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1 General information
The Severn Trent Group\u2019s operations are described in the segmental
analysis in note 5.
Severn Trent Plc is a company incorporated and domiciled in the
United Kingdom, registered in England and Wales. The address of its
registered office is shown on the back of the cover of the Annual
Report and Accounts.
Severn Trent Plc is listed on the London Stock Exchange.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-355": { "value": "Severn Trent Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-2": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-356": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-357": { "value": "
2 Accounting policies
a) Basis of preparation
The financial statements for the Group and the parent company have
been prepared on the going concern basis (see strategic report on
page 79 which sets out the Group\u2019s considerations relating to viability
and going concern) under the historical cost convention, except for
the revaluation of financial instruments including derivatives (refer
to accounting policy notes u and v), and accounting for the transfer
of assets from customers (refer to accounting policy note i).
(i) Consolidated financial statements
The consolidated financial statements have been prepared in
accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006 and United
Kingdom adopted International Financial Reporting Standards.
(ii) Parent company financial statements
The parent company financial statements have been prepared in
accordance with United Kingdom Accounting Standards and comply
with the Companies Act 2006. The Company meets the definition of
a qualifying entity as defined in FRS 100 \u2018Application of Financial
Reporting Requirements\u2019, accordingly the Company has elected to
apply FRS 101 \u2018Reduced Disclosure Framework\u2019.
Therefore the recognition and measurement requirements of United
Kingdom adopted International Financial Reporting Standards have
been applied, with amendments where necessary in order to
comply with Companies Act 2006 and The Large and Medium-sized
Companies and Groups (Accounts and Reports) Regulations 2008
(SI 2008/410) as the parent company financial statements are
Companies Act 2006 accounts.
As permitted by FRS 101, the parent company has taken advantage
of the disclosure exemptions available under that standard in relation
to statement of cash flows, share based payments, financial
instruments, capital management, presentation of comparative
information in respect of certain assets, standards not yet effective
and related party transactions. Where required, equivalent
disclosures are given in the consolidated financial statements.
As permitted by Section 408 of the Companies Act 2006, no profit or
loss account is presented for the parent company. The profit for the
year is disclosed in the Company statement of changes in equity and
the Company balance sheet.
Severn Trent Plc is a partner in Severn Trent Limited Partnership
and Severn Trent 2017 Limited Partnership (\u2018the partnerships\u2019),
which are registered in Scotland. As the partnerships are included
in the consolidated accounts, the parent company has taken
advantage of the exemption conferred by Regulation 7 of
The Partnership (Accounts) Regulations 2008 from the
requirements of Regulations 4 to 6.
The material accounting policies for the Group and the parent
company are set out below and have been applied consistently except
where indicated. Where policies are specific to the Group or to the
Company this is set out in the relevant policy.
b) Basis of consolidation
The consolidated financial statements include the results of Severn
Trent Plc and its subsidiaries and joint ventures. Results are included
from the date of acquisition or incorporation and excluded from the
date of disposal.
Subsidiaries are consolidated where the Group has the power to
control a subsidiary.
Joint venture undertakings are accounted for on an equity
basis where the Group exercised joint control under
a contractual arrangement.
Non-controlling interests in the net assets of subsidiaries are
identified separately from the Group\u2019s equity. Non-controlling
interests consist of the amount of those interests at the date of the
original business combination and the non-controlling interests\u2019
share of changes in equity since that date.
Transactions between the Company and its subsidiaries have been
eliminated on consolidation and are not included within the Group
financial statements.
Foreign currency denominated assets and liabilities of the Company
and its subsidiary undertakings are translated into the relevant
functional currency at the rates of exchange ruling at the year end.
Any exchange differences so arising are dealt with through the
income statement.
Foreign currency transactions arising during the year are translated
into sterling at the rate of exchange ruling on the date of the
transaction. All gains and losses on exchange arising during the
year are dealt with through the income statement.
c) Recognition of revenue from contracts with
customers and interest income
Turnover is measured based on the consideration to which the group
expects to be entitled in a contract with a customer and excludes
amounts collected on behalf of third parties. The group recognises
turnover when it transfers control of a good or service to a customer.
Water and wastewater revenue is recognised when the service
is provided and includes an estimate of the amount of water
and wastewater charges unbilled at the year end. The accrual
is estimated using a defined methodology based upon a measure
of unbilled water consumed by tariff, which is calculated from
historical billing information.
Amounts received from developers for diversions activity is
recognised as turnover when the service to divert the infrastructure
has been completed.
Operating services revenue is recognised in line with the delivery
of each performance obligation. Further details of the performance
obligations are detailed in note 6. The expected turnover over the
life of a contract is allocated to each performance obligation based
on the stand-alone selling price of each performance obligation,
which is based on the forecast costs incurred and expected margin
for each obligation.
Any changes to the revenue relating to performance obligations
already delivered are recognised in the period in which they are
identified. Differences between amounts recognised as revenue and
amounts billed are recognised as contract assets or liabilities.
Renewable energy revenue includes sales of electricity and gas and
the related green energy incentives. Revenue from energy sales is
recognised when the electricity or gas is delivered to the national
grid. Green energy incentives are recognised when the Group
becomes entitled to them.
Interest income is accrued on a time basis by reference to the
principal outstanding and at the effective interest rate applicable.
d) Exceptional items
Exceptional items are income or expenditure, which individually or in
aggregate, if of a similar type, 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.
e) Taxation
Current tax payable is based on taxable profit for the year and is
calculated using tax rates that have been enacted or substantively
enacted by the balance sheet date.
Deferred taxation is provided in full on taxable temporary differences
between the tax bases of assets and liabilities and their carrying
amounts in the financial statements. Deferred taxation is measured
on a non-discounted basis using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date and are
expected to apply when the related deferred income tax asset is
realised or the deferred tax liability is settled.
Where there is a change in the tax rate enacted or substantively
enacted, deferred tax assets and liabilities in the opening balance
sheet are remeasured at the new rate. The resulting charge/credit to
income statement and reserves is recognised in the year that the rate
change occurs.
Current and deferred tax are recognised in profit or loss, except
where they relate to items that are recognised in other comprehensive
income or directly in equity, in which case, the current and deferred
tax are also recognised in other comprehensive income or directly in
equity, respectively. Where current tax or deferred tax arises from
the initial accounting for a business combination, the tax effect is
included in the accounting for the business combination.
A deferred tax asset is only recognised to the extent it is probable that
sufficient taxable profits will be available in the future to utilise it.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current
tax liabilities.
f) Goodwill
Goodwill represents the excess of the fair value of purchase
consideration over the fair value of the net assets acquired. Goodwill
arising on acquisition of subsidiaries is included in intangible assets,
whilst goodwill arising on acquisition of associates or joint ventures is
included in interests in associates or joint ventures respectively. If an
acquisition gives rise to negative goodwill this is credited directly to
the income statement. Fair value adjustments based on provisional
estimates are amended within one year of the acquisition, if required,
with a corresponding adjustment to goodwill.
Goodwill and indefinite life intangibles are tested for impairment in
accordance with the policy set out in note 2 m) below and carried at
cost less accumulated impairment losses. Goodwill is allocated to
the cash-generating unit that derives benefit from the goodwill for
impairment testing purposes.
Where goodwill forms part of a cash-generating unit and all or part
of that unit is disposed of, the associated goodwill is included in the
carrying amount of that operation when determining the gain or loss
on disposal of the operation.
g) Other intangible non-current assets
Intangible assets acquired separately, or internally generated where
a separate resource that is controlled by the Group is created, are
capitalised at cost. Following initial recognition, finite life intangible
assets are amortised on a straight-line basis over their estimated
useful economic lives as follows:
Years
Software
3 \u2013 10
Other intangible assets
15 \u2013 25
Amortisation charged on intangible assets is taken to the income
statement through operating costs.
Finite life intangible assets are reviewed for impairment where
indicators of impairment exist (see 2 m) below).
Intangible assets with indefinite useful lives are carried at cost
less accumulated impairment losses. Such assets are reviewed
for impairment at least annually and where indications
of impairment exist.
Development expenditure is capitalised as an intangible asset and
written off over its expected useful economic life where the following
criteria are met:
\u2013 it is technically feasible to create and make the asset available
for use or sale;
\u2013 there are adequate resources available to complete the
development and to use or sell the asset;
\u2013 there is the intention and ability to use or sell the asset;
\u2013 it is probable that the asset created will generate future
economic benefits; and
\u2013 the development costs can be measured reliably.
Research expenditure is expensed when it is incurred.
h) Pre-contract costs
Incremental costs incurred in obtaining contracts with customers
are recognised as a prepayment where it is expected that the costs
will be recovered and written off to the income statement over the
life of the contract.
All other costs of obtaining contracts are written off to the income
statement as incurred.
i) Property, plant and equipment
Property, plant and equipment is held at cost (or at deemed cost
for infrastructure assets on transition to IFRS) less accumulated
depreciation and impairment. Expenditure on property, plant
and equipment relating to research and development projects
is capitalised and depreciated over the expected useful life
of those assets.
The costs of like-for-like replacement of infrastructure components
are recognised in the income statement as they arise. Expenditure
which results in enhancements to the operating capability of the
infrastructure networks is capitalised.
Where items of property, plant and equipment are transferred
to the Group from customers or developers, the fair value of the
asset transferred is recognised in the balance sheet. Fair value
is determined based on estimated depreciated replacement cost.
The transfer is considered to be linked to the provision of ongoing
services therefore the corresponding credit is recorded in deferred
income and released to turnover over the expected useful lives of
the related assets. Further details regarding the judgment applied
is detailed in note 4.
Where assets take a substantial period to get ready for their intended
use, the borrowing costs directly attributable to the acquisition,
construction or production of these assets are added to their cost.
Property, plant and equipment is depreciated, using the straight-line
method, to its estimated residual value over its estimated useful life,
with the exception of freehold land, which is not depreciated. Assets
in the course of construction are not depreciated until commissioned.
The estimated useful lives are:
Infrastructure assets Years
Impounding reservoirs
250
Raw water aqueducts
250
Mains
80 \u2013 150
Sewers
150 \u2013 200
Other assets
Buildings
30 \u2013 80
Fixed plant and equipment
20 \u2013 40
Vehicles and mobile plant
2 \u2013 15
j) Biological assets
Biological assets consist of trees held by the Group for the purpose
of commercial felling. Agricultural produce consists of felled trees
and timber.
Biological assets are recognised by the Group as they are intended
to be used for commercial activity and meet the following criteria
as set out in IAS 41 \u2013 Forestry Assets:
\u2013 the assets are controlled by the Group;
\u2013 where required, the appropriate regulatory authority has approved
the commercial felling of the asset; and
\u2013 the fair value or cost of the asset can be measured reliably.
Biological assets are measured at fair value less costs to sell on
initial recognition. At the end of subsequent periods, biological
assets are remeasured to fair value less costs to sell and the gain
or loss on remeasurement is included in other income or costs
in the income statement.
Biological assets are valued by independent qualified valuers on
a quinquennial basis. Between independent valuations, fair values
are estimated by management based on the previous quinquennial
valuation and movements in market indices.
Agricultural produce is measured at fair value less costs to sell
at the point of harvest.
k) Leased assets
Where the Group enters a contract that contains a lease, it recognises
a right-of-use asset and a lease liability. The right-of-use asset
is measured at cost, which includes: the amount of the initial
measurement of the lease liability (see below); any lease payments
made at or before the commencement date less any lease incentives
received; any initial direct costs incurred by the Group; and an
estimate of any remediation or similar costs required by the
lease contract.
At the commencement date, the lease liability is measured at the
present value of the future lease payments discounted using the
interest rate implicit in the lease or, if that cannot be readily
determined, the Group\u2019s incremental borrowing rate. Lease
liabilities are included in borrowings.
Lease payments are treated as consisting of a capital element and
a finance charge; the capital element reduces the lease liability and
the finance charge is written off to the income statement at a constant
rate over the period of the lease in proportion to the capital amount
outstanding. Depreciation of the right-of-use asset is charged over
the shorter of the estimated useful life and the lease period unless
ownership is expected to transfer to the Group at the end of the lease,
in which case the right-of-use asset is depreciated to the end of the
useful life of the underlying asset.
Extension and termination options are included in a number of
property and equipment leases across the Group. These terms are
used to maximise operational flexibility in managing contracts.
Most extension and termination options held are exercisable only by
the Group and not by the respective lessor. In determining the lease
term, the Group considers all facts and circumstances that create an
economic incentive to exercise an extension option, or not exercise
a termination option. Extension options (or periods after termination
options) are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated). The assessment
is reviewed if a significant event or a significant change in
circumstances occurs which affects this assessment and
is within the control of the Group.
Where the lease term is less than one year or the underlying asset is
low value, the Group does not recognise a right-of-use asset or lease
liability. Payments under such leases are charged to operating costs.
l) Grants and contributions
Grants and contributions received in respect of non-current assets,
including certain charges made for new connections to the water and
sewerage networks, are treated as deferred income and released to
turnover over the useful economic life of those non-current assets.
Grants and contributions which are given in compensation for
expenses incurred with no future related costs are recognised
in turnover in the period that they become receivable.
m) Impairment of non-current assets
If the recoverable amount of goodwill, an item of property, plant and
equipment, or any other non-current asset is estimated to be less
than its carrying amount, the carrying amount of the asset is reduced
to its recoverable amount. Where the asset does not generate cash
flows that are independent from other assets, the Group estimates
the recoverable amount of the cash-generating unit to which the
asset belongs. Recoverable amount is the higher of fair value less
costs to sell or estimated value in use at the date the impairment
review is undertaken. Fair value less costs to sell represents the
amount obtainable from the sale of the asset in an arm\u2019s length
transaction between knowledgeable and willing third parties, less
costs of disposal. Value in use represents the present value of future
cash flows expected to be derived from a cash-generating unit,
discounted using a pre-tax discount rate that reflects current market
assessments of the cost of capital of the cash-generating unit or asset.
The discount rate used is based on the Group\u2019s cost of capital
adjusted for the risk profiles of individual businesses. For regulated
businesses we use the weighted average cost of capital (WACC) from
Ofwat\u2019s latest price review adjusted for market changes since this
date where appropriate.
Goodwill is tested for impairment annually. Impairment reviews are
also carried out if there is an indication that an impairment may have
occurred, or, where otherwise required, to ensure that non-current
assets are not carried above their estimated recoverable amounts.
Impairment losses are recognised in the income statement.
n) Parent company investments
The parent company recognises investments in subsidiary
undertakings at historical cost. Impairment losses are recognised in
line with policy set out in m) above.
o) Inventory
Inventories are stated at the lower of cost and net realisable value.
For properties held for resale, the cost includes the cost of acquiring
and developing the sites.
Net realisable value is the estimated selling price less all estimated
costs of completion and costs to be incurred in selling and distribution.
p) Loans receivable
Loans receivable are measured at fair value on initial recognition,
less issue fee income received where the fee is integral to the yield on
the loan. All loan receivables are held for collection of contractual
cash flows, which represent solely payments of principal and interest.
After initial recognition, loans receivable are subsequently measured
at amortised cost using the effective interest rate method whereby
interest and issue fee income are credited to the income statement
and added to the carrying value of loans receivable at a constant rate
in proportion to the loan amount outstanding.
The Group recognises a loss allowance for expected credit losses
(ECL) on its loans receivable from joint ventures. The amount of
expected credit losses is updated at each reporting date to reflect
changes in credit risk since initial recognition.
The Group recognises lifetime ECL when there has been a significant
increase in credit risk since initial recognition. If the credit risk has
not increased significantly since initial recognition, the Group
measures the loss allowance at an amount equal to the 12 month ECL.
Lifetime ECL represents the expected credit losses that will result
from all possible default events over the expected life of the loans.
In contrast, 12 month ECL represents the portion of lifetime ECL
that is expected to result from default events that are possible within
12 months after the reporting date.
Significant increase in credit risk
In assessing whether the credit risk has increased significantly since
initial recognition, the Group compares the risk of default over the
remaining life of the asset at the reporting date with the risk of default
for the same period at initial recognition. In making this assessment,
the Group considers both quantitative and qualitative information
about the risk of default that is reasonable and supportable,
including forward-looking information that is available. This includes
assessment of a deterioration in: actual or expected business;
financial or economic conditions of the borrower; actual or expected
operating results, cash flows and financial position of the borrower;
and the regulatory, economic, or technological environment faced
by the borrower.
Irrespective of the outcome of the above assessment, the Group
presumes that the credit risk on a financial asset has increased
significantly since initial recognition when contractual payments are
more than 30 days past due, unless the Group has reasonable and
supportable information that demonstrates otherwise.
Definition of default
The Group considers that a default has taken place where information
developed internally indicates that the borrower is unlikely to pay its
creditors, including the Group, in full.
Irrespective of the above analysis, the Group considers that default
has occurred when a loan receivable is more than 90 days past due
unless the Group has reasonable and supportable information to
demonstrate that a more lagging default criterion is more appropriate.
q) Trade receivables and accrued income
Trade receivables and accrued income are measured at fair value on
initial recognition, and subsequently measured at amortised cost
using the effective interest rate method, less loss allowance. If there
is objective evidence that the asset is impaired, it is written down to
its recoverable amount and the irrecoverable amount is recognised
as an expense in operating costs.
The Group applies the simplified approach permitted by IFRS 9 for
estimating expected credit losses on trade receivables. For trade
receivables that are assessed not to be impaired individually,
expected credit losses are estimated based on the Group\u2019s
historical experience of trade receivable write-offs and reasonable,
supportable forward-looking information which is available without
undue cost or effort.
r) Retirement benefits
(i) Defined benefit schemes
The difference between the value of defined benefit pension scheme
assets and defined benefit pension scheme liabilities is recorded on
the balance sheet as a retirement benefit asset or obligation.
Defined benefit pension scheme assets are measured at fair value
using bid price for assets with quoted prices. For scheme assets with
no quoted price, the fair value is derived by using quotations from
independent third parties or by using applicable valuation techniques
at the end of each reporting period. Defined benefit pension scheme
liabilities are measured at the balance sheet date by an independent
actuary using the projected unit method and discounted at the current
rate of return on high quality corporate bonds of equivalent term and
currency to the liability.
Service cost, representing the cost of employee service in the year, is
included in operating costs. Net finance cost is calculated by applying
the discount rate used for the scheme liabilities to the net obligation.
Changes in the retirement benefit obligation that arise from:
\u2013 differences between the return on scheme assets and interest
income included in the income statement;
\u2013 actuarial gains and losses from experience adjustments; and
\u2013 changes in demographic or financial assumptions,
are classified as remeasurements, charged or credited to other
comprehensive income and recorded in the statement of
comprehensive income in the period in which they arise.
There is no contractual agreement, or stated policy, for charging the
net defined benefit cost to participating Group companies. Therefore,
the parent recognises a charge in the income statement which is
equal to the contributions payable in the year. The net defined benefit
cost for these schemes is recognised by the sponsoring employers,
Severn Trent Water Limited and Hafren Dyfrdwy Cyfyngedig.
(ii) Defined contribution schemes
Contributions to defined contribution pension schemes are charged to
the income statement in the period in which they fall due.
s) Provisions
Provisions are recognised where:
\u2013 there is a present obligation as a result of a past event;
\u2013 it is probable that there will be an outflow of economic benefits
to settle this obligation; and
\u2013 a reliable estimate of this amount can be made.
Insurance provisions are recognised for claims notified and for claims
incurred but which have not yet been notified, based on advice from
the Group\u2019s independent insurance advisers.
Provisions are discounted to present value using a pre-tax discount
rate that reflects the risks specific to the liability where the effect
is material.
t) Purchase of own shares
Where market purchases of Severn Trent ordinary shares are made
through an obligating contract, a liability for the present value of the
redemption amount is recognised and charged to retained earnings.
Payments for the purchase of shares are charged to the liability
when made.
Shares held by the Severn Trent Employee Share Ownership Trust
that have not vested unconditionally by the balance sheet date are
deducted from shareholders\u2019 funds until such time as they vest.
u) Borrowings
The accounting policy for borrowings that are the hedged item in
a fair value hedge is set out in note 2 v) and the accounting policy for
lease liabilities is set out in note 2 k).
All other borrowings are initially recognised at fair value less
issue costs. After initial recognition, borrowings are subsequently
measured at amortised cost using the effective interest rate
method whereby interest and issue costs are charged to the income
statement and added to the carrying value of borrowings at a constant
rate in proportion to the capital amount outstanding.
Index-linked debt is adjusted for changes in the relevant inflation
index and changes in value are charged to finance costs in the
income statement.
Borrowings denominated in foreign currency are translated to
sterling at the spot rate on the balance sheet date. Exchange gains
or losses resulting from this are credited or charged to gains/losses
on financial instruments in the income statement.
v) Derivative financial instruments
Derivative financial instruments are stated at fair value, including
accrued interest. Fair value is determined using the methodology
described in note 35 a). The accounting policy for changes in fair
value depends on whether the derivative is designated as a hedging
instrument. The various accounting policies are described below.
Interest receivable or payable in respect of derivative financial
instruments is included in finance income or costs in the
income statement.
Derivatives not designated as hedging instruments
Gains or losses arising on remeasurement of derivative financial
instruments that are not designated as hedging instruments
are recognised in gains/losses on financial instruments in the
income statement.
Derivatives designated as hedging instruments
The Group uses derivative financial instruments such as cross
currency swaps, forward currency contracts, energy swaps and
interest rate swaps to hedge its risks associated with foreign
currency, interest rate and energy price fluctuations.
At the inception of each hedge relationship, the Group documents:
\u2013 the economic relationship between the hedging instrument and
the hedged item;
\u2013 its risk management objectives and strategy for undertaking
the hedge transaction; and
\u2013 whether changes in fair value or the cash flows of the hedging
instrument are expected to offset changes in fair values or cash
flows (as appropriate) of the hedged item.
Hedge accounting is discontinued when the hedging instrument
expires, is sold, terminated or exercised, or no longer qualifies
for hedge accounting.
Fair value hedges
Where a loan or borrowing is in a fair value hedging relationship it is
remeasured for changes in fair value of the hedged risk at the balance
sheet date, with gains or losses being recognised in gains/losses on
financial instruments in the income statement. The gain or loss on the
corresponding hedging instrument is also taken to gains/losses on
financial instruments in the income statement so that the effective
portion of the hedge will offset the gain or loss on the hedged item.
If hedge accounting is discontinued, the fair value adjustment arising
from the hedged risk on the hedged item is amortised to the income
statement over the anticipated remaining life of the hedged item.
Cash flow hedges
The portion of the gain or loss on the hedging instrument that is
determined to be an effective hedge is recognised in equity and the
ineffective portion is charged to gains/losses on financial instruments
in the income statement. When the gain or loss from the hedged
underlying transaction is recognised in the income statement, the
gains or losses on the hedging instrument that have previously been
recognised in equity are recycled through gains/losses on financial
instruments in the income statement.
If hedge accounting is discontinued, any cumulative gain or loss on
the hedging instrument previously recognised in equity is held in
equity until the forecast transaction occurs, or transferred to gains/
losses on financial instruments in the income statement if the
forecast transaction is no longer expected to occur. From this point
the derivative is accounted for in the same way as derivatives not
designated as hedging instruments. If the hedging instrument is
terminated, the gains and losses previously recognised in equity are
held in equity until either the forecast transaction occurs or the
forecast transaction is no longer expected to occur.
Embedded derivatives
Where a contract includes terms that cause some of its cash flows to
vary in a similar way to a derivative financial instrument, that part of
the contract is considered to be an embedded derivative.
Embedded derivatives are separated from the contract and measured
at fair value with gains and losses taken to the income statement if
the host contract is not an asset within the scope of IFRS 9 and:
\u2013 the risks and characteristics of the embedded derivative are not
closely related to those of the contract;
\u2013 a separate instrument with the same terms as the embedded
derivative would meet the definition of a derivative; and
\u2013 the contract is not carried at fair value with gains and losses
reported in the income statement.
In all other cases embedded derivatives are accounted for in line
with the accounting policy for the contract as a whole.
w) Share based payments
The Group operates a number of equity settled share based
compensation plans for employees. The fair value of the employee
services received in exchange for the grant is recognised as an
expense over the vesting period of the grant.
The fair value of employee services is determined by reference to the
fair value of the awards granted, calculated using an appropriate
pricing model, excluding the impact of any non-market vesting
conditions. The number of awards that are expected to vest takes into
account non-market vesting conditions including, where appropriate,
continuing employment by the Group. The charge is adjusted to
reflect shares that do not vest as a result of failing to meet
a non-market condition.
Share based compensation plans are satisfied in shares of the parent
company. Where the fair value of the awards is not recharged to
participating Group companies, the parent company records the fair
value of the awards as an increase in its investment in the subsidiary.
The investment is adjusted to reflect shares that do not vest as
a result of failing to meet a non-market based condition.
x) Cash flow statement
For the cash flow statement, cash and cash equivalents include highly
liquid investments that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of change in value.
Such investments are normally those with less than three months
maturity from the date of acquisition and include cash and bank
balances and investments in liquid funds.
Net cash and cash equivalents include overdrafts repayable
on demand.
Interest paid in the cash flow statement includes amounts charged to
the income statement and amounts included in the cost of property,
plant and equipment.
y) Business combinations
Acquisitions of subsidiaries and businesses are accounted for using
the acquisition method. The consideration transferred in a business
combination is measured at fair value. The identifiable assets
acquired and the liabilities assumed are recognised at their fair value
at the acquisition date except that:
\u2013 deferred tax assets or liabilities and retirement benefit assets or
obligations are recognised and measured in accordance with the
policies set out under notes 2 e) and 2 r); and
\u2013 assets or disposal groups that are classified as held for sale are
measured in accordance with the policy set out below.
Where an asset or group of assets (a disposal group) is available for
immediate sale and the sale is highly probable and expected to occur
within one year, then the disposal group is classified as held for sale.
The disposal group is measured at the lower of the carrying amount
and the fair value less costs to sell. Depreciation is not charged on
such assets.
Where the initial accounting for a business combination is incomplete
at the end of the reporting period, the Group reports provisional
amounts and finalises these within one year of the acquisition date
(the \u2018measurement period\u2019).
Contingent consideration is measured at fair value at the
acquisition date.
During the measurement period, changes in provisional fair values
of assets and liabilities acquired, or of contingent consideration,
are recognised as adjustments to goodwill or bargain purchase
gain. Outside the measurement period, changes in fair value
of contingent consideration that is not classified as equity are
recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-359": { "value": "a) Basis of preparation The financial statements for the Group and the parent company have been prepared on the going concern basis (see strategic report on page 79 which sets out the Group\u2019s considerations relating to viability and going concern) under the historical cost convention, except for the revaluation of financial instruments including derivatives (refer to accounting policy notes u and v), and accounting for the transfer of assets from customers (refer to accounting policy note i). (i) Consolidated financial statements The consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and United Kingdom adopted International Financial Reporting Standards. (ii) Parent company financial statements The parent company financial statements have been prepared in accordance with United Kingdom Accounting Standards and comply with the Companies Act 2006. The Company meets the definition of a qualifying entity as defined in FRS 100 \u2018Application of Financial Reporting Requirements\u2019, accordingly the Company has elected to apply FRS 101 \u2018Reduced Disclosure Framework\u2019. Therefore the recognition and measurement requirements of United Kingdom adopted International Financial Reporting Standards have been applied, with amendments where necessary in order to comply with Companies Act 2006 and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) as the parent company financial statements are Companies Act 2006 accounts. As permitted by FRS 101, the parent company has taken advantage of the disclosure exemptions available under that standard in relation to statement of cash flows, share based payments, financial instruments, capital management, presentation of comparative information in respect of certain assets, standards not yet effective and related party transactions. Where required, equivalent disclosures are given in the consolidated financial statements. As permitted by Section 408 of the Companies Act 2006, no profit or loss account is presented for the parent company. The profit for the year is disclosed in the Company statement of changes in equity and the Company balance sheet. Severn Trent Plc is a partner in Severn Trent Limited Partnership and Severn Trent 2017 Limited Partnership (\u2018the partnerships\u2019), which are registered in Scotland. As the partnerships are included in the consolidated accounts, the parent company has taken advantage of the exemption conferred by Regulation 7 of The Partnership (Accounts) Regulations 2008 from the requirements of Regulations 4 to 6. The material accounting policies for the Group and the parent company are set out below and have been applied consistently except where indicated. Where policies are specific to the Group or to the Company this is set out in the relevant policy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-421": { "value": "The consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and United Kingdom adopted International Financial Reporting Standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-360": { "value": "b) Basis of consolidation The consolidated financial statements include the results of Severn Trent Plc and its subsidiaries and joint ventures. Results are included from the date of acquisition or incorporation and excluded from the date of disposal. Subsidiaries are consolidated where the Group has the power to control a subsidiary. Joint venture undertakings are accounted for on an equity basis where the Group exercised joint control under a contractual arrangement. Non-controlling interests in the net assets of subsidiaries are identified separately from the Group\u2019s equity. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling interests\u2019 share of changes in equity since that date. Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not included within the Group financial statements. Foreign currency denominated assets and liabilities of the Company and its subsidiary undertakings are translated into the relevant functional currency at the rates of exchange ruling at the year end. Any exchange differences so arising are dealt with through the income statement. Foreign currency transactions arising during the year are translated into sterling at the rate of exchange ruling on the date of the transaction. All gains and losses on exchange arising during the year are dealt with through the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-466": { "value": "The consolidated financial statements include the results of Severn Trent Plc and its subsidiaries and joint ventures. Results are included from the date of acquisition or incorporation and excluded from the date of disposal. Subsidiaries are consolidated where the Group has the power to control a subsidiary. Joint venture undertakings are accounted for on an equity basis where the Group exercised joint control under a contractual arrangement. Non-controlling interests in the net assets of subsidiaries are identified separately from the Group\u2019s equity. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling interests\u2019 share of changes in equity since that date. Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not included within the Group financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-456": { "value": "The consolidated financial statements include the results of Severn Trent Plc and its subsidiaries and joint ventures. Results are included from the date of acquisition or incorporation and excluded from the date of disposal. Joint venture undertakings are accounted for on an equity basis where the Group exercised joint control under a contractual arrangement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-422": { "value": "The consolidated financial statements include the results of Severn Trent Plc and its subsidiaries and joint ventures. Results are included from the date of acquisition or incorporation and excluded from the date of disposal. Joint venture undertakings are accounted for on an equity basis where the Group exercised joint control under a contractual arrangement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-423": { "value": "Foreign currency denominated assets and liabilities of the Company and its subsidiary undertakings are translated into the relevant functional currency at the rates of exchange ruling at the year end. Any exchange differences so arising are dealt with through the income statement. Foreign currency transactions arising during the year are translated into sterling at the rate of exchange ruling on the date of the transaction. All gains and losses on exchange arising during the year are dealt with through the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-361": { "value": "c) Recognition of revenue from contracts with customers and interest income Turnover is measured based on the consideration to which the group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognises turnover when it transfers control of a good or service to a customer. Water and wastewater revenue is recognised when the service is provided and includes an estimate of the amount of water and wastewater charges unbilled at the year end. The accrual is estimated using a defined methodology based upon a measure of unbilled water consumed by tariff, which is calculated from historical billing information. Amounts received from developers for diversions activity is recognised as turnover when the service to divert the infrastructure has been completed. Operating services revenue is recognised in line with the delivery of each performance obligation. Further details of the performance obligations are detailed in note 6. The expected turnover over the life of a contract is allocated to each performance obligation based on the stand-alone selling price of each performance obligation, which is based on the forecast costs incurred and expected margin for each obligation. Any changes to the revenue relating to performance obligations already delivered are recognised in the period in which they are identified. Differences between amounts recognised as revenue and amounts billed are recognised as contract assets or liabilities. Renewable energy revenue includes sales of electricity and gas and the related green energy incentives. Revenue from energy sales is recognised when the electricity or gas is delivered to the national grid. Green energy incentives are recognised when the Group becomes entitled to them. Interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate applicable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-362": { "value": "d) Exceptional items Exceptional items are income or expenditure, which individually or in aggregate, if of a similar type, 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-424": { "value": "e) Taxation Current tax payable is based on taxable profit for the year and is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred taxation is provided in full on taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred taxation is measured on a non-discounted basis using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred tax liability is settled. Where there is a change in the tax rate enacted or substantively enacted, deferred tax assets and liabilities in the opening balance sheet are remeasured at the new rate. The resulting charge/credit to income statement and reserves is recognised in the year that the rate change occurs. Current and deferred tax are recognised in profit or loss, except where they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. A deferred tax asset is only recognised to the extent it is probable that sufficient taxable profits will be available in the future to utilise it. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-363": { "value": "e) Taxation Current tax payable is based on taxable profit for the year and is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred taxation is provided in full on taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred taxation is measured on a non-discounted basis using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred tax liability is settled. Where there is a change in the tax rate enacted or substantively enacted, deferred tax assets and liabilities in the opening balance sheet are remeasured at the new rate. The resulting charge/credit to income statement and reserves is recognised in the year that the rate change occurs. Current and deferred tax are recognised in profit or loss, except where they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. A deferred tax asset is only recognised to the extent it is probable that sufficient taxable profits will be available in the future to utilise it. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-457": { "value": "f) Goodwill Goodwill represents the excess of the fair value of purchase consideration over the fair value of the net assets acquired. Goodwill arising on acquisition of subsidiaries is included in intangible assets, whilst goodwill arising on acquisition of associates or joint ventures is included in interests in associates or joint ventures respectively. If an acquisition gives rise to negative goodwill this is credited directly to the income statement. Fair value adjustments based on provisional estimates are amended within one year of the acquisition, if required, with a corresponding adjustment to goodwill. Goodwill and indefinite life intangibles are tested for impairment in accordance with the policy set out in note 2 m) below and carried at cost less accumulated impairment losses. Goodwill is allocated to the cash-generating unit that derives benefit from the goodwill for impairment testing purposes. Where goodwill forms part of a cash-generating unit and all or part of that unit is disposed of, the associated goodwill is included in the carrying amount of that operation when determining the gain or loss on disposal of the operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-425": { "value": "f) Goodwill Goodwill represents the excess of the fair value of purchase consideration over the fair value of the net assets acquired. Goodwill arising on acquisition of subsidiaries is included in intangible assets, whilst goodwill arising on acquisition of associates or joint ventures is included in interests in associates or joint ventures respectively. If an acquisition gives rise to negative goodwill this is credited directly to the income statement. Fair value adjustments based on provisional estimates are amended within one year of the acquisition, if required, with a corresponding adjustment to goodwill. Goodwill and indefinite life intangibles are tested for impairment in accordance with the policy set out in note 2 m) below and carried at cost less accumulated impairment losses. Goodwill is allocated to the cash-generating unit that derives benefit from the goodwill for impairment testing purposes. Where goodwill forms part of a cash-generating unit and all or part of that unit is disposed of, the associated goodwill is included in the carrying amount of that operation when determining the gain or loss on disposal of the operation. y) Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value. The identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date except that: \u2013 deferred tax assets or liabilities and retirement benefit assets or obligations are recognised and measured in accordance with the policies set out under notes 2 e) and 2 r); and \u2013 assets or disposal groups that are classified as held for sale are measured in accordance with the policy set out below. Where an asset or group of assets (a disposal group) is available for immediate sale and the sale is highly probable and expected to occur within one year, then the disposal group is classified as held for sale. The disposal group is measured at the lower of the carrying amount and the fair value less costs to sell. Depreciation is not charged on such assets. Where the initial accounting for a business combination is incomplete at the end of the reporting period, the Group reports provisional amounts and finalises these within one year of the acquisition date (the \u2018measurement period\u2019). Contingent consideration is measured at fair value at the acquisition date. During the measurement period, changes in provisional fair values of assets and liabilities acquired, or of contingent consideration, are recognised as adjustments to goodwill or bargain purchase gain. Outside the measurement period, changes in fair value of contingent consideration that is not classified as equity are recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-364": { "value": "f) Goodwill Goodwill represents the excess of the fair value of purchase consideration over the fair value of the net assets acquired. Goodwill arising on acquisition of subsidiaries is included in intangible assets, whilst goodwill arising on acquisition of associates or joint ventures is included in interests in associates or joint ventures respectively. If an acquisition gives rise to negative goodwill this is credited directly to the income statement. Fair value adjustments based on provisional estimates are amended within one year of the acquisition, if required, with a corresponding adjustment to goodwill. Goodwill and indefinite life intangibles are tested for impairment in accordance with the policy set out in note 2 m) below and carried at cost less accumulated impairment losses. Goodwill is allocated to the cash-generating unit that derives benefit from the goodwill for impairment testing purposes. Where goodwill forms part of a cash-generating unit and all or part of that unit is disposed of, the associated goodwill is included in the carrying amount of that operation when determining the gain or loss on disposal of the operation. g) Other intangible non-current assets Intangible assets acquired separately, or internally generated where a separate resource that is controlled by the Group is created, are capitalised at cost. Following initial recognition, finite life intangible assets are amortised on a straight-line basis over their estimated useful economic lives as follows:
Years
Software
3 \u2013 10
Other intangible assets
15 \u2013 25
Amortisation charged on intangible assets is taken to the income statement through operating costs. Finite life intangible assets are reviewed for impairment where indicators of impairment exist (see 2 m) below). Intangible assets with indefinite useful lives are carried at cost less accumulated impairment losses. Such assets are reviewed for impairment at least annually and where indications of impairment exist. Development expenditure is capitalised as an intangible asset and written off over its expected useful economic life where the following criteria are met: \u2013 it is technically feasible to create and make the asset available for use or sale; \u2013 there are adequate resources available to complete the development and to use or sell the asset; \u2013 there is the intention and ability to use or sell the asset; \u2013 it is probable that the asset created will generate future economic benefits; and \u2013 the development costs can be measured reliably. Research expenditure is expensed when it is incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-426": { "value": "g) Other intangible non-current assets Intangible assets acquired separately, or internally generated where a separate resource that is controlled by the Group is created, are capitalised at cost. Following initial recognition, finite life intangible assets are amortised on a straight-line basis over their estimated useful economic lives as follows:
Years
Software
3 \u2013 10
Other intangible assets
15 \u2013 25
Amortisation charged on intangible assets is taken to the income statement through operating costs. Finite life intangible assets are reviewed for impairment where indicators of impairment exist (see 2 m) below). Intangible assets with indefinite useful lives are carried at cost less accumulated impairment losses. Such assets are reviewed for impairment at least annually and where indications of impairment exist. Development expenditure is capitalised as an intangible asset and written off over its expected useful economic life where the following criteria are met: \u2013 it is technically feasible to create and make the asset available for use or sale; \u2013 there are adequate resources available to complete the development and to use or sell the asset; \u2013 there is the intention and ability to use or sell the asset; \u2013 it is probable that the asset created will generate future economic benefits; and \u2013 the development costs can be measured reliably. Research expenditure is expensed when it is incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-365": { "value": "h) Pre-contract costs Incremental costs incurred in obtaining contracts with customers are recognised as a prepayment where it is expected that the costs will be recovered and written off to the income statement over the life of the contract. All other costs of obtaining contracts are written off to the income statement as incurred. ", "dimensions": { "concept": "severntrentplc:DescriptionOfAccountingPolicyForPreContractCosts", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-427": { "value": "i) Property, plant and equipment Property, plant and equipment is held at cost (or at deemed cost for infrastructure assets on transition to IFRS) less accumulated depreciation and impairment. Expenditure on property, plant and equipment relating to research and development projects is capitalised and depreciated over the expected useful life of those assets. The costs of like-for-like replacement of infrastructure components are recognised in the income statement as they arise. Expenditure which results in enhancements to the operating capability of the infrastructure networks is capitalised. Where items of property, plant and equipment are transferred to the Group from customers or developers, the fair value of the asset transferred is recognised in the balance sheet. Fair value is determined based on estimated depreciated replacement cost. The transfer is considered to be linked to the provision of ongoing services therefore the corresponding credit is recorded in deferred income and released to turnover over the expected useful lives of the related assets. Further details regarding the judgment applied is detailed in note 4. Where assets take a substantial period to get ready for their intended use, the borrowing costs directly attributable to the acquisition, construction or production of these assets are added to their cost. Property, plant and equipment is depreciated, using the straight-line method, to its estimated residual value over its estimated useful life, with the exception of freehold land, which is not depreciated. Assets in the course of construction are not depreciated until commissioned. The estimated useful lives are:
Infrastructure assets Years
Impounding reservoirs
250
Raw water aqueducts
250
Mains
80 \u2013 150
Sewers
150 \u2013 200
Other assets
Buildings
30 \u2013 80
Fixed plant and equipment
20 \u2013 40
Vehicles and mobile plant
2 \u2013 15
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-366": { "value": "i) Property, plant and equipment Property, plant and equipment is held at cost (or at deemed cost for infrastructure assets on transition to IFRS) less accumulated depreciation and impairment. Expenditure on property, plant and equipment relating to research and development projects is capitalised and depreciated over the expected useful life of those assets. The costs of like-for-like replacement of infrastructure components are recognised in the income statement as they arise. Expenditure which results in enhancements to the operating capability of the infrastructure networks is capitalised. Where items of property, plant and equipment are transferred to the Group from customers or developers, the fair value of the asset transferred is recognised in the balance sheet. Fair value is determined based on estimated depreciated replacement cost. The transfer is considered to be linked to the provision of ongoing services therefore the corresponding credit is recorded in deferred income and released to turnover over the expected useful lives of the related assets. Further details regarding the judgment applied is detailed in note 4. Where assets take a substantial period to get ready for their intended use, the borrowing costs directly attributable to the acquisition, construction or production of these assets are added to their cost. Property, plant and equipment is depreciated, using the straight-line method, to its estimated residual value over its estimated useful life, with the exception of freehold land, which is not depreciated. Assets in the course of construction are not depreciated until commissioned. The estimated useful lives are:
Infrastructure assets Years
Impounding reservoirs
250
Raw water aqueducts
250
Mains
80 \u2013 150
Sewers
150 \u2013 200
Other assets
Buildings
30 \u2013 80
Fixed plant and equipment
20 \u2013 40
Vehicles and mobile plant
2 \u2013 15
