constitute statutory accounts within the meaning of section
240 of the Companies Act 1985. The interim results, which have not
been audited but have been reviewed by the company's auditors, have
been prepared on the basis of the accounting policies adopted by
Bristol Water plc for the year ended 31 March 2008 as set out in the
Annual Report and Accounts. A copy of the statutory accounts for
that year has been delivered to the Registrar of Companies. The
auditors' report on those accounts was not qualified and did not
contain statements under S.237(2) or (3) of the Companies Act 1985.
As outlined in the company's Annual Report and Accounts for the year
ended 31 March 2008, the company is not required to, and does not
intend to, adopt IFRS until UK GAAP and IFRS are fully harmonised.
Note 2: Turnover
Turnover is wholly derived from water supply and related activities in
the United Kingdom. The maximum level of prices the company may levy
for the majority of water charges is controlled by the Water Services
Regulation Authority (Ofwat) through the RPI +/- K price formula.
Note 3: Operating costs
Six months to Six months to Year to
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited)
�m �m �m
Operating costs comprise -
Payroll cost, net of recharges to fixed assets and including
retirement benefit costs 6.7 6.1 12.2
Other operating costs 16.7 15.8 32.8
Depreciation, net of amortisation of deferred income 10.5 9.9 19.7
33.9 31.8 64.7
Note 4: Net interest payable and similar charges
Six months to Six months to Year to
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited)
�m �m �m
Other net interest
payable relates to -
Bank borrowings 1.4 0.8 2.0
Term loans and 3.6 3.6 7.1
debentures -
interest charges
- indexation of 1.7 1.5 3.7
principal
Finance leases 0.4 0.5 1.0
7.1 6.4 13.8
Less:
Interest receivable (2.0) (2.0) (4.0)
from loan to Bristol
Water Group Ltd
Other external (0.7) (0.8) (1.4)
investments and
deposits
(2.7) (2.8) (5.4)
Total other net 4.4 3.6 8.4
interest
Note 5: Taxation on profit on ordinary activities
Six months to Six months to
Year to
30 September 30 September
31 March
2008 2007
2008
(unaudited)
(unaudited)
�m �m
�m
The charge for taxation comprises -
Current tax:
Corporation tax at 28% (30 September 2007
&
31 March 2008: at 1.4 1.6
2.4
30%)
Adjustments to prior periods - -
(0.2)
Total current tax 1.4 1.6
2.2
Deferred tax:
Current period movement 1.6 1.5
3.1
Effect of corporation tax rate change - (2.6)
(2.6)
Effect of changes related to abolition of
Industrial
Buildings Allowances - (0.9)
(0.9)
Other adjustments to prior periods - -
0.2
Effect of discounting (1.2) 1.1
1.4
Total deferred tax 0.4 (0.9)
1.2
Total taxation on profit on ordinary activities 1.8 0.7
3.4
The overall tax charge represents 18% (six months to 30 September 2007: 7%; year ended 31 March 2008: 19%) of the profit before
taxation. The prior period charge is net of a
�1.7m discounted gain (�3.5m gain before discounting) due to a reduction in corporation tax rates from April 2008 and the removal
of industrial buildings allowance clawback
provisions.
