AFFINITY WATER LIMITED
AFFINITY WATER LIMITEDUNAUDITED HALF-YEARLY FINANCIAL REPORTFOR THE SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2020(Registered Number 02546950)
Affinity Water LimitedGlossary of key acronyms and definitions commonly used within thewater industryAMP – Asset Management PlanThe five-year price control period covered by a company’s Business Plan. AMP7 runs from 2020-25.C-MeX – Customer Measure of ExperienceA measure of customer service levels used by Ofwat.CCG – Customer Challenge GroupAn independent group of individuals who hold us to account on how we are performing against our PerformanceCommitments.CCW – Consumer Council for WaterThe regulator tasked with investigating customer complaints relating to service, price and value for money.CRI – Compliance Risk IndexA measure of water quality compliance designed to illustrate the risk arising from treated water compliance failures.D-MeX – Developer Measure of ExperienceA measure of developer service levels used by Ofwat.Defra – Department for the Environment, Food and Rural AffairsThe UK government department responsible for water policy.DWI – Drinking Water InspectorateThe regulator ensuring compliance with drinking water quality regulations.EA – Environment AgencyA non-governmental organisation which controls, inter alia, how much water we can abstract from the environment.Ml/d – Megalitres per dayA measure of consumption. One megalitre is equal to one million litres.MZC – Mean Zonal ComplianceA measure of water quality compliance derived from monitoring samples taken from customers’ taps.MOSL – Market Operator Services LimitedThe independent operator of the non-household retail market in England and Wales.ODI – Outcome Delivery IncentiveMechanism for financial rewards or penalties which underpins the Performance Commitments submitted in acompany’s Business Plan (the “Plan”).Ofwat – Water Services Regulation AuthorityThe economic regulator of the water industry.PCC – Per Capita ConsumptionThe amount of water used by each person, usually measured in litres per person per day (‘l/p/d’).PCs – Performance CommitmentsOutcomes agreed with Ofwat during the Periodic Review process that reflect customers’ views and priorities.PR – Periodic ReviewThe price determination process undertaken by Ofwat ahead of each new AMP. The PR19 process set the pricecontrols for AMP7.RCV – Regulatory Capital ValueThe economic value of the regulated business, as determined by the price control regime.RORE – Return on regulated equityA financial metric used by Ofwat to determine the profitability of the regulated company.Totex – Total expenditureThe sum of operational expenditure and capital expenditure.WRMP – Water Resources Management PlanA long-term plan detailing how a water company will maintain a sustainable balance between future demand andsupply of water.
Affinity Water LimitedContentsPageInterim management report . 2Condensed interim income statement .22Condensed interim statement of comprehensive income .23Condensed interim statement of financial position .24Condensed interim statement of changes in equity .25Condensed interim statement of cash flows .26Notes to the condensed interim financial statements .27Statement of directors’ responsibilities .42
Affinity Water LimitedInterim management reportIntroductionAffinity Water Limited (the ‘company’) owns and manages the water assets and network in an area ofapproximately 4,500km2 split over three regions, comprising eight separate water resource zones (ourcommunities), in the South East of England. Our purpose is to provide high quality drinking water and totake care of our environment for our communities now and in the future.We supply drinking water to 3.6 million people every single day and we recognise that we have to makesure our product is the right quality, every single time. We operate 95 water treatment works to ensure thatour water is of the highest quality, distributing our water through a network of over 16,700km of mains pipes.We are constantly innovating and exploring new ideas and techniques to check whether our assets arerunning at optimum efficiency. We plan to invest 1.44bn in our wholesale business during AMP7 in orderto meet the very stretching targets that we have committed to.We have been operationally and financially impacted by COVID-19 throughout the six month period to 30September 2020. Our non-household revenue has decreased by 9.1m mainly due to businessestemporarily closing as a result of the pandemic. Household revenue has only increased by 0.7m despiteconsumption significantly increasing as households follow the UK Government’s advice to stay at homeduring a hot, dry summer, due to a bill reduction and a significant number of customers being on unmeteredtariffs. Our operational costs, particularly bulk water imports and electricity costs, have increased as a resultof