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-367": { "value": "j) Biological assets Biological assets consist of trees held by the Group for the purpose of commercial felling. Agricultural produce consists of felled trees and timber. Biological assets are recognised by the Group as they are intended to be used for commercial activity and meet the following criteria as set out in IAS 41 \u2013 Forestry Assets: \u2013 the assets are controlled by the Group; \u2013 where required, the appropriate regulatory authority has approved the commercial felling of the asset; and \u2013 the fair value or cost of the asset can be measured reliably. Biological assets are measured at fair value less costs to sell on initial recognition. At the end of subsequent periods, biological assets are remeasured to fair value less costs to sell and the gain or loss on remeasurement is included in other income or costs in the income statement. Biological assets are valued by independent qualified valuers on a quinquennial basis. Between independent valuations, fair values are estimated by management based on the previous quinquennial valuation and movements in market indices. Agricultural produce is measured at fair value less costs to sell at the point of harvest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-368": { "value": "k) Leased assets Where the Group enters a contract that contains a lease, it recognises a right-of-use asset and a lease liability. The right-of-use asset is measured at cost, which includes: the amount of the initial measurement of the lease liability (see below); any lease payments made at or before the commencement date less any lease incentives received; any initial direct costs incurred by the Group; and an estimate of any remediation or similar costs required by the lease contract. At the commencement date, the lease liability is measured at the present value of the future lease payments discounted using the interest rate implicit in the lease or, if that cannot be readily determined, the Group\u2019s incremental borrowing rate. Lease liabilities are included in borrowings. Lease payments are treated as consisting of a capital element and a finance charge; the capital element reduces the lease liability and the finance charge is written off to the income statement at a constant rate over the period of the lease in proportion to the capital amount outstanding. Depreciation of the right-of-use asset is charged over the shorter of the estimated useful life and the lease period unless ownership is expected to transfer to the Group at the end of the lease, in which case the right-of-use asset is depreciated to the end of the useful life of the underlying asset. Extension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in managing contracts. Most extension and termination options held are exercisable only by the Group and not by the respective lessor. In determining the lease term, the Group considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and is within the control of the Group. Where the lease term is less than one year or the underlying asset is low value, the Group does not recognise a right-of-use asset or lease liability. Payments under such leases are charged to operating costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-369": { "value": "l) Grants and contributions Grants and contributions received in respect of non-current assets, including certain charges made for new connections to the water and sewerage networks, are treated as deferred income and released to turnover over the useful economic life of those non-current assets. Grants and contributions which are given in compensation for expenses incurred with no future related costs are recognised in turnover in the period that they become receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-428": { "value": "m) Impairment of non-current assets If the recoverable amount of goodwill, an item of property, plant and equipment, or any other non-current asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell or estimated value in use at the date the impairment review is undertaken. Fair value less costs to sell represents the amount obtainable from the sale of the asset in an arm\u2019s length transaction between knowledgeable and willing third parties, less costs of disposal. Value in use represents the present value of future cash flows expected to be derived from a cash-generating unit, discounted using a pre-tax discount rate that reflects current market assessments of the cost of capital of the cash-generating unit or asset. The discount rate used is based on the Group\u2019s cost of capital adjusted for the risk profiles of individual businesses. For regulated businesses we use the weighted average cost of capital (WACC) from Ofwat\u2019s latest price review adjusted for market changes since this date where appropriate. Goodwill is tested for impairment annually. Impairment reviews are also carried out if there is an indication that an impairment may have occurred, or, where otherwise required, to ensure that non-current assets are not carried above their estimated recoverable amounts. Impairment losses are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-370": { "value": "m) Impairment of non-current assets If the recoverable amount of goodwill, an item of property, plant and equipment, or any other non-current asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell or estimated value in use at the date the impairment review is undertaken. Fair value less costs to sell represents the amount obtainable from the sale of the asset in an arm\u2019s length transaction between knowledgeable and willing third parties, less costs of disposal. Value in use represents the present value of future cash flows expected to be derived from a cash-generating unit, discounted using a pre-tax discount rate that reflects current market assessments of the cost of capital of the cash-generating unit or asset. The discount rate used is based on the Group\u2019s cost of capital adjusted for the risk profiles of individual businesses. For regulated businesses we use the weighted average cost of capital (WACC) from Ofwat\u2019s latest price review adjusted for market changes since this date where appropriate. Goodwill is tested for impairment annually. Impairment reviews are also carried out if there is an indication that an impairment may have occurred, or, where otherwise required, to ensure that non-current assets are not carried above their estimated recoverable amounts. Impairment losses are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-371": { "value": "n) Parent company investments The parent company recognises investments in subsidiary undertakings at historical cost. Impairment losses are recognised in line with policy set out in m) above. ", "dimensions": { "concept": "severntrentplc:DescriptionOfAccountingPolicyForParentCompanyInvestments", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-372": { "value": "o) Inventory Inventories are stated at the lower of cost and net realisable value. For properties held for resale, the cost includes the cost of acquiring and developing the sites. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in selling and distribution. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-373": { "value": "p) Loans receivable Loans receivable are measured at fair value on initial recognition, less issue fee income received where the fee is integral to the yield on the loan. All loan receivables are held for collection of contractual cash flows, which represent solely payments of principal and interest. After initial recognition, loans receivable are subsequently measured at amortised cost using the effective interest rate method whereby interest and issue fee income are credited to the income statement and added to the carrying value of loans receivable at a constant rate in proportion to the loan amount outstanding. The Group recognises a loss allowance for expected credit losses (ECL) on its loans receivable from joint ventures. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition. The Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If the credit risk has not increased significantly since initial recognition, the Group measures the loss allowance at an amount equal to the 12 month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of the loans. In contrast, 12 month ECL represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Significant increase in credit risk In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of default over the remaining life of the asset at the reporting date with the risk of default for the same period at initial recognition. In making this assessment, the Group considers both quantitative and qualitative information about the risk of default that is reasonable and supportable, including forward-looking information that is available. This includes assessment of a deterioration in: actual or expected business; financial or economic conditions of the borrower; actual or expected operating results, cash flows and financial position of the borrower; and the regulatory, economic, or technological environment faced by the borrower. Irrespective of the outcome of the above assessment, the Group presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. Definition of default The Group considers that a default has taken place where information developed internally indicates that the borrower is unlikely to pay its creditors, including the Group, in full. Irrespective of the above analysis, the Group considers that default has occurred when a loan receivable is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-374": { "value": "q) Trade receivables and accrued income Trade receivables and accrued income are measured at fair value on initial recognition, and subsequently measured at amortised cost using the effective interest rate method, less loss allowance. If there is objective evidence that the asset is impaired, it is written down to its recoverable amount and the irrecoverable amount is recognised as an expense in operating costs. The Group applies the simplified approach permitted by IFRS 9 for estimating expected credit losses on trade receivables. For trade receivables that are assessed not to be impaired individually, expected credit losses are estimated based on the Group\u2019s historical experience of trade receivable write-offs and reasonable, supportable forward-looking information which is available without undue cost or effort. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-375": { "value": "r) Retirement benefits (i) Defined benefit schemes The difference between the value of defined benefit pension scheme assets and defined benefit pension scheme liabilities is recorded on the balance sheet as a retirement benefit asset or obligation. Defined benefit pension scheme assets are measured at fair value using bid price for assets with quoted prices. For scheme assets with no quoted price, the fair value is derived by using quotations from independent third parties or by using applicable valuation techniques at the end of each reporting period. Defined benefit pension scheme liabilities are measured at the balance sheet date by an independent actuary using the projected unit method and discounted at the current rate of return on high quality corporate bonds of equivalent term and currency to the liability. Service cost, representing the cost of employee service in the year, is included in operating costs. Net finance cost is calculated by applying the discount rate used for the scheme liabilities to the net obligation. Changes in the retirement benefit obligation that arise from: \u2013 differences between the return on scheme assets and interest income included in the income statement; \u2013 actuarial gains and losses from experience adjustments; and \u2013 changes in demographic or financial assumptions, are classified as remeasurements, charged or credited to other comprehensive income and recorded in the statement of comprehensive income in the period in which they arise. There is no contractual agreement, or stated policy, for charging the net defined benefit cost to participating Group companies. Therefore, the parent recognises a charge in the income statement which is equal to the contributions payable in the year. The net defined benefit cost for these schemes is recognised by the sponsoring employers, Severn Trent Water Limited and Hafren Dyfrdwy Cyfyngedig. (ii) Defined contribution schemes Contributions to defined contribution pension schemes are charged to the income statement in the period in which they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-376": { "value": "s) Provisions Provisions are recognised where: \u2013 there is a present obligation as a result of a past event; \u2013 it is probable that there will be an outflow of economic benefits to settle this obligation; and \u2013 a reliable estimate of this amount can be made. Insurance provisions are recognised for claims notified and for claims incurred but which have not yet been notified, based on advice from the Group\u2019s independent insurance advisers. Provisions are discounted to present value using a pre-tax discount rate that reflects the risks specific to the liability where the effect is material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-377": { "value": "t) Purchase of own shares Where market purchases of Severn Trent ordinary shares are made through an obligating contract, a liability for the present value of the redemption amount is recognised and charged to retained earnings. Payments for the purchase of shares are charged to the liability when made. Shares held by the Severn Trent Employee Share Ownership Trust that have not vested unconditionally by the balance sheet date are deducted from shareholders\u2019 funds until such time as they vest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-378": { "value": "u) Borrowings The accounting policy for borrowings that are the hedged item in a fair value hedge is set out in note 2 v) and the accounting policy for lease liabilities is set out in note 2 k). All other borrowings are initially recognised at fair value less issue costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate method whereby interest and issue costs are charged to the income statement and added to the carrying value of borrowings at a constant rate in proportion to the capital amount outstanding. Index-linked debt is adjusted for changes in the relevant inflation index and changes in value are charged to finance costs in the income statement. Borrowings denominated in foreign currency are translated to sterling at the spot rate on the balance sheet date. Exchange gains or losses resulting from this are credited or charged to gains/losses on financial instruments in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-458": { "value": "v) Derivative financial instruments Derivative financial instruments are stated at fair value, including accrued interest. Fair value is determined using the methodology described in note 35 a). The accounting policy for changes in fair value depends on whether the derivative is designated as a hedging instrument. The various accounting policies are described below. Interest receivable or payable in respect of derivative financial instruments is included in finance income or costs in the income statement. Derivatives not designated as hedging instruments Gains or losses arising on remeasurement of derivative financial instruments that are not designated as hedging instruments are recognised in gains/losses on financial instruments in the income statement. Derivatives designated as hedging instruments The Group uses derivative financial instruments such as cross currency swaps, forward currency contracts, energy swaps and interest rate swaps to hedge its risks associated with foreign currency, interest rate and energy price fluctuations. At the inception of each hedge relationship, the Group documents: \u2013 the economic relationship between the hedging instrument and the hedged item; \u2013 its risk management objectives and strategy for undertaking the hedge transaction; and \u2013 whether changes in fair value or the cash flows of the hedging instrument are expected to offset changes in fair values or cash flows (as appropriate) of the hedged item. Hedge accounting is discontinued when the hedging instrument expires, is sold, terminated or exercised, or no longer qualifies for hedge accounting. Fair value hedges Where a loan or borrowing is in a fair value hedging relationship it is remeasured for changes in fair value of the hedged risk at the balance sheet date, with gains or losses being recognised in gains/losses on financial instruments in the income statement. The gain or loss on the corresponding hedging instrument is also taken to gains/losses on financial instruments in the income statement so that the effective portion of the hedge will offset the gain or loss on the hedged item. If hedge accounting is discontinued, the fair value adjustment arising from the hedged risk on the hedged item is amortised to the income statement over the anticipated remaining life of the hedged item. Cash flow hedges The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in equity and the ineffective portion is charged to gains/losses on financial instruments in the income statement. When the gain or loss from the hedged underlying transaction is recognised in the income statement, the gains or losses on the hedging instrument that have previously been recognised in equity are recycled through gains/losses on financial instruments in the income statement. If hedge accounting is discontinued, any cumulative gain or loss on the hedging instrument previously recognised in equity is held in equity until the forecast transaction occurs, or transferred to gains/ losses on financial instruments in the income statement if the forecast transaction is no longer expected to occur. From this point the derivative is accounted for in the same way as derivatives not designated as hedging instruments. If the hedging instrument is terminated, the gains and losses previously recognised in equity are held in equity until either the forecast transaction occurs or the forecast transaction is no longer expected to occur. Embedded derivatives Where a contract includes terms that cause some of its cash flows to vary in a similar way to a derivative financial instrument, that part of the contract is considered to be an embedded derivative. Embedded derivatives are separated from the contract and measured at fair value with gains and losses taken to the income statement if the host contract is not an asset within the scope of IFRS 9 and: \u2013 the risks and characteristics of the embedded derivative are not closely related to those of the contract; \u2013 a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and \u2013 the contract is not carried at fair value with gains and losses reported in the income statement. In all other cases embedded derivatives are accounted for in line with the accounting policy for the contract as a whole. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-429": { "value": "v) Derivative financial instruments Derivative financial instruments are stated at fair value, including accrued interest. Fair value is determined using the methodology described in note 35 a). The accounting policy for changes in fair value depends on whether the derivative is designated as a hedging instrument. The various accounting policies are described below. Interest receivable or payable in respect of derivative financial instruments is included in finance income or costs in the income statement. Derivatives not designated as hedging instruments Gains or losses arising on remeasurement of derivative financial instruments that are not designated as hedging instruments are recognised in gains/losses on financial instruments in the income statement. Derivatives designated as hedging instruments The Group uses derivative financial instruments such as cross currency swaps, forward currency contracts, energy swaps and interest rate swaps to hedge its risks associated with foreign currency, interest rate and energy price fluctuations. At the inception of each hedge relationship, the Group documents: \u2013 the economic relationship between the hedging instrument and the hedged item; \u2013 its risk management objectives and strategy for undertaking the hedge transaction; and \u2013 whether changes in fair value or the cash flows of the hedging instrument are expected to offset changes in fair values or cash flows (as appropriate) of the hedged item. Hedge accounting is discontinued when the hedging instrument expires, is sold, terminated or exercised, or no longer qualifies for hedge accounting. Fair value hedges Where a loan or borrowing is in a fair value hedging relationship it is remeasured for changes in fair value of the hedged risk at the balance sheet date, with gains or losses being recognised in gains/losses on financial instruments in the income statement. The gain or loss on the corresponding hedging instrument is also taken to gains/losses on financial instruments in the income statement so that the effective portion of the hedge will offset the gain or loss on the hedged item. If hedge accounting is discontinued, the fair value adjustment arising from the hedged risk on the hedged item is amortised to the income statement over the anticipated remaining life of the hedged item. Cash flow hedges The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in equity and the ineffective portion is charged to gains/losses on financial instruments in the income statement. When the gain or loss from the hedged underlying transaction is recognised in the income statement, the gains or losses on the hedging instrument that have previously been recognised in equity are recycled through gains/losses on financial instruments in the income statement. If hedge accounting is discontinued, any cumulative gain or loss on the hedging instrument previously recognised in equity is held in equity until the forecast transaction occurs, or transferred to gains/ losses on financial instruments in the income statement if the forecast transaction is no longer expected to occur. From this point the derivative is accounted for in the same way as derivatives not designated as hedging instruments. If the hedging instrument is terminated, the gains and losses previously recognised in equity are held in equity until either the forecast transaction occurs or the forecast transaction is no longer expected to occur. Embedded derivatives Where a contract includes terms that cause some of its cash flows to vary in a similar way to a derivative financial instrument, that part of the contract is considered to be an embedded derivative. Embedded derivatives are separated from the contract and measured at fair value with gains and losses taken to the income statement if the host contract is not an asset within the scope of IFRS 9 and: \u2013 the risks and characteristics of the embedded derivative are not closely related to those of the contract; \u2013 a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and \u2013 the contract is not carried at fair value with gains and losses reported in the income statement. In all other cases embedded derivatives are accounted for in line with the accounting policy for the contract as a whole. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-379": { "value": "v) Derivative financial instruments Derivative financial instruments are stated at fair value, including accrued interest. Fair value is determined using the methodology described in note 35 a). The accounting policy for changes in fair value depends on whether the derivative is designated as a hedging instrument. The various accounting policies are described below. Interest receivable or payable in respect of derivative financial instruments is included in finance income or costs in the income statement. Derivatives not designated as hedging instruments Gains or losses arising on remeasurement of derivative financial instruments that are not designated as hedging instruments are recognised in gains/losses on financial instruments in the income statement. Derivatives designated as hedging instruments The Group uses derivative financial instruments such as cross currency swaps, forward currency contracts, energy swaps and interest rate swaps to hedge its risks associated with foreign currency, interest rate and energy price fluctuations. At the inception of each hedge relationship, the Group documents: \u2013 the economic relationship between the hedging instrument and the hedged item; \u2013 its risk management objectives and strategy for undertaking the hedge transaction; and \u2013 whether changes in fair value or the cash flows of the hedging instrument are expected to offset changes in fair values or cash flows (as appropriate) of the hedged item. Hedge accounting is discontinued when the hedging instrument expires, is sold, terminated or exercised, or no longer qualifies for hedge accounting. Fair value hedges Where a loan or borrowing is in a fair value hedging relationship it is remeasured for changes in fair value of the hedged risk at the balance sheet date, with gains or losses being recognised in gains/losses on financial instruments in the income statement. The gain or loss on the corresponding hedging instrument is also taken to gains/losses on financial instruments in the income statement so that the effective portion of the hedge will offset the gain or loss on the hedged item. If hedge accounting is discontinued, the fair value adjustment arising from the hedged risk on the hedged item is amortised to the income statement over the anticipated remaining life of the hedged item. Cash flow hedges The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in equity and the ineffective portion is charged to gains/losses on financial instruments in the income statement. When the gain or loss from the hedged underlying transaction is recognised in the income statement, the gains or losses on the hedging instrument that have previously been recognised in equity are recycled through gains/losses on financial instruments in the income statement. If hedge accounting is discontinued, any cumulative gain or loss on the hedging instrument previously recognised in equity is held in equity until the forecast transaction occurs, or transferred to gains/ losses on financial instruments in the income statement if the forecast transaction is no longer expected to occur. From this point the derivative is accounted for in the same way as derivatives not designated as hedging instruments. If the hedging instrument is terminated, the gains and losses previously recognised in equity are held in equity until either the forecast transaction occurs or the forecast transaction is no longer expected to occur. Embedded derivatives Where a contract includes terms that cause some of its cash flows to vary in a similar way to a derivative financial instrument, that part of the contract is considered to be an embedded derivative. Embedded derivatives are separated from the contract and measured at fair value with gains and losses taken to the income statement if the host contract is not an asset within the scope of IFRS 9 and: \u2013 the risks and characteristics of the embedded derivative are not closely related to those of the contract; \u2013 a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and \u2013 the contract is not carried at fair value with gains and losses reported in the income statement. In all other cases embedded derivatives are accounted for in line with the accounting policy for the contract as a whole. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-380": { "value": "w) Share based payments The Group operates a number of equity settled share based compensation plans for employees. The fair value of the employee services received in exchange for the grant is recognised as an expense over the vesting period of the grant. The fair value of employee services is determined by reference to the fair value of the awards granted, calculated using an appropriate pricing model, excluding the impact of any non-market vesting conditions. The number of awards that are expected to vest takes into account non-market vesting conditions including, where appropriate, continuing employment by the Group. The charge is adjusted to reflect shares that do not vest as a result of failing to meet a non-market condition. Share based compensation plans are satisfied in shares of the parent company. Where the fair value of the awards is not recharged to participating Group companies, the parent company records the fair value of the awards as an increase in its investment in the subsidiary. The investment is adjusted to reflect shares that do not vest as a result of failing to meet a non-market based condition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-381": { "value": "x) Cash flow statement For the cash flow statement, cash and cash equivalents include highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. Such investments are normally those with less than three months maturity from the date of acquisition and include cash and bank balances and investments in liquid funds. Net cash and cash equivalents include overdrafts repayable on demand. Interest paid in the cash flow statement includes amounts charged to the income statement and amounts included in the cost of property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-382": { "value": "y) Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value. The identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date except that: \u2013 deferred tax assets or liabilities and retirement benefit assets or obligations are recognised and measured in accordance with the policies set out under notes 2 e) and 2 r); and \u2013 assets or disposal groups that are classified as held for sale are measured in accordance with the policy set out below. Where an asset or group of assets (a disposal group) is available for immediate sale and the sale is highly probable and expected to occur within one year, then the disposal group is classified as held for sale. The disposal group is measured at the lower of the carrying amount and the fair value less costs to sell. Depreciation is not charged on such assets. Where the initial accounting for a business combination is incomplete at the end of the reporting period, the Group reports provisional amounts and finalises these within one year of the acquisition date (the \u2018measurement period\u2019). Contingent consideration is measured at fair value at the acquisition date. During the measurement period, changes in provisional fair values of assets and liabilities acquired, or of contingent consideration, are recognised as adjustments to goodwill or bargain purchase gain. Outside the measurement period, changes in fair value of contingent consideration that is not classified as equity are recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-383": { "value": "
3 New accounting policies and future requirements
On 9 April 2024, the IASB issued IFRS 18 \u2018Presentation and Disclosure
in Financial Statements\u2019. The key new concepts introduced in IFRS 18
relate to:
\u2013 the structure of the statement of profit or loss;
\u2013 required disclosures in the financial statements for certain profit
or loss performance measures that are reported outside an entity\u2019s
financial statements (that is, management-defined performance
measures); and
\u2013 enhanced principles on aggregation and disaggregation which
apply to the primary financial statements and notes in general.
IFRS 18 does not impact the recognition or measurement of items in
the financial statements.
The new standard is effective for accounting periods commencing on
or after 1 January 2027. We will consider the requirements of the new
standard in the period up to its implementation but our initial
assessment has not identified any material impacts on the Group\u2019s
financial reporting.
At the balance sheet date, no other Standards or Interpretations were
in issue but not yet effective that are expected to have a material
impact on the Group\u2019s financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-459": { "value": "3 New accounting policies and future requirements On 9 April 2024, the IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019. The key new concepts introduced in IFRS 18 relate to: \u2013 the structure of the statement of profit or loss; \u2013 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures); and \u2013 enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 does not impact the recognition or measurement of items in the financial statements. The new standard is effective for accounting periods commencing on or after 1 January 2027. We will consider the requirements of the new standard in the period up to its implementation but our initial assessment has not identified any material impacts on the Group\u2019s financial reporting. At the balance sheet date, no other Standards or Interpretations were in issue but not yet effective that are expected to have a material impact on the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-430": { "value": "3 New accounting policies and future requirements On 9 April 2024, the IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019. The key new concepts introduced in IFRS 18 relate to: \u2013 the structure of the statement of profit or loss; \u2013 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures); and \u2013 enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 does not impact the recognition or measurement of items in the financial statements. The new standard is effective for accounting periods commencing on or after 1 January 2027. We will consider the requirements of the new standard in the period up to its implementation but our initial assessment has not identified any material impacts on the Group\u2019s financial reporting. At the balance sheet date, no other Standards or Interpretations were in issue but not yet effective that are expected to have a material impact on the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-384": { "value": "
4 Critical accounting judgments and key sources
of estimation uncertainty
In the process of applying the Group\u2019s accounting policies, the Group
is required to make certain judgments, estimates and assumptions
that it believes are reasonable based on the information available.
Although these estimates are based on management\u2019s best
knowledge of the amount, event or actions, actual results may
ultimately differ from those estimates.
a) Critical accounting judgments
i) Classification of costs between operating expenditure
and capital expenditure
Severn Trent Water\u2019s business involves significant construction
and engineering projects. Assessing the classification of costs
incurred on such projects between capital expenditure and operating
expenditure requires judgments to be made. The judgments are made
based on objective criteria that the Group has developed to facilitate
the consistent application of its accounting policies. The costs
of like-for-like replacement of infrastructure components are
recognised in the income statement as they arise. Total infrastructure
renewal expenditure during the year was \u00a3148.5 million
(2024: \u00a3207.2 million). Expenditure which results in quality or capacity
enhancements to the operating capability of the infrastructure
networks is capitalised and amounted to \u00a3316.2 million
(2024: \u00a3208.2 million).
ii) Income from connections to the water and wastewater
networks
The Group receives income from developers and domestic customers
for new connections to the water and wastewater networks either in
the form of infrastructure assets or cash. The more significant
examples of these transactions are:
\u2013 Developers transfer to the Group infrastructure assets that
they have installed in a new development. Usually there is
no monetary consideration exchanged when the Group adopts
assets in this manner.
\u2013 When new properties are connected to the network, the Group is
permitted, under the Water Industry Act, to obtain a contribution
from the developer towards the cost of reinforcing its network to
meet the additional demands arising from the new connections.
These are referred to as Infrastructure charges. The charges are
a standard amount per property and are not linked to specific
reinforcement expenditure.
\u2013 When developers require properties to be connected to the
Group\u2019s network, the Group installs a meter and connection
to each property but retains ownership of the assets and
responsibility for their maintenance.
Assessing whether this income is received in relation to the provision
of the connection to the Group\u2019s infrastructure networks or is to
facilitate the ongoing provision of water and wastewater services to
the properties in question requires judgment about the nature of
the ongoing relationship between the Group and the customer.
During the year the Group received infrastructure assets with
a fair value of \u00a3188.6 million (2024: \u00a3146.0 million), infrastructure
charges amounting to \u00a326.0 million (2024: \u00a324.9 million) and other
charges relating to the provision of infrastructure amounting to
\u00a314.7 million (2024: \u00a320.1 million).
The Group considers that the purpose of these transactions is to
facilitate the ongoing provision of water and wastewater services
to the properties in question and they are inextricably linked to that
ongoing service. There is a transferable right to receive an ongoing
water and wastewater service that passes from customer to
customer when the property is bought and sold during the life of the
property and, without the ongoing water and wastewater service,
the transactions have no value. Therefore, in line with our accounting
policies the amounts received are held on the balance sheet and
released to turnover in the income statement over the life of the
related assets.
iii) Climate change
The Group has performed its assessment of the impact that climate
change may have on the amounts recognised in the financial
statements. The natural environment in which the Group operates
is continually changing, and the expected impact on the Group from
climate change is set out within the \u2018Our approach to climate change\u2019
section of the Strategic Report on page 29.
We have considered the impact of the climate change related risks
to which the Group is exposed in the preparation of these financial
statements, including the consideration of the impact of climate
change related risks on management\u2019s judgments and estimates, the
carrying value of assets and their useful economic lives. The risks are
long term in nature, and whilst they will provide a need for investment
in the future, we conclude that there is no material impact on the
carrying amount of assets or liabilities recognised in the financial
statements, nor do they lead to any additional key sources of
estimation or judgment.
b) Sources of estimation uncertainty
i) Depreciation and carrying amounts of property,
plant and equipment
Calculating the depreciation charge and hence the carrying value for
property, plant and equipment requires estimates to be made of the
useful lives of the assets. The estimates are based on engineering
data and the Group\u2019s experience of similar assets. Details are set out
in note 2 i). The average useful life of property, plant and equipment
by asset category is detailed as follows:
Average useful
economic life
(years)
Land and buildings
39.1
Infrastructure assets
142.1
Fixed plant and equipment
25.1
Moveable plant
10.8
The impact on the annual depreciation expense of a 10 per cent
increase and decrease in useful economic life (\u2018UEL\u2019) of property,
plant and equipment by asset category is detailed as follows:
10 per cent 10 per cent
increase in UEL decrease in UEL
Impact on annual depreciation \u00a3m \u00a3m
Land and buildings
(10.9)
13.4
Infrastructure assets
(4.3)
5.2
Fixed plant and equipment
(21.2)
25.9
Moveable plant
(0.9)
1.1
ii) Retirement benefit obligations
Determining the amount of the Group\u2019s retirement benefit obligations
and the net costs of providing such benefits requires assumptions to
be made concerning long-term interest rates, inflation and longevity
of current and future pensioners. Changes in these assumptions
could significantly impact the amount of the obligations or the
cost of providing such benefits. The Group makes assumptions
concerning these matters with the assistance of advice from
independent qualified actuaries. Details of the key assumptions
made and associated sensitivities are set out in note 29 to the
financial statements.
iii) Expected credit losses on trade receivables
Expected credit losses for trade receivables are based on the
historical credit losses experienced over the last nine years and
reasonable forecasts of the future impact of external economic
factors on the Group\u2019s collection of trade receivables. A number
of economic factors such as high inflation, rising interest rates and
reduction of Government support for domestic energy bills might
impact household disposable income and therefore the expected
credit losses on trade receivables.
The gross carrying amounts and expected credit loss allowances
for trade receivables and accrued income were as follows:
2025 2024
\u00a3m \u00a3m
Gross carrying amount
866.7
780.7
Provision for bad and doubtful debts
(139.0)
(137.6)
Net carrying amount
727.7
643.1
Movements in the expected credit loss allowance are as follows:
2025 2024
\u00a3m \u00a3m
At 1 April
137.6
135.1
Charge for bad and doubtful debts
34.7
27.3
Amounts written off during the period
(33.3)
(24.8)
At 31 March
139.0
137.6
The average expected credit loss for the outstanding trade
receivables and accrued income was 1.96% at 31 March 2025
(2024: 2.14%). An increase/decrease of 10bps in the expected credit
loss would result in an increase/decrease to the charge and provision
for bad and doubtful debts by \u00a311.2 million (2024: \u00a39.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-431": { "value": "4 Critical accounting judgments and key sources of estimation uncertainty In the process of applying the Group\u2019s accounting policies, the Group is required to make certain judgments, estimates and assumptions that it believes are reasonable based on the information available. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results may ultimately differ from those estimates. a) Critical accounting judgments i) Classification of costs between operating expenditure and capital expenditure Severn Trent Water\u2019s business involves significant construction and engineering projects. Assessing the classification of costs incurred on such projects between capital expenditure and operating expenditure requires judgments to be made. The judgments are made based on objective criteria that the Group has developed to facilitate the consistent application of its accounting policies. The costs of like-for-like replacement of infrastructure components are recognised in the income statement as they arise. Total infrastructure renewal expenditure during the year was \u00a3148.5 million (2024: \u00a3207.2 million). Expenditure which results in quality or capacity enhancements to the operating capability of the infrastructure networks is capitalised and amounted to \u00a3316.2 million (2024: \u00a3208.2 million). ii) Income from connections to the water and wastewater networks The Group receives income from developers and domestic customers for new connections to the water and wastewater networks either in the form of infrastructure assets or cash. The more significant examples of these transactions are: \u2013 Developers transfer to the Group infrastructure assets that they have installed in a new development. Usually there is no monetary consideration exchanged when the Group adopts assets in this manner. \u2013 When new properties are connected to the network, the Group is permitted, under the Water Industry Act, to obtain a contribution from the developer towards the cost of reinforcing its network to meet the additional demands arising from the new connections. These are referred to as Infrastructure charges. The charges are a standard amount per property and are not linked to specific reinforcement expenditure. \u2013 When developers require properties to be connected to the Group\u2019s network, the Group installs a meter and connection to each property but retains ownership of the assets and responsibility for their maintenance. Assessing whether this income is received in relation to the provision of the connection to the Group\u2019s infrastructure networks or is to facilitate the ongoing provision of water and wastewater services to the properties in question requires judgment about the nature of the ongoing relationship between the Group and the customer. During the year the Group received infrastructure assets with a fair value of \u00a3188.6 million (2024: \u00a3146.0 million), infrastructure charges amounting to \u00a326.0 million (2024: \u00a324.9 million) and other charges relating to the provision of infrastructure amounting to \u00a314.7 million (2024: \u00a320.1 million). The Group considers that the purpose of these transactions is to facilitate the ongoing provision of water and wastewater services to the properties in question and they are inextricably linked to that ongoing service. There is a transferable right to receive an ongoing water and wastewater service that passes from customer to customer when the property is bought and sold during the life of the property and, without the ongoing water and wastewater service, the transactions have no value. Therefore, in line with our accounting policies the amounts received are held on the balance sheet and released to turnover in the income statement over the life of the related assets. iii) Climate change The Group has performed its assessment of the impact that climate change may have on the amounts recognised in the financial statements. The natural environment in which the Group operates is continually changing, and the expected impact on the Group from climate change is set out within the \u2018Our approach to climate change\u2019 section of the Strategic Report on page 29. We have considered the impact of the climate change related risks to which the Group is exposed in the preparation of these financial statements, including the consideration of the impact of climate change related risks on management\u2019s judgments and estimates, the carrying value of assets and their useful economic lives. The risks are long term in nature, and whilst they will provide a need for investment in the future, we conclude that there is no material impact on the carrying amount of assets or liabilities recognised in the financial statements, nor do they lead to any additional key sources of estimation or judgment. b) Sources of estimation uncertainty i) Depreciation and carrying amounts of property, plant and equipment Calculating the depreciation charge and hence the carrying value for property, plant and equipment requires estimates to be made of the useful lives of the assets. The estimates are based on engineering data and the Group\u2019s experience of similar assets. Details are set out in note 2 i). The average useful life of property, plant and equipment by asset category is detailed as follows: Average useful economic life (years) Land and buildings 39.1 Infrastructure assets 142.1 Fixed plant and equipment 25.1 Moveable plant 10.8 The impact on the annual depreciation expense of a 10 per cent increase and decrease in useful economic life (\u2018UEL\u2019) of property, plant and equipment by asset category is detailed as follows: 10 per cent 10 per cent increase in UEL decrease in UEL Impact on annual depreciation \u00a3m \u00a3m Land and buildings (10.9) 13.4 Infrastructure assets (4.3) 5.2 Fixed plant and equipment (21.2) 25.9 Moveable plant (0.9) 1.1 ii) Retirement benefit obligations Determining the amount of the Group\u2019s retirement benefit obligations and the net costs of providing such benefits requires assumptions to be made concerning long-term interest rates, inflation and longevity of current and future pensioners. Changes in these assumptions could significantly impact the amount of the obligations or the cost of providing such benefits. The Group makes assumptions concerning these matters with the assistance of advice from independent qualified actuaries. Details of the key assumptions made and associated sensitivities are set out in note 29 to the financial statements. iii) Expected credit losses on trade receivables Expected credit losses for trade receivables are based on the historical credit losses experienced over the last nine years and reasonable forecasts of the future impact of external economic factors on the Group\u2019s collection of trade receivables. A number of economic factors such as high inflation, rising interest rates and reduction of Government support for domestic energy bills might impact household disposable income and therefore the expected credit losses on trade receivables. The gross carrying amounts and expected credit loss allowances for trade receivables and accrued income were as follows: 2025 2024 \u00a3m \u00a3m Gross carrying amount 866.7 780.7 Provision for bad and doubtful debts (139.0) (137.6) Net carrying amount 727.7 643.1 Movements in the expected credit loss allowance are as follows: 2025 2024 \u00a3m \u00a3m At 1 April 137.6 135.1 Charge for bad and doubtful debts 34.7 27.3 Amounts written off during the period (33.3) (24.8) At 31 March 139.0 137.6 The average expected credit loss for the outstanding trade receivables and accrued income was 1.96% at 31 March 2025 (2024: 2.14%). An increase/decrease of 10bps in the expected credit loss would result in an increase/decrease to the charge and provision for bad and doubtful debts by \u00a311.2 million (2024: \u00a39.8 million).", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-385": { "value": "
5 Segmental analysis
a) Background
The Group is organised into two main business segments:
Regulated Water and Wastewater includes the activities of Severn Trent Water Limited, except hydro-electric generation and property sales,
and Hafren Dyfrdwy Cyfyngedig.
Business Services includes the Group\u2019s Operating Services businesses, the Green Power business including Severn Trent Water\u2019s hydro-
electric generation, the Property Development business and our other non-regulated businesses including affinity products and searches.
The Severn Trent Executive Committee (\u2018STEC\u2019) is the Group\u2019s chief operating decision maker. The reports provided to STEC include segmental
information prepared on the basis described above.
Results from interests in our joint venture are not included in the segmental reports reviewed by STEC.
Goodwill is monitored at the segment level.
Transactions between reportable segments are included within segmental results, assets and liabilities in accordance with Group accounting
policies. These are eliminated on consolidation.
The measure of profit or loss that is reported to STEC for the segments is profit before interest and tax (\u2018PBIT\u2019). A segmental analysis of
turnover and PBIT is presented below.
b) Segmental results
The following table shows the segmental turnover and PBIT:
2025
2024
Regulated Regulated
Water and Business Water and Business
Wastewater Services Wastewater Services
\u00a3m \u00a3m \u00a3m \u00a3m
External turnover
2,248.7
178.0
2,151.5
186.8
Inter-segment turnover
0.3
5.5
0.5
5.1
Total turnover
2,249.0
183.5
2,152.0
191.9
PBIT
585.8
25.1
479.6
41.4
Profit before interest and tax is stated after:
2025
2024
Regulated Regulated
Water and Business Water and Business
Wastewater Services Wastewater Services
\u00a3m \u00a3m \u00a3m \u00a3m
Depreciation of property, plant and equipment
394.2
15.5
375.0
13.6
Depreciation of right-of-use assets
5.7
0.9
3.9
1.2
Amortisation of intangible assets
34.4
3.5
31.4
3.0
Loss/(profit) on disposal of tangible assets
0.1
(4.7)
0.6
(4.1)
The reportable segments\u2019 turnover is reconciled to Group turnover as follows:
2025 2024
\u00a3m \u00a3m
Regulated Water and Wastewater
2,249.0
2,152.0
Business Services
183.5
191.9
Corporate and other
1.6
1.3
Consolidation adjustments
(7.4)
(7.0)
2,426.7
2,338.2
Included in the revenues of Regulated Water and Wastewater of \u00a32,249.0 million (2024: \u00a32,152.0 million) is \u00a3233.4 million (2024: \u00a3264.7 million)
which arose from sales to Water Plus Group. No other single customer contributed 10% or more to the Group\u2019s revenue for either 2025 or 2024.
Segmental PBIT is reconciled to the Group\u2019s profit before tax as follows:
2025 2024
\u00a3m \u00a3m
Regulated Water and Wastewater
585.8
479.6
Business Services
25.1
41.4
Corporate and other
(19.7)
(9.4)
Consolidation adjustments
(1.0)
0.2
PBIT
590.2
511.8
Net finance costs
(243.9)
(281.5)
Increase in expected credit loss on loan receivable
\u2013
(2.5)
Net losses on financial instruments
(15.4)
(22.4)
Share of net loss of joint ventures accounted for using the equity method
(10.8)
(4.1)
Profit on ordinary activities before taxation
320.1
201.3
The Group\u2019s treasury and tax affairs are managed centrally by the Group Treasury and Tax departments. Finance costs are managed on
a Group basis and hence interest income and costs are not reported at the segmental level. Tax is not reported to STEC on a segmental basis.
c) Segmental capital employed
Separate segmental analyses of assets and liabilities are not reviewed by STEC. The balance sheet measure reviewed by STEC on a segmental
basis is capital employed.
2025
2024
Regulated Regulated
Water and Business Water and Business
Wastewater Services Wastewater Services
\u00a3m \u00a3m \u00a3m \u00a3m
Operating assets
14,240.9
388.9
12,601.0
381.9
Goodwill
63.5
55.1
63.5
50.6
Segment assets
14,304.4
444.0
12,664.5
432.5
Segment operating liabilities
(2,865.9)
(42.4)
(2,641.2)
(49.2)
Capital employed
11,438.5
401.6
10,023.3
383.3
Operating assets comprise other intangible assets, biological assets, property, plant and equipment, right-of-use assets, retirement benefit
surpluses, inventory and trade and other receivables.
Operating liabilities comprise trade and other payables, retirement benefit obligations and provisions.
The reportable segments\u2019 assets are reconciled to the Group\u2019s total assets as follows:
Segment assets
2025 2024
\u00a3m \u00a3m
Regulated Water and Wastewater
14,304.4
12,664.5
Business Services
444.0
432.5
Corporate and other
5.9
5.4
Other financial assets
1,113.6
1,024.4
Investment in joint venture
1.6
12.4
Loan receivable from joint venture
71.2
72.6
Consolidation adjustments
(31.0)
(8.1)
Total assets
15,909.7
14,203.7
The consolidation adjustments comprise elimination of intra-group debtors and unrealised profits on tangible assets.
The reportable segments\u2019 liabilities are reconciled to the Group\u2019s total liabilities as follows:
Segment liabilities
2025 2024
\u00a3m \u00a3m
Regulated Water and Wastewater
(2,865.9)
(2,641.2)
Business Services
(42.4)
(49.2)
Corporate and other
(36.4)
(51.1)
Other financial liabilities
(9,744.7)
(8,289.2)
Deferred tax liabilities
(1,472.1)
(1,364.5)
Current tax payable
(0.4)
(0.9)
Consolidation adjustments
23.0
26.4
Total liabilities
(14,138.9)
(12,369.7)
The consolidation adjustments comprise elimination of intra-group creditors.
The following table shows the additions to other intangible assets, property, plant and equipment and right-of-use assets:
2025
2024
Regulated Regulated
Water and Business Water and Business
Wastewater Services Wastewater Services
\u00a3m \u00a3m \u00a3m \u00a3m
Other intangible assets
39.4
0.5
29.1
0.4
Property, plant and equipment
1,952.5
12.6
1,413.7
14.7
Right-of-use assets
3.6
1.0
15.1
2.1
d) Geographical areas
All of the Group\u2019s sales were derived from the UK in 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-432": { "value": "d) Geographical areas All of the Group\u2019s sales were derived from the UK in 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-386": { "value": "
6 Revenue from contracts with customers
Revenue recognised from contracts with customers is analysed by type of revenue and by business segment below:
Year ended 31 March 2025
Regulated
Water and Business Corporate Consolidation
Wastewater Services and other adjustments Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Water and wastewater services
2,204.0
\u2013
\u2013
(0.3)
2,203.7
Operating services
\u2013
84.9
\u2013
\u2013
84.9
Renewable energy
40.3
83.3
\u2013
(5.5)
118.1
Other sales
4.7
15.3
1.6
(1.6)
20.0
2,249.0
183.5
1.6
(7.4)
2,426.7
Year ended 31 March 2024
Regulated
Water and Business Corporate Consolidation
Wastewater Services and other adjustments Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Water and wastewater services
2,104.1
\u2013
\u2013
(0.5)
2,103.6
Operating services
\u2013
88.9
\u2013
\u2013
88.9
Renewable energy
42.4
87.6
\u2013
(5.1)
124.9
Other sales
5.5
15.4
1.3
(1.4)
20.8
2,152.0
191.9
1.3
(7.0)
2,338.2
Revenue from water and wastewater services provided to customers with meters is recognised when the service is provided and is measured
based on actual meter readings and estimated consumption for the period between the last meter reading and the year end. For customers
who are not metered, the performance obligation is to stand ready to provide water and wastewater services throughout the period. Such
customers are charged on an annual basis, coterminous with the financial year and revenue is recognised on a straight line basis over the
financial year.
Deferred income arising from connections to the Group\u2019s water and wastewater networks represents a contract liability and is recognised in line with the Group\u2019s accounting policy set out in note 2 and the judgment described in note 4. Changes in the Group\u2019s contract liabilities from deferred income in relation to connections were as follows:
2025 2024
\u00a3m \u00a3m
At 1 April
1,654.8
1,482.2
Contributions and grants received
43.8
43.5
Assets transferred at no cost
188.6
146.0
Amounts released to income statement
(17.8)
(16.9)
At 31 March
1,869.4
1,654.8
Revenue amounting to \u00a317.8 million (2024: \u00a316.9 million) that was included in the opening balance of the contract liability was recognised in the income statement during the year. No revenue was recognised in the year from performance obligations relating to connections to the Group\u2019s water and wastewater networks that were satisfied or partially satisfied in previous years (2024: nil). Payments for infrastructure charges and other charges relating to connection to the networks occur when the connections are made. The performance obligations, including provision of an ongoing water and wastewater service, are provided over the life of the relevant property. Revenue from the remaining performance obligations is expected to be recognised as follows:
2025 2024
\u00a3m \u00a3m
In the next year
30.3
17.0
Between one and five years
121.2
68.0
After more than five years
1,717.9
1,569.8
1,869.4
1,654.8
Payments received from customers in advance of the service period represents a contract liability. Changes in the Group\u2019s contract liabilities from payments received in advance were as follows:
2025 2024
\u00a3m \u00a3m
Contract liability at 1 April
149.0
146.5
Revenue recognised
(1,668.9)
(1,521.7)
Cash received
1,693.7
1,524.2
Contract liability at 31 March
173.8
149.0
The Operating Services business includes a material 25-year contract with multiple performance obligations. Under this contract with the Ministry of Defence (\u2018MoD\u2019), the Group bills the customer based on an inflation-linked volumetric tariff and invoices are payable on normal commercial terms. The performance obligations, which are satisfied as the services are performed, are: \u2013 operating and maintaining the customer\u2019s infrastructure assets; \u2013 upgrading the customer\u2019s infrastructure assets; \u2013 administrating the services received from statutory water and sewerage undertakers; and \u2013 administrating billing services of the customer\u2019s commercial and Non Base Dependent customers. Revenue has been allocated to each performance obligation based on the stand-alone selling price of each performance obligation, which is based on the forecast costs incurred and expected margin for each obligation. Changes to projected margins are adjusted on a cumulative basis in the period that they are identified. Other than the provision of water and wastewater services, there is no direct correlation between the satisfaction of the performance obligations and the timing of billing and customer payments. The estimated transaction price for the contract is derived from estimates of the customer\u2019s consumption at the contract tariff rate, adjusted for inflation. This estimate is updated on an annual basis. The estimated transaction price has increased from 31 March 2024 as a result of higher consumption. At 31 March 2025 the aggregate amount of the estimated transaction price allocated to performance obligations that were not satisfied was \u00a3306.4 million (2024: \u00a3326.5 million). This amount is expected to be recognised as revenue as follows:
2025 2024
\u00a3m \u00a3m
In the next year
58.9
54.8
Between one and five years
247.5
216.9
After more than five years
\u2013
54.8
306.4
326.5
The assumptions and other sources of estimation uncertainty in relation to this contract do not present a significant risk of a material adjustment to the carrying amounts of assets and liabilities in the next financial year and therefore are not included as a source of estimation uncertainty in note 4 b).