Note 6: Earnings per ordinary share
Six months to Six months to Year to
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited)
m m m
Earnings per share
have been calculated
as follows -
Earnings �8.2 �9.9 �14.5
Weighted average 6.0 6.0 6.0
number of ordinary
shares in issue
Note 7: Fixed assets
Six months to Six months to Year to
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited)
�m �m �m
The movement in fixed assets comprises -
Net book value, 244.1 218.7 218.7
beginning of period
Additions 15.7 26.3 49.6
Grants and (1.7) (2.1) (4.0)
contributions
Depreciation charge (10.7) (10.1) (20.2)
for period
Net book value, end 247.4 232.8 244.1
of period
Note 8: Net borrowings
At At At
30 September 30 September 31 March
2008 2007 2008
(unaudited) (unaudited)
�m �m �m
Net borrowings comprise -
Debt due after one year, excluding
8.75%
irredeemable 205.7 195.2 201.2
cumulative
preference shares
Current portion of debt 2.2 11.7 1.9
Current portion of bank loans 15.0 - 15.0
222.9 206.9 218.1
Cash at bank and other investments (25.5) (21.3) (21.5)
Net borrowings excluding 8.75% irredeemable
cumulative preference shares 197.4 185.6 196.6
8.75% irredeemable cumulative preference shares 12.5 12.5 12.5
Net borrowings 209.9 198.1 209.1
Note 9: Provision for deferred tax liabilities
At At At
30 30 31 March
September September 2008
2008 2007
( (
unaudited unaudited)
)
�m �m �m
Deferred tax liability 39.8 37.6 38.8
Effect of discounting (15.2) (15.1) (14.6)
Net provision, including deferred tax on retirement
benefit surplus 24.6 22.5 24.2
Less, attributable to retirement benefit surplus (3.9) (3.7) (3.9)
Net provision, excluding deferred tax on retirement
benefit surplus 20.7 18.8 20.3
Note 10: Retirement benefits
Pension arrangements for the majority of the company's employees
are provided through the company's membership of the Water
Companies' Pension Scheme (WCPS), which provides defined benefits
based on final pensionable pay. Bristol Water plc's membership of
WCPS is through a separate section of the scheme. The assets of
the section are held separately from those of the company and are
invested by discretionary fund managers appointed by the trustees
of the scheme. The section has been closed to new entrants and
all new eligible employees are offered membership of a
stakeholder pension scheme.
In addition to providing benefits to employees and ex-employees
of Bristol Water plc, the section provides benefits to employees
and ex-employees of Bristol Water Holdings Limited and former
Bristol Water plc employees who transferred to Bristol Wessex
Billing Services Ltd. The majority of the section assets and
liabilities relate to Bristol Water plc employees and
ex-employees.
The company made a contribution of �7.0m to WCPS in July 2005 and
also agreed to make additional contributions of �1.0m in each of
the four years beginning 1 April 2006 and a further �0.9m in
2010/11. The amounts are in addition to the normal pension
contributions required by the WCPS trustees.
In accordance with FRS 17 actuarial gains and losses are
recognised immediately in the Statement of Total Recognised Gains
and Losses.
In summary assets and liabilities under FRS 17 were:
30 30 31 March
September September 2008
2008 2007
( (
unaudited unaudited
) )
�m
�m �m
Market value of section assets 133.1 135.4 138.5
Present value of liabilities (118.5) (112.3) (121.9)
Surplus in the section 14.6 23.1 16.6
Restriction of surplus due to asset limit (0.7) (8.6) (2.6)
under FRS 17
13.9 14.5 14.0
Deferred taxation (3.9) (3.7) (3.9)
Net retirement benefit surplus 10.0 10.8 10.1
Note 11: Shareholders' funds
Six Six Year to
months months 31 March
to to 2008
30 30
Septemb Septemb
er er
2008 2007
( (
unaudit unaudit
ed) ed)
�m �m �m
Movement in shareholders' funds -
At beginning of period 78.5 75.1 75.1
Profit for the period 8.2 9.9 14.5
Actuarial (loss) / gains recognised in respect of
retirement benefit surplus (0.4) 2.3 1.1
Attributable deferred taxation 0.1 (0.7) (0.3)
Ordinary dividends (note 12) (4.7) (7.4) (11.9)
End of period 81.7 79.2 78.5
Note 12: Ordinary dividends
Six months to Six Year
30 September months to
2008 to 31
(unaudited) 30 March
Septembe 2008
r
2007
(
unaudite
d)
�m �m �m
* Dividends in respect of 2007/08:
First interim dividend of 23.60 pence per
share,
approved by the Board on 28 September 2007 - 1.4 1.4
Second interim dividend of 51.68 pence per
share,
approved by the Board on 29 November 2007 - - 3.1
Third interim dividend of 23.47 pence per
share,
approved by the Board on 27 March 2008 - - 1.4
Final dividend of 53.35 pence per share,
approved by the Board on 4 August 2008 3.2 - -
* Dividends in respect of 2008/09:
First interim dividend of 24.27 pence per
share,
approved by the Board on 26 September 2008 1.5 - -
Final dividend of 100.03 pence per share,
approved
by the Board on 6 August 2007 - 6.0 6.0
4.7 7.4 11.9
A second interim ordinary dividend for 2008/09 of 45.02 pence per share
totalling �2.7m was approved by the Board on 24 November 2008 and will be
subsequently paid. In accordance with Financial Reporting Standard 21
"Events after the balance sheet date" this amount has not been provided for
in these interim financial statements.