higher demand and supply. The impact of COVID-19 along with a significant fair value loss 1 on financialderivatives has resulted in a 36.0m loss for the six month period.Our vision, to be the UK’s leading community-focused water company, reflects the importance we place onour people working within and for the communities of customers we serve. We want to help our customersbetter understand the value of water, reduce consumption and support the ongoing protection of theenvironment. By understanding and responding to the needs of different community groups, we areaccountable to them at a local level for how well we provide our services. We divide our supply area intoeight different communities, each named after a local river, allowing us to tailor a high quality service tocustomers at a local level.1Profits or losses arising from fair value changes are accounting entries only, impacting the condensed interim income statement but not the condensedinterim statement of cash flows during the period.2
Affinity Water LimitedInterim management report (continued)Our business modelOur purpose is to provide high quality drinking water and to take care of our environment for our communitiesnow and in the future. It overarches our business model, along with our principles that underpin how we willdeliver it for our stakeholders.Our purpose links to our vision to be the UK’s leading community focused water company both throughexplicit reference to our communities and the neighbourhoods that we serve but also by creating significantpublic value. Through investing in the environment we will create economic value to the regions we serve.Our business model is driven by five capitals which we have identified as key to enable us to deliver ourlong- and short-term plans. We create long-term value for our customers and stakeholders by maintainingour local environment, sustaining our local communities and supporting our local economies.We draw upon our capitals as inputs for our business and transform them through our operating activitiesinto our strategic outcomes, ensuring alignment between the interests of customers, our people, ourinvestors, regulators and stakeholders. This report shows how we are using our capitals to better understandour business impacts and dependencies, and the total contribution that we are making to all ourstakeholders.3
Affinity Water LimitedInterim management report (continued)Our financial highlights for the six months ended 30 September 20201Operating profit: 12.4mNet cash inflow before taxand financing1: 8.4m2019: 24.9m2019: 24.2mOur operating profit for the six months ended30 September 2020 was lower than the priorperiod mainly due to lower non-householdrevenue due to businesses temporarily closingor reducing activity as a result of COVID-19,and higher operational costs associated withincreased supply and demand from householdcustomers staying at home.Our net cash inflow was lower than theprior period, primarily due to lower cashgenerated from operations as a result oflower revenues, as well as higher netinvestment in fixed assets in the currentperiod in line with our AMP7 plan.Credit rating:Gearing: 78.2%31 March 2020: 78.9%BondsMoody’sStandard &Poor’sFitchOur gearing at 30 September 2020was slightly lower than at 31 March 2020,and remains below our internal thresholdof 80.0% of regulatory capital value (‘RCV’).This allows sufficient headroom within ourgearing covenants.Class AA3BBB BBB Class BBaa3BBB-BBB-Corporatefamily ratingBaa1NotapplicableNotapplicableThere has been no change to our ratingssince 31 March 2020. All of our ratingsremain investment grade.1This “non-GAAP” measure is calculated as the total of the following line items per the statement of cash flows (refer to page 26): cash generated fromoperations; purchases of property, plant and equipment; capital contributions; proceeds from sale of property, plant and equipment; purchase of intangibleassets; and principal elements of lease payments.4
Affinity Water LimitedInterim management report (continued)Our operational highlights for the six months ended 30 September 2020Leaving more water in the environmentSupplying high quality drinking waterLeakage is running slightly higher than the midyear target, as a result of COVID-19 impactingusage, however we still anticipate meeting ouryear-end target.There have been 17 exceedances in the firstnine months of 2020, compared to 35 in thesame period in 2019.We are not expecting to achieve our PCC targetas we have seen household consumption riseduring the period, as businesses close andhouseholds stay at home, following the UKGovernment’s COVID-19 advice.Our AMP7 projects are on track to meet ouroverall AMP7 abstraction reduction target.All 17 exceedances have contributed to ourCRI score, although we are still firmly on trackto meet our CRI target of no more than 2.0 forthe 2020 calendar