Revenue recognised in excess of amounts billed is recorded as a contract asset and amounts billed in excess of revenue recognised
are recorded as contract liabilities. Changes in the Operating Services contract asset in the year were as follows:
2025 2024
\u00a3m \u00a3m
Contract asset at 1 April
47.1
44.3
Amounts billed
(64.5)
(57.6)
Revenue recognised
47.8
60.4
Contract asset at 31 March
30.4
47.1
No contract liabilities arose from the Group\u2019s Operating Services contract with the MoD.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-433": { "value": "6 Revenue from contracts with customers Revenue recognised from contracts with customers is analysed by type of revenue and by business segment below: Year ended 31 March 2025
Regulated
Water and Business Corporate Consolidation
Wastewater Services and other adjustments Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Water and wastewater services
2,204.0
\u2013
\u2013
(0.3)
2,203.7
Operating services
\u2013
84.9
\u2013
\u2013
84.9
Renewable energy
40.3
83.3
\u2013
(5.5)
118.1
Other sales
4.7
15.3
1.6
(1.6)
20.0
2,249.0
183.5
1.6
(7.4)
2,426.7
Year ended 31 March 2024
Regulated
Water and Business Corporate Consolidation
Wastewater Services and other adjustments Group
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Water and wastewater services
2,104.1
\u2013
\u2013
(0.5)
2,103.6
Operating services
\u2013
88.9
\u2013
\u2013
88.9
Renewable energy
42.4
87.6
\u2013
(5.1)
124.9
Other sales
5.5
15.4
1.3
(1.4)
20.8
2,152.0
191.9
1.3
(7.0)
2,338.2
Revenue from water and wastewater services provided to customers with meters is recognised when the service is provided and is measured based on actual meter readings and estimated consumption for the period between the last meter reading and the year end. For customers who are not metered, the performance obligation is to stand ready to provide water and wastewater services throughout the period. Such customers are charged on an annual basis, coterminous with the financial year and revenue is recognised on a straight line basis over the financial year.
Deferred income arising from connections to the Group\u2019s water and wastewater networks represents a contract liability and is recognised
in line with the Group\u2019s accounting policy set out in note 2 and the judgment described in note 4. Changes in the Group\u2019s contract liabilities
from deferred income in relation to connections were as follows:
2025 2024
\u00a3m \u00a3m
At 1 April
1,654.8
1,482.2
Contributions and grants received
43.8
43.5
Assets transferred at no cost
188.6
146.0
Amounts released to income statement
(17.8)
(16.9)
At 31 March
1,869.4
1,654.8
Revenue amounting to \u00a317.8 million (2024: \u00a316.9 million) that was included in the opening balance of the contract liability was recognised in
the income statement during the year. No revenue was recognised in the year from performance obligations relating to connections to the
Group\u2019s water and wastewater networks that were satisfied or partially satisfied in previous years (2024: nil).
Payments for infrastructure charges and other charges relating to connection to the networks occur when the connections are made.
The performance obligations, including provision of an ongoing water and wastewater service, are provided over the life of the
relevant property.
Revenue from the remaining performance obligations is expected to be recognised as follows:
2025 2024
\u00a3m \u00a3m
In the next year
30.3
17.0
Between one and five years
121.2
68.0
After more than five years
1,717.9
1,569.8
1,869.4
1,654.8
Payments received from customers in advance of the service period represents a contract liability. Changes in the Group\u2019s contract liabilities
from payments received in advance were as follows:
2025 2024
\u00a3m \u00a3m
Contract liability at 1 April
149.0
146.5
Revenue recognised
(1,668.9)
(1,521.7)
Cash received
1,693.7
1,524.2
Contract liability at 31 March
173.8
149.0
The Operating Services business includes a material 25-year contract with multiple performance obligations. Under this contract with the
Ministry of Defence (\u2018MoD\u2019), the Group bills the customer based on an inflation-linked volumetric tariff and invoices are payable on normal
commercial terms. The performance obligations, which are satisfied as the services are performed, are:
\u2013 operating and maintaining the customer\u2019s infrastructure assets;
\u2013 upgrading the customer\u2019s infrastructure assets;
\u2013 administrating the services received from statutory water and sewerage undertakers; and
\u2013 administrating billing services of the customer\u2019s commercial and Non Base Dependent customers.
Revenue has been allocated to each performance obligation based on the stand-alone selling price of each performance obligation, which is
based on the forecast costs incurred and expected margin for each obligation. Changes to projected margins are adjusted on a cumulative
basis in the period that they are identified.
Other than the provision of water and wastewater services, there is no direct correlation between the satisfaction of the performance
obligations and the timing of billing and customer payments. The estimated transaction price for the contract is derived from estimates of
the customer\u2019s consumption at the contract tariff rate, adjusted for inflation. This estimate is updated on an annual basis. The estimated
transaction price has increased from 31 March 2024 as a result of higher consumption. At 31 March 2025 the aggregate amount of the
estimated transaction price allocated to performance obligations that were not satisfied was \u00a3306.4 million (2024: \u00a3326.5 million).
This amount is expected to be recognised as revenue as follows:
2025 2024
\u00a3m \u00a3m
In the next year
58.9
54.8
Between one and five years
247.5
216.9
After more than five years
\u2013
54.8
306.4
326.5
The assumptions and other sources of estimation uncertainty in relation to this contract do not present a significant risk of a material
adjustment to the carrying amounts of assets and liabilities in the next financial year and therefore are not included as a source of estimation
uncertainty in note 4 b).
Revenue recognised in excess of amounts billed is recorded as a contract asset and amounts billed in excess of revenue recognised are recorded as contract liabilities. Changes in the Operating Services contract asset in the year were as follows:
2025 2024
\u00a3m \u00a3m
Contract asset at 1 April
47.1
44.3
Amounts billed
(64.5)
(57.6)
Revenue recognised
47.8
60.4
Contract asset at 31 March
30.4
47.1
No contract liabilities arose from the Group\u2019s Operating Services contract with the MoD.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-387": { "value": "
7 Net operating costs
2025 2024
\u00a3m \u00a3m
Wages and salaries
452.0
387.4
Social security costs
46.6
39.2
Pension costs
43.1
36.5
Share based payments
11.0
10.3
Total employee costs
552.7
473.4
Power
187.5
278.0
Raw materials and consumables
125.2
120.4
Rates
97.0
90.4
Charge for bad and doubtful debts
34.7
27.3
Services charges
51.6
43.3
Depreciation of tangible assets
409.8
388.7
Depreciation of right-of-use assets
6.7
5.2
Impairment of property, plant and equipment
13.9
\u2013
Amortisation of intangible assets
37.9
34.4
Hired and contracted services
341.0
323.5
Rental charges
0.1
0.2
Hire of plant and machinery
12.0
12.5
Profit on disposal of tangible assets
(4.6)
(3.5)
Infrastructure maintenance expenditure
148.5
207.2
Ofwat licence fees
8.5
8.1
Other operating costs
82.9
65.0
Other operating income
(2.7)
(8.5)
2,102.7
2,065.6
Own work capitalised
(266.2)
(239.2)
1,836.5
1,826.4
During the year the following fees were charged by the auditor:
2025 2024
Fees payable to the Company\u2019s auditor for: \u00a3m \u00a3m
\u2013 the audit of the Company\u2019s annual accounts
0.3
0.3
\u2013 the audit of the Company\u2019s subsidiary accounts
0.9
0.8
Total audit fees
1.2
1.1
Fees payable to the Company\u2019s auditor and its associates for other services to the Group:
\u2013 audit related assurance services
0.1
0.2
\u2013 other assurance services
0.1
0.1
Total non-audit fees
0.2
0.3
Details of the Group policy on the use of the auditor for non-audit services and how auditor independence and objectivity are safeguarded
are set out in the Audit and Risk Committee report on pages 119 to 126. No services were provided pursuant to contingent fee arrangements.
Details of directors\u2019 remuneration are set out in the Directors\u2019 remuneration report on pages 131 to 154 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-475": { "value": "7 Net operating costs
2025 2024
\u00a3m \u00a3m
Wages and salaries
452.0
387.4
Social security costs
46.6
39.2
Pension costs
43.1
36.5
Share based payments
11.0
10.3
Total employee costs
552.7
473.4
Power
187.5
278.0
Raw materials and consumables
125.2
120.4
Rates
97.0
90.4
Charge for bad and doubtful debts
34.7
27.3
Services charges
51.6
43.3
Depreciation of tangible assets
409.8
388.7
Depreciation of right-of-use assets
6.7
5.2
Impairment of property, plant and equipment
13.9
\u2013
Amortisation of intangible assets
37.9
34.4
Hired and contracted services
341.0
323.5
Rental charges
0.1
0.2
Hire of plant and machinery
12.0
12.5
Profit on disposal of tangible assets
(4.6)
(3.5)
Infrastructure maintenance expenditure
148.5
207.2
Ofwat licence fees
8.5
8.1
Other operating costs
82.9
65.0
Other operating income
(2.7)
(8.5)
2,102.7
2,065.6
Own work capitalised
(266.2)
(239.2)
1,836.5
1,826.4
During the year the following fees were charged by the auditor:
2025 2024
Fees payable to the Company\u2019s auditor for: \u00a3m \u00a3m
\u2013 the audit of the Company\u2019s annual accounts
0.3
0.3
\u2013 the audit of the Company\u2019s subsidiary accounts
0.9
0.8
Total audit fees
1.2
1.1
Fees payable to the Company\u2019s auditor and its associates for other services to the Group:
\u2013 audit related assurance services
0.1
0.2
\u2013 other assurance services
0.1
0.1
Total non-audit fees
0.2
0.3
Details of the Group policy on the use of the auditor for non-audit services and how auditor independence and objectivity are safeguarded are set out in the Audit and Risk Committee report on pages 119 to 126. No services were provided pursuant to contingent fee arrangements. Details of directors\u2019 remuneration are set out in the Directors\u2019 remuneration report on pages 131 to 154 .
17 Property, plant and equipment
Land and Infrastructure Fixed plant Moveable Assets under
buildings assets and equipment plant construction Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
4,301.3
6,166.9
5,457.9
80.0
1,264.0
17,270.1
Additions
68.5
178.2
147.4
22.0
1,012.7
1,428.8
Transfers on commissioning
80.7
30.0
140.0
1.5
(252.2)
\u2013
Disposals
(0.7)
\u2013
(2.5)
(5.8)
(4.7)
(13.7)
Acquisition of subsidiary undertaking
5.4
\u2013
10.5
0.5
\u2013
16.4
At 1 April 2024
4,455.2
6,375.1
5,753.3
98.2
2,019.8
18,701.6
Additions
117.3
259.2
177.6
5.3
1,409.6
1,969.0
Transfers on commissioning
149.7
57.0
111.6
5.3
(323.6)
\u2013
Disposals
(13.4)
\u2013
(195.4)
(4.9)
\u2013
(213.7)
Acquisition of subsidiary undertaking
\u2013
\u2013
1.4
\u2013
\u2013
1.4
Reclassification from right-of-use
\u2013
\u2013
\u2013
0.5
\u2013
0.5
Impairment
\u2013
\u2013
\u2013
\u2013
(13.9)
(13.9)
At 31 March 2025
4,708.8
6,691.3
5,848.5
104.4
3,091.9
20,444.9
Depreciation
At 1 April 2023
(1,730.9)
(1,520.8)
(3,255.4)
(46.1)
\u2013
(6,553.2)
Charge for the year
(107.6)
(44.4)
(229.0)
(7.7)
\u2013
(388.7)
Disposals
0.6
\u2013
1.2
5.4
\u2013
7.2
At 1 April 2024
(1,837.9)
(1,565.2)
(3,483.2)
(48.4)
\u2013
(6,934.7)
Charge for the year
(120.3)
(47.1)
(232.7)
(9.7)
\u2013
(409.8)
Disposals
11.4
\u2013
191.5
4.4
\u2013
207.3
Reclassification
(7.6)
\u2013
7.6
\u2013
\u2013
\u2013
Reclassification from right-of-use
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
At 31 March 2025
(1,954.4)
(1,612.3)
(3,516.8)
(54.2)
\u2013
(7,137.7)
Net book value
At 31 March 2025
2,754.4
5,079.0
2,331.7
50.2
3,091.9
13,307.2
At 31 March 2024
2,617.3
4,809.9
2,270.1
49.8
2,019.8
11,766.9
Additions include assets transferred from developers at no cost, which have been recognised at their fair value of \u00a3188.6 million
(2024: \u00a3146.0 million) and provisions for works in response to legally enforceable undertakings to regulators amounting to \u00a342.1 million
(2024: \u00a320.7 million).
The net book value of land and buildings is analysed as follows:
2025 2024
\u00a3m \u00a3m
Freehold
2,754.1
2,617.0
Short leasehold
0.3
0.3
2,754.4
2,617.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-473": { "value": "7 Net operating costs
2025 2024
\u00a3m \u00a3m
Wages and salaries
452.0
387.4
Social security costs
46.6
39.2
Pension costs
43.1
36.5
Share based payments
11.0
10.3
Total employee costs
552.7
473.4
Power
187.5
278.0
Raw materials and consumables
125.2
120.4
Rates
97.0
90.4
Charge for bad and doubtful debts
34.7
27.3
Services charges
51.6
43.3
Depreciation of tangible assets
409.8
388.7
Depreciation of right-of-use assets
6.7
5.2
Impairment of property, plant and equipment
13.9
\u2013
Amortisation of intangible assets
37.9
34.4
Hired and contracted services
341.0
323.5
Rental charges
0.1
0.2
Hire of plant and machinery
12.0
12.5
Profit on disposal of tangible assets
(4.6)
(3.5)
Infrastructure maintenance expenditure
148.5
207.2
Ofwat licence fees
8.5
8.1
Other operating costs
82.9
65.0
Other operating income
(2.7)
(8.5)
2,102.7
2,065.6
Own work capitalised
(266.2)
(239.2)
1,836.5
1,826.4
During the year the following fees were charged by the auditor:
2025 2024
Fees payable to the Company\u2019s auditor for: \u00a3m \u00a3m
\u2013 the audit of the Company\u2019s annual accounts
0.3
0.3
\u2013 the audit of the Company\u2019s subsidiary accounts
0.9
0.8
Total audit fees
1.2
1.1
Fees payable to the Company\u2019s auditor and its associates for other services to the Group:
\u2013 audit related assurance services
0.1
0.2
\u2013 other assurance services
0.1
0.1
Total non-audit fees
0.2
0.3
Details of the Group policy on the use of the auditor for non-audit services and how auditor independence and objectivity are safeguarded are set out in the Audit and Risk Committee report on pages 119 to 126. No services were provided pursuant to contingent fee arrangements. Details of directors\u2019 remuneration are set out in the Directors\u2019 remuneration report on pages 131 to 154 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-467": { "value": "7 Net operating costs
2025 2024
\u00a3m \u00a3m
Wages and salaries
452.0
387.4
Social security costs
46.6
39.2
Pension costs
43.1
36.5
Share based payments
11.0
10.3
Total employee costs
552.7
473.4
Power
187.5
278.0
Raw materials and consumables
125.2
120.4
Rates
97.0
90.4
Charge for bad and doubtful debts
34.7
27.3
Services charges
51.6
43.3
Depreciation of tangible assets
409.8
388.7
Depreciation of right-of-use assets
6.7
5.2
Impairment of property, plant and equipment
13.9
\u2013
Amortisation of intangible assets
37.9
34.4
Hired and contracted services
341.0
323.5
Rental charges
0.1
0.2
Hire of plant and machinery
12.0
12.5
Profit on disposal of tangible assets
(4.6)
(3.5)
Infrastructure maintenance expenditure
148.5
207.2
Ofwat licence fees
8.5
8.1
Other operating costs
82.9
65.0
Other operating income
(2.7)
(8.5)
2,102.7
2,065.6
Own work capitalised
(266.2)
(239.2)
1,836.5
1,826.4
During the year the following fees were charged by the auditor:
2025 2024
Fees payable to the Company\u2019s auditor for: \u00a3m \u00a3m
\u2013 the audit of the Company\u2019s annual accounts
0.3
0.3
\u2013 the audit of the Company\u2019s subsidiary accounts
0.9
0.8
Total audit fees
1.2
1.1
Fees payable to the Company\u2019s auditor and its associates for other services to the Group:
\u2013 audit related assurance services
0.1
0.2
\u2013 other assurance services
0.1
0.1
Total non-audit fees
0.2
0.3
Details of the Group policy on the use of the auditor for non-audit services and how auditor independence and objectivity are safeguarded are set out in the Audit and Risk Committee report on pages 119 to 126. No services were provided pursuant to contingent fee arrangements. Details of directors\u2019 remuneration are set out in the Directors\u2019 remuneration report on pages 131 to 154 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-460": { "value": "7 Net operating costs
2025 2024
\u00a3m \u00a3m
Wages and salaries
452.0
387.4
Social security costs
46.6
39.2
Pension costs
43.1
36.5
Share based payments
11.0
10.3
Total employee costs
552.7
473.4
Power
187.5
278.0
Raw materials and consumables
125.2
120.4
Rates
97.0
90.4
Charge for bad and doubtful debts
34.7
27.3
Services charges
51.6
43.3
Depreciation of tangible assets
409.8
388.7
Depreciation of right-of-use assets
6.7
5.2
Impairment of property, plant and equipment
13.9
\u2013
Amortisation of intangible assets
37.9
34.4
Hired and contracted services
341.0
323.5
Rental charges
0.1
0.2
Hire of plant and machinery
12.0
12.5
Profit on disposal of tangible assets
(4.6)
(3.5)
Infrastructure maintenance expenditure
148.5
207.2
Ofwat licence fees
8.5
8.1
Other operating costs
82.9
65.0
Other operating income
(2.7)
(8.5)
2,102.7
2,065.6
Own work capitalised
(266.2)
(239.2)
1,836.5
1,826.4
During the year the following fees were charged by the auditor:
2025 2024
Fees payable to the Company\u2019s auditor for: \u00a3m \u00a3m
\u2013 the audit of the Company\u2019s annual accounts
0.3
0.3
\u2013 the audit of the Company\u2019s subsidiary accounts
0.9
0.8
Total audit fees
1.2
1.1
Fees payable to the Company\u2019s auditor and its associates for other services to the Group:
\u2013 audit related assurance services
0.1
0.2
\u2013 other assurance services
0.1
0.1
Total non-audit fees
0.2
0.3
Details of the Group policy on the use of the auditor for non-audit services and how auditor independence and objectivity are safeguarded are set out in the Audit and Risk Committee report on pages 119 to 126. No services were provided pursuant to contingent fee arrangements. Details of directors\u2019 remuneration are set out in the Directors\u2019 remuneration report on pages 131 to 154 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-434": { "value": "7 Net operating costs
2025 2024
\u00a3m \u00a3m
Wages and salaries
452.0
387.4
Social security costs
46.6
39.2
Pension costs
43.1
36.5
Share based payments
11.0
10.3
Total employee costs
552.7
473.4
Power
187.5
278.0
Raw materials and consumables
125.2
120.4
Rates
97.0
90.4
Charge for bad and doubtful debts
34.7
27.3
Services charges
51.6
43.3
Depreciation of tangible assets
409.8
388.7
Depreciation of right-of-use assets
6.7
5.2
Impairment of property, plant and equipment
13.9
\u2013
Amortisation of intangible assets
37.9
34.4
Hired and contracted services
341.0
323.5
Rental charges
0.1
0.2
Hire of plant and machinery
12.0
12.5
Profit on disposal of tangible assets
(4.6)
(3.5)
Infrastructure maintenance expenditure
148.5
207.2
Ofwat licence fees
8.5
8.1
Other operating costs
82.9
65.0
Other operating income
(2.7)
(8.5)
2,102.7
2,065.6
Own work capitalised
(266.2)
(239.2)
1,836.5
1,826.4
During the year the following fees were charged by the auditor:
2025 2024
Fees payable to the Company\u2019s auditor for: \u00a3m \u00a3m
\u2013 the audit of the Company\u2019s annual accounts
0.3
0.3
\u2013 the audit of the Company\u2019s subsidiary accounts
0.9
0.8
Total audit fees
1.2
1.1
Fees payable to the Company\u2019s auditor and its associates for other services to the Group:
\u2013 audit related assurance services
0.1
0.2
\u2013 other assurance services
0.1
0.1
Total non-audit fees
0.2
0.3
Details of the Group policy on the use of the auditor for non-audit services and how auditor independence and objectivity are safeguarded are set out in the Audit and Risk Committee report on pages 119 to 126. No services were provided pursuant to contingent fee arrangements. Details of directors\u2019 remuneration are set out in the Directors\u2019 remuneration report on pages 131 to 154 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-477": { "value": "During the year the following fees were charged by the auditor:
2025 2024
Fees payable to the Company\u2019s auditor for: \u00a3m \u00a3m
\u2013 the audit of the Company\u2019s annual accounts
0.3
0.3
\u2013 the audit of the Company\u2019s subsidiary accounts
0.9
0.8
Total audit fees
1.2
1.1
Fees payable to the Company\u2019s auditor and its associates for other services to the Group:
\u2013 audit related assurance services
0.1
0.2
\u2013 other assurance services
0.1
0.1
Total non-audit fees
0.2
0.3
Details of the Group policy on the use of the auditor for non-audit services and how auditor independence and objectivity are safeguarded are set out in the Audit and Risk Committee report on pages 119 to 126. No services were provided pursuant to contingent fee arrangements. Details of directors\u2019 remuneration are set out in the Directors\u2019 remuneration report on pages 131 to 154 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-388": { "value": "
8 Employee numbers \u2013 Group and Company
Average number of employees (including Executive Directors) during the year:
Group
Company
2025 2024 2025 2024
By business segment Number Number Number Number
Regulated Water and Wastewater
8,989
8,150
\u2013
\u2013
Business Services
535
525
\u2013
\u2013
Corporate and other
15
16
15
16
9,539
8,691
15
16
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-389": { "value": "
9 Finance income
2025 2024
\u00a3m \u00a3m
Interest income earned on bank deposits
53.1
38.8
Other financial income
4.2
1.8
Total interest receivable
57.3
40.6
Interest income on defined benefit scheme assets
85.3
82.5
142.6
123.1
10 Finance costs
2025 2024
Interest expense charged on: \u00a3m \u00a3m
Bank loans and overdrafts
41.2
35.3
Other loans
241.8
268.8
Lease liabilities
3.8
3.7
Total borrowing costs
286.8
307.8
Other financial expenses
4.1
0.9
Interest cost on defined benefit scheme liabilities
95.6
95.9
386.5
404.6
Borrowing costs of \u00a3103.1 million (2024: \u00a369.6 million) incurred funding eligible capital projects have been capitalised at an interest rate
of 4.4% (2024: 4.4%). Tax relief of \u00a325.8 million (2024: \u00a317.4 million) was claimed on these costs which has created tax losses carried forward,
offset by a related deferred tax asset of \u00a325.8 million (2024: \u00a317.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-468": { "value": "9 Finance income
2025 2024
\u00a3m \u00a3m
Interest income earned on bank deposits
53.1
38.8
Other financial income
4.2
1.8
Total interest receivable
57.3
40.6
Interest income on defined benefit scheme assets
85.3
82.5
142.6
123.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-461": { "value": "9 Finance income
2025 2024
\u00a3m \u00a3m
Interest income earned on bank deposits
53.1
38.8
Other financial income
4.2
1.8
Total interest receivable
57.3
40.6
Interest income on defined benefit scheme assets
85.3
82.5
142.6
123.1
10 Finance costs
2025 2024
Interest expense charged on: \u00a3m \u00a3m
Bank loans and overdrafts
41.2
35.3
Other loans
241.8
268.8
Lease liabilities
3.8
3.7
Total borrowing costs
286.8
307.8
Other financial expenses
4.1
0.9
Interest cost on defined benefit scheme liabilities
95.6
95.9
386.5
404.6
Borrowing costs of \u00a3103.1 million (2024: \u00a369.6 million) incurred funding eligible capital projects have been capitalised at an interest rate of 4.4% (2024: 4.4%). Tax relief of \u00a325.8 million (2024: \u00a317.4 million) was claimed on these costs which has created tax losses carried forward, offset by a related deferred tax asset of \u00a325.8 million (2024: \u00a317.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-435": { "value": "9 Finance income
2025 2024
\u00a3m \u00a3m
Interest income earned on bank deposits
53.1
38.8
Other financial income
4.2
1.8
Total interest receivable
57.3
40.6
Interest income on defined benefit scheme assets
85.3
82.5
142.6
123.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-469": { "value": "10 Finance costs
2025 2024
Interest expense charged on: \u00a3m \u00a3m
Bank loans and overdrafts
41.2
35.3
Other loans
241.8
268.8
Lease liabilities
3.8
3.7
Total borrowing costs
286.8
307.8
Other financial expenses
4.1
0.9
Interest cost on defined benefit scheme liabilities
95.6
95.9
386.5
404.6
Borrowing costs of \u00a3103.1 million (2024: \u00a369.6 million) incurred funding eligible capital projects have been capitalised at an interest rate of 4.4% (2024: 4.4%). Tax relief of \u00a325.8 million (2024: \u00a317.4 million) was claimed on these costs which has created tax losses carried forward, offset by a related deferred tax asset of \u00a325.8 million (2024: \u00a317.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-436": { "value": "10 Finance costs
2025 2024
Interest expense charged on: \u00a3m \u00a3m
Bank loans and overdrafts
41.2
35.3
Other loans
241.8
268.8
Lease liabilities
3.8
3.7
Total borrowing costs
286.8
307.8
Other financial expenses
4.1
0.9
Interest cost on defined benefit scheme liabilities
95.6
95.9
386.5
404.6
Borrowing costs of \u00a3103.1 million (2024: \u00a369.6 million) incurred funding eligible capital projects have been capitalised at an interest rate of 4.4% (2024: 4.4%). Tax relief of \u00a325.8 million (2024: \u00a317.4 million) was claimed on these costs which has created tax losses carried forward, offset by a related deferred tax asset of \u00a325.8 million (2024: \u00a317.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-470": { "value": "
11 Net losses on financial instruments
2025 2024
\u00a3m \u00a3m
Loss on swaps used as hedging instruments in fair value hedges
(2.4)
(15.5)
Gain arising on debt in fair value hedges
5.2
15.6
Exchange gain on other loans
10.9
2.8
Net loss on cash flow hedges transferred from equity
(12.6)
(18.2)
Hedge ineffectiveness on cash flow hedges
\u2013
0.7
Loss arising on swaps where hedge accounting is not applied
(17.7)
(9.0)
Amortisation of fair value adjustment on debt
1.2
1.2
(15.4)
(22.4)
The losses from financial assets and liabilities mandatorily measured at fair value through profit or loss was \u00a320.1 million (2024: \u00a324.5 million).
There were no financial assets or liabilities designated as at fair value through the profit or loss (2024: nil).
The Group\u2019s hedge accounting arrangements are described in note 37.
22 Categories of financial assets Note
2025 2024
Fair value through profit and loss \u00a3m \u00a3m
Cross currency swaps \u2013 not hedge accounted
13.9
12.9
Inflation swaps \u2013 not hedge accounted
6.0
8.8
Energy swaps \u2013 not hedge accounted
0.2
\u2013
Derivatives designated as hedging instruments
20.1
21.7
Cross currency swaps \u2013 fair value hedges
9.3
10.2
Interest rate swaps \u2013 cash flow hedges
35.6
39.2
Energy swaps \u2013 cash flow hedges
0.5
0.1
45.4
49.5
Total derivative financial assets
65.5
71.2
Financial assets at amortised cost
Trade receivables
23
369.6
316.9
Accrued income
23
358.1
326.2
Other amounts receivable
23
90.5
101.1
Loan receivable from joint venture
23
71.2
72.6
Short term deposits
24
988.8
909.1
Cash at bank and in hand
24
59.3
44.1
Total financial assets at amortised cost
1,937.5
1,770.0
Total financial assets
2,003.0
1,841.2
Disclosed in the balance sheet as:
Non-current assets
Derivative financial assets
59.9
71.2
Trade and other receivables
5.6
5.2
Loan receivable from joint venture
71.2
72.6
Current assets
136.7
149.0
Derivative financial assets
5.6
\u2013
Trade and other receivables
812.6
739.0
Cash and cash equivalents
1,048.1
953.2
1,866.3
1,692.2
2,003.0
1,841.2
25 Borrowings \u2013 Group and Company
Group
Company
2025 2024 2025 2024
Current liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Bank overdraft
3.3
1.8
3.2
1.8
Other loans
516.4
54.3
\u2013
\u2013
Lease liabilities
13.3
11.8
0.1
0.1
Non-current liabilities
533.0
67.9
3.3
1.9
Bank loans
784.7
783.5
231.5
230.7
Amounts due to group undertakings under loan agreements
\u2013
\u2013
48.4
612.3
Other loans
8,281.6
7,303.6
199.2
199.5
Lease liabilities
97.8
108.2
0.4
0.5
9,164.1
8,195.3
479.5
1,043.0
9,697.1
8,263.2
482.8
1,044.9
See note 36 for details of Group interest payable and maturity of borrowings. The Company has loan facilities available from several of its subsidiaries at an interest rate equal to the Bank of England base rate plus a margin. The details of these facilities are shown below:
Amount Facility
drawn amount
2025 \u00a3m
\u00a3m
Margin %
Maturity date
Lyra Insurance Guernsey Limited
13.9
15.0
1.375
30 March 2028
Severn Trent Property Solutions Limited
4.0
4.0
1.375
11 December 2026
Severn Trent Services Operations UK Limited
29.7
35.0
1.375
18 January 2027
Severn Trent Services (Water and Sewerage) Limited
0.8
5.0
1.375
8 December 2027
Amount Facility
drawn amount
2024 \u00a3m
\u00a3m
Margin %
Maturity date
Lyra Insurance Guernsey Limited
12.1
15.0
1.375
30 March 2026
Severn Trent Carsington Limited
544.2
550.0
1.375
31 January 2027
Severn Trent Holdings Limited
27.7
30.0
1.375
2 February 2026
Severn Trent Metering Services Limited
3.4
4.0
1.375
30 April 2025
Severn Trent Services Operations UK Limited
23.7
30.0
1.375
18 January 2027
Severn Trent Services (Water and Sewerage) Limited
1.2
5.0
1.375
8 December 2025
26 Categories of financial liabilities Note
2025 2024
Fair value through profit and loss \u00a3m \u00a3m
Cross currency swaps - not hedge accounted
24.7
6.2
Interest rate swaps - not hedge accounted
4.5
6.6
Energy swaps - not hedge accounted
2.5
\u2013
Derivatives designated as hedging instruments
31.7
12.8
Cross currency swaps - fair value hedges
14.6
12.8
Interest rate swaps - cash flow hedges
0.6
0.4
Energy swaps - cash flow hedges
0.7
\u2013
15.9
13.2
Total derivative financial liabilities
47.6
26.0
Other financial liabilities
Borrowings
25
9,697.1
8,263.2
Trade payables
27
173.6
162.5
Accruals
27
457.4
404.3
Other payables
27
15.5
22.0
Total other financial liabilities
10,343.6
8,852.0
Total financial liabilities
10,391.2
8,878.0
Disclosed in the balance sheet as:
Non-current liabilities
Derivative financial liabilities
44.7
26.0
Borrowings
9,164.1
8,195.3
Trade payables
0.1
\u2013
Accruals
\u2013
50.7
Current liabilities
9,208.9
8,272.0
Derivative financial liabilities
2.9
\u2013
Borrowings
533.0
67.9
Trade payables
173.5
162.5
Accruals
457.4
353.6
Other payables
15.5
22.0
1,182.3
606.0
10,391.2
8,878.0
35 Fair values of financial instruments a) Fair value measurements The valuation techniques that the Group applies in determining the fair values of its financial instruments on a recurring basis are described below. The techniques are classified under the hierarchy defined in IFRS 13 which categorises valuation techniques into Levels 1 - 3 based on the degree to which the fair value is observable. The Group\u2019s valuation techniques are Level 2 unless otherwise stated below:
2025 2024
\u00a3m
\u00a3m
Valuation techniques and key inputs
Cross currency swaps Discounted cash flow
Assets 23.2 23.1 Future cash flows are estimated based on forward interest rates from
Liabilities (39.3) (19.0) 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 spot rate.
Interest rate swaps Discounted cash flow
Assets 35.6 39.2 Future cash flows are estimated based on forward interest rates from
Liabilities (5.1) (7.0) 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
Assets 0.7 0.1 Future cash flows are estimated based on forward electricity prices from
Liabilities (3.2) \u2013 observable indices at the period end and contract prices discounted at a rate
that reflects the credit risk of counterparties.
Inflation swaps Discounted cash flow
Assets
6.0
8.8
Future cash flows on the RPI leg of the instrument are estimated based on
observable forward inflation indices.
Future cash flows on the CPI leg of the instrument are estimated based on the
future expected differential between RPI and CPI (\u201cthe CPI wedge\u201d).
Both legs are discounted using observable swap rates at the period end, at
a rate that reflects the credit risk of counterparties. This is considered to be
a Level 3 valuation technique.
Changes in the carrying values of instruments that are measured using a Level 3 technique were as follows:
Inflation swaps
\u00a3m
At 1 April 2023
7.3
Net gain recognised in profit or loss
1.5
At 31 March 2024
8.8
Net loss recognised in profit or loss
(2.8)
At 31 March 2025
6.0
These Level 3 instruments are valued using unobservable inputs. In valuing the inflation swaps, we have identified the unobservable input as the CPI wedge. A change of 10bps in the CPI wedge would result in a change in the carrying value of \u00a34.1 million. b) Comparison of fair value of financial instruments with their carrying amounts The Directors consider that the carrying amounts of all financial instruments, except those disclosed in the table below, approximate to their fair values. The carrying values and estimated fair values of other financial instruments are set out below:
2025
2024
Carrying value Fair value Carrying value Fair value
Floating-rate debt \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
629.1
629.1
632.8
632.8
Other loans
147.7
154.7
147.9
155.9
Overdraft
3.3
3.3
1.8
1.8
Fixed-rate debt
780.1
787.1
782.5
790.5
Other loans
6,472.2
5,985.7
5,149.6
4,929.5
Lease liabilities
111.1
111.1
120.0
120.0
Index-linked debt
6,583.3
6,096.8
5,269.6
5,049.5
Bank loans
155.6
145.9
150.7
141.9
Other loans
2,178.1
1,557.5
2,060.4
1,816.0
2,333.7
1,703.4
2,211.1
1,957.9
9,697.1
8,587.3
8,263.2
7,797.9
The above floating, fixed or index-linked classification does not take into account the impact of interest rate swaps or cross currency swaps.
Fixed rate loans are valued using market prices for similar instruments, which is a Level 2 valuation technique.
Index-linked loans are rarely traded and quoted prices are not considered a reliable indicator of fair value. Therefore, these loans are valued
using discounted cash flow models with discount rates derived from observed market prices for a sample of bonds, which is a Level 2
valuation technique.
Fair values of the other debt instruments are also calculated using discounted cash flow models with discount rates derived from observed
market prices, which is a Level 2 valuation technique.
36 Risks arising from financial instruments
The Group\u2019s activities expose it to a variety of financial risks:
\u2013 market risk (including interest rate risk, exchange rate risk and other price risk);
\u2013 credit risk;
\u2013 liquidity risk; and
\u2013 inflation risk.
The Group\u2019s overall risk management programme addresses the unpredictability of financial markets and seeks to reduce potential adverse
effects on the Group\u2019s financial performance or position.
Financial risks are managed by a central treasury department (\u2018Group Treasury\u2019) under policies approved by the Board of Directors. The Board
has established a Treasury Committee to monitor treasury activities and to facilitate timely responses to changes in market conditions when
necessary. Group Treasury operates under the Group\u2019s Treasury Procedures Manual and Policy Statement and identifies, evaluates and hedges
financial risks in close co-operation with the Group\u2019s operating units. The Board defines written principles for overall risk management, as
well as written policies covering specific areas such as exchange rate risk, interest rate risk, credit risk and the use of derivative and non-
derivative financial instruments. The Group\u2019s policy is that derivative financial instruments are not held for trading but may be used to mitigate
the Group\u2019s exposure to financial risk. The types of derivative instruments held and the related risks are described below.
Interest rate swaps are held to mitigate the Group\u2019s exposure to changes in market interest rates. Further details are set out in section a) (i)
and note 37 b) (i).
Cross currency swaps are held to mitigate the Group\u2019s exposure to exchange rate movements on amounts borrowed in foreign currencies.
Further details are set out in section a) (ii) and note 37 a) (i).
Energy swaps are held to mitigate the Group\u2019s exposure to changes in wholesale energy prices. Further details are provided in note 37 b) (ii).
Severn Trent Water, the Group\u2019s most significant business unit, operates under a regulatory environment where its prices are linked to inflation
measured by CPIH. In order to mitigate the risks to cash flow and earnings arising from fluctuations in CPIH, the Group holds debt instruments
where the principal repayable and interest cost is linked to RPI/CPI/CPIH and the Group holds RPI/CPI basis swaps to mitigate the risk of
divergence between RPI and CPIH.
a) Market risk
The Group is exposed to fluctuations in interest rates and, to a lesser extent, exchange rates. The nature of these risks and the steps that the
Group has taken to manage them are described below.
(i) Interest rate risk
The Group\u2019s annual income and its operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest
rate risk arises from long-term borrowings.
Borrowings issued at variable rates expose the Group to the risk of adverse cash flow impacts from increases in interest rates.
Borrowings issued at fixed rates expose the Group to the risk of interest costs above the market rate when interest rates decrease.
The Group\u2019s policy is to maintain 40% to 70% of its interest-bearing liabilities in fixed rate instruments during AMP 7. In measuring this metric,
management uses adjusted net debt excluding financial assets.
2025 2024
\u00a3m \u00a3m
Adjusted net debt (note 34)
8,545.3
7,187.9
Cash and cash equivalents
1,048.1
953.2
Loans receivable from joint venture
71.2
72.6
Interest bearing financial liabilities
9,664.6
8,213.7
The Group manages its cash flow interest rate risk by borrowing at fixed or index-linked rates or by using interest rate swaps. Under these
swaps the Group receives variable rate interest and pays fixed rate interest calculated by reference to the agreed notional principal amounts.
In practice the swaps are settled by transferring the net amount. These swaps have the economic effect of converting borrowings from variable
rates to fixed rates. The Group has entered into a series of these interest rate swaps to hedge future interest payments beyond 2030.
The following tables show analyses of the Group\u2019s interest bearing financial liabilities by type of interest. Debt which is hedged by interest rate
swaps or cross currency swaps is included in the category after taking account of the impact of the swap. Debt raised in foreign currencies has
been included at the notional sterling value of the payable leg of the corresponding cross currency swap since this is the amount that is
exposed to changes in interest rates.
Valuation adjustments that do not impact the amount on which interest is calculated, such as fair value hedge accounting adjustments, are
excluded from this analysis.
The net principal amount of unhedged swaps is shown as an adjustment to floating rate and fixed rate debt to demonstrate the impact of the swaps on the amount of liabilities bearing fixed interest.
Floating Fixed Index-
rate rate linked Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft
(3.3)
\u2013
\u2013
(3.3)
Bank loans
(613.6)
(15.5)
(155.6)
(784.7)
Other loans
(634.0)
(5,979.7)
(2,151.8)
(8,765.5)
Lease liabilities
\u2013
(111.1)
\u2013
(111.1)
(1,250.9)
(6,106.3)
(2,307.4)
(9,664.6)
Impact of swaps not matched against specific debt instruments
275.0
(275.0)
\u2013
\u2013
Interest bearing financial liabilities
(975.9)
(6,381.3)
(2,307.4)
(9,664.6)
Proportion of interest bearing financial liabilities that are fixed
66%
Weighted average interest rate of fixed debt
3.99%
Weighted average period for which interest is fixed (years)
8.7
Floating Fixed Index-
rate rate linked Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft
(1.8)
\u2013
\u2013
(1.8)
Bank loans
(612.9)
(19.9)
(150.7)
(783.5)
Other loans
(145.1)
(5,129.4)
(2,033.9)
(7,308.4)
Lease liabilities
\u2013
(120.0)
\u2013
(120.0)
(759.8)
(5,269.3)
(2,184.6)
(8,213.7)
Impact of swaps not matched against specific debt instruments
275.0
(275.0)
\u2013
\u2013
Interest bearing financial liabilities
(484.8)
(5,544.3)
(2,184.6)
(8,213.7)
Proportion of interest bearing financial liabilities that are fixed
67%
Weighted average interest rate of fixed debt
4.08%
Weighted average period for which interest is fixed (years)
8.9
Interest rate swaps not hedge accounted The Group has a number of interest rate swaps which are not accounted for as cash flow or fair value hedges. This has led to a credit of \u00a32.1 million (2024: \u00a33.4 million) in the income statement.
Average contract fixed
interest rate
Notional principal amount
Fair value
2025 2024 2025 2024 2025 2024
Pay fixed rate interest % % \u00a3m \u00a3m \u00a3m \u00a3m
5-10 years
5.46
5.46
(75.0)
(75.0)
(4.5)
(6.6)
5.46
5.46
(75.0)
(75.0)
(4.5)
(6.6)
In addition to the above the Group has cross currency swaps that also swap fixed rate interest to floating (see next page). Interest rate sensitivity analysis The sensitivity after tax of the Group\u2019s profits, cash flow and equity, including the impact on derivative financial instruments, to changes in interest rates at 31 March is as follows:
2025
2024
+1.0% -1.0% +1.0% -1.0%
\u00a3m \u00a3m \u00a3m \u00a3m
Profit or loss
(3.4)
3.1
1.0
(1.4)
Cash flow
(7.3)
7.3
(3.5)
3.5
Equity
(3.4)
3.1
1.0
(1.4)
(ii) Exchange rate risk
Except for debt raised in foreign currency, which is hedged, the Group\u2019s business does not involve significant exposure to foreign exchange
transactions. Substantially all of the Group\u2019s profits and net assets arise from Severn Trent Water, which has very limited and indirect exposure
to changes in exchange rates, and therefore the sensitivity of the Group\u2019s results to changes in exchange rates is not material.
Certain of the Group\u2019s subsidiaries enter into transactions in currencies other than the functional currency of the operation. Exchange risks
relating to such operations are not material but are managed centrally by Group Treasury through forward exchange contracts to buy or sell
currency. These contracts led to nil charge (2024: nil) in the income statement.
The Group has raised debt denominated in currencies other than sterling to meet its objective of accessing a broad range of sources of finance.
The Group mitigated its exposure to exchange rate fluctuations by entering into cross currency swaps at the time that the debt was drawn down
to swap the proceeds into sterling debt bearing interest based on SONIA.
Where the terms of the receivable leg of the swap closely match the terms of the underlying debt, the swaps are expected to be effective
hedges, hence certain swaps have been accounted for as fair value hedges. The notional value and fair value of these swaps is shown in note 37
a) (i).
The Group also has cross currency swaps with a sterling notional value of \u00a31,322.6 million (2024: \u00a3526.4 million) which are not accounted
for as fair value hedges. Economically these swaps act to mitigate the exchange rate risk of debt within the Group which is denominated in
foreign currency and also swap the interest from fixed rate to floating, but they are not designated hedges under IFRS 9. This has led to
a charge of \u00a317.5 million (2024: \u00a313.1 million) in the income statement, as well as an exchange gain of \u00a310.9 million (2024: \u00a32.8 million) on the
underlying debt.
The Group\u2019s gross and net currency exposures arising from currency borrowings are summarised in the tables below. These show, in the
relevant currency, the amount borrowed and the notional principal of the related swap or forward contract. The net position shows the Group\u2019s
exposure to exchange rate risk in relation to its currency borrowings.
Australian
Euro US dollar Yen dollar
2025 \u20acm $m \u00a5bn $m
Borrowings by currency
(1,469.9)
(220.0)
(10.3)
(40.0)
Cross currency swaps \u2013 hedge accounted
19.9
70.0
10.3
40.0
Cross currency swaps \u2013 not hedge accounted
1,450.0
150.0
\u2013
\u2013
Net currency exposure
\u2013
\u2013
\u2013
\u2013
Australian
Euro US dollar Yen dollar
2024 \u20acm $m \u00a5bn $m
Borrowings by currency
(519.9)
(220.0)
(10.3)
(40.0)
Cross currency swaps \u2013 hedge accounted
19.9
70.0
10.3
40.0
Cross currency swaps \u2013 not hedge accounted
500.0
150.0
\u2013
\u2013
Net currency exposure
\u2013
\u2013
\u2013
\u2013
b) Credit risk
Operationally the Group has no significant concentrations of credit risk. It has policies in place to ensure that sales of products are made to
customers with an appropriate credit history, other than in Severn Trent Water Limited and Hafren Dyfrdwy Cyfyngedig, whose operating
licences oblige them to supply domestic customers even in cases where bills are not paid. Amounts provided against accounts receivable and
movements on the provision during the year are disclosed in note 23.