Note 13: Supplementary cash flow information
Six Six months Year to
months to to 31 March
30 30 2008
September September
2008 2007
( (
unaudited unaudited)
)
�m �m �m
a) Reconciliation of operating profit to net cash inflow
from operating
activities -
Operating profit 15.0 14.2 26.3
Depreciation net of amortisation of deferred
income 10.5 9.9 19.7
Difference between pension charges and normal
contributions 0.2 0.2 0.6
Cash flow from operations 25.7 24.3 46.6
Working capital movements:
Stocks (0.1) (0.1) (0.1)
Debtors (4.4) (3.7) (0.2)
Creditors and provisions 0.5 0.6 4.1
Additional contributions to pension scheme (0.5) (0.5) (1.0)
Net cash inflow from operating activities 21.2 20.6 49.4
Six months to Six Year to
30 September months to 31 March
2008 30 2008
(unaudited) September
2007
(
unaudited
)
�m �m �m
b) Reconciliation of net cash flow to movement in net borrowings -
Increase / (decrease) in cash in the period 0.9 1.0 (2.6)
Cash used to repay borrowings 1.9 1.6 12.5
Cash from new borrowings (5.0) - (20.0)
Net costs of issue of loans - - 0.2
Increase / (decrease) in other investments 3.1 (10.5) (6.7)
Increase / (decrease) in net borrowings 0.9 (7.9) (16.6)
Movement in net debt not affecting cash flow (1.7) (1.4) (3.7)
Net borrowings, beginning of period, including
8.75% irredeemable cumulative preference
shares (209.1) (188.8) (188.8)
Net borrowings, end of period, including 8.75%
irredeemable cumulative preference shares (209.9) (198.1) (209.1)
Note 14: Suez / La Caixa acquisition of Sociedad General de Aguas de
Barcelona S.A. (Agbar)
Agbar, incorporated in Spain, is the parent company of Bristol
Water Group Limited; Bristol Water Group Limited is the parent
company of Bristol Water plc incorporated in the United kingdom.
In April 2007 Suez, La Caixa and their joint venture Hisusa
undertook to make a bid for the entire share capital of Agbar.
The outcome of the mandatory bid has resulted in approximately
90.012% of the share capital of Agbar being currently controlled by
the French group Suez and the Spanish savings bank La Caixa.
The outcome of this acquisition may change the identity of Bristol
Water plc's ultimate holding company, which is currently considered
to be Agbar for the purposes of Condition P of Bristol Water's
Instrument of Appointment. Ofwat is being kept informed of material
developments.
Note 15: Circulation
This interim announcement is being sent to all shareholders and
debenture holders. Copies are available to the public from the
company's registered office at PO Box 218, Bridgwater Road,
Bristol, BS99 7AU and on the Bristol Water web site:
http://www.bristolwater.co.uk.
DIRECTORS' RESPONSIBILITIES FOR THE PREPARATION OF INTERIM FINANCIAL STATEMENTS
We confirm that to the best of our knowledge:
* These interim financial statements have been prepared in accordance with UK GAAP;
* The Chairman's statement includes a fair review of the information required to indicate important events during the first six
months of the financial year and their impact on the interim financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year.
By order of the Board
S C Robson
Secretary
28 November 2008
INDEPENDENT REVIEW REPORT TO BRISTOL WATER 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 2008 which comprises the profit and loss account, the statement of total recognised gains and losses, the balance
sheet, the 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 2410 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
Services Authority.
As disclosed in note 1, the annual financial statements of the company are prepared in accordance with United Kingdom Generally Accepted
Accounting Practice. The condensed set of financial statements included in this half-yearly financial report have been prepared in
accordance with the accounting policies the company intends to use in preparing its next annual financial statements.
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 2008 is not prepared, in all material respects, in accordance with the
Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditor
28 November 2008
Bristol, United Kingdom
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Grafico Azioni Bristol Wtr.8t% (LSE:BWRA)
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Grafico Azioni Bristol Wtr.8t% (LSE:BWRA)
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