year.Five of the 17 exceedances contributed toMZC. We are on track to meet our MZC targetof at least 99.95% for the 2020 calendar year.Minimising disruption to our customersProviding a value for money serviceThe number of repairs due to bursts per1,000km of mains during the period is slightlyhigher than our year to date target.Our C-MeX score for Q2 was 78.59against an industry average of 81.53,ranking us 14th out of 17 companies.We are slightly behind our target for waterinterruptions to supply over 3 hours, althoughhave seen a marked improvement inperformance in this area.Written complaints have fallen by 17.5%, andescalations have fallen by 51% in the sixmonth period to 30 September 2020 comparedwith the same period in the prior year.We have already exceeded our target forunplanned interruptions to supply over 12hours as a result of one large outage.5
Affinity Water LimitedInterim management report (continued)How we create valueOur capitalsOur AMP7 commitmentsOur customer outcomes and KPIs1To achieve a CRI score of less than 2.0Our customers andcommunitiesRelationship and trustbetween us and ourstakeholdersOur environmentThe natural resourcesthat we rely onTo continue to support the quality of ourwater resources through our catchment management andriver restoration programmes to help habitatsand biodiversity of rivers in our supply areaTo reduce the number of contactsabout water appearance, taste and odour to0.67 per thousand population per annum by 2024/25Our experience, skills andcompetences we shareTo reduce leakage from water pipes by 20% on a three yearaverage basis from a 2019/20 baselineThe lifecycle of our assetsand investment projectsMaking sure you have enoughwater, whilst leaving more water inthe environmentKPI: Abstraction reductionKPI: LeakageKPI: PCCAverage annual customer bills will reduce by 5.5% in realterms over AMP7, and we will deliver over 200.0m oftotex efficiencies to keep bills as low as possibleTo proactively provide assistance to more ofour customers in vulnerable circumstances byunderstanding and prioritising their needsOur assets and sitesKPI: Water qualityTo reduce the amount of water we take fromthe environment by a further 27.3 Ml/d by 2024/25and reduce abstraction from environmentallysensitive sites when flows or levels are lowTo reduce PCC by 12.5% on a three yearaverage basis from a 2019/20 baselineOur peopleSupplying high quality water youcan trustTo improve customer experience by listeningto customer needs and investing in the right technologies todeliver great customer interactionand increased engagementProviding a great servicethat you valueKPI: C-MexKPI: D-MexTo reduce supply interruptions to customers to 5 minutes perproperty per year on average by 2024/25To reduce the number of properties at risk of receiving lowpressure to 1.118 properties per 1,000 properties by 2024/25Our financesFinance available tosustain our businessTo invest 1.44 billion in our wholesale businessto maintain core network assets to keep servicesrunning 24 hours a day, 365 days a year, investing in locallevel assets such as pumps, mains upgrades,new mains and investment in service reservoirs that allow usto move water to where we need itMinimising disruption to you andyour communityKPI: Mains repairs (due to bursts)KPI: Unplanned interruptions to supplyover 12 hoursKPI: Water supply interruptions over 3hours1Our policies provide for dividends and executive remuneration proportionate with long-term returns and performance of the company, whilst not impairingits longer term financeability. Performance comprises our financial performance as well as an assessment of performance in the following areas: customerservice, operational commitments and community commitments, linked to customer outcomes, and people.6
Affinity Water LimitedInterim management report (continued)Operational performanceKey performance indicatorsWe have aligned our operational KPIs to the key performance commitments made in our AMP7 BusinessPlan and in response to customer expectations. We want customers and stakeholders to be able to assessour track record and hold us to account. We are required to report our performance annually against targetsset by Ofwat, the DWI and Defra. Our projected annual performance in relation to these targets for the sixmonth period ended 30 September 2020 is shown in the table below:Key:on track to meet or exceed year-end targetKPI: Water qualityCRI (Score)2020 target: 2.0 or lessProjected year end status:slightly off-tracksignificantly off-track/failedOur CRI performance is on track to meet our target of less than 2.0 for the 2020 calendar year.KPI: Abstraction reductionCumulative average annual reduction in water abstracted from our river catchments (Ml/d)AMP7 target: 27.3 Ml/dOur AMP7 projects are on track to meet our overall AMP7 target. There are no targets set inProjected AMP7 status:the first