Cash deposits and derivative contracts are only placed with high credit quality financial institutions, which have been approved by the Board.
Group Treasury monitors the credit quality of the approved financial institutions and the list of financial institutions that may be used is
approved annually by the Board. The Group has policies that limit the amount of credit exposure to any one financial institution.
Credit risk analysis
At 31 March, the aggregate credit limits of authorised counterparties and the amounts held on short term deposits were as follows:
Credit limit
Amount deposited
Number of counterparties
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m
\u00a3m
2025
2024
Triple A range
600.0
450.0
393.8
294.1
4
3
Double A range
125.0
225.0
60.0
149.0
1
2
Single A range
1,570.0
1,270.0
535.0
466.0
22
17
2,295.0
1,945.0
988.8
909.1
27
22
The fair values of derivative assets analysed by credit ratings of counterparties were as follows:
Derivative assets
2025 2024
\u00a3m \u00a3m
Single A range
65.5
71.2
c) Liquidity risk (i) Committed facilities Prudent liquidity management requires sufficient cash balances to be maintained, adequate committed facilities to be available, and market position to be closed out when required. Group Treasury manages liquidity and flexibility in funding by monitoring forecast and actual cash flows and the maturity profile of financial assets and liabilities, and by keeping committed credit lines available. At the balance sheet date the Group had committed undrawn borrowing facilities expiring as follows:
2025 2024
\u00a3m \u00a3m
2 \u2013 5 years
1,100.0
1,100.0
(ii) Cash flows from non-derivative financial instruments The following tables show the estimated cash flows that will arise from the Group\u2019s non-derivative net financial liabilities. The information presented is based on the earliest date on which the Group can be required to pay and represents the undiscounted cash flows including principal and interest. Interest and inflation assumptions are based on prevailing market conditions at the year end date.
Payments on
Trade and other financial
2025 Floating rate Fixed rate Index-linked payables liabilities
Undiscounted amounts payable: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
(54.1)
(791.1)
(35.9)
(646.5)
(1,527.6)
1 \u2013 2 years
(328.2)
(1,933.2)
(321.3)
\u2013
(2,582.7)
2 \u2013 5 years
(440.1)
(1,426.5)
(387.1)
\u2013
(2,253.7)
5 \u2013 10 years
(287.2)
(2,597.6)
(258.1)
\u2013
(3,142.9)
10 \u2013 15 years
\u2013
(1,473.0)
(167.9)
\u2013
(1,640.9)
15 \u2013 20 years
\u2013
(889.4)
(295.5)
\u2013
(1,184.9)
20 \u2013 25 years
\u2013
\u2013
(384.7)
\u2013
(384.7)
25 \u2013 30 years
\u2013
\u2013
(716.4)
\u2013
(716.4)
30 \u2013 35 years
\u2013
\u2013
(3,473.4)
\u2013
(3,473.4)
35 \u2013 40 years
\u2013
\u2013
(22.9)
\u2013
(22.9)
40 \u2013 45 years
\u2013
\u2013
(411.4)
\u2013
(411.4)
Total
(1,109.6)
(9,110.8)
(6,474.6)
(646.5)
(17,341.5)
Loans due from Trade and other Cash and short Receipts from
joint ventures receivables term deposits financial assets
Undiscounted amounts receivable: \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
71.2
812.6
1,048.1
1,931.9
1 \u2013 2 years
\u2013
5.6
\u2013
5.6
Total
71.2
818.2
1,048.1
1,937.5
Payments on
Trade and other financial
2024 Floating rate Fixed rate Index-linked payables liabilities
Undiscounted amounts payable: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
(156.5)
(227.1)
(91.6)
(588.8)
(1,064.0)
1 \u2013 2 years
(52.0)
(750.2)
(40.0)
\u2013
(842.2)
2 \u2013 5 years
(608.5)
(1,113.1)
(360.3)
\u2013
(2,081.9)
5 \u2013 10 years
(844.6)
(2,782.0)
(439.5)
\u2013
(4,066.1)
10 \u2013 15 years
\u2013
(1,428.3)
(177.3)
\u2013
(1,605.6)
15 \u2013 20 years
\u2013
(1,184.7)
(308.9)
\u2013
(1,493.6)
20 \u2013 25 years
\u2013
\u2013
(409.1)
\u2013
(409.1)
25 \u2013 30 years
\u2013
\u2013
(725.4)
\u2013
(725.4)
30 \u2013 35 years
\u2013
\u2013
(3,699.8)
\u2013
(3,699.8)
35 \u2013 40 years
\u2013
\u2013
(25.8)
\u2013
(25.8)
40 \u2013 45 years
\u2013
\u2013
(400.2)
\u2013
(400.2)
Total
(1,661.6)
(7,485.4)
(6,677.9)
(588.8)
(16,413.7)
Loans due from Trade and other Cash and short Receipts from
joint ventures receivables term deposits financial assets
Undiscounted amounts receivable: \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
2.4
739.0
953.2
1,694.6
1 \u2013 2 years
2.4
5.2
\u2013
7.6
2 \u2013 5 years
87.0
\u2013
\u2013
87.0
Total
91.8
744.2
953.2
1,789.2
Index-linked debt includes loans with maturities up to 50 years. The principal is revalued at fixed intervals and is linked to movements in the RPI, CPI or CPIH. Interest payments are made biannually based on the revalued principal. The principal repayment equals the revalued amount at maturity. The payments included in the table above are estimates based on the forward inflation rates published by the Bank of England at the balance sheet date. (iii) Cash flows from derivative financial instruments The following tables show the estimated cash flows that will arise from the Group\u2019s derivative financial instruments. The tables are based on the undiscounted net cash inflows/(outflows) on the derivative financial instruments that settle on a net basis and the undiscounted gross inflows/(outflows) on those derivatives that require gross settlement. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest and foreign currency rates derived from the forward curves existing at the balance sheet date. Actual amounts may be significantly different from those indicated below.
Cross currency swaps
Interest rate Inflation Energy Cash Cash
swaps swaps swaps receipts payments Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
16.4
0.6
(2.7)
59.9
(94.8)
(20.6)
1 \u2013 2 years
4.9
0.7
(0.3)
172.6
(181.0)
(3.1)
2 \u2013 5 years
7.2
5.9
0.4
189.1
(262.3)
(59.7)
5 \u2013 10 years
0.3
4.1
\u2013
783.6
(912.1)
(124.1)
10 \u2013 15 years
\u2013
(0.9)
\u2013
783.2
(787.4)
(5.1)
28.8
10.4
(2.6)
1,988.4
(2,237.6)
(212.6)
Cross currency swaps
Interest rate Inflation Energy Cash Cash
swaps swaps swaps receipts payments Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
8.0
0.6
\u2013
27.0
(32.8)
2.8
1 \u2013 2 years
5.8
0.6
0.1
44.8
(42.1)
9.2
2 \u2013 5 years
10.3
2.3
\u2013
213.7
(214.4)
11.9
5 \u2013 10 years
2.1
7.5
\u2013
656.0
(627.5)
38.1
10 \u2013 15 years
\u2013
\u2013
\u2013
62.2
(56.4)
5.8
26.2
11.0
0.1
1,003.7
(973.2)
67.8
The Group has the right to settle net derivative cash (outflows)/inflows under ISDA master settlement arrangements with all derivative counterparties. The amounts do not meet the criteria for offsetting and so are not presented on a net basis in the balance sheet. d) Inflation risk The Group\u2019s principal operating subsidiary, Severn Trent Water, operates under a regulatory environment where its prices are linked to inflation as measured by CPIH. Its operating profits and cash flows are therefore exposed to changes in inflation. In order to mitigate and partially offset this risk, Severn Trent Water has raised debt that pays interest at a fixed coupon based on a principal amount that is adjusted for the change in inflation during the life of the debt instrument (\u2018index-linked debt\u2019). The amount of index-linked debt at the balance sheet date is shown in section a) (i) Interest rate risk, and the estimated future cash flows relating to this debt are shown in section c) (ii) Cash flows from non-derivative financial instruments. Ofwat is moving the measure of inflation used in the economic regulatory model from RPI to CPIH over a period. In anticipation of this, the Group has entered into CPI/RPI swaps with a notional value of \u00a3350 million (2024: \u00a3350 million) in order to mitigate the risk of divergence between inflation measured by CPIH and that measured by RPI. Inflation rate sensitivity analysis The finance cost of the Group\u2019s index-linked debt instruments varies with changes in CPI/CPIH/RPI rather than interest rates. The sensitivity at 31 March of the Group\u2019s profit and equity to changes in CPI/CPIH/RPI is set out in the following table. This analysis relates to financial instruments only and excludes any CPI/CPIH/RPI impact on Severn Trent Water\u2019s revenues and Regulatory Capital Value, or accounting for defined benefit pension schemes.
2025
2024
+1.0% -1.0% +1.0% -1.0%
\u00a3m \u00a3m \u00a3m \u00a3m
Profit or loss
(16.6)
16.6
(16.4)
16.4
Equity
(16.6)
16.6
(16.4)
16.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-390": { "value": "
12 Taxation
a) Analysis of tax charge in the year
2025 2024
Current tax \u00a3m \u00a3m
Current year at 25% (2024: 25%)
0.4
0.5
Prior years
(0.6)
5.0
Total current tax (credit)/charge
(0.2)
5.5
Deferred tax
Origination and reversal of temporary differences:
Current year
85.0
53.2
Prior years
5.9
2.4
Total deferred tax charge
90.9
55.6
90.7
61.1
b) Factors affecting the tax charge in the year
The tax expense for the year is higher (2024: higher) than the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are
explained below:
Total Tax
2025 2024
\u00a3m \u00a3m
Profit before taxation
320.1
201.3
Tax at standard rate of corporation tax in the UK 25% (2024: 25%)
80.0
50.3
Tax effect of depreciation on non-qualifying assets
5.1
4.8
Other permanent differences
0.3
(1.4)
Adjustments in respect of prior years
5.3
7.4
Total tax charge
90.7
61.1
Current Tax
2025 2024
\u00a3m \u00a3m
Profit before taxation
320.1
201.3
Tax at standard rate of corporation tax in the UK 25% (2024: 25%)
80.0
50.3
Tax effect of depreciation on non-qualifying assets
5.1
4.8
Other permanent differences
0.3
(1.4)
Tax effect of accelerated capital allowances
(274.2)
(205.1)
Other temporary differences
(17.0)
(15.5)
Tax losses carried forward
206.2
167.4
Adjustments in respect of prior years
(0.6)
5.0
Total current tax (credit)/charge
(0.2)
5.5
The most significant factor impacting the Group\u2019s current tax (credit)/charge is the difference between the depreciation charged on property,
plant and equipment in the financial statements and the amount deductible from taxable profits in the form of capital allowances. Where the
assets qualify for capital allowances this creates a temporary difference and deferred tax is recognised on the difference between the carrying
amount of the asset and the amount that will be deductible for tax purposes in future years. Changes in the amount of deferred tax recognised
on these assets are charged or credited to deferred tax in the income statement. Where the amount of the capital allowances received is
greater than the depreciation charged this is referred to as accelerated capital allowances.
Full expensing was made permanent in the Autumn Statement on 22 November 2023 and provides first year allowances for main rate assets
and 50% first year allowance for special rate (including long life) assets. The impact of full expensing meant that the Group was eligible
to claim significant capital allowances to the extent that the Group was not liable to pay corporation tax for the year.
Certain of the Group\u2019s property, plant and equipment assets are not eligible for capital allowances under current legislation. Therefore,
there is no tax deduction that corresponds to the depreciation charged on these assets and deferred tax is not recognised in respect of this
permanent difference.
Other permanent differences comprise expenditure that is not deductible for tax purposes or income that is not taxable.
Other temporary differences comprise items other than depreciation of property, plant and equipment where the amount is included in the tax computation in a different period from when it is recognised in the income statement. Deferred tax is provided on these items. The amounts included for tax assets in the financial statements include estimates and judgments relating to uncertain tax positions. If the computations subsequently submitted to HMRC include different amounts then these differences are reflected as an adjustment in respect of prior years in the subsequent financial statements. Deferred tax is provided at 25%, the rate that is expected to apply when the asset or liability is expected to be settled. Further details are provided in note 28. As part of the Organisation for Economic Co-operation and Development (OECD)/G20 Base Erosion and Profit Shifting (BEPS) project, the OECD has introduced the Pillar Two Model Rules. This legislation mandates a top-up tax for entities with an effective tax rate below 15%. The Group is within the scope of these OECD Pillar Two model rules. Pillar Two legislation was enacted in the United Kingdom, the jurisdiction in which Severn Trent Plc is incorporated, and came into effect for accounting periods starting on or after 31 December 2023. Therefore, this is the first accounting period to which these rules apply for the Group. The Group has performed an assessment of its potential exposure to Pillar Two income taxes. This assessment is based on a combination of the most recent tax filings, country-by-country reporting and financial statements for constituent entities in the Group. Other than the Group\u2019s captive insurance subsidiary, which is tax resident in Guernsey, all of the Group\u2019s subsidiaries are tax resident in the UK. Based on the assessment performed, the Pillar Two simplified effective tax rate for the Group in the UK is above 15% and management is not currently aware of any circumstances under which this might change. Therefore, in the UK, the Group will apply the transitional safe harbour rules which will exempt it from applying the full Pillar Two rules in the UK. For Guernsey where the transitional safe harbour relief does not apply, the effective tax rate is expected to be above 15% under the full GloBE calculation. Therefore, the Group does not expect a potential exposure to Pillar Two top-up taxes. The Group has applied the temporary exception under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two rules. c) Tax charged directly to other comprehensive income or equity The following amounts of deferred tax have been charged to other comprehensive income or equity:
2025 2024
Deferred tax on: \u00a3m \u00a3m
Actuarial gains
9.4
4.2
Cash flow hedges
(1.0)
(1.5)
Share based payments
0.6
5.8
Transfers to the income statement
3.2
4.6
Total deferred tax charged to other comprehensive income or equity
12.2
13.1
28 Deferred tax \u2013 Group and Company
Group \u2013 Deferred tax liabilities
An analysis of the movements in the major deferred tax liabilities and assets recognised by the Group is set out below:
Retirement Fair value of
Accelerated tax benefit financial
depreciation obligations instruments Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
1,386.1
(28.0)
(10.2)
(48.7)
(5.7)
1,293.5
Charge/(credit) to income statement
215.9
12.9
(3.4)
(169.0)
(0.8)
55.6
Charge to equity
\u2013
4.2
3.1
\u2013
5.8
13.1
Acquisition of subsidiary
\u2013
\u2013
\u2013
\u2013
2.3
2.3
At 1 April 2024
1,602.0
(10.9)
(10.5)
(217.7)
1.6
1,364.5
Charge/(credit) to income statement
314.0
3.4
(1.7)
(223.9)
(0.9)
90.9
Charge to equity
\u2013
9.4
2.2
\u2013
0.6
12.2
Acquisition of subsidiary
\u2013
\u2013
\u2013
\u2013
4.5
4.5
At 31 March 2025
1,916.0
1.9
(10.0)
(441.6)
5.8
1,472.1
Deferred tax assets and liabilities have been offset. The offset amounts, which are to be recovered/settled after more than 12 months, are
as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax asset
(451.6)
(239.1)
Deferred tax liability
1,923.7
1,603.6
1,472.1
1,364.5
Company \u2013 Deferred tax asset
Retirement
benefit
obligations
\u00a3m
At 1 April 2023
1.6
Charge to income statement
(0.1)
At 1 April 2024
1.5
Charge to income statement
(0.1)
At 31 March 2025
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-462": { "value": "12 Taxation a) Analysis of tax charge in the year
2025 2024
Current tax \u00a3m \u00a3m
Current year at 25% (2024: 25%)
0.4
0.5
Prior years
(0.6)
5.0
Total current tax (credit)/charge
(0.2)
5.5
Deferred tax
Origination and reversal of temporary differences:
Current year
85.0
53.2
Prior years
5.9
2.4
Total deferred tax charge
90.9
55.6
90.7
61.1
b) Factors affecting the tax charge in the year The tax expense for the year is higher (2024: higher) than the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below: Total Tax
2025 2024
\u00a3m \u00a3m
Profit before taxation
320.1
201.3
Tax at standard rate of corporation tax in the UK 25% (2024: 25%)
80.0
50.3
Tax effect of depreciation on non-qualifying assets
5.1
4.8
Other permanent differences
0.3
(1.4)
Adjustments in respect of prior years
5.3
7.4
Total tax charge
90.7
61.1
Current Tax
2025 2024
\u00a3m \u00a3m
Profit before taxation
320.1
201.3
Tax at standard rate of corporation tax in the UK 25% (2024: 25%)
80.0
50.3
Tax effect of depreciation on non-qualifying assets
5.1
4.8
Other permanent differences
0.3
(1.4)
Tax effect of accelerated capital allowances
(274.2)
(205.1)
Other temporary differences
(17.0)
(15.5)
Tax losses carried forward
206.2
167.4
Adjustments in respect of prior years
(0.6)
5.0
Total current tax (credit)/charge
(0.2)
5.5
The most significant factor impacting the Group\u2019s current tax (credit)/charge is the difference between the depreciation charged on property, plant and equipment in the financial statements and the amount deductible from taxable profits in the form of capital allowances. Where the assets qualify for capital allowances this creates a temporary difference and deferred tax is recognised on the difference between the carrying amount of the asset and the amount that will be deductible for tax purposes in future years. Changes in the amount of deferred tax recognised on these assets are charged or credited to deferred tax in the income statement. Where the amount of the capital allowances received is greater than the depreciation charged this is referred to as accelerated capital allowances. Full expensing was made permanent in the Autumn Statement on 22 November 2023 and provides first year allowances for main rate assets and 50% first year allowance for special rate (including long life) assets. The impact of full expensing meant that the Group was eligible to claim significant capital allowances to the extent that the Group was not liable to pay corporation tax for the year. Certain of the Group\u2019s property, plant and equipment assets are not eligible for capital allowances under current legislation. Therefore, there is no tax deduction that corresponds to the depreciation charged on these assets and deferred tax is not recognised in respect of this permanent difference. Other permanent differences comprise expenditure that is not deductible for tax purposes or income that is not taxable. Other temporary differences comprise items other than depreciation of property, plant and equipment where the amount is included in the tax computation in a different period from when it is recognised in the income statement. Deferred tax is provided on these items. The amounts included for tax assets in the financial statements include estimates and judgments relating to uncertain tax positions. If the computations subsequently submitted to HMRC include different amounts then these differences are reflected as an adjustment in respect of prior years in the subsequent financial statements. Deferred tax is provided at 25%, the rate that is expected to apply when the asset or liability is expected to be settled. Further details are provided in note 28. As part of the Organisation for Economic Co-operation and Development (OECD)/G20 Base Erosion and Profit Shifting (BEPS) project, the OECD has introduced the Pillar Two Model Rules. This legislation mandates a top-up tax for entities with an effective tax rate below 15%. The Group is within the scope of these OECD Pillar Two model rules. Pillar Two legislation was enacted in the United Kingdom, the jurisdiction in which Severn Trent Plc is incorporated, and came into effect for accounting periods starting on or after 31 December 2023. Therefore, this is the first accounting period to which these rules apply for the Group. The Group has performed an assessment of its potential exposure to Pillar Two income taxes. This assessment is based on a combination of the most recent tax filings, country-by-country reporting and financial statements for constituent entities in the Group. Other than the Group\u2019s captive insurance subsidiary, which is tax resident in Guernsey, all of the Group\u2019s subsidiaries are tax resident in the UK. Based on the assessment performed, the Pillar Two simplified effective tax rate for the Group in the UK is above 15% and management is not currently aware of any circumstances under which this might change. Therefore, in the UK, the Group will apply the transitional safe harbour rules which will exempt it from applying the full Pillar Two rules in the UK. For Guernsey where the transitional safe harbour relief does not apply, the effective tax rate is expected to be above 15% under the full GloBE calculation. Therefore, the Group does not expect a potential exposure to Pillar Two top-up taxes. The Group has applied the temporary exception under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two rules. c) Tax charged directly to other comprehensive income or equity The following amounts of deferred tax have been charged to other comprehensive income or equity:
2025 2024
Deferred tax on: \u00a3m \u00a3m
Actuarial gains
9.4
4.2
Cash flow hedges
(1.0)
(1.5)
Share based payments
0.6
5.8
Transfers to the income statement
3.2
4.6
Total deferred tax charged to other comprehensive income or equity
12.2
13.1
28 Deferred tax \u2013 Group and Company Group \u2013 Deferred tax liabilities An analysis of the movements in the major deferred tax liabilities and assets recognised by the Group is set out below:
Retirement Fair value of
Accelerated tax benefit financial
depreciation obligations instruments Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
1,386.1
(28.0)
(10.2)
(48.7)
(5.7)
1,293.5
Charge/(credit) to income statement
215.9
12.9
(3.4)
(169.0)
(0.8)
55.6
Charge to equity
\u2013
4.2
3.1
\u2013
5.8
13.1
Acquisition of subsidiary
\u2013
\u2013
\u2013
\u2013
2.3
2.3
At 1 April 2024
1,602.0
(10.9)
(10.5)
(217.7)
1.6
1,364.5
Charge/(credit) to income statement
314.0
3.4
(1.7)
(223.9)
(0.9)
90.9
Charge to equity
\u2013
9.4
2.2
\u2013
0.6
12.2
Acquisition of subsidiary
\u2013
\u2013
\u2013
\u2013
4.5
4.5
At 31 March 2025
1,916.0
1.9
(10.0)
(441.6)
5.8
1,472.1
Deferred tax assets and liabilities have been offset. The offset amounts, which are to be recovered/settled after more than 12 months, are as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax asset
(451.6)
(239.1)
Deferred tax liability
1,923.7
1,603.6
1,472.1
1,364.5
Company \u2013 Deferred tax asset
Retirement
benefit
obligations
\u00a3m
At 1 April 2023
1.6
Charge to income statement
(0.1)
At 1 April 2024
1.5
Charge to income statement
(0.1)
At 31 March 2025
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-437": { "value": "12 Taxation a) Analysis of tax charge in the year
2025 2024
Current tax \u00a3m \u00a3m
Current year at 25% (2024: 25%)
0.4
0.5
Prior years
(0.6)
5.0
Total current tax (credit)/charge
(0.2)
5.5
Deferred tax
Origination and reversal of temporary differences:
Current year
85.0
53.2
Prior years
5.9
2.4
Total deferred tax charge
90.9
55.6
90.7
61.1
b) Factors affecting the tax charge in the year The tax expense for the year is higher (2024: higher) than the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below: Total Tax
2025 2024
\u00a3m \u00a3m
Profit before taxation
320.1
201.3
Tax at standard rate of corporation tax in the UK 25% (2024: 25%)
80.0
50.3
Tax effect of depreciation on non-qualifying assets
5.1
4.8
Other permanent differences
0.3
(1.4)
Adjustments in respect of prior years
5.3
7.4
Total tax charge
90.7
61.1
Current Tax
2025 2024
\u00a3m \u00a3m
Profit before taxation
320.1
201.3
Tax at standard rate of corporation tax in the UK 25% (2024: 25%)
80.0
50.3
Tax effect of depreciation on non-qualifying assets
5.1
4.8
Other permanent differences
0.3
(1.4)
Tax effect of accelerated capital allowances
(274.2)
(205.1)
Other temporary differences
(17.0)
(15.5)
Tax losses carried forward
206.2
167.4
Adjustments in respect of prior years
(0.6)
5.0
Total current tax (credit)/charge
(0.2)
5.5
The most significant factor impacting the Group\u2019s current tax (credit)/charge is the difference between the depreciation charged on property, plant and equipment in the financial statements and the amount deductible from taxable profits in the form of capital allowances. Where the assets qualify for capital allowances this creates a temporary difference and deferred tax is recognised on the difference between the carrying amount of the asset and the amount that will be deductible for tax purposes in future years. Changes in the amount of deferred tax recognised on these assets are charged or credited to deferred tax in the income statement. Where the amount of the capital allowances received is greater than the depreciation charged this is referred to as accelerated capital allowances. Full expensing was made permanent in the Autumn Statement on 22 November 2023 and provides first year allowances for main rate assets and 50% first year allowance for special rate (including long life) assets. The impact of full expensing meant that the Group was eligible to claim significant capital allowances to the extent that the Group was not liable to pay corporation tax for the year. Certain of the Group\u2019s property, plant and equipment assets are not eligible for capital allowances under current legislation. Therefore, there is no tax deduction that corresponds to the depreciation charged on these assets and deferred tax is not recognised in respect of this permanent difference. Other permanent differences comprise expenditure that is not deductible for tax purposes or income that is not taxable.
Other temporary differences comprise items other than depreciation of property, plant and equipment where the amount is included in the tax
computation in a different period from when it is recognised in the income statement. Deferred tax is provided on these items.
The amounts included for tax assets in the financial statements include estimates and judgments relating to uncertain tax positions. If the
computations subsequently submitted to HMRC include different amounts then these differences are reflected as an adjustment in respect
of prior years in the subsequent financial statements.
Deferred tax is provided at 25%, the rate that is expected to apply when the asset or liability is expected to be settled. Further details are
provided in note 28.
As part of the Organisation for Economic Co-operation and Development (OECD)/G20 Base Erosion and Profit Shifting (BEPS) project, the OECD
has introduced the Pillar Two Model Rules. This legislation mandates a top-up tax for entities with an effective tax rate below 15%. The Group is
within the scope of these OECD Pillar Two model rules. Pillar Two legislation was enacted in the United Kingdom, the jurisdiction in which
Severn Trent Plc is incorporated, and came into effect for accounting periods starting on or after 31 December 2023. Therefore, this is the first
accounting period to which these rules apply for the Group.
The Group has performed an assessment of its potential exposure to Pillar Two income taxes. This assessment is based on a combination of
the most recent tax filings, country-by-country reporting and financial statements for constituent entities in the Group. Other than the Group\u2019s
captive insurance subsidiary, which is tax resident in Guernsey, all of the Group\u2019s subsidiaries are tax resident in the UK. Based on the
assessment performed, the Pillar Two simplified effective tax rate for the Group in the UK is above 15% and management is not currently
aware of any circumstances under which this might change. Therefore, in the UK, the Group will apply the transitional safe harbour rules which
will exempt it from applying the full Pillar Two rules in the UK. For Guernsey where the transitional safe harbour relief does not apply, the
effective tax rate is expected to be above 15% under the full GloBE calculation. Therefore, the Group does not expect a potential exposure to
Pillar Two top-up taxes.
The Group has applied the temporary exception under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two rules.
c) Tax charged directly to other comprehensive income or equity
The following amounts of deferred tax have been charged to other comprehensive income or equity:
2025 2024
Deferred tax on: \u00a3m \u00a3m
Actuarial gains
9.4
4.2
Cash flow hedges
(1.0)
(1.5)
Share based payments
0.6
5.8
Transfers to the income statement
3.2
4.6
Total deferred tax charged to other comprehensive income or equity
12.2
13.1
28 Deferred tax \u2013 Group and Company Group \u2013 Deferred tax liabilities An analysis of the movements in the major deferred tax liabilities and assets recognised by the Group is set out below:
Retirement Fair value of
Accelerated tax benefit financial
depreciation obligations instruments Tax losses Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
1,386.1
(28.0)
(10.2)
(48.7)
(5.7)
1,293.5
Charge/(credit) to income statement
215.9
12.9
(3.4)
(169.0)
(0.8)
55.6
Charge to equity
\u2013
4.2
3.1
\u2013
5.8
13.1
Acquisition of subsidiary
\u2013
\u2013
\u2013
\u2013
2.3
2.3
At 1 April 2024
1,602.0
(10.9)
(10.5)
(217.7)
1.6
1,364.5
Charge/(credit) to income statement
314.0
3.4
(1.7)
(223.9)
(0.9)
90.9
Charge to equity
\u2013
9.4
2.2
\u2013
0.6
12.2
Acquisition of subsidiary
\u2013
\u2013
\u2013
\u2013
4.5
4.5
At 31 March 2025
1,916.0
1.9
(10.0)
(441.6)
5.8
1,472.1
Deferred tax assets and liabilities have been offset. The offset amounts, which are to be recovered/settled after more than 12 months, are as follows:
2025 2024
\u00a3m \u00a3m
Deferred tax asset
(451.6)
(239.1)
Deferred tax liability
1,923.7
1,603.6
1,472.1
1,364.5
Company \u2013 Deferred tax asset
Retirement
benefit
obligations
\u00a3m
At 1 April 2023
1.6
Charge to income statement
(0.1)
At 1 April 2024
1.5
Charge to income statement
(0.1)
At 31 March 2025
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-391": { "value": "
13 Dividends \u2013 Group and Company
Amounts recognised as distributions to owners of the Company in the year:
2025
2024
Pence Pence
per share
\u00a3m
per share
\u00a3m
Final dividend for the year ended 31 March 2024 (2023)
70.10
210.1
64.09
161.6
Interim dividend for the year ended 31 March 2025 (2024)
48.68
145.9
46.74
139.8
Total dividends paid
118.78
356.0
110.83
301.4
Proposed final dividend for the year ended 31 March 2025
73.03
219.2
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability
in these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "1.1878", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-5": { "value": "0.7303", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-392": { "value": "
14 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 year, excluding treasury shares and 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 dilutive
potential ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price
of the Company\u2019s shares during the period. Potential ordinary shares are not treated as dilutive if their conversion does not decrease earnings
per share or increase loss per share.
Basic and diluted earnings per share are calculated on the basis of profit attributable to the owners of the Company.
The calculation of basic and diluted earnings per share is based on the following:
i) Earnings for the purpose of basic and diluted earnings per share
2025 2024
\u00a3m \u00a3m
Profit for the year
229.4
140.2
ii) Number of shares
2025
2024
Weighted average number of ordinary shares for the purpose of basic earnings per share
299.5
274.9
Effect of dilutive potential ordinary shares:
\u2013 share options and LTIPs
0.7
0.8
Weighted average number of ordinary shares for the purpose of diluted earnings per share
300.2
275.7
On 3 October 2023, the Group issued 46,511,628 shares at a price of \u00a321.50 per share.
b) Adjusted earnings per share
2025 2024
pence pence
Adjusted basic earnings per share
112.1
79.4
Adjusted diluted earnings per share
111.8
79.1
Adjusted earnings per share figures are presented for continuing operations. These exclude the effects of net gains/losses on financial
instruments, current tax on net gains/losses on financial instruments, and deferred tax in both 2025 and 2024. 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 set out above.
The adjustments to earnings that are made in calculating adjusted earnings per share are as follows:
2025 2024
\u00a3m \u00a3m
Earnings for the purpose of basic and diluted earnings per share
229.4
140.2
Adjustments for:
\u2013 net losses on financial instruments
15.4
22.4
\u2013 deferred tax
90.9
55.6
Earnings for the purpose of adjusted basic and diluted earnings per share
335.7
218.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-393": { "value": "
15 Goodwill
2025 2024
Cost \u00a3m \u00a3m
At 1 April
112.8
92.7
Acquisition of subsidiary \u2013 Severn Trent Green Power (Andigestion) Limited
\u2013
17.0
Acquisition of subsidiary \u2013 Lakeside Water and Building Services Limited
\u2013
3.1
Acquisition of subsidiary \u2013 Severn Trent Green Power Lodge Farm Limited
0.9
\u2013
Acquisition of subsidiary \u2013 Severn Trent Green Power Atherstone Limited
0.9
\u2013
Acquisition of subsidiary \u2013 Severn Trent Green Power Cayton Limited
1.6
\u2013
Acquisition of subsidiary \u2013 Severn Trent Green Power Church Farm Limited
1.1
\u2013
At 31 March
117.3
112.8
On 3 July 2024, Severn Trent Green Power Limited acquired 100% of the issued shares in Severn Trent Green Power Atherstone Limited,
Severn Trent Green Power Lodge Farm Limited and Severn Trent Green Power Cayton Limited for a total consideration of \u00a310.2 million
(see note 39). On 18 November 2024, Severn Trent Green Power Limited acquired 100% of the issued shares in Severn Trent Green Power
Church Farm Limited for a total consideration of \u00a33.4 million (see note 39). The acquisitions have been accounted for using the acquisition
method. Goodwill of \u00a34.5 million was recognised, attributable to the anticipated future opportunities and increase in the Group\u2019s renewable
energy market share. The goodwill valuation was based on management\u2019s best estimates of the fair values of the assets and liabilities
acquired, which was estimated at \u00a39.1 million.
Goodwill relates to specific cash-generating units (CGUs) hence no allocation of goodwill is required. A summary of the carrying amount
of goodwill by CGU is presented below.
2025 2024
\u00a3m \u00a3m
Regulated Water and Wastewater
62.2
62.2
Green Power South
46.2
46.2
Operating Services
4.4
4.4
Severn Trent Green Power Lodge Farm Limited
0.9
\u2013
Severn Trent Green Power Atherstone Limited
0.9
\u2013
Severn Trent Green Power Cayton Limited
1.6
\u2013
Severn Trent Green Power Church Farm Limited
1.1
\u2013
117.3
112.8
Severn Trent Green Power Atherstone Limited, Severn Trent Green Power Lodge Farm Limited, Severn Trent Green Power Cayton Limited
and Severn Trent Green Power Church Farm Limited are each individual CGUs and therefore there is no requirement to allocate goodwill.
Regulated Water and Wastewater also has an intangible asset with indefinite useful life amounting to \u00a34.3 million (2024: \u00a34.3 million).
This is reviewed for impairment as part of the Regulated Water and Wastewater impairment review, set out below.
a) Regulated Water and Wastewater
On 1 July 2018, Instruments of appointments of Severn Trent Water Limited and Hafren Dyfrdwy Cyfyngedig (formerly Dee Valley Water
Limited) were amended to align the areas for which the appointments were made with the national border of England and Wales. As a result,
the business that the goodwill relates to is now partly in Severn Trent Water and partly Hafren Dyfrdwy. Consequently, this goodwill is allocated
to the Regulated Water and Wastewater cash-generating unit.
The Group has reviewed the carrying value of goodwill for impairment in accordance with the policy stated in note 2. The carrying value of the
Regulated Water and Wastewater CGU was determined on the basis of fair value, through a level 3 valuation, less costs to sell.
The fair value, determined using a discounted cash flow calculation for the Regulated Water and Wastewater segment is based on the most
recent financial projections available for the business, which cover the five year period to 31 March 2030.
The key assumptions underlying these projections are the cash flows in the projections and the following:
%
Discount rate
5.8
CPIH long-term inflation
2.1
Growth rate in the period beyond the detailed projections
2.0
The discount rate is an estimate for the weighted average cost of capital at the year end date based on the post-tax WACC detailed in the
Ofwat PR24 final determination. The rate disclosed above is the equivalent pre-tax nominal rate.
Inflation has been included in the detailed projections at 2.1% CPIH, informed through external market trends and measures of inflation
used by Ofwat.
Cash flows beyond the end of the five-year period are extrapolated using an assumed real growth rate of 2.0% in the Group\u2019s regulatory
capital base, based on past experience and external factors likely to drive long-term growth in the regulatory capital base.
The fair value less costs to sell for the CGU exceeded its carrying value by \u00a32,351.1 million. An increase in the discount rate to 6.1%
or a reduction in the growth rate in the period beyond the detailed projections to 1.8% would reduce the recoverable amount to the
carrying amount of the CGU.
b) Green Power On 30 November 2018, the Group acquired Agrivert Holdings and its subsidiary undertakings resulting in goodwill of \u00a329.2 million. Subsequent to this, on 1 September 2023 the Group also acquired Andigestion Limited, resulting in goodwill of \u00a317.0 million. This goodwill has been allocated to the Green Power South CGU which is determined to be the lowest level of independent cash flows relating to the goodwill. Green Power South is included within the Green Power part of the Business Services segment. The Group has reviewed the carrying value of goodwill for impairment in accordance with the policy stated in note 2. The carrying value of the Green Power South CGU was determined on the basis of a value in use calculation. The value in use determined using a discounted cash flow calculation for the Green Power South CGU is based on the most recent financial projections available for the business to 31 March 2030. The key assumptions underlying these projections are the cash flows in the projections and:
Key assumption
%
Discount rate
7.0
Growth rate in the period beyond the detailed projections
2.1
The discount rate was based on a review of a range of external sources of information about the cost of capital for the Severn Trent energy business. This rate was then converted to the equivalent pre-tax discount rate disclosed above. Cash flows beyond the end of the five-year period are extrapolated using assumed growth of 2.1% in the Group\u2019s free cash flows, informed through external market trends. The value in use for the CGU exceeded its carrying value by \u00a331.3 million. An increase in the discount rate to 7.7% or reduction in the growth rate in the period beyond the detailed projections to 1.1% would reduce the recoverable amount to the carrying amount of the CGU. 16 Other intangible assets
Computer software
Capitalised
development Other
Internally costs and intangible
generated Purchased patents assets Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
359.1
192.2
1.3
41.5
594.1
Additions
24.3
5.7
\u2013
\u2013
30.0
Acquisition of subsidiaries
\u2013
\u2013
\u2013
5.0
5.0
At 1 April 2024
383.4
197.9
1.3
46.5
629.1
Additions
34.6
5.4
\u2013
\u2013
40.0
Disposals
(22.5)
(2.3)
\u2013
\u2013
(24.8)
Reclassification
25.4
(25.4)
\u2013
\u2013
\u2013
Acquisition of subsidiaries (note 39)
\u2013
\u2013
\u2013
18.1
18.1
At 31 March 2025
420.9
175.6
1.3
64.6
662.4
Amortisation
At 1 April 2023
(262.5)
(136.5)
(0.1)
(9.1)
(408.2)
Amortisation for the year
(20.8)
(11.3)
(0.2)
(2.1)
(34.4)
At 1 April 2024
(283.3)
(147.8)
(0.3)
(11.2)
(442.6)
Amortisation for the year
(25.2)
(9.9)
(0.1)
(2.7)
(37.9)
Disposals
22.5
2.3
\u2013
\u2013
24.8
Reclassification
(4.9)
4.9
\u2013
\u2013
\u2013
Other
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 March 2025
(290.9)
(150.5)
(0.4)
(14.1)
(455.9)
Net book value
At 31 March 2025
130.0
25.1
0.9
50.5
206.5
At 31 March 2024
100.1
50.1
1.0
35.3
186.5
Other intangible assets include the instrument of appointment acquired with Dee Valley Water, customer contracts and energy subsidy contracts both acquired with Agrivert and contracts for delivery of biodiversity improvements. The instrument of appointment has an indefinite useful life and as such the carrying value has been included in the impairment assessment performed for the Regulated Water and Wastewater CGU described in note 15. As at 31 March 2025 no impairment was recorded (2024: nil). The acquisition of Severn Trent Green Power Atherstone Limited, Severn Trent Green Power Lodge Farm Limited, Severn Trent Green Power Cayton Limited, and Severn Trent Green Power Church Farm Limited resulted in \u00a318.1 million of other intangible assets relating to licenses to connect and provide electricity to the UK grid network. These licences have a useful life of up to 42 years, and their carrying value has been included in the impairment assessment performed for each of the respective entity CGUs described in note 15. As at 31 March 2025, no impairment was recorded.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-438": { "value": "15 Goodwill
2025 2024
Cost \u00a3m \u00a3m
At 1 April
112.8
92.7
Acquisition of subsidiary \u2013 Severn Trent Green Power (Andigestion) Limited
\u2013
17.0
Acquisition of subsidiary \u2013 Lakeside Water and Building Services Limited
\u2013
3.1
Acquisition of subsidiary \u2013 Severn Trent Green Power Lodge Farm Limited
0.9
\u2013
Acquisition of subsidiary \u2013 Severn Trent Green Power Atherstone Limited
0.9
\u2013
Acquisition of subsidiary \u2013 Severn Trent Green Power Cayton Limited
1.6
\u2013
Acquisition of subsidiary \u2013 Severn Trent Green Power Church Farm Limited
1.1
\u2013
At 31 March
117.3
112.8
On 3 July 2024, Severn Trent Green Power Limited acquired 100% of the issued shares in Severn Trent Green Power Atherstone Limited, Severn Trent Green Power Lodge Farm Limited and Severn Trent Green Power Cayton Limited for a total consideration of \u00a310.2 million (see note 39). On 18 November 2024, Severn Trent Green Power Limited acquired 100% of the issued shares in Severn Trent Green Power Church Farm Limited for a total consideration of \u00a33.4 million (see note 39). The acquisitions have been accounted for using the acquisition method. Goodwill of \u00a34.5 million was recognised, attributable to the anticipated future opportunities and increase in the Group\u2019s renewable energy market share. The goodwill valuation was based on management\u2019s best estimates of the fair values of the assets and liabilities acquired, which was estimated at \u00a39.1 million. Goodwill relates to specific cash-generating units (CGUs) hence no allocation of goodwill is required. A summary of the carrying amount of goodwill by CGU is presented below.
2025 2024
\u00a3m \u00a3m
Regulated Water and Wastewater
62.2
62.2
Green Power South
46.2
46.2
Operating Services
4.4
4.4
Severn Trent Green Power Lodge Farm Limited
0.9
\u2013
Severn Trent Green Power Atherstone Limited
0.9
\u2013
Severn Trent Green Power Cayton Limited
1.6
\u2013
Severn Trent Green Power Church Farm Limited
1.1
\u2013
117.3
112.8
Severn Trent Green Power Atherstone Limited, Severn Trent Green Power Lodge Farm Limited, Severn Trent Green Power Cayton Limited and Severn Trent Green Power Church Farm Limited are each individual CGUs and therefore there is no requirement to allocate goodwill. Regulated Water and Wastewater also has an intangible asset with indefinite useful life amounting to \u00a34.3 million (2024: \u00a34.3 million). This is reviewed for impairment as part of the Regulated Water and Wastewater impairment review, set out below. a) Regulated Water and Wastewater On 1 July 2018, Instruments of appointments of Severn Trent Water Limited and Hafren Dyfrdwy Cyfyngedig (formerly Dee Valley Water Limited) were amended to align the areas for which the appointments were made with the national border of England and Wales. As a result, the business that the goodwill relates to is now partly in Severn Trent Water and partly Hafren Dyfrdwy. Consequently, this goodwill is allocated to the Regulated Water and Wastewater cash-generating unit. The Group has reviewed the carrying value of goodwill for impairment in accordance with the policy stated in note 2. The carrying value of the Regulated Water and Wastewater CGU was determined on the basis of fair value, through a level 3 valuation, less costs to sell. The fair value, determined using a discounted cash flow calculation for the Regulated Water and Wastewater segment is based on the most recent financial projections available for the business, which cover the five year period to 31 March 2030. The key assumptions underlying these projections are the cash flows in the projections and the following:
%
Discount rate
5.8
CPIH long-term inflation
2.1
Growth rate in the period beyond the detailed projections
2.0
The discount rate is an estimate for the weighted average cost of capital at the year end date based on the post-tax WACC detailed in the Ofwat PR24 final determination. The rate disclosed above is the equivalent pre-tax nominal rate. Inflation has been included in the detailed projections at 2.1% CPIH, informed through external market trends and measures of inflation used by Ofwat. Cash flows beyond the end of the five-year period are extrapolated using an assumed real growth rate of 2.0% in the Group\u2019s regulatory capital base, based on past experience and external factors likely to drive long-term growth in the regulatory capital base. The fair value less costs to sell for the CGU exceeded its carrying value by \u00a32,351.1 million. An increase in the discount rate to 6.1% or a reduction in the growth rate in the period beyond the detailed projections to 1.8% would reduce the recoverable amount to the carrying amount of the CGU.
b) Green Power
On 30 November 2018, the Group acquired Agrivert Holdings and its subsidiary undertakings resulting in goodwill of \u00a329.2 million.
Subsequent to this, on 1 September 2023 the Group also acquired Andigestion Limited, resulting in goodwill of \u00a317.0 million.
This goodwill has been allocated to the Green Power South CGU which is determined to be the lowest level of independent cash flows
relating to the goodwill. Green Power South is included within the Green Power part of the Business Services segment.
The Group has reviewed the carrying value of goodwill for impairment in accordance with the policy stated in note 2. The carrying value
of the Green Power South CGU was determined on the basis of a value in use calculation.
The value in use determined using a discounted cash flow calculation for the Green Power South CGU is based on the most recent financial
projections available for the business to 31 March 2030.
The key assumptions underlying these projections are the cash flows in the projections and:
Key assumption
%
Discount rate
7.0
Growth rate in the period beyond the detailed projections
2.1
The discount rate was based on a review of a range of external sources of information about the cost of capital for the Severn Trent energy
business. This rate was then converted to the equivalent pre-tax discount rate disclosed above.
Cash flows beyond the end of the five-year period are extrapolated using assumed growth of 2.1% in the Group\u2019s free cash flows, informed
through external market trends.
The value in use for the CGU exceeded its carrying value by \u00a331.3 million. An increase in the discount rate to 7.7% or reduction in the growth
rate in the period beyond the detailed projections to 1.1% would reduce the recoverable amount to the carrying amount of the CGU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-439": { "value": "
16 Other intangible assets
Computer software
Capitalised
development Other
Internally costs and intangible
generated Purchased patents assets Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
359.1
192.2
1.3
41.5
594.1
Additions
24.3
5.7
\u2013
\u2013
30.0
Acquisition of subsidiaries
\u2013
\u2013
\u2013
5.0
5.0
At 1 April 2024
383.4
197.9
1.3
46.5
629.1
Additions
34.6
5.4
\u2013
\u2013
40.0
Disposals
(22.5)
(2.3)
\u2013
\u2013
(24.8)
Reclassification
25.4
(25.4)
\u2013
\u2013
\u2013
Acquisition of subsidiaries (note 39)
\u2013
\u2013
\u2013
18.1
18.1
At 31 March 2025
420.9
175.6
1.3
64.6
662.4
Amortisation
At 1 April 2023
(262.5)
(136.5)
(0.1)
(9.1)
(408.2)
Amortisation for the year
(20.8)
(11.3)
(0.2)
(2.1)
(34.4)
At 1 April 2024
(283.3)
(147.8)
(0.3)
(11.2)
(442.6)
Amortisation for the year
(25.2)
(9.9)
(0.1)
(2.7)
(37.9)
Disposals
22.5
2.3
\u2013
\u2013
24.8
Reclassification
(4.9)
4.9
\u2013
\u2013
\u2013
Other
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 March 2025
(290.9)
(150.5)
(0.4)
(14.1)
(455.9)
Net book value
At 31 March 2025
130.0
25.1
0.9
50.5
206.5
At 31 March 2024
100.1
50.1
1.0
35.3
186.5
Other intangible assets include the instrument of appointment acquired with Dee Valley Water, customer contracts and energy subsidy
contracts both acquired with Agrivert and contracts for delivery of biodiversity improvements. The instrument of appointment has an indefinite
useful life and as such the carrying value has been included in the impairment assessment performed for the Regulated Water and Wastewater
CGU described in note 15. As at 31 March 2025 no impairment was recorded (2024: nil).
The acquisition of Severn Trent Green Power Atherstone Limited, Severn Trent Green Power Lodge Farm Limited, Severn Trent Green Power
Cayton Limited, and Severn Trent Green Power Church Farm Limited resulted in \u00a318.1 million of other intangible assets relating to licenses to
connect and provide electricity to the UK grid network. These licences have a useful life of up to 42 years, and their carrying value has been
included in the impairment assessment performed for each of the respective entity CGUs described in note 15. As at 31 March 2025, no
impairment was recorded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-394": { "value": "17 Property, plant and equipment
Land and Infrastructure Fixed plant Moveable Assets under
buildings assets and equipment plant construction Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
4,301.3
6,166.9
5,457.9
80.0
1,264.0
17,270.1
Additions
68.5
178.2
147.4
22.0
1,012.7
1,428.8
Transfers on commissioning
80.7
30.0
140.0
1.5
(252.2)
\u2013
Disposals
(0.7)
\u2013
(2.5)
(5.8)
(4.7)
(13.7)
Acquisition of subsidiary undertaking
5.4
\u2013
10.5
0.5
\u2013
16.4
At 1 April 2024
4,455.2
6,375.1
5,753.3
98.2
2,019.8
18,701.6
Additions
117.3
259.2
177.6
5.3
1,409.6
1,969.0
Transfers on commissioning
149.7
57.0
111.6
5.3
(323.6)
\u2013
Disposals
(13.4)
\u2013
(195.4)
(4.9)
\u2013
(213.7)
Acquisition of subsidiary undertaking
\u2013
\u2013
1.4
\u2013
\u2013
1.4
Reclassification from right-of-use
\u2013
\u2013
\u2013
0.5
\u2013
0.5
Impairment
\u2013
\u2013
\u2013
\u2013
(13.9)
(13.9)
At 31 March 2025
4,708.8
6,691.3
5,848.5
104.4
3,091.9
20,444.9
Depreciation
At 1 April 2023
(1,730.9)
(1,520.8)
(3,255.4)
(46.1)
\u2013
(6,553.2)
Charge for the year
(107.6)
(44.4)
(229.0)
(7.7)
\u2013
(388.7)
Disposals
0.6
\u2013
1.2
5.4
\u2013
7.2
At 1 April 2024
(1,837.9)
(1,565.2)
(3,483.2)
(48.4)
\u2013
(6,934.7)
Charge for the year
(120.3)
(47.1)
(232.7)
(9.7)
\u2013
(409.8)
Disposals
11.4
\u2013
191.5
4.4
\u2013
207.3
Reclassification
(7.6)
\u2013
7.6
\u2013
\u2013
\u2013
Reclassification from right-of-use
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
At 31 March 2025
(1,954.4)
(1,612.3)
(3,516.8)
(54.2)
\u2013
(7,137.7)
Net book value
At 31 March 2025
2,754.4
5,079.0
2,331.7
50.2
3,091.9
13,307.2
At 31 March 2024
2,617.3
4,809.9
2,270.1
49.8
2,019.8
11,766.9
Additions include assets transferred from developers at no cost, which have been recognised at their fair value of \u00a3188.6 million (2024: \u00a3146.0 million) and provisions for works in response to legally enforceable undertakings to regulators amounting to \u00a342.1 million (2024: \u00a320.7 million). The net book value of land and buildings is analysed as follows:
2025 2024
\u00a3m \u00a3m
Freehold
2,754.1
2,617.0
Short leasehold
0.3
0.3
2,754.4
2,617.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-395": { "value": "
18 Biological assets
Biological assets comprise forestry assets situated at Lake Vyrnwy in Wales and the Upper Derwent Valley in England. The forests were valued
by RICS Registered Valuers, Knight Frank LLP in December 2022. These valuations were updated to the recognition date using the Standing
Timber Index published by Forest Research according to arrangements approved by the UK Statistics Authority. Forest Research is the
research agency of the Forestry Commission and is Great Britain\u2019s principal organisation for forestry and tree-related research.
2025 2024
\u00a3m \u00a3m
Value at 1 April
5.7
\u2013
Biological assets felled
(0.8)
\u2013
Reclassification from inventory
\u2013
0.4
Gain on initial recognition
\u2013
5.2
Change in fair value on remeasurement
\u2013
0.1
Value 31 March
4.9
5.7
The Group holds 353.6 hectares (2024: 401.7) of forestry assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-396": { "value": "
19 Leases
a) The Group\u2019s leasing activities
The Group leases various properties, equipment and vehicles. Lease agreements are typically made for fixed periods of up to 999 years but
may have extension options as described in note 2 k).
Lease contracts are negotiated on an individual basis and include a wide range of terms and conditions. The contracts do not include covenants
other than security interests in the leased assets that are held by the lessor and leased assets may not be used as security for other borrowing.
The contracts do not impose any restrictions on dividend payment, additional debt or further leasing. There were no sale and leaseback
transactions in the period.
b) Income statement
The income statement includes the following amounts relating to leases:
2025 2024
Depreciation charge of right-of-use assets: \u00a3m \u00a3m
Land and buildings
1.0
1.0
Infrastructure assets
1.1
1.1
Fixed plant and equipment
0.2
0.2
Moveable plant
4.4
2.9
Total depreciation of right-of-use assets
6.7
5.2
Interest expense included in finance cost
3.8
3.7
Expense relating to short-term leases included in operating costs
\u2013
0.1
Expense relating to leases of low-value assets included in operating costs
0.1
0.1
c) Balance sheet The balance sheet includes the following amounts relating to leases:
2025 2024
Right-of-use assets: \u00a3m \u00a3m
Land and buildings
15.7
16.6
Infrastructure assets
109.6
108.9
Fixed plant and equipment
3.4
3.9
Moveable plant
12.3
13.6
141.0
143.0
Additions to right-of-use assets were \u00a34.7 million (2024: \u00a317.2 million). Disposals were nil (2024: \u00a31.1 million). Extension of lease terms during the year has not resulted in a reduction in dilapidation provisions included in right-of-use assets (2024: \u00a32.4 million). There were no right-of-use assets acquired as part of business combinations (2024: \u00a30.4 million).
2025 2024
Lease liabilities: \u00a3m \u00a3m
Current
13.3
11.8
Non-current
97.8
108.2
111.1
120.0
Obligations under lease liabilities were as follows:
2025 2024
\u00a3m \u00a3m
Within 1 year
17.9
16.6
1 \u2013 2 years
17.4
17.3
2 \u2013 5 years
48.9
56.5
After more than 5 years
52.0
68.7
Gross obligations under leases
136.2
159.1
Less future finance charges
(25.1)
(39.1)
Present value of lease obligations
111.1
120.0
Net obligations under leases were as follows:
2025 2024
\u00a3m \u00a3m
Within 1 year
13.3
11.8
1 \u2013 2 years
13.8
12.6
2 \u2013 5 years
41.6
40.3
After more than 5 years
42.4
55.3
Included in non-current liabilities
97.8
108.2
111.1
120.0
d) Cash flow The total cash outflow for leases in the year was \u00a317.4 million (2024: \u00a314.2 million) which consists of \u00a33.8 million (2024: \u00a33.7 million) payments of interest and \u00a313.6 million (2024: \u00a310.5 million) repayment of principal elements. This is included in financing cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-440": { "value": "
c) Balance sheet
The balance sheet includes the following amounts relating to leases:
2025 2024
Right-of-use assets: \u00a3m \u00a3m
Land and buildings
15.7
16.6
Infrastructure assets
109.6
108.9
Fixed plant and equipment
3.4
3.9
Moveable plant
12.3
13.6
141.0
143.0
Additions to right-of-use assets were \u00a34.7 million (2024: \u00a317.2 million). Disposals were nil (2024: \u00a31.1 million). Extension of lease terms
during the year has not resulted in a reduction in dilapidation provisions included in right-of-use assets (2024: \u00a32.4 million). There were
no right-of-use assets acquired as part of business combinations (2024: \u00a30.4 million).
2025 2024
Lease liabilities: \u00a3m \u00a3m
Current
13.3
11.8
Non-current
97.8
108.2
111.1
120.0
Obligations under lease liabilities were as follows:
2025 2024
\u00a3m \u00a3m
Within 1 year
17.9
16.6
1 \u2013 2 years
17.4
17.3
2 \u2013 5 years
48.9
56.5
After more than 5 years
52.0
68.7
Gross obligations under leases
136.2
159.1
Less future finance charges
(25.1)
(39.1)
Present value of lease obligations
111.1
120.0
Net obligations under leases were as follows:
2025 2024
\u00a3m \u00a3m
Within 1 year
13.3
11.8
1 \u2013 2 years
13.8
12.6
2 \u2013 5 years
41.6
40.3
After more than 5 years
42.4
55.3
Included in non-current liabilities
97.8
108.2
111.1
120.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-397": { "value": "
20 Investment in joint venture
Particulars of the Group\u2019s principal joint venture undertaking at 31 March 2025 were:
Proportion
Country of Class of share of ownership
Name
Type
incorporation capital held interest
Water Plus Group Limited
Joint venture
Great Britain
Ordinary B
50%
Water Plus is the largest business retailer in the non-household retail water market in England and Scotland. Its principal activities are core
retail services including billing, meter reading, call centre support and water-efficiency advice as well as key account management services
and value-added solutions.
Water Plus competes in England and Scotland for customers ranging from small and medium-sized enterprises through to large corporate
entities in both the private and public sectors.
Movements in the investment were as follows:
2025 2024
\u00a3m \u00a3m
Carrying value of joint venture investment at 1 April
12.4
16.5
Group's share of loss after tax and comprehensive loss
(10.8)
(4.1)
Carrying value of joint venture investment at 31 March
1.6
12.4
During the current year, the Group has recognised its share of Water Plus\u2019s losses of \u00a310.8 million (2024: \u00a34.1 million) against the value of
the investment.
As at 31 March 2025 and 2024 the joint venture did not have any significant contingent liabilities to which the Group was exposed and the Group
did not have any significant contingent liabilities in relation to its interests in the joint venture. The Group had no capital commitments in
relation to its interests in the joint venture at 31 March 2025 or 2024.
The Company has given guarantees in favour of Water Plus Limited in respect of the joint venture\u2019s liabilities to wholesalers in the Open Water
market. The guarantee is capped at \u00a350.7 million (2024: \u00a348.9 million).
The registered office of Water Plus Group Limited is Prospect House, Gordon Banks Drive, Trentham Lakes, Stoke-On-Trent, ST4 4TW.
Balance sheet and income statement extracts can be found below for Water Plus:
At 31 March
2025 2024
\u00a3m \u00a3m
Non-current assets
38.6
34.9
Current assets
1
235.2
291.7
Current liabilities
2
(90.8)
(106.3)
Non-current liabilities
3
(199.0)
(214.6)
Net liabilities/assets
(16.0)
5.7
1 Includes cash of \u00a31.5 million (2024: \u00a35.1 million)
2 Includes current financial liabilities (excluding trade and other payables and provisions) of \u00a30.1 million (2024: \u00a31.4 million)
3 Includes non-current financial liabilities of \u00a3199.0 million (2024: \u00a3214.6 million)
For the year ended 31 March
2025 2024
\u00a3m \u00a3m
Revenue
779.9
759.0
Depreciation and amortisation
(5.2)
(4.5)
Finance income
0.3
0.6
Finance costs
(15.0)
(15.5)
Tax charge
(2.2)
(1.1)
Comprehensive loss for the year
(21.7)
(8.1)
The below shows a reconciliation from the net assets/liabilities of Water Plus to the carrying value as above:
2025 2024
\u00a3m \u00a3m
Net (liabilities)/assets of Water Plus at 31 March
(16.0)
5.7
Severn Trent\u2019s share of net (liabilities)/assets
(8.0)
2.9
Water Plus financial liabilities classified as part of net investment in joint venture
9.8
9.8
Other
(0.2)
(0.3)
Carrying value of joint venture investment at 31 March
1.6
12.4
The net (liabilities)/assets position of Water Plus is derived from the best information available at the time the financial statements of the Group
are approved. The impact on the Group of any subsequent changes in the net (liabilities)/assets of Water Plus will be reflected in the financial
statements prepared to 31 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-441": { "value": "20 Investment in joint venture Particulars of the Group\u2019s principal joint venture undertaking at 31 March 2025 were:
Proportion
Country of Class of share of ownership
Name
Type
incorporation capital held interest
Water Plus Group Limited
Joint venture
Great Britain
Ordinary B
50%
Water Plus is the largest business retailer in the non-household retail water market in England and Scotland. Its principal activities are core retail services including billing, meter reading, call centre support and water-efficiency advice as well as key account management services and value-added solutions. Water Plus competes in England and Scotland for customers ranging from small and medium-sized enterprises through to large corporate entities in both the private and public sectors. Movements in the investment were as follows:
2025 2024
\u00a3m \u00a3m
Carrying value of joint venture investment at 1 April
12.4
16.5
Group's share of loss after tax and comprehensive loss
(10.8)
(4.1)
Carrying value of joint venture investment at 31 March
1.6
12.4
During the current year, the Group has recognised its share of Water Plus\u2019s losses of \u00a310.8 million (2024: \u00a34.1 million) against the value of the investment. As at 31 March 2025 and 2024 the joint venture did not have any significant contingent liabilities to which the Group was exposed and the Group did not have any significant contingent liabilities in relation to its interests in the joint venture. The Group had no capital commitments in relation to its interests in the joint venture at 31 March 2025 or 2024. The Company has given guarantees in favour of Water Plus Limited in respect of the joint venture\u2019s liabilities to wholesalers in the Open Water market. The guarantee is capped at \u00a350.7 million (2024: \u00a348.9 million). The registered office of Water Plus Group Limited is Prospect House, Gordon Banks Drive, Trentham Lakes, Stoke-On-Trent, ST4 4TW. Balance sheet and income statement extracts can be found below for Water Plus: At 31 March
2025 2024
\u00a3m \u00a3m
Non-current assets
38.6
34.9
Current assets
1
235.2
291.7
Current liabilities
2
(90.8)
(106.3)
Non-current liabilities
3
(199.0)
(214.6)
Net liabilities/assets
(16.0)
5.7
1 Includes cash of \u00a31.5 million (2024: \u00a35.1 million) 2 Includes current financial liabilities (excluding trade and other payables and provisions) of \u00a30.1 million (2024: \u00a31.4 million) 3 Includes non-current financial liabilities of \u00a3199.0 million (2024: \u00a3214.6 million) For the year ended 31 March
2025 2024
\u00a3m \u00a3m
Revenue
779.9
759.0
Depreciation and amortisation
(5.2)
(4.5)
Finance income
0.3
0.6
Finance costs
(15.0)
(15.5)
Tax charge
(2.2)
(1.1)
Comprehensive loss for the year
(21.7)
(8.1)
The below shows a reconciliation from the net assets/liabilities of Water Plus to the carrying value as above:
2025 2024
\u00a3m \u00a3m
Net (liabilities)/assets of Water Plus at 31 March
(16.0)
5.7
Severn Trent\u2019s share of net (liabilities)/assets
(8.0)
2.9
Water Plus financial liabilities classified as part of net investment in joint venture
9.8
9.8
Other
(0.2)
(0.3)
Carrying value of joint venture investment at 31 March
1.6
12.4
The net (liabilities)/assets position of Water Plus is derived from the best information available at the time the financial statements of the Group are approved. The impact on the Group of any subsequent changes in the net (liabilities)/assets of Water Plus will be reflected in the financial statements prepared to 31 March 2026.
21 Investments in subsidiaries \u2013 Company
\u00a3m
At 1 April 2024
3,593.3
Additions
6.9
At 31 March 2025
3,600.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-398": { "value": "21 Investments in subsidiaries \u2013 Company
\u00a3m
At 1 April 2024
3,593.3
Additions
6.9
At 31 March 2025
3,600.2
46 Subsidiary undertakings
Details of all subsidiary undertakings as at 31 March 2025 are given below. Details of the joint venture are set out in note 20. All subsidiary
undertakings have been included in the consolidation.
Owned directly by Severn Trent Plc
Country of operation and incorporation
Percentage of share capital held
Class of share capital held
Athena Holdings Limited
Hong Kong
100%
Ordinary
The following subsidiary undertakings all operate and are incorporated in the United Kingdom. The percentage of share capital held is 100%
and the class of share capital held is ordinary.
All subsidiary undertakings
Chester Water Limited
Severn Trent Green Power Group Limited
Dee Valley Group Limited
Severn Trent Green Power Holdings Limited
Dee Valley Limited
Severn Trent Green Power Limited
East Worcester Water Limited
Severn Trent Green Power Lodge Farm Limited
Etwall Land Limited
Severn Trent Holdings Limited
Hafren Dyfrdwy Cyfyngedig
Severn Trent Investment Holdings Limited
Lakeside Water and Building Services Limited
Severn Trent LCP Limited
M A Solutions (LINDUM) Ltd
Severn Trent Leasing Limited
Midlands Land Portfolio Limited
Severn Trent Metering Services Limited
Reigate Environmental Services Limited
Severn Trent MIS Trustees Limited
Severn Trent (W&S) Limited
Severn Trent Overseas Holdings Limited
Severn Trent Bower Limited
Severn Trent Pension Scheme Trustees Limited
Severn Trent Carsington Limited
Severn Trent PIF Trustees Limited
Severn Trent Data Portal Limited
Severn Trent Property Solutions Limited
Severn Trent Draycote Limited
Severn Trent Reservoirs Limited
Severn Trent Finance Holdings Limited
Severn Trent Retail and Utility Services Limited
Severn Trent General Partnership Limited
Severn Trent Services (Water and Sewerage) Limited
Severn Trent Green Power (Andigestion) Limited
Severn Trent Services Defence Holdings Limited
Severn Trent Green Power (Ardley) Limited
Severn Trent Services Defence Limited
Severn Trent Green Power (Bridgend) Limited
Severn Trent Services Holdings Limited
Severn Trent Green Power (Cassington) Limited
Severn Trent Services International (Overseas Holdings) Limited
Severn Trent Green Power (CW) Limited
Severn Trent Services International Limited
Severn Trent Green Power (Hertfordshire) Limited
Severn Trent Services Operations UK Limited
Severn Trent Green Power (North London) Limited
Severn Trent Solar Finance Limited
Severn Trent Green Power (RBWM) Limited
Severn Trent Solar Holdings Limited
Severn Trent Green Power (Wallingford) Limited
Severn Trent SSPS Trustees Limited
Severn Trent Green Power (West London) Limited
Severn Trent Trimpley Limited
Severn Trent Green Power Atherstone Limited
Severn Trent Utilities Finance Plc
Severn Trent Green Power Biogas Limited
Severn Trent Water Limited
Severn Trent Green Power Cayton Limited
Severn Trent Wind Power Limited
Severn Trent Green Power Church Farm Limited
Severn Trent WWIF Limited
Severn Trent Green Power Composting Limited
Wrexham Water Limited
The Group owns 100% of the share capital of the following subsidiary undertakings.
All subsidiary undertakings
Country of operation and incorporation
Class of share capital held
Lyra Insurance Guernsey Limited
Guernsey
Ordinary
Severn Trent Carsington Limited
United Kingdom
A and B Ordinary
Unless stated below, the registered office of the aforementioned entities is Severn Trent Centre, 2 St John\u2019s Street, Coventry, CV1 2LZ,
United Kingdom.
Company
Registered office
Athena Holdings Limited
One 33, Hysan Avenue, Causeway Bay, Hong Kong
Dee Valley Limited
Packsaddle, Wrexham Road, Rhostyllen, Wrexham, LL14 4EH
Hafren Dyfrdwy Cyfyngedig
Packsaddle, Wrexham Road, Rhostyllen, Wrexham, LL14 4EH
Lakeside Water and Building Services Limited
Unit 6, Enterprise Court, Eagle Business Park, Falcon Way,
Peterborough, Cambridgeshire, PE7 3GR
Lyra Insurance Guernsey Limited
St Martin's House, Le Bordage, St Peter Port, GY1 4AU, Guernsey
Reigate Environmental Services Limited
42 Ormside Way, Holmethorpe Industrial Estate, Redhill, Surrey, RH1 2LW
Severn Trent General Partnership Limited
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Severn Trent Green Power (Andigestion) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (Ardley) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (Bridgend) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (Cassington) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (CW) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (Hertfordshire) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (North London) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (RBWM) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (Wallingford) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (West London) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Atherstone Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Biogas Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Cayton Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Church Farm Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Composting Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Group Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Holdings Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Lodge Farm Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Subsidiary audit exemptions
Severn Trent Plc has issued guarantees over the liabilities of the following companies at 31 March 2025 under section 479C of Companies Act
2006 and these entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of section 479A of
the Act.
Company
Company Number
Chester Water Limited
2888872
Dee Valley Group Limited
4316684
Dee Valley Limited
2902525
East Worcester Water Limited
2757948
Etwall Land Limited
7559793
Lakeside Water and Building Services Limited
03631827
MA Solutions (LINDUM) Ltd
5107976
Reigate Environmental Services Limited
07368807
Severn Trent (W&S) Limited
3995023
Severn Trent Bower Limited
14513739
Severn Trent Carsington Limited
7570384
Severn Trent Data Portal Limited
8181048
Severn Trent Draycote Limited
7681784
Severn Trent Finance Holdings Limited
6044159
Severn Trent General Partnership Limited
SC416614
Severn Trent Green Power (Ardley) Limited
5807721
Severn Trent Green Power (Hertfordshire) Limited
6771560
Severn Trent Green Power (North London) Limited
9689098
Severn Trent Green Power (West London) Limited
8308321
Severn Trent Green Power Atherstone Limited
12559241
Severn Trent Green Power Cayton Limited
11780059
Severn Trent Green Power Church Farm Limited
13207815
Severn Trent Green Power Composting Limited
4927756
Severn Trent Green Power Lodge Farm Limited
12558704
Severn Trent Holdings Limited
5656363
Severn Trent Investment Holdings Limited
7560050
Severn Trent LCP Limited
7943556
Severn Trent Leasing Limited
6810163
Severn Trent Metering Services Limited
2569703
Severn Trent Overseas Holdings Limited
2455508
Severn Trent Reservoirs Limited
3115315
Severn Trent Retail and Utility Services Limited
2562471
Severn Trent Services Holdings Limited
4395572
Severn Trent Services International (Overseas Holdings) Limited
3125131
Severn Trent Services International Limited
2387816
Severn Trent Solar Finance Limited
16018635
Severn Trent Solar Holdings Limited
16015007
Severn Trent Trimpley Limited
10690056
Severn Trent WWIF Limited
11966722
Wrexham Water Limited
02967118
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-399": { "value": "
22 Categories of financial assets
Note
2025 2024
Fair value through profit and loss \u00a3m \u00a3m
Cross currency swaps \u2013 not hedge accounted
13.9
12.9
Inflation swaps \u2013 not hedge accounted
6.0
8.8
Energy swaps \u2013 not hedge accounted
0.2
\u2013
Derivatives designated as hedging instruments
20.1
21.7
Cross currency swaps \u2013 fair value hedges
9.3
10.2
Interest rate swaps \u2013 cash flow hedges
35.6
39.2
Energy swaps \u2013 cash flow hedges
0.5
0.1
45.4
49.5
Total derivative financial assets
65.5
71.2
Financial assets at amortised cost
Trade receivables
23
369.6
316.9
Accrued income
23
358.1
326.2
Other amounts receivable
23
90.5
101.1
Loan receivable from joint venture
23
71.2
72.6
Short term deposits
24
988.8
909.1
Cash at bank and in hand
24
59.3
44.1
Total financial assets at amortised cost
1,937.5
1,770.0
Total financial assets
2,003.0
1,841.2
Disclosed in the balance sheet as:
Non-current assets
Derivative financial assets
59.9
71.2
Trade and other receivables
5.6
5.2
Loan receivable from joint venture
71.2
72.6
Current assets
136.7
149.0
Derivative financial assets
5.6
\u2013
Trade and other receivables
812.6
739.0
Cash and cash equivalents
1,048.1
953.2
1,866.3
1,692.2
2,003.0
1,841.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-476": { "value": "22 Categories of financial assets Note
2025 2024
Fair value through profit and loss \u00a3m \u00a3m
Cross currency swaps \u2013 not hedge accounted
13.9
12.9
Inflation swaps \u2013 not hedge accounted
6.0
8.8
Energy swaps \u2013 not hedge accounted
0.2
\u2013
Derivatives designated as hedging instruments
20.1
21.7
Cross currency swaps \u2013 fair value hedges
9.3
10.2
Interest rate swaps \u2013 cash flow hedges
35.6
39.2
Energy swaps \u2013 cash flow hedges
0.5
0.1
45.4
49.5
Total derivative financial assets
65.5
71.2
Financial assets at amortised cost
Trade receivables
23
369.6
316.9
Accrued income
23
358.1
326.2
Other amounts receivable
23
90.5
101.1
Loan receivable from joint venture
23
71.2
72.6
Short term deposits
24
988.8
909.1
Cash at bank and in hand
24
59.3
44.1
Total financial assets at amortised cost
1,937.5
1,770.0
Total financial assets
2,003.0
1,841.2
Disclosed in the balance sheet as:
Non-current assets
Derivative financial assets
59.9
71.2
Trade and other receivables
5.6
5.2
Loan receivable from joint venture
71.2
72.6
Current assets
136.7
149.0
Derivative financial assets
5.6
\u2013
Trade and other receivables
812.6
739.0
Cash and cash equivalents
1,048.1
953.2
1,866.3
1,692.2
2,003.0
1,841.2
23 Trade and other receivables \u2013 Group and Company
Group
Company
2025 2024 2025 2024
Current assets \u00a3m \u00a3m \u00a3m \u00a3m
Net trade receivables
364.0
316.9
\u2013
\u2013
Other amounts receivable
90.5
95.9
1.0
3.2
Contract assets
30.4
47.1
\u2013
\u2013
Prepayments
35.3
31.2
0.5
0.6
Net accrued income
358.1
326.2
\u2013
\u2013
Amounts owed by group undertakings
\u2013
\u2013
49.0
42.0
Non-current assets
878.3
817.3
50.5
45.8
Net trade receivables
5.6
\u2013
\u2013
\u2013
Other amounts receivable
\u2013
5.2
\u2013
\u2013
Prepayments
14.0
11.4
\u2013
\u2013
Loan receivable from joint venture
71.2
72.6
71.2
72.6
Amounts owed by group undertakings under loan agreements
\u2013
\u2013
1,651.7
1,603.6
90.8
89.2
1,722.9
1,676.2
969.1
906.5
1,773.4
1,722.0
Prepayments include unamortised success fees paid as a result of winning the MoD contract (see note 6) amounting to \u00a33.0 million (2024: \u00a33.6 million). The costs are being amortised on a straight line basis over the life of the contract. The Company offers loan facilities to several of its subsidiaries at an interest rate equal to the Bank of England base rate plus a margin. The details of these facilities are shown below:
Amount Facility
drawn amount Margin
2025 \u00a3m \u00a3m
%
Maturity date
Etwall Land Limited
9.6
12.0
1.375
29 March 2028
Hafren Dyfrdwy Cyfyngedig.
14.0
30.0
1.375
8 March 2028
Midlands Land Portfolio Limited
15.0
31.0
1.375
29 March 2028
Severn Trent Draycote Limited
744.8
1,000.0
1.375
16 July 2027
Severn Trent Green Power Limited
21.4
25.0
4.750
31 August 2028
Severn Trent Holdings Limited
42.0
50.0
1.375
17 March 2027
Severn Trent Investment Holdings Limited
804.9
875.0
1.375
15 December 2027
Amount Facility
drawn amount Margin
2024 \u00a3m \u00a3m
%
Maturity date
Etwall Land Limited
8.9
10.0
1.375
29 March 2026
Hafren Dyfrdwy Cyfyngedig.
1.3
30.0
1.375
8 March 2026
Midlands Land Portfolio Limited
13.1
31.0
1.375
29 March 2026
Severn Trent Draycote Limited
875.4
900.0
1.375
16 May 2025
Severn Trent Green Power Limited
4.8
15.0
4.750
30 August 2025
Severn Trent Investment Holdings Limited
700.1
875.0
1.375
15 December 2025
The carrying values of trade and other receivables are reasonable approximations of their fair values. a) Credit risk (i) Trade receivables and accrued income Credit control policies and procedures are determined at the individual business unit level. By far the most significant business unit of the Group is Severn Trent Water Limited, which represents 91% of Group turnover and 92% of net trade receivables. Severn Trent Water has a statutory obligation to provide water and wastewater services to domestic customers within its region. Therefore there is no concentration of credit risk with respect to its trade receivables from these services and the credit quality of its customer base reflects the wealth and prosperity of all of the domestic households within its region. In the current and prior year, the Group\u2019s joint venture, Water Plus, was the largest retailer for non-domestic customers in the Severn Trent region. The trade receivables and amounts shown as loans receivable from joint ventures are disclosed within note 44, Related party transactions. Credit risk is considered separately for trade receivables due from Water Plus and is considered immaterial as amounts outstanding are paid within 30 days. The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected credit loss allowance for all trade receivables, contract assets and accrued income. A collective provision is recorded for expected credit losses against assets for which no specific provision has been made. Expected credit losses for trade receivables are based on the historical credit losses experienced over the last nine years and reasonable forecasts of the future impact of external economic factors on the Group\u2019s collection of trade receivables. Debts are written off when there is no realistic expectation of further collection and enforcement activity has ceased. There were no amounts outstanding on receivables written off and still subject to enforcement activity (2024: nil). (ii) Contract assets The contract assets represent the Group\u2019s right to receive consideration from the MoD for services provided. On that basis, the Group considers that the credit risk in relation to these assets is immaterial and therefore no provision for expected credit losses has been recognised (2024: nil). (iii) Loan receivable from joint venture As well as trade receivables from Water Plus, the Group has advanced loans to its joint venture. These loans are assessed for impairment under the three stage impairment model in IFRS 9. b) Expected credit loss allowance (i) Trade receivables and accrued income The expected credit loss at 31 March 2025 and 2024 was as set out below. The loss allowance is based on historical credit losses adjusted for expected changes in cash collection. The loss rate disclosed is calculated by applying the loss allowance to the gross carrying amount for each age category.
Expected Gross carrying Loss Net carrying
loss rate amount allowance amount
2025 % \u00a3m \u00a3m \u00a3m
Not past due
3
491.1
(17.0)
474.1
Up to 1 year past due
14
88.8
(12.5)
76.3
1 \u2013 2 years past due
25
85.6
(21.6)
64.0
2 \u2013 3 years past due
30
60.0
(17.7)
42.3
3 \u2013 4 years past due
40
40.3
(16.0)
24.3
4 \u2013 5 years past due
45
30.3
(13.6)
16.7
5 \u2013 6 years past due
44
20.3
(9.0)
11.3
6 \u2013 7 years past due
49
20.5
(10.1)
10.4
7 \u2013 8 years past due
59
12.7
(7.5)
5.2
8 \u2013 9 years past due
61
7.6
(4.6)
3.0
More than 9 years past due
99
9.5
(9.4)
0.1
866.7
(139.0)
727.7
Expected Gross carrying Loss Net carrying
loss rate amount allowance amount
2024 % \u00a3m \u00a3m \u00a3m
Not past due
2
408.4
(9.0)
399.4
Up to 1 year past due
19
115.3
(21.8)
93.5
1 \u2013 2 years past due
29
79.1
(23.3)
55.8
2 \u2013 3 years past due
31
51.9
(16.2)
35.7
3 \u2013 4 years past due
40
36.3
(14.7)
21.6
4 \u2013 5 years past due
43
24.5
(10.5)
14.0
5 \u2013 6 years past due
57
22.3
(12.7)
9.6
6 \u2013 7 years past due
54
15.7
(8.4)
7.3
7 \u2013 8 years past due
70
7.6
(5.3)
2.3
8 \u2013 9 years past due
63
6.8
(4.3)
2.5
More than 9 years past due
89
12.8
(11.4)
1.4
780.7
(137.6)
643.1
Movements on the expected credit loss allowance were as follows:
2025 2024
\u00a3m \u00a3m
At 1 April
137.6
135.1
Charge for bad and doubtful debts
34.7
27.3
Amounts written off during the year
(33.3)
(24.8)
At 31 March
139.0
137.6
(ii) Loan receivable from joint venture The Company has a facility of \u00a395.0 million available to Water Plus Limited. The loan is unsecured and attracts interest at the Bank of England Base Rate + 3.25% and matures on 15 December 2026. In previous years, the Group has determined that there has been a significant increase in the credit risk since inception relating to its loans receivable of \u00a374.8 million (2024: \u00a376.2 million) from Water Plus, in the light of significant losses incurred by Water Plus. Following the loss incurred by Water Plus in the current year, the Group determines that there continues to be credit risk since inception on the loan receivable balance from Water Plus. The Group has therefore assessed the lifetime expected credit loss of its loans to Water Plus at 31 March 2025 based on Water Plus\u2019s financial projections. The Group has maintained the expected credit loss provision at \u00a33.6 million (2024: \u00a33.6 million) resulting in a net loan receivable of \u00a371.2 million (2024: \u00a372.6 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-463": { "value": "22 Categories of financial assets Note
2025 2024
Fair value through profit and loss \u00a3m \u00a3m
Cross currency swaps \u2013 not hedge accounted
13.9
12.9
Inflation swaps \u2013 not hedge accounted
6.0
8.8
Energy swaps \u2013 not hedge accounted
0.2
\u2013
Derivatives designated as hedging instruments
20.1
21.7
Cross currency swaps \u2013 fair value hedges
9.3
10.2
Interest rate swaps \u2013 cash flow hedges
35.6
39.2
Energy swaps \u2013 cash flow hedges
0.5
0.1
45.4
49.5
Total derivative financial assets
65.5
71.2
Financial assets at amortised cost
Trade receivables
23
369.6
316.9
Accrued income
23
358.1
326.2
Other amounts receivable
23
90.5
101.1
Loan receivable from joint venture
23
71.2
72.6
Short term deposits
24
988.8
909.1
Cash at bank and in hand
24
59.3
44.1
Total financial assets at amortised cost
1,937.5
1,770.0
Total financial assets
2,003.0
1,841.2
Disclosed in the balance sheet as:
Non-current assets
Derivative financial assets
59.9
71.2
Trade and other receivables
5.6
5.2
Loan receivable from joint venture
71.2
72.6
Current assets
136.7
149.0
Derivative financial assets
5.6
\u2013
Trade and other receivables
812.6
739.0
Cash and cash equivalents
1,048.1
953.2
1,866.3
1,692.2
2,003.0
1,841.2
Non-current assets Net trade receivables 5.6 \u2013 \u2013 \u2013 Other amounts receivable \u2013 5.2 \u2013 \u2013 Prepayments 14.0 11.4 \u2013 \u2013 Loan receivable from joint venture 71.2 72.6 71.2 72.6 Amounts owed by group undertakings under loan agreements \u2013 \u2013 1,651.7 1,603.6 90.8 89.2 1,722.9 1,676.2 969.1 906.5 1,773.4 1,722.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-442": { "value": "22 Categories of financial assets Note
2025 2024
Fair value through profit and loss \u00a3m \u00a3m
Cross currency swaps \u2013 not hedge accounted
13.9
12.9
Inflation swaps \u2013 not hedge accounted
6.0
8.8
Energy swaps \u2013 not hedge accounted
0.2
\u2013
Derivatives designated as hedging instruments
20.1
21.7
Cross currency swaps \u2013 fair value hedges
9.3
10.2
Interest rate swaps \u2013 cash flow hedges
35.6
39.2
Energy swaps \u2013 cash flow hedges
0.5
0.1
45.4
49.5
Total derivative financial assets
65.5
71.2
Financial assets at amortised cost
Trade receivables
23
369.6
316.9
Accrued income
23
358.1
326.2
Other amounts receivable
23
90.5
101.1
Loan receivable from joint venture
23
71.2
72.6
Short term deposits
24
988.8
909.1
Cash at bank and in hand
24
59.3
44.1
Total financial assets at amortised cost
1,937.5
1,770.0
Total financial assets
2,003.0
1,841.2
Disclosed in the balance sheet as:
Non-current assets
Derivative financial assets
59.9
71.2
Trade and other receivables
5.6
5.2
Loan receivable from joint venture
71.2
72.6
Current assets
136.7
149.0
Derivative financial assets
5.6
\u2013
Trade and other receivables
812.6
739.0
Cash and cash equivalents
1,048.1
953.2
1,866.3
1,692.2
2,003.0
1,841.2
Group Company 2025 2024 2025 2024 Current assets \u00a3m \u00a3m \u00a3m \u00a3m Net trade receivables 364.0 316.9 \u2013 \u2013 Other amounts receivable 90.5 95.9 1.0 3.2 Contract assets 30.4 47.1 \u2013 \u2013 Prepayments 35.3 31.2 0.5 0.6 Net accrued income 358.1 326.2 \u2013 \u2013 Amounts owed by group undertakings \u2013 \u2013 49.0 42.0 878.3 817.3 50.5 45.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-400": { "value": "
23 Trade and other receivables \u2013 Group and Company
Group
Company
2025 2024 2025 2024
Current assets \u00a3m \u00a3m \u00a3m \u00a3m
Net trade receivables
364.0
316.9
\u2013
\u2013
Other amounts receivable
90.5
95.9
1.0
3.2
Contract assets
30.4
47.1
\u2013
\u2013
Prepayments
35.3
31.2
0.5
0.6
Net accrued income
358.1
326.2
\u2013
\u2013
Amounts owed by group undertakings
\u2013
\u2013
49.0
42.0
Non-current assets
878.3
817.3
50.5
45.8
Net trade receivables
5.6
\u2013
\u2013
\u2013
Other amounts receivable
\u2013
5.2
\u2013
\u2013
Prepayments
14.0
11.4
\u2013
\u2013
Loan receivable from joint venture
71.2
72.6
71.2
72.6
Amounts owed by group undertakings under loan agreements
\u2013
\u2013
1,651.7
1,603.6
90.8
89.2
1,722.9
1,676.2
969.1
906.5
1,773.4
1,722.0
Prepayments include unamortised success fees paid as a result of winning the MoD contract (see note 6) amounting to \u00a33.0 million
(2024: \u00a33.6 million). The costs are being amortised on a straight line basis over the life of the contract.
The Company offers loan facilities to several of its subsidiaries at an interest rate equal to the Bank of England base rate plus a margin.
The details of these facilities are shown below:
Amount Facility
drawn amount Margin
2025 \u00a3m \u00a3m
%
Maturity date
Etwall Land Limited
9.6
12.0
1.375
29 March 2028
Hafren Dyfrdwy Cyfyngedig.
14.0
30.0
1.375
8 March 2028
Midlands Land Portfolio Limited
15.0
31.0
1.375
29 March 2028
Severn Trent Draycote Limited
744.8
1,000.0
1.375
16 July 2027
Severn Trent Green Power Limited
21.4
25.0
4.750
31 August 2028
Severn Trent Holdings Limited
42.0
50.0
1.375
17 March 2027
Severn Trent Investment Holdings Limited
804.9
875.0
1.375
15 December 2027
Amount Facility
drawn amount Margin
2024 \u00a3m \u00a3m
%
Maturity date
Etwall Land Limited
8.9
10.0
1.375
29 March 2026
Hafren Dyfrdwy Cyfyngedig.
1.3
30.0
1.375
8 March 2026
Midlands Land Portfolio Limited
13.1
31.0
1.375
29 March 2026
Severn Trent Draycote Limited
875.4
900.0
1.375
16 May 2025
Severn Trent Green Power Limited
4.8
15.0
4.750
30 August 2025
Severn Trent Investment Holdings Limited
700.1
875.0
1.375
15 December 2025
The carrying values of trade and other receivables are reasonable approximations of their fair values.
a) Credit risk
(i) Trade receivables and accrued income
Credit control policies and procedures are determined at the individual business unit level. By far the most significant business unit of the
Group is Severn Trent Water Limited, which represents 91% of Group turnover and 92% of net trade receivables. Severn Trent Water has a
statutory obligation to provide water and wastewater services to domestic customers within its region. Therefore there is no concentration
of credit risk with respect to its trade receivables from these services and the credit quality of its customer base reflects the wealth and
prosperity of all of the domestic households within its region.
In the current and prior year, the Group\u2019s joint venture, Water Plus, was the largest retailer for non-domestic customers in the Severn Trent region.
The trade receivables and amounts shown as loans receivable from joint ventures are disclosed within note 44, Related party transactions. Credit
risk is considered separately for trade receivables due from Water Plus and is considered immaterial as amounts outstanding are paid within 30 days.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected credit loss allowance for
all trade receivables, contract assets and accrued income.
A collective provision is recorded for expected credit losses against assets for which no specific provision has been made. Expected credit
losses for trade receivables are based on the historical credit losses experienced over the last nine years and reasonable forecasts of the
future impact of external economic factors on the Group\u2019s collection of trade receivables.
Debts are written off when there is no realistic expectation of further collection and enforcement activity has ceased. There were no amounts
outstanding on receivables written off and still subject to enforcement activity (2024: nil).
(ii) Contract assets
The contract assets represent the Group\u2019s right to receive consideration from the MoD for services provided. On that basis, the Group
considers that the credit risk in relation to these assets is immaterial and therefore no provision for expected credit losses has been
recognised (2024: nil).