four years of the AMP.KPI: LeakageAverage annual water leakage from our network (Ml/d)2020/21 target: 2.7% reduction Leakage is running slightly higher than the mid-year target, but we have plans in place for theProjected year end status:remainder of the year and we anticipate meeting our year-end target.KPI: PCCAverage water use (l/p/d)2020/21 target: 1.7% reductionProjected year end status:*KPI: C-Mex(Score)2020/21 internal target: 13thProjected year end status:We are not expecting to achieve this target as we have seen household consumption riseduring the period, as businesses close and households stay at home, following the UKGovernment’s COVID-19 advice.Our C-MeX score for Q2 was 78.59 against an industry average of 81.53, ranking us 14th outof 17 English and Welsh water companies. This is a stable position from March 2020, and animprovement from September 2019 when we scored 70.09 ranking 15th.KPI: D-Mex(Score)2020/21 internal target: 13thProjected year end status:Our D-MeX score for Q1 was 76.76 against an industry average of 72.17, ranking us 15th outof 17 English and Welsh water companies. The score for Q2 is due to be published inDecember 2020.KPI: Mains repairs (due to bursts)(Number per 1,000km mains)2020/21 target: 150.7 or lessMains repairs are running slightly higher than our profiled target to date. However, followingProjected year end status:the hot weather burst numbers have begun return to a more stable position and we hope toachieve the year-end target.KPI: Unplanned interruptions to supply over 12 hours(Number of properties)2020/21 target: 320 or lessWe have already exceeded this target for the year due to a single incident in Harrow Weald onProjected year end status:31 May 2020. This was caused by the air-locking of a main due to extreme high demandresulting from the hot weather combined with the UK Government’s COVID-19 advice to stayat home.KPI: Water supply interruptions over 3 hours(Minutes beyond 3 hours per property)2020/21 internal target: 11:00We are currently outperforming against our internal mid-year target, and are on a glide-path toProjected year end status:achieve our Business Plan PC as we progress through the AMP.*has been significantly impacted by COVID-197
Affinity Water LimitedInterim management report (continued)Operational performance (continued)Our customers and communitiesWe are privileged to serve our communities. Being the monopoly supplier and steward of a preciousresource for future generations, we are acutely aware that we must continually invest in building trust andlegitimacy with our customers and make ourselves accountable to our communities for our performance.This is central to achieving our vision of being a community-focused, sustainable and responsible business.We are helping our customers who are most in need of financial help during the COVID-19 pandemicthrough our ongoing partnership with Money Advice Trust. We have launched a jointly branded webpagewith the independent debt charity National Debtline to improve access to information and financialassistance for our customers, and have raised awareness of this partnership through local press in oursupply area, wider consumer focused press and our social media channels.Our financial help packages include a range of different payment options and budgeting schemes,alternative tariffs, and our priority services register. Our ‘debt-help’ and ‘struggling to pay’ webpages showhow we have helped other customers in similar financial or vulnerable positions. We provided paymentbreaks to nearly 1,500 customers in April 2020, shortly after the Government placed the UK into lockdown.Our C-MeX score for the six months ended 30 September 2020 was 78.59 against an industry average of81.53, ranking us 14th out of 17 companies. The C-Mex score is made up of two surveys: Satisfaction andExperience. The actions we took to support our customers through the beginning of the COVID-19 pandemicand the hot, dry summer have helped us to move up to 9th place in the Satisfaction survey. Unfortunately,we did not see the same improvement in the Experience survey, ranking 17th. Customer experience is ofutmost importance to us, so we recognise there are areas we need to improve on in order to climb furtherup the league table.The key focus for the remainder of 2020/21 will be to continue improving our customer experiences byensuring we are proactive in keeping our customers informed and up to date, and striving to completeinteractions correctly first time. We will be rolling out imp
customers staying at home. and financing 1: 8.4m 2019: 24.2m Our net cash inflow was lower than the prior period, primarily due to lower cash generated from operations as a result of lower revenues, as well as higher net investment in fixed assets in the current period in line with our AMP7 plan.
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