(iii) Loan receivable from joint venture
As well as trade receivables from Water Plus, the Group has advanced loans to its joint venture. These loans are assessed for impairment
under the three stage impairment model in IFRS 9.
b) Expected credit loss allowance
(i) Trade receivables and accrued income
The expected credit loss at 31 March 2025 and 2024 was as set out below. The loss allowance is based on historical credit losses adjusted for
expected changes in cash collection. The loss rate disclosed is calculated by applying the loss allowance to the gross carrying amount for each
age category.
Expected Gross carrying Loss Net carrying
loss rate amount allowance amount
2025 % \u00a3m \u00a3m \u00a3m
Not past due
3
491.1
(17.0)
474.1
Up to 1 year past due
14
88.8
(12.5)
76.3
1 \u2013 2 years past due
25
85.6
(21.6)
64.0
2 \u2013 3 years past due
30
60.0
(17.7)
42.3
3 \u2013 4 years past due
40
40.3
(16.0)
24.3
4 \u2013 5 years past due
45
30.3
(13.6)
16.7
5 \u2013 6 years past due
44
20.3
(9.0)
11.3
6 \u2013 7 years past due
49
20.5
(10.1)
10.4
7 \u2013 8 years past due
59
12.7
(7.5)
5.2
8 \u2013 9 years past due
61
7.6
(4.6)
3.0
More than 9 years past due
99
9.5
(9.4)
0.1
866.7
(139.0)
727.7
Expected Gross carrying Loss Net carrying
loss rate amount allowance amount
2024 % \u00a3m \u00a3m \u00a3m
Not past due
2
408.4
(9.0)
399.4
Up to 1 year past due
19
115.3
(21.8)
93.5
1 \u2013 2 years past due
29
79.1
(23.3)
55.8
2 \u2013 3 years past due
31
51.9
(16.2)
35.7
3 \u2013 4 years past due
40
36.3
(14.7)
21.6
4 \u2013 5 years past due
43
24.5
(10.5)
14.0
5 \u2013 6 years past due
57
22.3
(12.7)
9.6
6 \u2013 7 years past due
54
15.7
(8.4)
7.3
7 \u2013 8 years past due
70
7.6
(5.3)
2.3
8 \u2013 9 years past due
63
6.8
(4.3)
2.5
More than 9 years past due
89
12.8
(11.4)
1.4
780.7
(137.6)
643.1
Movements on the expected credit loss allowance were as follows:
2025 2024
\u00a3m \u00a3m
At 1 April
137.6
135.1
Charge for bad and doubtful debts
34.7
27.3
Amounts written off during the year
(33.3)
(24.8)
At 31 March
139.0
137.6
(ii) Loan receivable from joint venture
The Company has a facility of \u00a395.0 million available to Water Plus Limited. The loan is unsecured and attracts interest at the Bank of England
Base Rate + 3.25% and matures on 15 December 2026.
In previous years, the Group has determined that there has been a significant increase in the credit risk since inception relating to its loans
receivable of \u00a374.8 million (2024: \u00a376.2 million) from Water Plus, in the light of significant losses incurred by Water Plus. Following the loss
incurred by Water Plus in the current year, the Group determines that there continues to be credit risk since inception on the loan receivable
balance from Water Plus. The Group has therefore assessed the lifetime expected credit loss of its loans to Water Plus at 31 March 2025 based
on Water Plus\u2019s financial projections. The Group has maintained the expected credit loss provision at \u00a33.6 million (2024: \u00a33.6 million) resulting
in a net loan receivable of \u00a371.2 million (2024: \u00a372.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-471": { "value": "
Group
Company
2025 2024 2025 2024
Current assets \u00a3m \u00a3m \u00a3m \u00a3m
Net trade receivables
364.0
316.9
\u2013
\u2013
Other amounts receivable
90.5
95.9
1.0
3.2
Contract assets
30.4
47.1
\u2013
\u2013
Prepayments
35.3
31.2
0.5
0.6
Net accrued income
358.1
326.2
\u2013
\u2013
Amounts owed by group undertakings
\u2013
\u2013
49.0
42.0
Non-current assets
878.3
817.3
50.5
45.8
Net trade receivables
5.6
\u2013
\u2013
\u2013
Other amounts receivable
\u2013
5.2
\u2013
\u2013
Prepayments
14.0
11.4
\u2013
\u2013
Loan receivable from joint venture
71.2
72.6
71.2
72.6
Amounts owed by group undertakings under loan agreements
\u2013
\u2013
1,651.7
1,603.6
90.8
89.2
1,722.9
1,676.2
969.1
906.5
1,773.4
1,722.0
Prepayments include unamortised success fees paid as a result of winning the MoD contract (see note 6) amounting to \u00a33.0 million (2024: \u00a33.6 million). The costs are being amortised on a straight line basis over the life of the contract. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-443": { "value": "a) Credit risk (i) Trade receivables and accrued income Credit control policies and procedures are determined at the individual business unit level. By far the most significant business unit of the Group is Severn Trent Water Limited, which represents 91% of Group turnover and 92% of net trade receivables. Severn Trent Water has a statutory obligation to provide water and wastewater services to domestic customers within its region. Therefore there is no concentration of credit risk with respect to its trade receivables from these services and the credit quality of its customer base reflects the wealth and prosperity of all of the domestic households within its region. In the current and prior year, the Group\u2019s joint venture, Water Plus, was the largest retailer for non-domestic customers in the Severn Trent region. The trade receivables and amounts shown as loans receivable from joint ventures are disclosed within note 44, Related party transactions. Credit risk is considered separately for trade receivables due from Water Plus and is considered immaterial as amounts outstanding are paid within 30 days. The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected credit loss allowance for all trade receivables, contract assets and accrued income. A collective provision is recorded for expected credit losses against assets for which no specific provision has been made. Expected credit losses for trade receivables are based on the historical credit losses experienced over the last nine years and reasonable forecasts of the future impact of external economic factors on the Group\u2019s collection of trade receivables. Debts are written off when there is no realistic expectation of further collection and enforcement activity has ceased. There were no amounts outstanding on receivables written off and still subject to enforcement activity (2024: nil). (ii) Contract assets The contract assets represent the Group\u2019s right to receive consideration from the MoD for services provided. On that basis, the Group considers that the credit risk in relation to these assets is immaterial and therefore no provision for expected credit losses has been recognised (2024: nil). (iii) Loan receivable from joint venture As well as trade receivables from Water Plus, the Group has advanced loans to its joint venture. These loans are assessed for impairment under the three stage impairment model in IFRS 9. b) Credit risk Operationally the Group has no significant concentrations of credit risk. It has policies in place to ensure that sales of products are made to customers with an appropriate credit history, other than in Severn Trent Water Limited and Hafren Dyfrdwy Cyfyngedig, whose operating licences oblige them to supply domestic customers even in cases where bills are not paid. Amounts provided against accounts receivable and movements on the provision during the year are disclosed in note 23. Cash deposits and derivative contracts are only placed with high credit quality financial institutions, which have been approved by the Board. Group Treasury monitors the credit quality of the approved financial institutions and the list of financial institutions that may be used is approved annually by the Board. The Group has policies that limit the amount of credit exposure to any one financial institution. Credit risk analysis At 31 March, the aggregate credit limits of authorised counterparties and the amounts held on short term deposits were as follows:
Credit limit
Amount deposited
Number of counterparties
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m
\u00a3m
2025
2024
Triple A range
600.0
450.0
393.8
294.1
4
3
Double A range
125.0
225.0
60.0
149.0
1
2
Single A range
1,570.0
1,270.0
535.0
466.0
22
17
2,295.0
1,945.0
988.8
909.1
27
22
The fair values of derivative assets analysed by credit ratings of counterparties were as follows:
Derivative assets
2025 2024
\u00a3m \u00a3m
Single A range
65.5
71.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-444": { "value": "b) Expected credit loss allowance (i) Trade receivables and accrued income The expected credit loss at 31 March 2025 and 2024 was as set out below. The loss allowance is based on historical credit losses adjusted for expected changes in cash collection. The loss rate disclosed is calculated by applying the loss allowance to the gross carrying amount for each age category.
Expected Gross carrying Loss Net carrying
loss rate amount allowance amount
2025 % \u00a3m \u00a3m \u00a3m
Not past due
3
491.1
(17.0)
474.1
Up to 1 year past due
14
88.8
(12.5)
76.3
1 \u2013 2 years past due
25
85.6
(21.6)
64.0
2 \u2013 3 years past due
30
60.0
(17.7)
42.3
3 \u2013 4 years past due
40
40.3
(16.0)
24.3
4 \u2013 5 years past due
45
30.3
(13.6)
16.7
5 \u2013 6 years past due
44
20.3
(9.0)
11.3
6 \u2013 7 years past due
49
20.5
(10.1)
10.4
7 \u2013 8 years past due
59
12.7
(7.5)
5.2
8 \u2013 9 years past due
61
7.6
(4.6)
3.0
More than 9 years past due
99
9.5
(9.4)
0.1
866.7
(139.0)
727.7
Expected Gross carrying Loss Net carrying
loss rate amount allowance amount
2024 % \u00a3m \u00a3m \u00a3m
Not past due
2
408.4
(9.0)
399.4
Up to 1 year past due
19
115.3
(21.8)
93.5
1 \u2013 2 years past due
29
79.1
(23.3)
55.8
2 \u2013 3 years past due
31
51.9
(16.2)
35.7
3 \u2013 4 years past due
40
36.3
(14.7)
21.6
4 \u2013 5 years past due
43
24.5
(10.5)
14.0
5 \u2013 6 years past due
57
22.3
(12.7)
9.6
6 \u2013 7 years past due
54
15.7
(8.4)
7.3
7 \u2013 8 years past due
70
7.6
(5.3)
2.3
8 \u2013 9 years past due
63
6.8
(4.3)
2.5
More than 9 years past due
89
12.8
(11.4)
1.4
780.7
(137.6)
643.1
Movements on the expected credit loss allowance were as follows:
2025 2024
\u00a3m \u00a3m
At 1 April
137.6
135.1
Charge for bad and doubtful debts
34.7
27.3
Amounts written off during the year
(33.3)
(24.8)
At 31 March
139.0
137.6
(ii) Loan receivable from joint venture The Company has a facility of \u00a395.0 million available to Water Plus Limited. The loan is unsecured and attracts interest at the Bank of England Base Rate + 3.25% and matures on 15 December 2026. In previous years, the Group has determined that there has been a significant increase in the credit risk since inception relating to its loans receivable of \u00a374.8 million (2024: \u00a376.2 million) from Water Plus, in the light of significant losses incurred by Water Plus. Following the loss incurred by Water Plus in the current year, the Group determines that there continues to be credit risk since inception on the loan receivable balance from Water Plus. The Group has therefore assessed the lifetime expected credit loss of its loans to Water Plus at 31 March 2025 based on Water Plus\u2019s financial projections. The Group has maintained the expected credit loss provision at \u00a33.6 million (2024: \u00a33.6 million) resulting in a net loan receivable of \u00a371.2 million (2024: \u00a372.6 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-445": { "value": "
24 Cash and cash equivalents \u2013 Group and Company
Group
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
59.3
44.1
Short term deposits
988.8
909.1
1,048.1
953.2
\u00a333.4 million (2024: \u00a324.3 million) of cash at bank and in hand is restricted for use on the MoD contract and \u00a31.0 million (2024: \u00a30.3 million) is
held as security for insurance obligations. Neither are available for use by the Group.
Company
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
5.8
3.2
Short term deposits
307.9
483.6
313.7
486.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-401": { "value": "24 Cash and cash equivalents \u2013 Group and Company Group
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
59.3
44.1
Short term deposits
988.8
909.1
1,048.1
953.2
\u00a333.4 million (2024: \u00a324.3 million) of cash at bank and in hand is restricted for use on the MoD contract and \u00a31.0 million (2024: \u00a30.3 million) is held as security for insurance obligations. Neither are available for use by the Group. Company
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
5.8
3.2
Short term deposits
307.9
483.6
313.7
486.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-402": { "value": "
25 Borrowings \u2013 Group and Company
Group
Company
2025 2024 2025 2024
Current liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Bank overdraft
3.3
1.8
3.2
1.8
Other loans
516.4
54.3
\u2013
\u2013
Lease liabilities
13.3
11.8
0.1
0.1
Non-current liabilities
533.0
67.9
3.3
1.9
Bank loans
784.7
783.5
231.5
230.7
Amounts due to group undertakings under loan agreements
\u2013
\u2013
48.4
612.3
Other loans
8,281.6
7,303.6
199.2
199.5
Lease liabilities
97.8
108.2
0.4
0.5
9,164.1
8,195.3
479.5
1,043.0
9,697.1
8,263.2
482.8
1,044.9
See note 36 for details of Group interest payable and maturity of borrowings.
The Company has loan facilities available from several of its subsidiaries at an interest rate equal to the Bank of England base rate plus a
margin. The details of these facilities are shown below:
Amount Facility
drawn amount
2025 \u00a3m
\u00a3m
Margin %
Maturity date
Lyra Insurance Guernsey Limited
13.9
15.0
1.375
30 March 2028
Severn Trent Property Solutions Limited
4.0
4.0
1.375
11 December 2026
Severn Trent Services Operations UK Limited
29.7
35.0
1.375
18 January 2027
Severn Trent Services (Water and Sewerage) Limited
0.8
5.0
1.375
8 December 2027
Amount Facility
drawn amount
2024 \u00a3m
\u00a3m
Margin %
Maturity date
Lyra Insurance Guernsey Limited
12.1
15.0
1.375
30 March 2026
Severn Trent Carsington Limited
544.2
550.0
1.375
31 January 2027
Severn Trent Holdings Limited
27.7
30.0
1.375
2 February 2026
Severn Trent Metering Services Limited
3.4
4.0
1.375
30 April 2025
Severn Trent Services Operations UK Limited
23.7
30.0
1.375
18 January 2027
Severn Trent Services (Water and Sewerage) Limited
1.2
5.0
1.375
8 December 2025
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-446": { "value": "
Group
Company
2025 2024 2025 2024
Current liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Bank overdraft
3.3
1.8
3.2
1.8
Other loans
516.4
54.3
\u2013
\u2013
Lease liabilities
13.3
11.8
0.1
0.1
Non-current liabilities
533.0
67.9
3.3
1.9
Bank loans
784.7
783.5
231.5
230.7
Amounts due to group undertakings under loan agreements
\u2013
\u2013
48.4
612.3
Other loans
8,281.6
7,303.6
199.2
199.5
Lease liabilities
97.8
108.2
0.4
0.5
9,164.1
8,195.3
479.5
1,043.0
9,697.1
8,263.2
482.8
1,044.9
See note 36 for details of Group interest payable and maturity of borrowings. The Company has loan facilities available from several of its subsidiaries at an interest rate equal to the Bank of England base rate plus a margin. The details of these facilities are shown below:
Amount Facility
drawn amount
2025 \u00a3m
\u00a3m
Margin %
Maturity date
Lyra Insurance Guernsey Limited
13.9
15.0
1.375
30 March 2028
Severn Trent Property Solutions Limited
4.0
4.0
1.375
11 December 2026
Severn Trent Services Operations UK Limited
29.7
35.0
1.375
18 January 2027
Severn Trent Services (Water and Sewerage) Limited
0.8
5.0
1.375
8 December 2027
Amount Facility
drawn amount
2024 \u00a3m
\u00a3m
Margin %
Maturity date
Lyra Insurance Guernsey Limited
12.1
15.0
1.375
30 March 2026
Severn Trent Carsington Limited
544.2
550.0
1.375
31 January 2027
Severn Trent Holdings Limited
27.7
30.0
1.375
2 February 2026
Severn Trent Metering Services Limited
3.4
4.0
1.375
30 April 2025
Severn Trent Services Operations UK Limited
23.7
30.0
1.375
18 January 2027
Severn Trent Services (Water and Sewerage) Limited
1.2
5.0
1.375
8 December 2025
26 Categories of financial liabilities
Note
2025 2024
Fair value through profit and loss \u00a3m \u00a3m
Cross currency swaps - not hedge accounted
24.7
6.2
Interest rate swaps - not hedge accounted
4.5
6.6
Energy swaps - not hedge accounted
2.5
\u2013
Derivatives designated as hedging instruments
31.7
12.8
Cross currency swaps - fair value hedges
14.6
12.8
Interest rate swaps - cash flow hedges
0.6
0.4
Energy swaps - cash flow hedges
0.7
\u2013
15.9
13.2
Total derivative financial liabilities
47.6
26.0
Other financial liabilities
Borrowings
25
9,697.1
8,263.2
Trade payables
27
173.6
162.5
Accruals
27
457.4
404.3
Other payables
27
15.5
22.0
Total other financial liabilities
10,343.6
8,852.0
Total financial liabilities
10,391.2
8,878.0
Disclosed in the balance sheet as:
Non-current liabilities
Derivative financial liabilities
44.7
26.0
Borrowings
9,164.1
8,195.3
Trade payables
0.1
\u2013
Accruals
\u2013
50.7
Current liabilities
9,208.9
8,272.0
Derivative financial liabilities
2.9
\u2013
Borrowings
533.0
67.9
Trade payables
173.5
162.5
Accruals
457.4
353.6
Other payables
15.5
22.0
1,182.3
606.0
10,391.2
8,878.0
Group Company 2025 2024 2025 2024 Current liabilities \u00a3m \u00a3m \u00a3m \u00a3m Trade payables 173.5 162.5 0.2 1.4 Social security and other taxes 11.7 20.6 0.1 0.1 Other payables 15.5 22.0 3.6 \u2013 Accruals 457.4 353.6 8.9 6.7 Amounts due to group undertakings \u2013 \u2013 6.2 4.8 Contract liabilities 173.8 149.0 \u2013 \u2013 Deferred income 30.3 17.0 \u2013 \u2013 862.2 724.7 19.0 13.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-464": { "value": "
Group
Company
2025 2024 2025 2024
Current liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Bank overdraft
3.3
1.8
3.2
1.8
Other loans
516.4
54.3
\u2013
\u2013
Lease liabilities
13.3
11.8
0.1
0.1
Non-current liabilities
533.0
67.9
3.3
1.9
Bank loans
784.7
783.5
231.5
230.7
Amounts due to group undertakings under loan agreements
\u2013
\u2013
48.4
612.3
Other loans
8,281.6
7,303.6
199.2
199.5
Lease liabilities
97.8
108.2
0.4
0.5
9,164.1
8,195.3
479.5
1,043.0
9,697.1
8,263.2
482.8
1,044.9
See note 36 for details of Group interest payable and maturity of borrowings. The Company has loan facilities available from several of its subsidiaries at an interest rate equal to the Bank of England base rate plus a margin. The details of these facilities are shown below:
Amount Facility
drawn amount
2025 \u00a3m
\u00a3m
Margin %
Maturity date
Lyra Insurance Guernsey Limited
13.9
15.0
1.375
30 March 2028
Severn Trent Property Solutions Limited
4.0
4.0
1.375
11 December 2026
Severn Trent Services Operations UK Limited
29.7
35.0
1.375
18 January 2027
Severn Trent Services (Water and Sewerage) Limited
0.8
5.0
1.375
8 December 2027
Amount Facility
drawn amount
2024 \u00a3m
\u00a3m
Margin %
Maturity date
Lyra Insurance Guernsey Limited
12.1
15.0
1.375
30 March 2026
Severn Trent Carsington Limited
544.2
550.0
1.375
31 January 2027
Severn Trent Holdings Limited
27.7
30.0
1.375
2 February 2026
Severn Trent Metering Services Limited
3.4
4.0
1.375
30 April 2025
Severn Trent Services Operations UK Limited
23.7
30.0
1.375
18 January 2027
Severn Trent Services (Water and Sewerage) Limited
1.2
5.0
1.375
8 December 2025
26 Categories of financial liabilities Note
2025 2024
Fair value through profit and loss \u00a3m \u00a3m
Cross currency swaps - not hedge accounted
24.7
6.2
Interest rate swaps - not hedge accounted
4.5
6.6
Energy swaps - not hedge accounted
2.5
\u2013
Derivatives designated as hedging instruments
31.7
12.8
Cross currency swaps - fair value hedges
14.6
12.8
Interest rate swaps - cash flow hedges
0.6
0.4
Energy swaps - cash flow hedges
0.7
\u2013
15.9
13.2
Total derivative financial liabilities
47.6
26.0
Other financial liabilities
Borrowings
25
9,697.1
8,263.2
Trade payables
27
173.6
162.5
Accruals
27
457.4
404.3
Other payables
27
15.5
22.0
Total other financial liabilities
10,343.6
8,852.0
Total financial liabilities
10,391.2
8,878.0
Disclosed in the balance sheet as:
Non-current liabilities
Derivative financial liabilities
44.7
26.0
Borrowings
9,164.1
8,195.3
Trade payables
0.1
\u2013
Accruals
\u2013
50.7
Current liabilities
9,208.9
8,272.0
Derivative financial liabilities
2.9
\u2013
Borrowings
533.0
67.9
Trade payables
173.5
162.5
Accruals
457.4
353.6
Other payables
15.5
22.0
1,182.3
606.0
10,391.2
8,878.0
Non-current liabilities Trade payables 0.1 \u2013 \u2013 3.2 Accruals \u2013 50.7 \u2013 \u2013 Deferred income 1,839.1 1,637.8 \u2013 \u2013 1,839.2 1,688.5 \u2013 3.2 2,701.4 2,413.2 19.0 16.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-403": { "value": "26 Categories of financial liabilities Note
2025 2024
Fair value through profit and loss \u00a3m \u00a3m
Cross currency swaps - not hedge accounted
24.7
6.2
Interest rate swaps - not hedge accounted
4.5
6.6
Energy swaps - not hedge accounted
2.5
\u2013
Derivatives designated as hedging instruments
31.7
12.8
Cross currency swaps - fair value hedges
14.6
12.8
Interest rate swaps - cash flow hedges
0.6
0.4
Energy swaps - cash flow hedges
0.7
\u2013
15.9
13.2
Total derivative financial liabilities
47.6
26.0
Other financial liabilities
Borrowings
25
9,697.1
8,263.2
Trade payables
27
173.6
162.5
Accruals
27
457.4
404.3
Other payables
27
15.5
22.0
Total other financial liabilities
10,343.6
8,852.0
Total financial liabilities
10,391.2
8,878.0
Disclosed in the balance sheet as:
Non-current liabilities
Derivative financial liabilities
44.7
26.0
Borrowings
9,164.1
8,195.3
Trade payables
0.1
\u2013
Accruals
\u2013
50.7
Current liabilities
9,208.9
8,272.0
Derivative financial liabilities
2.9
\u2013
Borrowings
533.0
67.9
Trade payables
173.5
162.5
Accruals
457.4
353.6
Other payables
15.5
22.0
1,182.3
606.0
10,391.2
8,878.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-404": { "value": "
27 Trade and other payables \u2013 Group and Company
Group
Company
2025 2024 2025 2024
Current liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
173.5
162.5
0.2
1.4
Social security and other taxes
11.7
20.6
0.1
0.1
Other payables
15.5
22.0
3.6
\u2013
Accruals
457.4
353.6
8.9
6.7
Amounts due to group undertakings
\u2013
\u2013
6.2
4.8
Contract liabilities
173.8
149.0
\u2013
\u2013
Deferred income
30.3
17.0
\u2013
\u2013
Non-current liabilities
862.2
724.7
19.0
13.0
Trade payables
0.1
\u2013
\u2013
3.2
Accruals
\u2013
50.7
\u2013
\u2013
Deferred income
1,839.1
1,637.8
\u2013
\u2013
1,839.2
1,688.5
\u2013
3.2
2,701.4
2,413.2
19.0
16.2
Movements in the contract liabilities and deferred income balances are set out in note 6 to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-474": { "value": "27 Trade and other payables \u2013 Group and Company
Group
Company
2025 2024 2025 2024
Current liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
173.5
162.5
0.2
1.4
Social security and other taxes
11.7
20.6
0.1
0.1
Other payables
15.5
22.0
3.6
\u2013
Accruals
457.4
353.6
8.9
6.7
Amounts due to group undertakings
\u2013
\u2013
6.2
4.8
Contract liabilities
173.8
149.0
\u2013
\u2013
Deferred income
30.3
17.0
\u2013
\u2013
Non-current liabilities
862.2
724.7
19.0
13.0
Trade payables
0.1
\u2013
\u2013
3.2
Accruals
\u2013
50.7
\u2013
\u2013
Deferred income
1,839.1
1,637.8
\u2013
\u2013
1,839.2
1,688.5
\u2013
3.2
2,701.4
2,413.2
19.0
16.2
Movements in the contract liabilities and deferred income balances are set out in note 6 to the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-472": { "value": "27 Trade and other payables \u2013 Group and Company
Group
Company
2025 2024 2025 2024
Current liabilities \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
173.5
162.5
0.2
1.4
Social security and other taxes
11.7
20.6
0.1
0.1
Other payables
15.5
22.0
3.6
\u2013
Accruals
457.4
353.6
8.9
6.7
Amounts due to group undertakings
\u2013
\u2013
6.2
4.8
Contract liabilities
173.8
149.0
\u2013
\u2013
Deferred income
30.3
17.0
\u2013
\u2013
Non-current liabilities
862.2
724.7
19.0
13.0
Trade payables
0.1
\u2013
\u2013
3.2
Accruals
\u2013
50.7
\u2013
\u2013
Deferred income
1,839.1
1,637.8
\u2013
\u2013
1,839.2
1,688.5
\u2013
3.2
2,701.4
2,413.2
19.0
16.2
Movements in the contract liabilities and deferred income balances are set out in note 6 to the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-405": { "value": "
29 Retirement benefit schemes \u2013 Group and Company
a) Defined benefit pension schemes
(i) Background
The Group operates a number of defined benefit pension schemes. The Severn Trent Pension Scheme and the Severn Trent Mirror Image
Pension Scheme closed to future accrual on 31 March 2015, while the Dee Valley Water Limited Section of the Water Companies Pension
Scheme, which is a sectionalised scheme, closed to future accrual on 31 March 2024.
The defined benefit pension schemes cover increases in accrued benefits arising from inflation and pension increases. Their assets are
held in separate funds administered by trustees. The trustees are required to act in the best interests of the schemes\u2019 beneficiaries. A formal
actuarial valuation of each scheme is carried out on behalf of the trustees at triennial intervals by an independent professionally qualified
actuary. Under the defined benefit pension schemes, members are entitled to retirement benefits calculated by reference to their pensionable
service and pensionable salary history, with inflationary pension increases applying in line with the scheme rules.
The defined benefit pension schemes and the dates of their last completed formal actuarial valuations as at the accounting date are as follows:
Date of last formal actuarial valuation
Severn Trent Pension Scheme (STPS)*
31 March 2022
Severn Trent Mirror Image Pension Scheme (STMIPS)
31 March 2022
Water Companies Pension Scheme \u2013 Dee Valley Water Limited Section (DVWS)
31 March 2023
* The STPS is by far the largest of the Group\u2019s UK defined benefit schemes, comprising over 90% of the Group\u2019s overall defined benefit obligations.
The defined benefit scheme assets have been updated to reflect their market value at 31 March 2025. 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 costs of administrating
the scheme, are recognised in operating costs and interest cost is recognised in net finance costs.
(ii) Amount included in the balance sheet arising from the Group\u2019s obligations under the defined benefit pension schemes
2025 2024
\u00a3m \u00a3m
Fair value of assets
1,676.7
1,805.0
Present value of the defined benefit obligations
(1,796.5)
(2,018.0)
Presented on the balance sheet as:
(119.8)
(213.0)
Retirement benefit obligation \u2013 funded schemes in surplus
5.3
5.4
Retirement benefit obligation \u2013 funded schemes in deficit
(119.3)
(212.1)
Retirement benefit obligation \u2013 unfunded schemes
(5.8)
(6.3)
Retirement benefit obligation \u2013 total
(125.1)
(218.4)
Net retirement benefit obligation
(119.8)
(213.0)
STPS, STMIPS, and DVWS
2025 2024
Fair value of scheme assets \u00a3m \u00a3m
Equities
21.0
20.7
Annuity policies*
104.1
117.4
Corporate bonds
491.0
429.8
Liability-driven investment funds ('LDI's)
727.7
872.5
Property
209.3
216.0
Cash
123.2
148.1
Other
0.4
0.5
1,676.7
1,805.0
* On 29 June 2021, the STMIPS Trustees completed the purchase of a bulk annuity contract with JUST, an insurance company, to secure the benefits of all members of the STMIPS. The Trustees continue to pay benefits to members as before the transaction, but these cashflows are now matched exactly by income from JUST. In March 2023, the DVWS also entered into a bulk annuity buy-in investment policy with JUST that covers the majority of the scheme obligations. Some of the invested assets have quoted prices in active markets, but there are equities, corporate bonds and LDI investments which are unquoted, amounting to \u00a3974.4 million (2024: \u00a31,161.5 million), the decrease since the previous year reflects the decreased investment in unquoted LDI assets. Movements in the fair value of the scheme assets were as follows:
2025 2024
\u00a3m \u00a3m
Fair value at 1 April
1,805.0
1,785.3
Interest income on scheme assets
85.3
82.5
Contributions from the sponsoring companies
69.7
67.9
Return on plan assets (excluding amounts included in finance income)
(161.7)
(17.0)
Scheme administration costs
(4.0)
(4.2)
Benefits paid
(117.6)
(109.5)
Fair value at 31 March
1,676.7
1,805.0
Movements in the present value of the defined benefit obligations were as follows:
2025 2024
\u00a3m \u00a3m
Present value at 1 April
(2,018.0)
(2,064.7)
Service cost
\u2013
(0.1)
Past service cost
\u2013
(0.2)
Interest cost
(95.6)
(95.9)
Actuarial (losses)/gains arising from changes in demographic assumptions
(1.1)
5.9
Actuarial gains arising from changes in financial assumptions
201.4
53.2
Actuarial losses arising from experience adjustments
(0.8)
(25.7)
Benefits paid
117.6
109.5
Present value at 31 March
(1,796.5)
(2,018.0)
The Group has an obligation to pay pensions to a number of former employees, whose benefits would otherwise have been restricted by the Finance Act 1989 earnings cap. Provision for such benefits amounting to \u00a35.8 million (2024: \u00a36.3 million) is included as an unfunded scheme within the retirement benefit obligation. The Group has assessed that it has an unconditional right to a refund of any surplus assets in each of the Schemes following settlement of all obligations to Scheme members and therefore the surplus in the DVWS has been recognised in full. (iii) Amounts recognised in the income statement in respect of these defined benefit pension schemes
2025 2024
Amounts charged to operating costs: \u00a3m \u00a3m
Current service cost
\u2013
(0.1)
Past service cost
\u2013
(0.2)
Scheme administration costs
(4.0)
(4.2)
Amounts charged to finance costs:
(4.0)
(4.5)
Interest cost
(95.6)
(95.9)
Amounts credited to finance income:
Interest income on scheme assets
85.3
82.5
Total amount charged to the income statement
(14.3)
(17.9)
The actual return on scheme assets was a loss of \u00a376.4 million (2024: gain of \u00a365.5 million). Actuarial gains and losses have been reported in the statement of comprehensive income. (iv) Actuarial risk factors The schemes typically expose the Group to actuarial risks such as investment risk, inflation risk and longevity risk for so long as the benefits are not insured. Investment risk The Group\u2019s contributions to the schemes are based on actuarial calculations which make assumptions about the returns expected from the schemes\u2019 investments. If the investments underperform these assumptions in the long term then the Group may need to make additional contributions to the schemes in order to fund the payment of accrued benefits. Each scheme\u2019s investment strategy seeks to balance the level of investment return sought with the aim of reducing volatility and risk. In undertaking this approach, reference is made to both the maturity of the liabilities and the funding level of that scheme. A number of further strategies are employed to manage underlying risks, including liability-matching asset strategies, diversification of asset portfolios and interest rate hedging. Currently the STPS has a balanced approach to investment in equity securities, debt instruments and real estate. Due to the long-term nature of the scheme liabilities, the Group and the STPS Trustees consider it appropriate to invest a portion of the scheme assets in equity securities and in real estate to leverage the return generated by the fund, but has reduced this allocation over the year. The STMIPS and DVWS are now primarily invested in bulk annuity insurance contracts with JUST, with a small residual amount of invested assets remaining. Inflation risk The benefits payable to members of the schemes are linked to inflation measured by the RPI or CPI, subject to caps. The Group\u2019s contributions to the schemes are based on assumptions about the future level of inflation. If inflation is higher than the levels assumed in the actuarial calculations then the Group may need to make additional contributions to the schemes in order to fund the payment of accrued benefits. The schemes use LDIs within the asset portfolios to hedge against the value of liabilities changing as a result of movements in long-term interest rate and inflation expectations. This structure allows the schemes to both hedge against these risks and retain capital investment in assets that are expected to generate higher returns. Longevity risk The Group\u2019s contributions to the schemes are based on assumptions about the life expectancy of scheme members after retirement. If scheme members live longer than assumed in the actuarial calculations then the Group may need to make additional contributions to the schemes in order to fund the payment of accrued benefits. Benefit risk The company is aware of the case involving Virgin Media and NTL Pension Trustee, and has completed a legal review of all relevant historical deeds and have received confirmation that past amendments made are compliant. (v) Actuarial assumptions The major financial assumptions used in the accounting valuation of the obligations for the STPS, which represents by far the largest defined benefit obligation for the Group, were as follows:
2025 2024
% pa % pa
Price inflation \u2013 RPI
3.1
3.2
Price inflation \u2013 CPI Pre 2030: 2.1 Pre 2030: 2.2
Post 2030: 3.0 Post 2030: 3.1
Discount rate
5.8
4.9
Pension increases in payment
3.1
3.2
Pension increases in deferment
3.1
3.2
The assumption for RPI inflation is derived with reference to the difference between the yields on longer-term fixed-rate gilts and on index- linked gilts. RPI is expected to be more closely aligned with CPI from 2030 onwards, which is reflected in the corresponding assumption for CPI inflation. In setting the discount rate, we construct a yield curve. Short-dated yields are taken from market rates for AA corporate bonds. Long-dated yields for the curve are based on the average yield available on long-dated AA corporate bonds. We project the expected cash flows of the schemes and adopt a single equivalent cash flow weighted discount rate taking account of this constructed yield curve. The mortality base table assumptions are based on those used in the latest triennial funding valuation of the STPS. The mortality assumptions adopted at the year end for accounting purposes and the life expectancies at age 60 implied by the assumptions are as follows:
2025
2024
Men
Women
Men
Women
Mortality table used
S3PMA
S3PFA_M
S3PMA
S3PFA_M
Mortality table compared with standard table
98%
91%
98%
91%
Mortality projections
CMI 2023
CMI 2023
CMI 2022
CMI 2022
Long-term rate of future improvement per annum
1.0%
1.0%
1.0%
1.0%
Weighting factor given to data for 2022
20%
20%
40%
40%
Weighting factor given to data for 2023
20%
20%
N/A
N/A
Remaining life expectancy for members currently aged 60 (years)
25.8
28.7
25.8
28.5
Remaining life expectancy at age 60 for members currently aged 40 (years)
27.1
29.9
27.0
29.7
The calculation of the scheme obligations is sensitive to the actuarial assumptions and in particular to the assumptions relating to discount rate, price inflation (capped, where relevant) and mortality. The following table summarises the estimated impact on the Group\u2019s obligations from changes to key actuarial assumptions whilst holding all other assumptions constant.
Assumption
Change in assumption
Impact on disclosed obligations
Discount rate
1
Increase/decrease by 0.1% pa
Decrease/increase by \u00a319 million
Price inflation
2
Increase/decrease by 0.1% pa
Increase/decrease by \u00a316 million
Mortality
3
Increase in life expectancy by 1 year
Increase by \u00a355 million
1 A change in discount rate is likely to occur as a result of changes in bond yields and as such, would be expected to be offset to a significant degree by a change in the value of the bond assets held by the Schemes. 2 The projected impact resulting from a change in RPI reflects the underlying effect on pensions in payment, pensions in deferment and resultant pension increases. This would be expected to be offset by returns on LDI assets within the asset portfolios used to hedge against the value of liabilities, as set out in the inflation risk section of note 29 iv). 3 The change in assumption reflects the risk that life expectancy rates might increase. In reality inter-relationships exist between the assumptions, particularly between the discount rate and price inflation. The above analysis does not take into account the effect of these inter-relationships. Also, in practice any movement in obligations arising from assumption changes are likely to be accompanied by movements in asset values \u2013 and so the impact on the accounting deficit may be lower than the impact on the obligations shown above. In presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet. (vi) Effect on future cash flows Contribution rates are set in consultation with the trustees for each Scheme and each participating employer. The average duration of the benefit obligation at the end of the year is 11 years for STPS, 8 years for STMIPS and 10 years for DVWS. The most recently completed formal triennial actuarial valuations and funding agreements were carried out as at 31 March 2022 for the STPS and STMIPS and 31 March 2023 for DVWS. As a result of the STPS actuarial valuation, annual deficit reduction contributions of \u00a334.2 million were agreed, with the March 2023 payment having been increased in line with the annual increase in CPI to November 2022. Thereafter, future contributions for the STPS also increase in line with CPI inflation until March 2027. The first two contributions in March 2023 and March 2024 were payable directly into the STPS, the March 2025 contribution was paid into a limited liability partnership that the Group and Trustee have set up. It is expected that all future deficit reduction contributions will continue to be paid into this limited liability partnership, which is recognised as an asset of the scheme. Payments of \u00a38.2 million per annum through an asset-backed funding arrangement will also continue to 31 March 2032 for the STPS. Further inflation linked payments of \u00a315.0 million per annum are being made through an additional asset backed funding arrangement, with payments having started in the financial year ending 31 March 2018 and continuing to 31 March 2031. These contributions will cease earlier should a subsequent valuation of the STPS show that these contributions are no longer needed. There are no deficit reduction contributions payable by the Group for STMIPS and DVWS. b) Defined contribution pension schemes The Group also operates the Severn Trent Group Personal Pension, a defined contribution scheme, for its UK employees. The total cost charged to operating costs of \u00a343.1 million (2024: \u00a336.2 million) represents contributions payable to these schemes by the Group at rates specified in the rules of the scheme. As at 31 March 2025, no contributions (2024: nil) in respect of the current reporting period were owed to the schemes. Hafren Dyfrdwy operates two defined contribution pension schemes, neither of which were material in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-447": { "value": "a) Defined benefit pension schemes (i) Background The Group operates a number of defined benefit pension schemes. The Severn Trent Pension Scheme and the Severn Trent Mirror Image Pension Scheme closed to future accrual on 31 March 2015, while the Dee Valley Water Limited Section of the Water Companies Pension Scheme, which is a sectionalised scheme, closed to future accrual on 31 March 2024. The defined benefit pension schemes cover increases in accrued benefits arising from inflation and pension increases. Their assets are held in separate funds administered by trustees. The trustees are required to act in the best interests of the schemes\u2019 beneficiaries. A formal actuarial valuation of each scheme is carried out on behalf of the trustees at triennial intervals by an independent professionally qualified actuary. Under the defined benefit pension schemes, members are entitled to retirement benefits calculated by reference to their pensionable service and pensionable salary history, with inflationary pension increases applying in line with the scheme rules. The defined benefit pension schemes and the dates of their last completed formal actuarial valuations as at the accounting date are as follows:
Date of last formal actuarial valuation
Severn Trent Pension Scheme (STPS)*
31 March 2022
Severn Trent Mirror Image Pension Scheme (STMIPS)
31 March 2022
Water Companies Pension Scheme \u2013 Dee Valley Water Limited Section (DVWS)
31 March 2023
* The STPS is by far the largest of the Group\u2019s UK defined benefit schemes, comprising over 90% of the Group\u2019s overall defined benefit obligations. The defined benefit scheme assets have been updated to reflect their market value at 31 March 2025. 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 costs of administrating the scheme, are recognised in operating costs and interest cost is recognised in net finance costs.
(ii) Amount included in the balance sheet arising from the Group\u2019s obligations under the defined benefit pension schemes
2025 2024
\u00a3m \u00a3m
Fair value of assets
1,676.7
1,805.0
Present value of the defined benefit obligations
(1,796.5)
(2,018.0)
Presented on the balance sheet as:
(119.8)
(213.0)
Retirement benefit obligation \u2013 funded schemes in surplus
5.3
5.4
Retirement benefit obligation \u2013 funded schemes in deficit
(119.3)
(212.1)
Retirement benefit obligation \u2013 unfunded schemes
(5.8)
(6.3)
Retirement benefit obligation \u2013 total
(125.1)
(218.4)
Net retirement benefit obligation
(119.8)
(213.0)
STPS, STMIPS, and DVWS
2025 2024
Fair value of scheme assets \u00a3m \u00a3m
Equities
21.0
20.7
Annuity policies*
104.1
117.4
Corporate bonds
491.0
429.8
Liability-driven investment funds ('LDI's)
727.7
872.5
Property
209.3
216.0
Cash
123.2
148.1
Other
0.4
0.5
1,676.7
1,805.0
* On 29 June 2021, the STMIPS Trustees completed the purchase of a bulk annuity contract with JUST, an insurance company, to secure the benefits of all
members of the STMIPS. The Trustees continue to pay benefits to members as before the transaction, but these cashflows are now matched exactly by income
from JUST. In March 2023, the DVWS also entered into a bulk annuity buy-in investment policy with JUST that covers the majority of the scheme obligations.
Some of the invested assets have quoted prices in active markets, but there are equities, corporate bonds and LDI investments which are
unquoted, amounting to \u00a3974.4 million (2024: \u00a31,161.5 million), the decrease since the previous year reflects the decreased investment in
unquoted LDI assets.
Movements in the fair value of the scheme assets were as follows:
2025 2024
\u00a3m \u00a3m
Fair value at 1 April
1,805.0
1,785.3
Interest income on scheme assets
85.3
82.5
Contributions from the sponsoring companies
69.7
67.9
Return on plan assets (excluding amounts included in finance income)
(161.7)
(17.0)
Scheme administration costs
(4.0)
(4.2)
Benefits paid
(117.6)
(109.5)
Fair value at 31 March
1,676.7
1,805.0
Movements in the present value of the defined benefit obligations were as follows:
2025 2024
\u00a3m \u00a3m
Present value at 1 April
(2,018.0)
(2,064.7)
Service cost
\u2013
(0.1)
Past service cost
\u2013
(0.2)
Interest cost
(95.6)
(95.9)
Actuarial (losses)/gains arising from changes in demographic assumptions
(1.1)
5.9
Actuarial gains arising from changes in financial assumptions
201.4
53.2
Actuarial losses arising from experience adjustments
(0.8)
(25.7)
Benefits paid
117.6
109.5
Present value at 31 March
(1,796.5)
(2,018.0)
The Group has an obligation to pay pensions to a number of former employees, whose benefits would otherwise have been restricted by the
Finance Act 1989 earnings cap. Provision for such benefits amounting to \u00a35.8 million (2024: \u00a36.3 million) is included as an unfunded scheme
within the retirement benefit obligation.
The Group has assessed that it has an unconditional right to a refund of any surplus assets in each of the Schemes following settlement of all
obligations to Scheme members and therefore the surplus in the DVWS has been recognised in full.
(iii) Amounts recognised in the income statement in respect of these defined benefit pension schemes
2025 2024
Amounts charged to operating costs: \u00a3m \u00a3m
Current service cost
\u2013
(0.1)
Past service cost
\u2013
(0.2)
Scheme administration costs
(4.0)
(4.2)
Amounts charged to finance costs:
(4.0)
(4.5)
Interest cost
(95.6)
(95.9)
Amounts credited to finance income:
Interest income on scheme assets
85.3
82.5
Total amount charged to the income statement
(14.3)
(17.9)
The actual return on scheme assets was a loss of \u00a376.4 million (2024: gain of \u00a365.5 million).
Actuarial gains and losses have been reported in the statement of comprehensive income.
(iv) Actuarial risk factors
The schemes typically expose the Group to actuarial risks such as investment risk, inflation risk and longevity risk for so long as the benefits
are not insured.
Investment risk
The Group\u2019s contributions to the schemes are based on actuarial calculations which make assumptions about the returns expected from the
schemes\u2019 investments. If the investments underperform these assumptions in the long term then the Group may need to make additional
contributions to the schemes in order to fund the payment of accrued benefits.
Each scheme\u2019s investment strategy seeks to balance the level of investment return sought with the aim of reducing volatility and risk.
In undertaking this approach, reference is made to both the maturity of the liabilities and the funding level of that scheme. A number of further
strategies are employed to manage underlying risks, including liability-matching asset strategies, diversification of asset portfolios and
interest rate hedging.
Currently the STPS has a balanced approach to investment in equity securities, debt instruments and real estate. Due to the long-term nature
of the scheme liabilities, the Group and the STPS Trustees consider it appropriate to invest a portion of the scheme assets in equity securities
and in real estate to leverage the return generated by the fund, but has reduced this allocation over the year. The STMIPS and DVWS are now
primarily invested in bulk annuity insurance contracts with JUST, with a small residual amount of invested assets remaining.
Inflation risk
The benefits payable to members of the schemes are linked to inflation measured by the RPI or CPI, subject to caps. The Group\u2019s contributions
to the schemes are based on assumptions about the future level of inflation. If inflation is higher than the levels assumed in the actuarial
calculations then the Group may need to make additional contributions to the schemes in order to fund the payment of accrued benefits.
The schemes use LDIs within the asset portfolios to hedge against the value of liabilities changing as a result of movements in long-term
interest rate and inflation expectations. This structure allows the schemes to both hedge against these risks and retain capital investment in
assets that are expected to generate higher returns.
Longevity risk
The Group\u2019s contributions to the schemes are based on assumptions about the life expectancy of scheme members after retirement. If scheme
members live longer than assumed in the actuarial calculations then the Group may need to make additional contributions to the schemes in
order to fund the payment of accrued benefits.
Benefit risk
The company is aware of the case involving Virgin Media and NTL Pension Trustee, and has completed a legal review of all relevant historical
deeds and have received confirmation that past amendments made are compliant.
(v) Actuarial assumptions
The major financial assumptions used in the accounting valuation of the obligations for the STPS, which represents by far the largest defined
benefit obligation for the Group, were as follows:
2025 2024
% pa % pa
Price inflation \u2013 RPI
3.1
3.2
Price inflation \u2013 CPI Pre 2030: 2.1 Pre 2030: 2.2
Post 2030: 3.0 Post 2030: 3.1
Discount rate
5.8
4.9
Pension increases in payment
3.1
3.2
Pension increases in deferment
3.1
3.2
The assumption for RPI inflation is derived with reference to the difference between the yields on longer-term fixed-rate gilts and on index-
linked gilts. RPI is expected to be more closely aligned with CPI from 2030 onwards, which is reflected in the corresponding assumption for
CPI inflation.
In setting the discount rate, we construct a yield curve. Short-dated yields are taken from market rates for AA corporate bonds. Long-dated
yields for the curve are based on the average yield available on long-dated AA corporate bonds. We project the expected cash flows of the
schemes and adopt a single equivalent cash flow weighted discount rate taking account of this constructed yield curve.
The mortality base table assumptions are based on those used in the latest triennial funding valuation of the STPS. The mortality assumptions
adopted at the year end for accounting purposes and the life expectancies at age 60 implied by the assumptions are as follows:
2025
2024
Men
Women
Men
Women
Mortality table used
S3PMA
S3PFA_M
S3PMA
S3PFA_M
Mortality table compared with standard table
98%
91%
98%
91%
Mortality projections
CMI 2023
CMI 2023
CMI 2022
CMI 2022
Long-term rate of future improvement per annum
1.0%
1.0%
1.0%
1.0%
Weighting factor given to data for 2022
20%
20%
40%
40%
Weighting factor given to data for 2023
20%
20%
N/A
N/A
Remaining life expectancy for members currently aged 60 (years)
25.8
28.7
25.8
28.5
Remaining life expectancy at age 60 for members currently aged 40 (years)
27.1
29.9
27.0
29.7
The calculation of the scheme obligations is sensitive to the actuarial assumptions and in particular to the assumptions relating to discount
rate, price inflation (capped, where relevant) and mortality. The following table summarises the estimated impact on the Group\u2019s obligations
from changes to key actuarial assumptions whilst holding all other assumptions constant.
Assumption
Change in assumption
Impact on disclosed obligations
Discount rate
1
Increase/decrease by 0.1% pa
Decrease/increase by \u00a319 million
Price inflation
2
Increase/decrease by 0.1% pa
Increase/decrease by \u00a316 million
Mortality
3
Increase in life expectancy by 1 year
Increase by \u00a355 million
1 A change in discount rate is likely to occur as a result of changes in bond yields and as such, would be expected to be offset to a significant degree by a change
in the value of the bond assets held by the Schemes.
2 The projected impact resulting from a change in RPI reflects the underlying effect on pensions in payment, pensions in deferment and resultant pension
increases. This would be expected to be offset by returns on LDI assets within the asset portfolios used to hedge against the value of liabilities, as set out in the
inflation risk section of note 29 iv).
3 The change in assumption reflects the risk that life expectancy rates might increase.
In reality inter-relationships exist between the assumptions, particularly between the discount rate and price inflation. The above analysis
does not take into account the effect of these inter-relationships. Also, in practice any movement in obligations arising from assumption
changes are likely to be accompanied by movements in asset values \u2013 and so the impact on the accounting deficit may be lower than the impact
on the obligations shown above.
In presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit
credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability
recognised in the balance sheet.
(vi) Effect on future cash flows
Contribution rates are set in consultation with the trustees for each Scheme and each participating employer.
The average duration of the benefit obligation at the end of the year is 11 years for STPS, 8 years for STMIPS and 10 years for DVWS.
The most recently completed formal triennial actuarial valuations and funding agreements were carried out as at 31 March 2022 for the STPS
and STMIPS and 31 March 2023 for DVWS. As a result of the STPS actuarial valuation, annual deficit reduction contributions of \u00a334.2 million
were agreed, with the March 2023 payment having been increased in line with the annual increase in CPI to November 2022. Thereafter, future
contributions for the STPS also increase in line with CPI inflation until March 2027. The first two contributions in March 2023 and March 2024
were payable directly into the STPS, the March 2025 contribution was paid into a limited liability partnership that the Group and Trustee have
set up. It is expected that all future deficit reduction contributions will continue to be paid into this limited liability partnership, which is
recognised as an asset of the scheme.
Payments of \u00a38.2 million per annum through an asset-backed funding arrangement will also continue to 31 March 2032 for the STPS. Further
inflation linked payments of \u00a315.0 million per annum are being made through an additional asset backed funding arrangement, with payments
having started in the financial year ending 31 March 2018 and continuing to 31 March 2031. These contributions will cease earlier should a
subsequent valuation of the STPS show that these contributions are no longer needed. There are no deficit reduction contributions payable by
the Group for STMIPS and DVWS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-448": { "value": "
b) Defined contribution pension schemes
The Group also operates the Severn Trent Group Personal Pension, a defined contribution scheme, for its UK employees.
The total cost charged to operating costs of \u00a343.1 million (2024: \u00a336.2 million) represents contributions payable to these schemes by the Group
at rates specified in the rules of the scheme. As at 31 March 2025, no contributions (2024: nil) in respect of the current reporting period were
owed to the schemes.
Hafren Dyfrdwy operates two defined contribution pension schemes, neither of which were material in either the current or prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-406": { "value": "
30 Provisions \u2013 Group and Company
Group
Insurance Regulatory Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
18.6
48.7
16.2
83.5
Charged to income statement
12.1
5.7
8.0
25.8
Other net additions
\u2013
42.1
\u2013
42.1
Utilisation of provision
(12.3)
(40.9)
(3.1)
(56.3)
Unwinding of discount
\u2013
\u2013
0.1
0.1
At 31 March 2025
18.4
55.6
21.2
95.2
2025 2024
Included in: \u00a3m \u00a3m
Current liabilities
46.4
53.9
Non-current liabilities
48.8
29.6
95.2
83.5
Insurance includes provisions in respect of Lyra Insurance Guernsey Limited, a captive insurance company and a wholly owned subsidiary of
the Group, and insurance deductions in Severn Trent Water Limited. The associated outflows are estimated to arise over a period of up to five
years from the balance sheet date.
Regulatory comprises provisions for works in response to legally enforceable undertakings to regulators, some of which are capital projects.
The associated outflows are estimated to arise over a period of up to five years from the balance sheet date. The other net additions
predominantly comprises of \u00a330.8 million of new projects and legacy projects that have met the recognition criteria in the year.
Other provisions include provisions for dilapidations, commercial disputes, either from continuing or discontinued operations, and potential
environmental claims. The associated outflows are estimated to arise over a period up to ten years from the balance sheet date.
Company
Other Total
\u00a3m \u00a3m
At 1 April 2024 and 31 March 2025
1.4
1.4
2025 2024
Included in: \u00a3m \u00a3m
Current liabilities
\u2013
0.5
Non-current liabilities
1.4
0.9
1.4
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-449": { "value": "30 Provisions \u2013 Group and Company Group
Insurance Regulatory Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
18.6
48.7
16.2
83.5
Charged to income statement
12.1
5.7
8.0
25.8
Other net additions
\u2013
42.1
\u2013
42.1
Utilisation of provision
(12.3)
(40.9)
(3.1)
(56.3)
Unwinding of discount
\u2013
\u2013
0.1
0.1
At 31 March 2025
18.4
55.6
21.2
95.2
2025 2024
Included in: \u00a3m \u00a3m
Current liabilities
46.4
53.9
Non-current liabilities
48.8
29.6
95.2
83.5
Insurance includes provisions in respect of Lyra Insurance Guernsey Limited, a captive insurance company and a wholly owned subsidiary of the Group, and insurance deductions in Severn Trent Water Limited. The associated outflows are estimated to arise over a period of up to five years from the balance sheet date. Regulatory comprises provisions for works in response to legally enforceable undertakings to regulators, some of which are capital projects. The associated outflows are estimated to arise over a period of up to five years from the balance sheet date. The other net additions predominantly comprises of \u00a330.8 million of new projects and legacy projects that have met the recognition criteria in the year. Other provisions include provisions for dilapidations, commercial disputes, either from continuing or discontinued operations, and potential environmental claims. The associated outflows are estimated to arise over a period up to ten years from the balance sheet date. Company
Other Total
\u00a3m \u00a3m
At 1 April 2024 and 31 March 2025
1.4
1.4
2025 2024
Included in: \u00a3m \u00a3m
Current liabilities
\u2013
0.5
Non-current liabilities
1.4
0.9
1.4
1.4
41 Contingent liabilities \u2013 Group and Company a) Bonds and guarantees Group undertakings have entered into bonds and guarantees in the normal course of business. No liability (2024: nil) is expected to arise in respect of either bonds or guarantees. b) Bank offset agreements The banking arrangements of the Company operate on a pooled basis with certain of its subsidiary undertakings. Under these arrangements participating companies guarantee each other\u2019s overdrawn balances to the extent of their credit balances, which can be offset against balances of participating companies. As at 31 March 2025, the Company had no liabilities due to financial guarantees as the credit risk is very low and probability of default is remote (2024: nil). c) Claims under the Environmental Information Regulations 2004 regarding property searches The 31 March 2024 financial statements contained a contingent liability with respect to claims under Environmental Information Regulations 2004 regarding property searches. The case was dismissed on 28 June 2024, with a significant proportion of incurred costs recovered by the Group. As such, the Group no longer recognises a contingent liability in respect of this matter. d) Ongoing combined sewer overflow investigations Ofwat and the Environment Agency are each conducting their own investigations into the wastewater industry. The Environment Agency is investigating all English wastewater companies in respect to compliance with conditions of permits (therefore excluding Hafren Dyfrdwy Cyfyngedig). Ofwat is investigating all English and Welsh wastewater companies\u2019 compliance with licence conditions, section 94 of the Water Industry Act 1991 and the Urban Wastewater Treatment Regulations. In summer 2024, Ofwat served notices upon Severn Trent Water Limited and Hafren Dyfrdwy Cyfyngedig, along with the other companies that had previously been excluded from the original list of enforcement cases, to enable Ofwat to request information to ascertain whether or not there has in-fact been any non-compliance in relation to their wastewater treatment processes as part of Ofwat\u2019s sector wide investigation. Both the Ofwat and EA investigations are ongoing, and it is not yet clear what the outcomes will be. We have responded quickly and comprehensively to all questions from the regulators and have had open conversations with them on the issues under investigation. e) Collective Action Claim In December 2023, Severn Trent Water and Severn Trent Plc were served with the collective proceedings order (\u2018CPO\u2019) application, alongside five other water and sewerage companies for separate (but equivalent) claims, in respect of potential collective proceedings to be brought before the Competition Appeal Tribunal (\u2018CAT\u2019) (formerly referred to as the \u201cLeigh Day Claim\u201d). The Group has received a claim for \u00a3239 million (excluding interest) on behalf of a class comprising certain consumers of Severn Trent Water (on an opt-out basis) who alleged to have been overcharged for sewerage services as a result of an alleged abuse of a dominant position. The preliminary Certification Hearing, to determine if the claim is capable of being heard by the CAT and should proceed to trial, was held on 23 September 2024; and on 7 March 2025 the CAT handed down judgment. The CAT concluded that the claims for abuse of dominance were excluded by section 18(8) of the Water Industry Act 1991 and dismissed the case. On 28 March 2025 the claimant sought permission from the CAT to appeal the judgment to the Court of Appeal. We opposed the appeal application and we anticipate a judgment from the CAT in respect of the permission to appeal in Summer 2025 and, if the permission to appeal is granted, the appeal will be heard by the Court of Appeal towards the end of 2025. The CAT\u2019s original judgment was robust and if appealed, we maintain that the judgment will be upheld by the Court of Appeal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-407": { "value": "
31 Share capital \u2013 Group and Company
2025 2024
Total issued and fully paid share capital \u00a3m \u00a3m
302,650,803
(2024: 301,742,969) ordinary shares of 97
17
/
19
p
296.3
295.4
At 31 March 2025, 2,438,224 treasury shares (2024: 2,645,984) were held at a nominal value of \u00a32,386,893 (2024: \u00a32,590,279).
Changes in share capital were as follows:
Ordinary shares of 97
17
/
19
p
Number
\u00a3m
At 1 April 2023
254,425,641
249.1
Shares issued under the Employee Sharesave Scheme
805,700
0.8
Shares issued from equity placing
46,511,628
45.5
At 1 April 2024
301,742,969
295.4
Shares issued under the Employee Sharesave Scheme
907,834
0.9
At 31 March 2025
302,650,803
296.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-450": { "value": "31 Share capital \u2013 Group and Company
2025 2024
Total issued and fully paid share capital \u00a3m \u00a3m
302,650,803
(2024: 301,742,969) ordinary shares of 97
17
/
19
p
296.3
295.4
At 31 March 2025, 2,438,224 treasury shares (2024: 2,645,984) were held at a nominal value of \u00a32,386,893 (2024: \u00a32,590,279). Changes in share capital were as follows:
Ordinary shares of 97
17
/
19
p
Number
\u00a3m
At 1 April 2023
254,425,641
249.1
Shares issued under the Employee Sharesave Scheme
805,700
0.8
Shares issued from equity placing
46,511,628
45.5
At 1 April 2024
301,742,969
295.4
Shares issued under the Employee Sharesave Scheme
907,834
0.9
At 31 March 2025
302,650,803
296.3
32 Share premium \u2013 Group and Company
2025 2024
\u00a3m \u00a3m
At 1 April
1,363.1
408.7
Share premium arising on issue of shares for Employee Sharesave Scheme
15.2
13.5
Share premium arising from equity placing
\u2013
940.9
At 31 March
1,378.3
1,363.1
33 Other reserves \u2013 Group and Company Group
Capital
redemption Hedging
reserve reserve Total
\u00a3m \u00a3m \u00a3m
At 1 April 2023
157.1
(6.8)
150.3
Total comprehensive income for the year
\u2013
9.0
9.0
Reserves transfer
\u2013
8.3
8.3
At 1 April 2024
157.1
10.5
167.6
Total comprehensive income for the year
\u2013
6.7
6.7
At 31 March 2025
157.1
17.2
174.3
The capital redemption reserve arose on the redemption of B shares. The hedging reserve arises from gains or losses on interest rate swaps and energy swaps taken directly to equity under the hedge accounting provisions of IFRS 9. Company
Capital
redemption
reserve
\u00a3m
At 1 April 2023, 1 April 2024 and 31 March 2025
157.1
The capital redemption reserve arose on the redemption of B shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-408": { "value": "
32 Share premium \u2013 Group and Company
2025 2024
\u00a3m \u00a3m
At 1 April
1,363.1
408.7
Share premium arising on issue of shares for Employee Sharesave Scheme
15.2
13.5
Share premium arising from equity placing
\u2013
940.9
At 31 March
1,378.3
1,363.1
33 Other reserves \u2013 Group and Company
Group
Capital
redemption Hedging
reserve reserve Total
\u00a3m \u00a3m \u00a3m
At 1 April 2023
157.1
(6.8)
150.3
Total comprehensive income for the year
\u2013
9.0
9.0
Reserves transfer
\u2013
8.3
8.3
At 1 April 2024
157.1
10.5
167.6
Total comprehensive income for the year
\u2013
6.7
6.7
At 31 March 2025
157.1
17.2
174.3
The capital redemption reserve arose on the redemption of B shares.
The hedging reserve arises from gains or losses on interest rate swaps and energy swaps taken directly to equity under the hedge accounting
provisions of IFRS 9.
Company
Capital
redemption
reserve
\u00a3m
At 1 April 2023, 1 April 2024 and 31 March 2025
157.1
The capital redemption reserve arose on the redemption of B shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-409": { "value": "
34 Capital management
The Group\u2019s principal objectives in managing capital are:
\u2013 to maintain a flexible and sustainable balance sheet structure;
\u2013 to maintain an investment grade credit rating;
\u2013 to access a broad range of sources of finance to obtain both the quantum required and lowest cost compatible with the need for
continued availability;
\u2013 to manage exposure to movements in interest rates to provide an appropriate degree of certainty as to its cost of funds;
\u2013 to minimise exposure to counterparty credit risk; and
\u2013 to provide the Group with an appropriate degree of certainty as to its foreign exchange exposure.
The Group seeks to achieve a balance of long-term funding or commitment of funds across a range of funding sources at the best possible
economic cost. The Group monitors future funding requirements and credit market conditions to ensure continued availability of funds.
The Group has continued to monitor market conditions and limit its exposure to floating interest rate debt, which comprises 10% (2024: 6%) of
our gross debt portfolio at the balance sheet date, with a further 24% (2024: 27%) of index-linked debt and 66% (2024: 67%) of fixed rate debt.
Exposure to credit risk (excluding credit risk relating to amounts receivable from contracts with customers) is set out in note 36 b).
Foreign exchange risk is set out in note 36 a) (ii).
At 31 March 2025 the Group had the following credit ratings:
Standard and
Fitch
Moody\u2019s
Poor\u2019s
Severn Trent Plc
BBB
Baa2
BBB
Severn Trent Water
BBB+
Baa1
BBB+
The ratings were stable.
A key metric in measuring financial sustainability and capital efficiency for companies in the water sector is regulated gearing. This is
measured as Severn Trent Water Group\u2019s adjusted net debt plus Hafren Dyfrdwy Cyfyngedig\u2019s adjusted net debt divided by the RCV after
midnight adjustments in accordance with Ofwat guidance in IN25/02. At 31 March 2025 the regulated gearing was 62.7% (2024: 61.3%).
See note 45 for the definition of adjusted net debt.
The Group\u2019s dividend policy is a key tool in achieving its capital management objectives. This policy is reviewed and updated in line with Severn
Trent Water\u2019s five-year price control cycle and takes into account, inter alia, the planned investment programme, the appropriate gearing
levels achieving a balance between an efficient cost of capital and retaining an investment grade credit rating and delivering an attractive and
sustainable return to shareholders. The Board has decided to set the 2024/25 dividend at 121.71 pence, an increase of 4.2% compared to the
total dividend for 2023/24 of 116.84 pence. Our policy for AMP 7 was to grow the dividend annually at no less than CPIH and in January 2025 the
Board announced that it would continue this policy through AMP 8.
The Group\u2019s capital at 31 March was:
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
1,048.1
953.2
Loans receivable from joint venture
71.2
72.6
Borrowings (note 25)
(9,697.1)
(8,263.2)
Valuation adjustments
1
32.5
49.5
Adjusted net debt
(8,545.3)
(7,187.9)
Equity attributable to owners of the company
(1,770.8)
(1,834.0)
Total capital
(10,316.1)
(9,021.9)
1 The valuation adjustments which comprise exchange gains/losses on amounts borrowed in foreign currencies, adjustments on foreign currency debt in fair
value hedges and accounting adjustments on debt acquired with subsidiaries, are included in the carrying values of debt instruments, included in borrowings.
However, as the foreign currency debt instruments are economically hedged, the sterling value of the matching hedge reflects the Group\u2019s sterling obligations.
The accounting adjustments on acquisition will be amortised over the life of the debt and do not represent a liability that will be settled in cash. The valuation
adjustments above result in adjusted net debt reflecting the Group\u2019s sterling obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-410": { "value": "35 Fair values of financial instruments a) Fair value measurements The valuation techniques that the Group applies in determining the fair values of its financial instruments on a recurring basis are described below. The techniques are classified under the hierarchy defined in IFRS 13 which categorises valuation techniques into Levels 1 - 3 based on the degree to which the fair value is observable. The Group\u2019s valuation techniques are Level 2 unless otherwise stated below:
2025 2024
\u00a3m
\u00a3m
Valuation techniques and key inputs
Cross currency swaps Discounted cash flow
Assets 23.2 23.1 Future cash flows are estimated based on forward interest rates from
Liabilities (39.3) (19.0) 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 spot rate.
Interest rate swaps Discounted cash flow
Assets 35.6 39.2 Future cash flows are estimated based on forward interest rates from
Liabilities (5.1) (7.0) 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
Assets 0.7 0.1 Future cash flows are estimated based on forward electricity prices from
Liabilities (3.2) \u2013 observable indices at the period end and contract prices discounted at a rate
that reflects the credit risk of counterparties.
Inflation swaps Discounted cash flow
Assets
6.0
8.8
Future cash flows on the RPI leg of the instrument are estimated based on
observable forward inflation indices.
Future cash flows on the CPI leg of the instrument are estimated based on the
future expected differential between RPI and CPI (\u201cthe CPI wedge\u201d).
Both legs are discounted using observable swap rates at the period end, at
a rate that reflects the credit risk of counterparties. This is considered to be
a Level 3 valuation technique.
Changes in the carrying values of instruments that are measured using a Level 3 technique were as follows:
Inflation swaps
\u00a3m
At 1 April 2023
7.3
Net gain recognised in profit or loss
1.5
At 31 March 2024
8.8
Net loss recognised in profit or loss
(2.8)
At 31 March 2025
6.0
These Level 3 instruments are valued using unobservable inputs. In valuing the inflation swaps, we have identified the unobservable input as the CPI wedge. A change of 10bps in the CPI wedge would result in a change in the carrying value of \u00a34.1 million. b) Comparison of fair value of financial instruments with their carrying amounts The Directors consider that the carrying amounts of all financial instruments, except those disclosed in the table below, approximate to their fair values. The carrying values and estimated fair values of other financial instruments are set out below:
2025
2024
Carrying value Fair value Carrying value Fair value
Floating-rate debt \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
629.1
629.1
632.8
632.8
Other loans
147.7
154.7
147.9
155.9
Overdraft
3.3
3.3
1.8
1.8
Fixed-rate debt
780.1
787.1
782.5
790.5
Other loans
6,472.2
5,985.7
5,149.6
4,929.5
Lease liabilities
111.1
111.1
120.0
120.0
Index-linked debt
6,583.3
6,096.8
5,269.6
5,049.5
Bank loans
155.6
145.9
150.7
141.9
Other loans
2,178.1
1,557.5
2,060.4
1,816.0
2,333.7
1,703.4
2,211.1
1,957.9
9,697.1
8,587.3
8,263.2
7,797.9
The above floating, fixed or index-linked classification does not take into account the impact of interest rate swaps or cross currency swaps. Fixed rate loans are valued using market prices for similar instruments, which is a Level 2 valuation technique. Index-linked loans are rarely traded and quoted prices are not considered a reliable indicator of fair value. Therefore, these loans are valued using discounted cash flow models with discount rates derived from observed market prices for a sample of bonds, which is a Level 2 valuation technique. Fair values of the other debt instruments are also calculated using discounted cash flow models with discount rates derived from observed market prices, which is a Level 2 valuation technique.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-451": { "value": "
a) Fair value measurements
The valuation techniques that the Group applies in determining the fair values of its financial instruments on a recurring basis are described
below. The techniques are classified under the hierarchy defined in IFRS 13 which categorises valuation techniques into Levels 1 - 3 based on
the degree to which the fair value is observable. The Group\u2019s valuation techniques are Level 2 unless otherwise stated below:
2025 2024
\u00a3m
\u00a3m
Valuation techniques and key inputs
Cross currency swaps Discounted cash flow
Assets 23.2 23.1 Future cash flows are estimated based on forward interest rates from
Liabilities (39.3) (19.0) 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 spot rate.
Interest rate swaps Discounted cash flow
Assets 35.6 39.2 Future cash flows are estimated based on forward interest rates from
Liabilities (5.1) (7.0) 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
Assets 0.7 0.1 Future cash flows are estimated based on forward electricity prices from
Liabilities (3.2) \u2013 observable indices at the period end and contract prices discounted at a rate
that reflects the credit risk of counterparties.
Inflation swaps Discounted cash flow
Assets
6.0
8.8
Future cash flows on the RPI leg of the instrument are estimated based on
observable forward inflation indices.
Future cash flows on the CPI leg of the instrument are estimated based on the
future expected differential between RPI and CPI (\u201cthe CPI wedge\u201d).
Both legs are discounted using observable swap rates at the period end, at
a rate that reflects the credit risk of counterparties. This is considered to be
a Level 3 valuation technique.
Changes in the carrying values of instruments that are measured using a Level 3 technique were as follows:
Inflation swaps
\u00a3m
At 1 April 2023
7.3
Net gain recognised in profit or loss
1.5
At 31 March 2024
8.8
Net loss recognised in profit or loss
(2.8)
At 31 March 2025
6.0
These Level 3 instruments are valued using unobservable inputs. In valuing the inflation swaps, we have identified the unobservable input as
the CPI wedge. A change of 10bps in the CPI wedge would result in a change in the carrying value of \u00a34.1 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-411": { "value": "36 Risks arising from financial instruments The Group\u2019s activities expose it to a variety of financial risks: \u2013 market risk (including interest rate risk, exchange rate risk and other price risk); \u2013 credit risk; \u2013 liquidity risk; and \u2013 inflation risk. The Group\u2019s overall risk management programme addresses the unpredictability of financial markets and seeks to reduce potential adverse effects on the Group\u2019s financial performance or position. Financial risks are managed by a central treasury department (\u2018Group Treasury\u2019) under policies approved by the Board of Directors. The Board has established a Treasury Committee to monitor treasury activities and to facilitate timely responses to changes in market conditions when necessary. Group Treasury operates under the Group\u2019s Treasury Procedures Manual and Policy Statement and identifies, evaluates and hedges financial risks in close co-operation with the Group\u2019s operating units. The Board defines written principles for overall risk management, as well as written policies covering specific areas such as exchange rate risk, interest rate risk, credit risk and the use of derivative and non- derivative financial instruments. The Group\u2019s policy is that derivative financial instruments are not held for trading but may be used to mitigate the Group\u2019s exposure to financial risk. The types of derivative instruments held and the related risks are described below. Interest rate swaps are held to mitigate the Group\u2019s exposure to changes in market interest rates. Further details are set out in section a) (i) and note 37 b) (i). Cross currency swaps are held to mitigate the Group\u2019s exposure to exchange rate movements on amounts borrowed in foreign currencies. Further details are set out in section a) (ii) and note 37 a) (i). Energy swaps are held to mitigate the Group\u2019s exposure to changes in wholesale energy prices. Further details are provided in note 37 b) (ii). Severn Trent Water, the Group\u2019s most significant business unit, operates under a regulatory environment where its prices are linked to inflation measured by CPIH. In order to mitigate the risks to cash flow and earnings arising from fluctuations in CPIH, the Group holds debt instruments where the principal repayable and interest cost is linked to RPI/CPI/CPIH and the Group holds RPI/CPI basis swaps to mitigate the risk of divergence between RPI and CPIH. a) Market risk The Group is exposed to fluctuations in interest rates and, to a lesser extent, exchange rates. The nature of these risks and the steps that the Group has taken to manage them are described below. (i) Interest rate risk The Group\u2019s annual income and its operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to the risk of adverse cash flow impacts from increases in interest rates. Borrowings issued at fixed rates expose the Group to the risk of interest costs above the market rate when interest rates decrease. The Group\u2019s policy is to maintain 40% to 70% of its interest-bearing liabilities in fixed rate instruments during AMP 7. In measuring this metric, management uses adjusted net debt excluding financial assets.
2025 2024
\u00a3m \u00a3m
Adjusted net debt (note 34)
8,545.3
7,187.9
Cash and cash equivalents
1,048.1
953.2
Loans receivable from joint venture
71.2
72.6
Interest bearing financial liabilities
9,664.6
8,213.7
The Group manages its cash flow interest rate risk by borrowing at fixed or index-linked rates or by using interest rate swaps. Under these swaps the Group receives variable rate interest and pays fixed rate interest calculated by reference to the agreed notional principal amounts. In practice the swaps are settled by transferring the net amount. These swaps have the economic effect of converting borrowings from variable rates to fixed rates. The Group has entered into a series of these interest rate swaps to hedge future interest payments beyond 2030. The following tables show analyses of the Group\u2019s interest bearing financial liabilities by type of interest. Debt which is hedged by interest rate swaps or cross currency swaps is included in the category after taking account of the impact of the swap. Debt raised in foreign currencies has been included at the notional sterling value of the payable leg of the corresponding cross currency swap since this is the amount that is exposed to changes in interest rates. Valuation adjustments that do not impact the amount on which interest is calculated, such as fair value hedge accounting adjustments, are excluded from this analysis.
The net principal amount of unhedged swaps is shown as an adjustment to floating rate and fixed rate debt to demonstrate the impact of the
swaps on the amount of liabilities bearing fixed interest.
Floating Fixed Index-
rate rate linked Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft
(3.3)
\u2013
\u2013
(3.3)
Bank loans
(613.6)
(15.5)
(155.6)
(784.7)
Other loans
(634.0)
(5,979.7)
(2,151.8)
(8,765.5)
Lease liabilities
\u2013
(111.1)
\u2013
(111.1)
(1,250.9)
(6,106.3)
(2,307.4)
(9,664.6)
Impact of swaps not matched against specific debt instruments
275.0
(275.0)
\u2013
\u2013
Interest bearing financial liabilities
(975.9)
(6,381.3)
(2,307.4)
(9,664.6)
Proportion of interest bearing financial liabilities that are fixed
66%
Weighted average interest rate of fixed debt
3.99%
Weighted average period for which interest is fixed (years)
8.7
Floating Fixed Index-
rate rate linked Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft
(1.8)
\u2013
\u2013
(1.8)
Bank loans
(612.9)
(19.9)
(150.7)
(783.5)
Other loans
(145.1)
(5,129.4)
(2,033.9)
(7,308.4)
Lease liabilities
\u2013
(120.0)
\u2013
(120.0)
(759.8)
(5,269.3)
(2,184.6)
(8,213.7)
Impact of swaps not matched against specific debt instruments
275.0
(275.0)
\u2013
\u2013
Interest bearing financial liabilities
(484.8)
(5,544.3)
(2,184.6)
(8,213.7)
Proportion of interest bearing financial liabilities that are fixed
67%
Weighted average interest rate of fixed debt
4.08%
Weighted average period for which interest is fixed (years)
8.9
Interest rate swaps not hedge accounted
The Group has a number of interest rate swaps which are not accounted for as cash flow or fair value hedges. This has led to a credit of
\u00a32.1 million (2024: \u00a33.4 million) in the income statement.
Average contract fixed
interest rate
Notional principal amount
Fair value
2025 2024 2025 2024 2025 2024
Pay fixed rate interest % % \u00a3m \u00a3m \u00a3m \u00a3m
5-10 years
5.46
5.46
(75.0)
(75.0)
(4.5)
(6.6)
5.46
5.46
(75.0)
(75.0)
(4.5)
(6.6)
In addition to the above the Group has cross currency swaps that also swap fixed rate interest to floating (see next page).
Interest rate sensitivity analysis
The sensitivity after tax of the Group\u2019s profits, cash flow and equity, including the impact on derivative financial instruments, to changes in
interest rates at 31 March is as follows:
2025
2024
+1.0% -1.0% +1.0% -1.0%
\u00a3m \u00a3m \u00a3m \u00a3m
Profit or loss
(3.4)
3.1
1.0
(1.4)
Cash flow
(7.3)
7.3
(3.5)
3.5
Equity
(3.4)
3.1
1.0
(1.4)
(ii) Exchange rate risk Except for debt raised in foreign currency, which is hedged, the Group\u2019s business does not involve significant exposure to foreign exchange transactions. Substantially all of the Group\u2019s profits and net assets arise from Severn Trent Water, which has very limited and indirect exposure to changes in exchange rates, and therefore the sensitivity of the Group\u2019s results to changes in exchange rates is not material. Certain of the Group\u2019s subsidiaries enter into transactions in currencies other than the functional currency of the operation. Exchange risks relating to such operations are not material but are managed centrally by Group Treasury through forward exchange contracts to buy or sell currency. These contracts led to nil charge (2024: nil) in the income statement. The Group has raised debt denominated in currencies other than sterling to meet its objective of accessing a broad range of sources of finance. The Group mitigated its exposure to exchange rate fluctuations by entering into cross currency swaps at the time that the debt was drawn down to swap the proceeds into sterling debt bearing interest based on SONIA. Where the terms of the receivable leg of the swap closely match the terms of the underlying debt, the swaps are expected to be effective hedges, hence certain swaps have been accounted for as fair value hedges. The notional value and fair value of these swaps is shown in note 37 a) (i). The Group also has cross currency swaps with a sterling notional value of \u00a31,322.6 million (2024: \u00a3526.4 million) which are not accounted for as fair value hedges. Economically these swaps act to mitigate the exchange rate risk of debt within the Group which is denominated in foreign currency and also swap the interest from fixed rate to floating, but they are not designated hedges under IFRS 9. This has led to a charge of \u00a317.5 million (2024: \u00a313.1 million) in the income statement, as well as an exchange gain of \u00a310.9 million (2024: \u00a32.8 million) on the underlying debt. The Group\u2019s gross and net currency exposures arising from currency borrowings are summarised in the tables below. These show, in the relevant currency, the amount borrowed and the notional principal of the related swap or forward contract. The net position shows the Group\u2019s exposure to exchange rate risk in relation to its currency borrowings.
Australian
Euro US dollar Yen dollar
2025 \u20acm $m \u00a5bn $m
Borrowings by currency
(1,469.9)
(220.0)
(10.3)
(40.0)
Cross currency swaps \u2013 hedge accounted
19.9
70.0
10.3
40.0
Cross currency swaps \u2013 not hedge accounted
1,450.0
150.0
\u2013
\u2013
Net currency exposure
\u2013
\u2013
\u2013
\u2013
Australian
Euro US dollar Yen dollar
2024 \u20acm $m \u00a5bn $m
Borrowings by currency
(519.9)
(220.0)
(10.3)
(40.0)
Cross currency swaps \u2013 hedge accounted
19.9
70.0
10.3
40.0
Cross currency swaps \u2013 not hedge accounted
500.0
150.0
\u2013
\u2013
Net currency exposure
\u2013
\u2013
\u2013
\u2013
b) Credit risk Operationally the Group has no significant concentrations of credit risk. It has policies in place to ensure that sales of products are made to customers with an appropriate credit history, other than in Severn Trent Water Limited and Hafren Dyfrdwy Cyfyngedig, whose operating licences oblige them to supply domestic customers even in cases where bills are not paid. Amounts provided against accounts receivable and movements on the provision during the year are disclosed in note 23. Cash deposits and derivative contracts are only placed with high credit quality financial institutions, which have been approved by the Board. Group Treasury monitors the credit quality of the approved financial institutions and the list of financial institutions that may be used is approved annually by the Board. The Group has policies that limit the amount of credit exposure to any one financial institution. Credit risk analysis At 31 March, the aggregate credit limits of authorised counterparties and the amounts held on short term deposits were as follows:
Credit limit
Amount deposited
Number of counterparties
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m
\u00a3m
2025
2024
Triple A range
600.0
450.0
393.8
294.1
4
3
Double A range
125.0
225.0
60.0
149.0
1
2
Single A range
1,570.0
1,270.0
535.0
466.0
22
17
2,295.0
1,945.0
988.8
909.1
27
22
The fair values of derivative assets analysed by credit ratings of counterparties were as follows:
Derivative assets
2025 2024
\u00a3m \u00a3m
Single A range
65.5
71.2
c) Liquidity risk
(i) Committed facilities
Prudent liquidity management requires sufficient cash balances to be maintained, adequate committed facilities to be available, and market
position to be closed out when required. Group Treasury manages liquidity and flexibility in funding by monitoring forecast and actual cash
flows and the maturity profile of financial assets and liabilities, and by keeping committed credit lines available.
At the balance sheet date the Group had committed undrawn borrowing facilities expiring as follows:
2025 2024
\u00a3m \u00a3m
2 \u2013 5 years
1,100.0
1,100.0
(ii) Cash flows from non-derivative financial instruments
The following tables show the estimated cash flows that will arise from the Group\u2019s non-derivative net financial liabilities. The information
presented is based on the earliest date on which the Group can be required to pay and represents the undiscounted cash flows including
principal and interest.
Interest and inflation assumptions are based on prevailing market conditions at the year end date.
Payments on
Trade and other financial
2025 Floating rate Fixed rate Index-linked payables liabilities
Undiscounted amounts payable: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
(54.1)
(791.1)
(35.9)
(646.5)
(1,527.6)
1 \u2013 2 years
(328.2)
(1,933.2)
(321.3)
\u2013
(2,582.7)
2 \u2013 5 years
(440.1)
(1,426.5)
(387.1)
\u2013
(2,253.7)
5 \u2013 10 years
(287.2)
(2,597.6)
(258.1)
\u2013
(3,142.9)
10 \u2013 15 years
\u2013
(1,473.0)
(167.9)
\u2013
(1,640.9)
15 \u2013 20 years
\u2013
(889.4)
(295.5)
\u2013
(1,184.9)
20 \u2013 25 years
\u2013
\u2013
(384.7)
\u2013
(384.7)
25 \u2013 30 years
\u2013
\u2013
(716.4)
\u2013
(716.4)
30 \u2013 35 years
\u2013
\u2013
(3,473.4)
\u2013
(3,473.4)
35 \u2013 40 years
\u2013
\u2013
(22.9)
\u2013
(22.9)
40 \u2013 45 years
\u2013
\u2013
(411.4)
\u2013
(411.4)
Total
(1,109.6)
(9,110.8)
(6,474.6)
(646.5)
(17,341.5)
Loans due from Trade and other Cash and short Receipts from
joint ventures receivables term deposits financial assets
Undiscounted amounts receivable: \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
71.2
812.6
1,048.1
1,931.9
1 \u2013 2 years
\u2013
5.6
\u2013
5.6
Total
71.2
818.2
1,048.1
1,937.5
Payments on
Trade and other financial
2024 Floating rate Fixed rate Index-linked payables liabilities
Undiscounted amounts payable: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
(156.5)
(227.1)
(91.6)
(588.8)
(1,064.0)
1 \u2013 2 years
(52.0)
(750.2)
(40.0)
\u2013
(842.2)
2 \u2013 5 years
(608.5)
(1,113.1)
(360.3)
\u2013
(2,081.9)
5 \u2013 10 years
(844.6)
(2,782.0)
(439.5)
\u2013
(4,066.1)
10 \u2013 15 years
\u2013
(1,428.3)
(177.3)
\u2013
(1,605.6)
15 \u2013 20 years
\u2013
(1,184.7)
(308.9)
\u2013
(1,493.6)
20 \u2013 25 years
\u2013
\u2013
(409.1)
\u2013
(409.1)
25 \u2013 30 years
\u2013
\u2013
(725.4)
\u2013
(725.4)
30 \u2013 35 years
\u2013
\u2013
(3,699.8)
\u2013
(3,699.8)
35 \u2013 40 years
\u2013
\u2013
(25.8)
\u2013
(25.8)
40 \u2013 45 years
\u2013
\u2013
(400.2)
\u2013
(400.2)
Total
(1,661.6)
(7,485.4)
(6,677.9)
(588.8)
(16,413.7)
Loans due from Trade and other Cash and short Receipts from
joint ventures receivables term deposits financial assets
Undiscounted amounts receivable: \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
2.4
739.0
953.2
1,694.6
1 \u2013 2 years
2.4
5.2
\u2013
7.6
2 \u2013 5 years
87.0
\u2013
\u2013
87.0
Total
91.8
744.2
953.2
1,789.2
Index-linked debt includes loans with maturities up to 50 years. The principal is revalued at fixed intervals and is linked to movements in the
RPI, CPI or CPIH. Interest payments are made biannually based on the revalued principal. The principal repayment equals the revalued amount
at maturity. The payments included in the table above are estimates based on the forward inflation rates published by the Bank of England at
the balance sheet date.
(iii) Cash flows from derivative financial instruments
The following tables show the estimated cash flows that will arise from the Group\u2019s derivative financial instruments. The tables are based
on the undiscounted net cash inflows/(outflows) on the derivative financial instruments that settle on a net basis and the undiscounted
gross inflows/(outflows) on those derivatives that require gross settlement. When the amount payable or receivable is not fixed, the amount
disclosed has been determined by reference to the projected interest and foreign currency rates derived from the forward curves existing
at the balance sheet date. Actual amounts may be significantly different from those indicated below.
Cross currency swaps
Interest rate Inflation Energy Cash Cash
swaps swaps swaps receipts payments Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
16.4
0.6
(2.7)
59.9
(94.8)
(20.6)
1 \u2013 2 years
4.9
0.7
(0.3)
172.6
(181.0)
(3.1)
2 \u2013 5 years
7.2
5.9
0.4
189.1
(262.3)
(59.7)
5 \u2013 10 years
0.3
4.1
\u2013
783.6
(912.1)
(124.1)
10 \u2013 15 years
\u2013
(0.9)
\u2013
783.2
(787.4)
(5.1)
28.8
10.4
(2.6)
1,988.4
(2,237.6)
(212.6)
Cross currency swaps
Interest rate Inflation Energy Cash Cash
swaps swaps swaps receipts payments Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
8.0
0.6
\u2013
27.0
(32.8)
2.8
1 \u2013 2 years
5.8
0.6
0.1
44.8
(42.1)
9.2
2 \u2013 5 years
10.3
2.3
\u2013
213.7
(214.4)
11.9
5 \u2013 10 years
2.1
7.5
\u2013
656.0
(627.5)
38.1
10 \u2013 15 years
\u2013
\u2013
\u2013
62.2
(56.4)
5.8
26.2
11.0
0.1
1,003.7
(973.2)
67.8
The Group has the right to settle net derivative cash (outflows)/inflows under ISDA master settlement arrangements with all derivative
counterparties. The amounts do not meet the criteria for offsetting and so are not presented on a net basis in the balance sheet.
d) Inflation risk
The Group\u2019s principal operating subsidiary, Severn Trent Water, operates under a regulatory environment where its prices are linked to
inflation as measured by CPIH. Its operating profits and cash flows are therefore exposed to changes in inflation. In order to mitigate and
partially offset this risk, Severn Trent Water has raised debt that pays interest at a fixed coupon based on a principal amount that is adjusted for
the change in inflation during the life of the debt instrument (\u2018index-linked debt\u2019). The amount of index-linked debt at the balance sheet date is
shown in section a) (i) Interest rate risk, and the estimated future cash flows relating to this debt are shown in section c) (ii) Cash flows from
non-derivative financial instruments.
Ofwat is moving the measure of inflation used in the economic regulatory model from RPI to CPIH over a period. In anticipation of this, the
Group has entered into CPI/RPI swaps with a notional value of \u00a3350 million (2024: \u00a3350 million) in order to mitigate the risk of divergence
between inflation measured by CPIH and that measured by RPI.
Inflation rate sensitivity analysis
The finance cost of the Group\u2019s index-linked debt instruments varies with changes in CPI/CPIH/RPI rather than interest rates. The sensitivity
at 31 March of the Group\u2019s profit and equity to changes in CPI/CPIH/RPI is set out in the following table. This analysis relates to financial
instruments only and excludes any CPI/CPIH/RPI impact on Severn Trent Water\u2019s revenues and Regulatory Capital Value, or accounting for
defined benefit pension schemes.
2025
2024
+1.0% -1.0% +1.0% -1.0%
\u00a3m \u00a3m \u00a3m \u00a3m
Profit or loss
(16.6)
16.6
(16.4)
16.4
Equity
(16.6)
16.6
(16.4)
16.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-452": { "value": "a) Market risk The Group is exposed to fluctuations in interest rates and, to a lesser extent, exchange rates. The nature of these risks and the steps that the Group has taken to manage them are described below. (i) Interest rate risk The Group\u2019s annual income and its operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to the risk of adverse cash flow impacts from increases in interest rates. Borrowings issued at fixed rates expose the Group to the risk of interest costs above the market rate when interest rates decrease. The Group\u2019s policy is to maintain 40% to 70% of its interest-bearing liabilities in fixed rate instruments during AMP 7. In measuring this metric, management uses adjusted net debt excluding financial assets.
2025 2024
\u00a3m \u00a3m
Adjusted net debt (note 34)
8,545.3
7,187.9
Cash and cash equivalents
1,048.1
953.2
Loans receivable from joint venture
71.2
72.6
Interest bearing financial liabilities
9,664.6
8,213.7
The Group manages its cash flow interest rate risk by borrowing at fixed or index-linked rates or by using interest rate swaps. Under these swaps the Group receives variable rate interest and pays fixed rate interest calculated by reference to the agreed notional principal amounts. In practice the swaps are settled by transferring the net amount. These swaps have the economic effect of converting borrowings from variable rates to fixed rates. The Group has entered into a series of these interest rate swaps to hedge future interest payments beyond 2030. The following tables show analyses of the Group\u2019s interest bearing financial liabilities by type of interest. Debt which is hedged by interest rate swaps or cross currency swaps is included in the category after taking account of the impact of the swap. Debt raised in foreign currencies has been included at the notional sterling value of the payable leg of the corresponding cross currency swap since this is the amount that is exposed to changes in interest rates. Valuation adjustments that do not impact the amount on which interest is calculated, such as fair value hedge accounting adjustments, are excluded from this analysis. The net principal amount of unhedged swaps is shown as an adjustment to floating rate and fixed rate debt to demonstrate the impact of the swaps on the amount of liabilities bearing fixed interest.
Floating Fixed Index-
rate rate linked Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft
(3.3)
\u2013
\u2013
(3.3)
Bank loans
(613.6)
(15.5)
(155.6)
(784.7)
Other loans
(634.0)
(5,979.7)
(2,151.8)
(8,765.5)
Lease liabilities
\u2013
(111.1)
\u2013
(111.1)
(1,250.9)
(6,106.3)
(2,307.4)
(9,664.6)
Impact of swaps not matched against specific debt instruments
275.0
(275.0)
\u2013
\u2013
Interest bearing financial liabilities
(975.9)
(6,381.3)
(2,307.4)
(9,664.6)
Proportion of interest bearing financial liabilities that are fixed
66%
Weighted average interest rate of fixed debt
3.99%
Weighted average period for which interest is fixed (years)
8.7
Floating Fixed Index-
rate rate linked Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft
(1.8)
\u2013
\u2013
(1.8)
Bank loans
(612.9)
(19.9)
(150.7)
(783.5)
Other loans
(145.1)
(5,129.4)
(2,033.9)
(7,308.4)
Lease liabilities
\u2013
(120.0)
\u2013
(120.0)
(759.8)
(5,269.3)
(2,184.6)
(8,213.7)
Impact of swaps not matched against specific debt instruments
275.0
(275.0)
\u2013
\u2013
Interest bearing financial liabilities
(484.8)
(5,544.3)
(2,184.6)
(8,213.7)
Proportion of interest bearing financial liabilities that are fixed
67%
Weighted average interest rate of fixed debt
4.08%
Weighted average period for which interest is fixed (years)
8.9
Interest rate swaps not hedge accounted The Group has a number of interest rate swaps which are not accounted for as cash flow or fair value hedges. This has led to a credit of \u00a32.1 million (2024: \u00a33.4 million) in the income statement.
Average contract fixed
interest rate
Notional principal amount
Fair value
2025 2024 2025 2024 2025 2024
Pay fixed rate interest % % \u00a3m \u00a3m \u00a3m \u00a3m
5-10 years
5.46
5.46
(75.0)
(75.0)
(4.5)
(6.6)
5.46
5.46
(75.0)
(75.0)
(4.5)
(6.6)
In addition to the above the Group has cross currency swaps that also swap fixed rate interest to floating (see next page). Interest rate sensitivity analysis The sensitivity after tax of the Group\u2019s profits, cash flow and equity, including the impact on derivative financial instruments, to changes in interest rates at 31 March is as follows:
2025
2024
+1.0% -1.0% +1.0% -1.0%
\u00a3m \u00a3m \u00a3m \u00a3m
Profit or loss
(3.4)
3.1
1.0
(1.4)
Cash flow
(7.3)
7.3
(3.5)
3.5
Equity
(3.4)
3.1
1.0
(1.4)
(ii) Exchange rate risk Except for debt raised in foreign currency, which is hedged, the Group\u2019s business does not involve significant exposure to foreign exchange transactions. Substantially all of the Group\u2019s profits and net assets arise from Severn Trent Water, which has very limited and indirect exposure to changes in exchange rates, and therefore the sensitivity of the Group\u2019s results to changes in exchange rates is not material. Certain of the Group\u2019s subsidiaries enter into transactions in currencies other than the functional currency of the operation. Exchange risks relating to such operations are not material but are managed centrally by Group Treasury through forward exchange contracts to buy or sell currency. These contracts led to nil charge (2024: nil) in the income statement. The Group has raised debt denominated in currencies other than sterling to meet its objective of accessing a broad range of sources of finance. The Group mitigated its exposure to exchange rate fluctuations by entering into cross currency swaps at the time that the debt was drawn down to swap the proceeds into sterling debt bearing interest based on SONIA. Where the terms of the receivable leg of the swap closely match the terms of the underlying debt, the swaps are expected to be effective hedges, hence certain swaps have been accounted for as fair value hedges. The notional value and fair value of these swaps is shown in note 37 a) (i). The Group also has cross currency swaps with a sterling notional value of \u00a31,322.6 million (2024: \u00a3526.4 million) which are not accounted for as fair value hedges. Economically these swaps act to mitigate the exchange rate risk of debt within the Group which is denominated in foreign currency and also swap the interest from fixed rate to floating, but they are not designated hedges under IFRS 9. This has led to a charge of \u00a317.5 million (2024: \u00a313.1 million) in the income statement, as well as an exchange gain of \u00a310.9 million (2024: \u00a32.8 million) on the underlying debt. The Group\u2019s gross and net currency exposures arising from currency borrowings are summarised in the tables below. These show, in the relevant currency, the amount borrowed and the notional principal of the related swap or forward contract. The net position shows the Group\u2019s exposure to exchange rate risk in relation to its currency borrowings.
Australian
Euro US dollar Yen dollar
2025 \u20acm $m \u00a5bn $m
Borrowings by currency
(1,469.9)
(220.0)
(10.3)
(40.0)
Cross currency swaps \u2013 hedge accounted
19.9
70.0
10.3
40.0
Cross currency swaps \u2013 not hedge accounted
1,450.0
150.0
\u2013
\u2013
Net currency exposure
\u2013
\u2013
\u2013
\u2013
Australian
Euro US dollar Yen dollar
2024 \u20acm $m \u00a5bn $m
Borrowings by currency
(519.9)
(220.0)
(10.3)
(40.0)
Cross currency swaps \u2013 hedge accounted
19.9
70.0
10.3
40.0
Cross currency swaps \u2013 not hedge accounted
500.0
150.0
\u2013
\u2013
Net currency exposure
\u2013
\u2013
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-453": { "value": "c) Liquidity risk (i) Committed facilities Prudent liquidity management requires sufficient cash balances to be maintained, adequate committed facilities to be available, and market position to be closed out when required. Group Treasury manages liquidity and flexibility in funding by monitoring forecast and actual cash flows and the maturity profile of financial assets and liabilities, and by keeping committed credit lines available. At the balance sheet date the Group had committed undrawn borrowing facilities expiring as follows:
2025 2024
\u00a3m \u00a3m
2 \u2013 5 years
1,100.0
1,100.0
(ii) Cash flows from non-derivative financial instruments The following tables show the estimated cash flows that will arise from the Group\u2019s non-derivative net financial liabilities. The information presented is based on the earliest date on which the Group can be required to pay and represents the undiscounted cash flows including principal and interest. Interest and inflation assumptions are based on prevailing market conditions at the year end date.
Payments on
Trade and other financial
2025 Floating rate Fixed rate Index-linked payables liabilities
Undiscounted amounts payable: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
(54.1)
(791.1)
(35.9)
(646.5)
(1,527.6)
1 \u2013 2 years
(328.2)
(1,933.2)
(321.3)
\u2013
(2,582.7)
2 \u2013 5 years
(440.1)
(1,426.5)
(387.1)
\u2013
(2,253.7)
5 \u2013 10 years
(287.2)
(2,597.6)
(258.1)
\u2013
(3,142.9)
10 \u2013 15 years
\u2013
(1,473.0)
(167.9)
\u2013
(1,640.9)
15 \u2013 20 years
\u2013
(889.4)
(295.5)
\u2013
(1,184.9)
20 \u2013 25 years
\u2013
\u2013
(384.7)
\u2013
(384.7)
25 \u2013 30 years
\u2013
\u2013
(716.4)
\u2013
(716.4)
30 \u2013 35 years
\u2013
\u2013
(3,473.4)
\u2013
(3,473.4)
35 \u2013 40 years
\u2013
\u2013
(22.9)
\u2013
(22.9)
40 \u2013 45 years
\u2013
\u2013
(411.4)
\u2013
(411.4)
Total
(1,109.6)
(9,110.8)
(6,474.6)
(646.5)
(17,341.5)
Loans due from Trade and other Cash and short Receipts from
joint ventures receivables term deposits financial assets
Undiscounted amounts receivable: \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
71.2
812.6
1,048.1
1,931.9
1 \u2013 2 years
\u2013
5.6
\u2013
5.6
Total
71.2
818.2
1,048.1
1,937.5
Payments on
Trade and other financial
2024 Floating rate Fixed rate Index-linked payables liabilities
Undiscounted amounts payable: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
(156.5)
(227.1)
(91.6)
(588.8)
(1,064.0)
1 \u2013 2 years
(52.0)
(750.2)
(40.0)
\u2013
(842.2)
2 \u2013 5 years
(608.5)
(1,113.1)
(360.3)
\u2013
(2,081.9)
5 \u2013 10 years
(844.6)
(2,782.0)
(439.5)
\u2013
(4,066.1)
10 \u2013 15 years
\u2013
(1,428.3)
(177.3)
\u2013
(1,605.6)
15 \u2013 20 years
\u2013
(1,184.7)
(308.9)
\u2013
(1,493.6)
20 \u2013 25 years
\u2013
\u2013
(409.1)
\u2013
(409.1)
25 \u2013 30 years
\u2013
\u2013
(725.4)
\u2013
(725.4)
30 \u2013 35 years
\u2013
\u2013
(3,699.8)
\u2013
(3,699.8)
35 \u2013 40 years
\u2013
\u2013
(25.8)
\u2013
(25.8)
40 \u2013 45 years
\u2013
\u2013
(400.2)
\u2013
(400.2)
Total
(1,661.6)
(7,485.4)
(6,677.9)
(588.8)
(16,413.7)
Loans due from Trade and other Cash and short Receipts from
joint ventures receivables term deposits financial assets
Undiscounted amounts receivable: \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
2.4
739.0
953.2
1,694.6
1 \u2013 2 years
2.4
5.2
\u2013
7.6
2 \u2013 5 years
87.0
\u2013
\u2013
87.0
Total
91.8
744.2
953.2
1,789.2
Index-linked debt includes loans with maturities up to 50 years. The principal is revalued at fixed intervals and is linked to movements in the RPI, CPI or CPIH. Interest payments are made biannually based on the revalued principal. The principal repayment equals the revalued amount at maturity. The payments included in the table above are estimates based on the forward inflation rates published by the Bank of England at the balance sheet date. (iii) Cash flows from derivative financial instruments The following tables show the estimated cash flows that will arise from the Group\u2019s derivative financial instruments. The tables are based on the undiscounted net cash inflows/(outflows) on the derivative financial instruments that settle on a net basis and the undiscounted gross inflows/(outflows) on those derivatives that require gross settlement. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest and foreign currency rates derived from the forward curves existing at the balance sheet date. Actual amounts may be significantly different from those indicated below.
Cross currency swaps
Interest rate Inflation Energy Cash Cash
swaps swaps swaps receipts payments Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
16.4
0.6
(2.7)
59.9
(94.8)
(20.6)
1 \u2013 2 years
4.9
0.7
(0.3)
172.6
(181.0)
(3.1)
2 \u2013 5 years
7.2
5.9
0.4
189.1
(262.3)
(59.7)
5 \u2013 10 years
0.3
4.1
\u2013
783.6
(912.1)
(124.1)
10 \u2013 15 years
\u2013
(0.9)
\u2013
783.2
(787.4)
(5.1)
28.8
10.4
(2.6)
1,988.4
(2,237.6)
(212.6)
Cross currency swaps
Interest rate Inflation Energy Cash Cash
swaps swaps swaps receipts payments Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Within 1 year
8.0
0.6
\u2013
27.0
(32.8)
2.8
1 \u2013 2 years
5.8
0.6
0.1
44.8
(42.1)
9.2
2 \u2013 5 years
10.3
2.3
\u2013
213.7
(214.4)
11.9
5 \u2013 10 years
2.1
7.5
\u2013
656.0
(627.5)
38.1
10 \u2013 15 years
\u2013
\u2013
\u2013
62.2
(56.4)
5.8
26.2
11.0
0.1
1,003.7
(973.2)
67.8
The Group has the right to settle net derivative cash (outflows)/inflows under ISDA master settlement arrangements with all derivative counterparties. The amounts do not meet the criteria for offsetting and so are not presented on a net basis in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-412": { "value": "
37 Hedge accounting
The Group uses derivative financial instruments to hedge exposures to changes in exchange rates and interest rates. Hedge accounting is
adopted for such instruments where the criteria set out in IFRS 9 are met. Hedge ineffectiveness arises from credit risk, which is not hedged.
a) Fair value hedges
(i) Cross currency swaps
The Group raises debt denominated in currencies other than sterling. Cross currency swaps are entered into at the time that the debt is drawn
down to swap the proceeds into sterling debt in order to mitigate the Group\u2019s exposure to exchange rate fluctuations. Where the terms of the
receivable leg of the swap closely match the terms of the underlying debt, the swaps are expected to be effective hedges.
At the year end the amounts of cross currency swaps designated as fair value hedges were as follows:
Notional principal amount
Fair value
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Euro
11.4
11.4
5.4
5.6
US dollar
55.4
55.4
(1.0)
(0.8)
Yen
59.8
59.9
(7.0)
(5.7)
Australian dollar
21.4
21.5
(2.7)
(1.7)
148.0
148.2
(5.3)
(2.6)
b) Cash flow hedges
(i) Interest rate swaps
The Group has entered into interest rate swaps under which it has agreed to exchange the difference between fixed and floating interest rate
amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on
future cash flow exposures arising from issued variable rate debt. Where the hedge is expected to be highly effective these interest rate swaps
are accounted for as cash flow hedges.
Details of interest rate swaps that have been accounted for as cash flow hedges are summarised below:
Average contract fixed
interest rate
Notional principal amount
Fair value
2025 2024 2025 2024 2025 2024
Period to maturity % % \u00a3m \u00a3m \u00a3m \u00a3m
2 \u2013 5 years
2.19
2.30
115.5
119.9
5.1
7.4
5 \u2013 10 years
1.83
1.83
248.0
248.0
29.9
31.4
1.95
1.98
363.5
367.9
35.0
38.8
The Group recognised no gain or loss on hedge ineffectiveness (2024: gain of \u00a30.7 million) in gains/losses on financial instruments in the
income statement in relation to interest rate swaps.
(ii) Energy swaps
The Group has entered into a series of energy swaps under which it has agreed to exchange the difference between fixed and market prices
of electricity at six-monthly intervals up until 31 March 2030.
Details of energy swaps that have been accounted for as cash flow hedges are summarised below:
Average contract price
Notional contracted amount
Fair value
2025 2024 2025 2024 2025 2024
Period to maturity \u00a3/MWh \u00a3/MWh MWh MWh \u00a3m \u00a3m
Less than 1 year
75.10
\u2013
39,420
\u2013
(0.4)
\u2013
1 \u2013 2 years
73.04
75.10
139,553
39,420
(0.3)
0.1
2 \u2013 5 years
69.78
\u2013
193,827
\u2013
0.5
\u2013
71.14
75.10
372,800
39,420
(0.2)
0.1
c) Cumulative fair value adjustments
At the year end the cumulative fair value adjustments arising from the corresponding continuing hedge relationships were as follows:
Carrying amount of fair value adjustments Cumulative amount
of hedged items on the hedged items
Assets Liabilities Assets Liabilities
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cross currency swaps
\u2013
(142.1)
\u2013
7.0
Carrying amount of fair value adjustments Cumulative amount
of hedged items on the hedged items
Assets Liabilities Assets Liabilities
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cross currency swaps
\u2013
(147.5)
\u2013
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-413": { "value": "
38 Share based payments
The Group operates a number of share based remuneration schemes for employees. During the year, the Group recognised total expenses of
\u00a311.0 million (2024: \u00a310.3 million) related to equity settled share based payments transactions.
The weighted average share price during the year was \u00a325.27 (2024: \u00a325.78).
At 31 March 2025, there were no options exercisable (2024: none) under any of the share based remuneration schemes.
a) Long Term Incentive Plan (LTIP)
Under the LTIP, conditional awards of shares may be made to executive directors and senior staff. Awards are subject to performance
conditions and continued employment throughout the vesting period.
(i) Awards made under the LTIP
The 2021, 2022, 2023 and 2024 LTIP awards are subject to Severn Trent Water\u2019s achievement of Return on Regulated Equity in excess of the
base return included within the Final Determinations over a three year vesting period. It has been assumed that performance against the LTIP
non-market conditions will be 100% (2024: 100%).
(ii) Awards outstanding
Details of changes in the number of awards outstanding during the year are set out below:
Number of awards
Outstanding at 1 April 2023
613,159
Granted during the year
233,649
Vested during the year
(195,325)
Lapsed during the year
(19,065)
Outstanding at 1 April 2024
632,418
Granted during the year
324,281
Vested during the year
(185,056)
Lapsed during the year
(19,855)
Outstanding at 31 March 2025
751,788
Details of LTIP awards outstanding at 31 March were as follows:
Number of awards
Date of grant
Normal Date of Vesting
2025
2024
July 2021
2024
\u2013
191,408
July 2022
2025
205,961
210,658
July 2023
2026
225,204
230,352
July 2024
2027
320,623
\u2013
751,788
632,418
The awards outstanding at 31 March 2025 had a weighted average remaining contractual life of 1.7 years (2024: 1.6 years).
Details of the basis of the LTIP scheme are set out in the Directors\u2019 remuneration report on pages 131 to 154.
b) Employee Sharesave Scheme
Under the terms of the Sharesave Scheme, the Board may grant the right to purchase ordinary shares in the Company to those employees who
have entered into an HMRC approved Save As You Earn contract for a period of three or five years.
Options outstanding
Details of changes in the number of options outstanding during the year are set out below:
Weighted average
Number of share options exercise price
Outstanding at 1 April 2023
3,842,638
1,994p
Granted during the year
1,483,049
2,120p
Forfeited during the year
(42,095)
2,131p
Cancelled during the year
(265,574)
2,180p
Exercised during the year
(805,700)
1,769p
Lapsed during the year
(7,301)
1,992p
Outstanding at 1 April 2024
4,205,017
2,068p
Granted during the year
1,401,938
2,053p
Forfeited during the year
(50,821)
2,152p
Cancelled during the year
(328,231)
2,147p
Exercised during the year
(907,834)
1,773p
Lapsed during the year
(5,459)
2,111p
Outstanding at 31 March 2025
4,314,610
2,119p
Sharesave options outstanding at 31 March were as follows:
Number of awards
Date of grant
Normal date of exercise
Option price
2025
2024
January 2019
2024
1,474p
\u2013
212,405
January 2020
2025
1,787p
131,801
137,655
January 2021
2024 or 2026
1,860p
125,190
816,766
January 2022
2025 or 2027
2,307p
591,776
639,559
January 2023
2026 or 2028
2,183p
832,156
935,780
January 2024
2027 or 2029
2,120p
1,252,419
1,462,852
January 2025
2028 or 2030
2,053p
1,381,268
\u2013
4,314,610
4,205,017
The options outstanding at 31 March 2025 had a weighted average remaining contractual life of 2.1 years (2024: 2.0 years).
c) Fair value calculations
The fair values of the share awards made and share options granted during the year were calculated using the Black Scholes method. The
principal assumptions and data are set out below:
LTIP
SAYE
2025
LTIP
SAYE
2024
3 year 5 year 3 year 5 year
scheme scheme scheme scheme
Share price at grant date (pence)
2,351
2,496
2,496
2,791
2,555
2,555
Option life (years)
3
3.3
5.3
3
3.3
5.3
Vesting period (years)
3
3
5
3
3
5
Expected volatility (%)
18.2
18.2
18.2
18.2
18.2
18.2
Expected dividend yield (%)
5.2
4.9
4.9
4.0
4.4
4.4
Risk free rate (%)
n/a
5.2
4.4
n/a
3.7
3.6
Fair value per share (pence)
2,327
499
470
2,773
469
470
Expected volatility is measured over the three years prior to the date of grant of the awards or share options. Volatility has been calculated
based on historical share price movements.
The risk free rate is derived from yields at the grant date of gilts of similar duration to the awards or share options.
The dividend yield is calculated using the expected dividend for the year divided by the share price at the date of grant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-414": { "value": "
39 Acquisitions
On 3 July 2024, Severn Trent Green Power Limited acquired 100% of the issued shares in Severn Trent Green Power Atherstone Limited,
Severn Trent Green Power Lodge Farm Limited and Severn Trent Green Power Cayton Limited (previously EEB54 Limited, EEB51 Limited and
EEB29 Limited respectively) for a total consideration of \u00a310.2 million. Additionally, Severn Trent Green Power Limited acquired 100% of the
issued shares in Severn Trent Green Power Church Farm Limited (previously EEB66 Limited) on 18 November 2024 for a total consideration
of \u00a33.4 million. The acquisitions are expected to increase the Group\u2019s renewable energy market share.
Details of the purchase consideration, the net assets acquired, and goodwill are as follows:
Purchase consideration \u00a3m
Cash paid
13.6
The assets and liabilities recognised as a result of the acquisition are as follows:
\u00a3m
Cash and cash equivalents
\u2013
Property, plant and equipment
1.4
Deferred tax
(4.5)
Borrowings
(5.9)
Other intangible assets
18.1
Net identifiable assets acquired
9.1
Add: goodwill
4.5
13.6
Property, plant and equipment of \u00a31.4 million has been acquired as part of the business combination. This represents capitalised prepayments
for contracts to construct grid connection assets. As such, the fair value remains equal to the cash paid.
The fair value of the acquired intangible assets of \u00a318.1 million, being the contractual rights to connect to, and sell solar energy via, the
National Grid, is provisional.
Goodwill of \u00a34.5 million has been capitalised attributable to the recognition of the deferred tax liability in relation to the intangible assets acquired.
Acquisition-related costs of \u00a31.0 million are recognised as an expense in the income statement.
The acquired business contributed revenues of nil and net profit of nil to the Group for the period from 3 July 2024 to 31 March 2025. If the acquisition
had occurred on 1 April 2024, consolidated revenue and consolidated profit after tax for the year ended 31 March 2025 would have been unchanged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-415": { "value": "
40 Cash flow statement
a) Reconciliation of operating profit to operating cash flows
2025 2024
\u00a3m \u00a3m
Profit before interest and tax
590.2
511.8
Depreciation of property, plant and equipment
409.8
388.7
Depreciation of right-of-use assets
6.7
5.2
Amortisation of intangible assets
37.9
34.4
Impairment of property, plant and equipment
13.9
\u2013
Pension service cost
\u2013
0.3
Defined benefit pension scheme administration costs
4.0
4.2
Defined benefit pension scheme contributions
(69.7)
(67.9)
Share based payment charge
11.0
10.3
Profit on sale of property, plant and equipment and intangible assets
(4.6)
(3.5)
Fair value uplift on forestry assets
\u2013
(5.3)
Release from deferred credits
(17.8)
(16.9)
Contributions and grants received
43.8
43.5
Provisions charged to the income statement
25.8
17.4
Utilisation of provisions for liabilities
(56.3)
(39.2)
Operating cash flows before movements in working capital
994.7
883.0
Increase in inventory
(2.3)
(4.9)
Increase in amounts receivable
(63.4)
(183.5)
(Decrease)/increase in amounts payable
(16.4)
109.7
Cash generated from operations
912.6
804.3
Tax received
\u2013
9.0
Tax paid
(0.3)
\u2013
Net cash generated from operating activities
912.3
813.3
b) Non-cash transactions
Non cash investing and financing transactions disclosed in other notes were:
\u2013 Acquisition of right-of-use assets (note 19).
\u2013 Acquisition of infrastructure assets from developers at no cost (note 17).
\u2013 Shares issued to employees for no cash consideration under the LTIP (note 38).
c) Reconciliation of movement in cash and cash equivalents to movement in adjusted net debt
Exchange on
Net cash Fair value currency debt Loans due
and cash Bank Other Lease accounting not hedge from joint Adjusted
equivalents loans loans liabilities adjustments accounted venture net debt
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2024
951.4
(783.5)
(7,357.9)
(120.0)
29.8
19.7
72.6
(7,187.9)
Cash flow
93.4
4.6
(1,390.0)
13.6
\u2013
\u2013
(0.4)
(1,278.8)
Fair value adjustments
\u2013
\u2013
6.4
\u2013
(6.4)
\u2013
\u2013
\u2013
Inflation uplift on index-linked debt
\u2013
(4.6)
(65.3)
\u2013
\u2013
\u2013
\u2013
(69.9)
Foreign exchange
\u2013
\u2013
10.3
\u2013
\u2013
(10.3)
\u2013
\u2013
Other non-cash movements
\u2013
(1.2)
(1.5)
(4.7)
(0.3)
\u2013
(1.0)
(8.7)
At 31 March 2025
1,044.8
(784.7)
(8,798.0)
(111.1)
23.1
9.4
71.2
(8,545.3)
d) Liabilities from financing activities
Bank Other Lease Interest
loans loans liabilities Derivatives accrual Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
(713.0)
(6,474.2)
(110.9)
71.5
(68.8)
(7,295.4)
Cash flow
(63.5)
(802.1)
10.5
4.4
243.6
(607.1)
Fair value adjustments
\u2013
18.1
\u2013
\u2013
\u2013
18.1
Inflation uplift on index-linked debt
(5.8)
(102.9)
\u2013
\u2013
\u2013
(108.7)
Foreign exchange
\u2013
2.8
\u2013
\u2013
\u2013
2.8
Other non-cash movements
(1.2)
0.4
(19.6)
(30.7)
(264.5)
(315.6)
At 1 April 2024
(783.5)
(7,357.9)
(120.0)
45.2
(89.7)
(8,305.9)
Cash flow
4.6
(1,390.0)
13.6
1.6
307.9
(1,062.3)
Fair value adjustments
\u2013
6.4
\u2013
\u2013
\u2013
6.4
Inflation uplift on index-linked debt
(4.6)
(65.3)
\u2013
\u2013
\u2013
(69.9)
Foreign exchange
\u2013
10.3
\u2013
\u2013
\u2013
10.3
Other non-cash movements
(1.2)
(1.5)
(4.7)
(28.9)
(317.6)
(353.9)
At 31 March 2025
(784.7)
(8,798.0)
(111.1)
17.9
(99.4)
(9,775.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-416": { "value": "
41 Contingent liabilities \u2013 Group and Company
a) Bonds and guarantees
Group undertakings have entered into bonds and guarantees in the normal course of business. No liability (2024: nil) is expected to arise in
respect of either bonds or guarantees.
b) Bank offset agreements
The banking arrangements of the Company operate on a pooled basis with certain of its subsidiary undertakings. Under these arrangements
participating companies guarantee each other\u2019s overdrawn balances to the extent of their credit balances, which can be offset against balances
of participating companies. As at 31 March 2025, the Company had no liabilities due to financial guarantees as the credit risk is very low and
probability of default is remote (2024: nil).
c) Claims under the Environmental Information Regulations 2004 regarding property searches
The 31 March 2024 financial statements contained a contingent liability with respect to claims under Environmental Information Regulations
2004 regarding property searches. The case was dismissed on 28 June 2024, with a significant proportion of incurred costs recovered by the
Group. As such, the Group no longer recognises a contingent liability in respect of this matter.
d) Ongoing combined sewer overflow investigations
Ofwat and the Environment Agency are each conducting their own investigations into the wastewater industry. The Environment Agency
is investigating all English wastewater companies in respect to compliance with conditions of permits (therefore excluding Hafren Dyfrdwy
Cyfyngedig). Ofwat is investigating all English and Welsh wastewater companies\u2019 compliance with licence conditions, section 94 of the Water
Industry Act 1991 and the Urban Wastewater Treatment Regulations.
In summer 2024, Ofwat served notices upon Severn Trent Water Limited and Hafren Dyfrdwy Cyfyngedig, along with the other companies that
had previously been excluded from the original list of enforcement cases, to enable Ofwat to request information to ascertain whether or not
there has in-fact been any non-compliance in relation to their wastewater treatment processes as part of Ofwat\u2019s sector wide investigation.
Both the Ofwat and EA investigations are ongoing, and it is not yet clear what the outcomes will be. We have responded quickly and
comprehensively to all questions from the regulators and have had open conversations with them on the issues under investigation.
e) Collective Action Claim
In December 2023, Severn Trent Water and Severn Trent Plc were served with the collective proceedings order (\u2018CPO\u2019) application, alongside
five other water and sewerage companies for separate (but equivalent) claims, in respect of potential collective proceedings to be brought
before the Competition Appeal Tribunal (\u2018CAT\u2019) (formerly referred to as the \u201cLeigh Day Claim\u201d). The Group has received a claim for \u00a3239 million
(excluding interest) on behalf of a class comprising certain consumers of Severn Trent Water (on an opt-out basis) who alleged to have been
overcharged for sewerage services as a result of an alleged abuse of a dominant position.
The preliminary Certification Hearing, to determine if the claim is capable of being heard by the CAT and should proceed to trial, was held
on 23 September 2024; and on 7 March 2025 the CAT handed down judgment. The CAT concluded that the claims for abuse of dominance were
excluded by section 18(8) of the Water Industry Act 1991 and dismissed the case. On 28 March 2025 the claimant sought permission from the
CAT to appeal the judgment to the Court of Appeal. We opposed the appeal application and we anticipate a judgment from the CAT in respect
of the permission to appeal in Summer 2025 and, if the permission to appeal is granted, the appeal will be heard by the Court of Appeal towards
the end of 2025. The CAT\u2019s original judgment was robust and if appealed, we maintain that the judgment will be upheld by the Court of Appeal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-465": { "value": "41 Contingent liabilities \u2013 Group and Company a) Bonds and guarantees Group undertakings have entered into bonds and guarantees in the normal course of business. No liability (2024: nil) is expected to arise in respect of either bonds or guarantees. b) Bank offset agreements The banking arrangements of the Company operate on a pooled basis with certain of its subsidiary undertakings. Under these arrangements participating companies guarantee each other\u2019s overdrawn balances to the extent of their credit balances, which can be offset against balances of participating companies. As at 31 March 2025, the Company had no liabilities due to financial guarantees as the credit risk is very low and probability of default is remote (2024: nil). c) Claims under the Environmental Information Regulations 2004 regarding property searches The 31 March 2024 financial statements contained a contingent liability with respect to claims under Environmental Information Regulations 2004 regarding property searches. The case was dismissed on 28 June 2024, with a significant proportion of incurred costs recovered by the Group. As such, the Group no longer recognises a contingent liability in respect of this matter. d) Ongoing combined sewer overflow investigations Ofwat and the Environment Agency are each conducting their own investigations into the wastewater industry. The Environment Agency is investigating all English wastewater companies in respect to compliance with conditions of permits (therefore excluding Hafren Dyfrdwy Cyfyngedig). Ofwat is investigating all English and Welsh wastewater companies\u2019 compliance with licence conditions, section 94 of the Water Industry Act 1991 and the Urban Wastewater Treatment Regulations. In summer 2024, Ofwat served notices upon Severn Trent Water Limited and Hafren Dyfrdwy Cyfyngedig, along with the other companies that had previously been excluded from the original list of enforcement cases, to enable Ofwat to request information to ascertain whether or not there has in-fact been any non-compliance in relation to their wastewater treatment processes as part of Ofwat\u2019s sector wide investigation. Both the Ofwat and EA investigations are ongoing, and it is not yet clear what the outcomes will be. We have responded quickly and comprehensively to all questions from the regulators and have had open conversations with them on the issues under investigation. e) Collective Action Claim In December 2023, Severn Trent Water and Severn Trent Plc were served with the collective proceedings order (\u2018CPO\u2019) application, alongside five other water and sewerage companies for separate (but equivalent) claims, in respect of potential collective proceedings to be brought before the Competition Appeal Tribunal (\u2018CAT\u2019) (formerly referred to as the \u201cLeigh Day Claim\u201d). The Group has received a claim for \u00a3239 million (excluding interest) on behalf of a class comprising certain consumers of Severn Trent Water (on an opt-out basis) who alleged to have been overcharged for sewerage services as a result of an alleged abuse of a dominant position. The preliminary Certification Hearing, to determine if the claim is capable of being heard by the CAT and should proceed to trial, was held on 23 September 2024; and on 7 March 2025 the CAT handed down judgment. The CAT concluded that the claims for abuse of dominance were excluded by section 18(8) of the Water Industry Act 1991 and dismissed the case. On 28 March 2025 the claimant sought permission from the CAT to appeal the judgment to the Court of Appeal. We opposed the appeal application and we anticipate a judgment from the CAT in respect of the permission to appeal in Summer 2025 and, if the permission to appeal is granted, the appeal will be heard by the Court of Appeal towards the end of 2025. The CAT\u2019s original judgment was robust and if appealed, we maintain that the judgment will be upheld by the Court of Appeal. 42 Financial and other commitments
2025 2024
\u00a3m \u00a3m
Property, plant and equipment contracted for but not provided for in the financial statements
758.8
879.3
In addition to these contractual commitments, Severn Trent Water Limited has longer term expenditure plans which include investments to achieve improvements in performance mandated by the Director General of Water Services (Ofwat) and to provide for growth in demand for water and wastewater services.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-417": { "value": "42 Financial and other commitments
2025 2024
\u00a3m \u00a3m
Property, plant and equipment contracted for but not provided for in the financial statements
758.8
879.3
In addition to these contractual commitments, Severn Trent Water Limited has longer term expenditure plans which include investments to achieve improvements in performance mandated by the Director General of Water Services (Ofwat) and to provide for growth in demand for water and wastewater services.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-418": { "value": "
43 Post balance sheet events \u2013 Group and Company
Following the year end the Board of Directors has proposed a final dividend of 73.03 pence per share.
On 14 April 2025 Severn Trent Water Limited issued a 200 million Swiss Franc denominated bond maturing in 2032. The proceeds were
swapped to GBP fixed rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-419": { "value": "
44 Related party transactions \u2013 Group and Company
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not included
in this note. Trading transactions between the Group and its joint venture Water Plus are disclosed below.
2025 2024
\u00a3m \u00a3m
Sale of services
233.4
264.7
Net interest income
5.4
5.3
238.8
270.0
Outstanding balances between the Group and the joint venture as at 31 March were as follows:
2025 2024
\u00a3m \u00a3m
Amounts due to related parties
(1.1)
(2.3)
Loans receivable from joint venture
71.2
72.6
70.1
70.3
The retirement benefit schemes operated by the Group are considered to be related parties. Details of transactions and balances with the
retirement benefit schemes are disclosed in note 29.
Remuneration of key management personnel
Key management personnel comprise the members of STEC during the year, and Non-Executive Directors of the Company.
The remuneration of the Directors is included within the amounts disclosed below. Further information about the remuneration of individual
directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 147 to 154.
Fixed pay and Bonus (deferred Service
benefits Bonus into shares) LTIPs Contracts Total
2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Executive Directors
1,562.1
665.1
665.1
1,884.2
\u2013
4,776.5
Non-Executive Directors
\u2013
\u2013
\u2013
\u2013
753.7
753.7
Other members of the Executive Committee
2,421.9
1,124.2
1,124.2
1,196.9
\u2013
5,867.2
3,984.0
1,789.3
1,789.3
3,081.1
753.7
11,397.4
Fixed pay and Bonus (deferred Service
benefits Bonus into shares) LTIPs Contracts Total
2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Executive Directors
1,659.7
767.9
481.7
2,867.4
\u2013
5,776.7
Non-Executive Directors
\u2013
\u2013
\u2013
\u2013
780.8
780.8
Other members of the Executive Committee
2,232.6
731.0
676.7
1,013.5
\u2013
4,653.8
3,892.3
1,498.9
1,158.4
3,880.9
780.8
11,211.3
The remuneration values disclosed above for Executive Directors are equivalent to those disclosed in the \u2018total single figure of remuneration (audited)\u2019 in the Directors\u2019 Remuneration Report, with the exception of members who have not been in office for the full financial year. The remuneration for these individuals is pro-rated in the directors\u2019 remuneration report whereas the table in this note presents their remuneration for the full financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-454": { "value": "44 Related party transactions \u2013 Group and Company Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not included in this note. Trading transactions between the Group and its joint venture Water Plus are disclosed below.
2025 2024
\u00a3m \u00a3m
Sale of services
233.4
264.7
Net interest income
5.4
5.3
238.8
270.0
Outstanding balances between the Group and the joint venture as at 31 March were as follows:
2025 2024
\u00a3m \u00a3m
Amounts due to related parties
(1.1)
(2.3)
Loans receivable from joint venture
71.2
72.6
70.1
70.3
The retirement benefit schemes operated by the Group are considered to be related parties. Details of transactions and balances with the retirement benefit schemes are disclosed in note 29. Remuneration of key management personnel Key management personnel comprise the members of STEC during the year, and Non-Executive Directors of the Company. The remuneration of the Directors is included within the amounts disclosed below. Further information about the remuneration of individual directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 147 to 154.
Fixed pay and Bonus (deferred Service
benefits Bonus into shares) LTIPs Contracts Total
2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Executive Directors
1,562.1
665.1
665.1
1,884.2
\u2013
4,776.5
Non-Executive Directors
\u2013
\u2013
\u2013
\u2013
753.7
753.7
Other members of the Executive Committee
2,421.9
1,124.2
1,124.2
1,196.9
\u2013
5,867.2
3,984.0
1,789.3
1,789.3
3,081.1
753.7
11,397.4
Fixed pay and Bonus (deferred Service
benefits Bonus into shares) LTIPs Contracts Total
2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Executive Directors
1,659.7
767.9
481.7
2,867.4
\u2013
5,776.7
Non-Executive Directors
\u2013
\u2013
\u2013
\u2013
780.8
780.8
Other members of the Executive Committee
2,232.6
731.0
676.7
1,013.5
\u2013
4,653.8
3,892.3
1,498.9
1,158.4
3,880.9
780.8
11,211.3
The remuneration values disclosed above for Executive Directors are equivalent to those disclosed in the \u2018total single figure of remuneration
(audited)\u2019 in the Directors\u2019 Remuneration Report, with the exception of members who have not been in office for the full financial year.
The remuneration for these individuals is pro-rated in the directors\u2019 remuneration report whereas the table in this note presents their
remuneration for the full financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-420": { "value": "
45 Alternative performance measures (\u2018APMs\u2019)
Financial measures or metrics used in this report that are not defined by IFRS are alternative performance measures (\u2018APM\u2019s). The Group uses
such measures for performance analysis because they provide additional useful information on the performance and position of the Group.
Since the Group defines its own APMs, these might not be directly comparable with other companies\u2019 APMs. These measures are not intended
to be a substitute for, or superior to, IFRS measurements.
a) Adjusted earnings per share
Adjusted earnings per share figures exclude the effects of net gains/losses on financial instruments, current tax on net gains/losses on
financial instruments and deferred tax. The Directors consider that the adjusted figures provide a useful additional indicator of performance
and remove non-performance related distortions. See note 14.
b) Adjusted net debt
Adjusted net debt comprises borrowings excluding accounting adjustments on debt, net cash and cash equivalents, and loans to joint ventures.
Foreign currency borrowings that are hedged by cross currency swaps are included at the notional principal of the sterling payable leg of the
swap. See note 40.
c) Effective interest cost
The effective interest cost is calculated as net finance costs, excluding net finance costs from pensions, plus capitalised finance costs divided
by the monthly average adjusted net debt during the year.
2025 2024
\u00a3m \u00a3m
Net finance costs
243.9
281.5
Net finance costs from pensions
(10.3)
(13.4)
Capitalised finance costs
103.1
69.6
336.7
337.7
Average adjusted net debt
7,755.5
7,216.6
Effective interest cost
4.3%
4.7%
This APM is used as it shows the average finance cost for the adjusted net debt of the business.
d) Effective cash cost of interest
The effective cash cost of interest is calculated on the same basis as the effective interest cost except that it excludes finance costs that are not
paid in cash but are accreted to the carrying value of the debt (principally indexation adjustments on index-linked debt).
2025 2024
\u00a3m \u00a3m
Net finance costs
243.9
281.5
Net finance costs from pensions
(10.3)
(13.4)
Indexation adjustments
(69.9)
(108.0)
Capitalised finance costs
103.1
69.6
266.8
229.7
Average adjusted net debt
7,755.5
7,216.6
Effective cash cost of interest
3.4%
3.2%
This is used as it shows the average finance cost that is paid in cash.
e) PBIT interest cover
The ratio of PBIT to net finance costs excluding net finance costs from pensions.
2025 2024
\u00a3m \u00a3m
PBIT
590.2
511.8
Net finance costs
243.9
281.5
Net finance costs from pensions
(10.3)
(13.4)
Net finance costs excluding net finance costs from pensions
233.6
268.1
ratio
ratio
PBIT interest cover ratio
2.5
1.9
This is used to show how the PBIT of the business covers the financing costs associated only with adjusted net debt on a consistent basis.
f) EBITDA and EBITDA interest cover
The ratio of profit before interest, tax, depreciation and amortisation to net finance costs excluding net finance costs from pensions.
2025 2024
\u00a3m \u00a3m
PBIT
590.2
511.8
Depreciation (including right-of-use assets)
416.5
393.9
Amortisation
37.9
34.4
Impairment of property, plant and equipment
13.9
\u2013
EBITDA
1,058.5
940.1
Net finance costs
243.9
281.5
Net finance costs from pensions
(10.3)
(13.4)
Net finance costs excluding finance costs from pensions
233.6
268.1
EBITDA interest cover ratio
4.5
3.5
This is used to show how the EBITDA of the business covers the financing costs associated only with adjusted net debt on a consistent basis.
g) Adjusted effective current tax rate
The current tax charge for the year, excluding prior year charges and current tax on financial instruments, divided by profit before tax, net
losses/gains on financial instruments and share of net loss of joint ventures accounted for using the equity method.
2025 2024
Current tax Current tax
thereon thereon
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit before tax
320.1
(0.4)
201.3
(0.5)
Adjustments
Share of net loss of joint venture
10.8
\u2013
4.1
\u2013
Net losses on financial instruments
15.4
\u2013
22.4
\u2013
346.3
(0.4)
227.8
(0.5)
Adjusted effective current tax rate
0.1%
0.2%
This APM is used to remove distortions in the tax charge and create a metric consistent with the calculation of adjusted earnings per share in
note 14. Share of net loss of joint ventures is excluded from the calculation because the loss is included after tax and so the tax on joint venture
profits is not included in the current tax charge.
h) Operational cashflow
Cash generated from operations less contributions and grants received.
2025 2024
\u00a3m \u00a3m
Cash generated from operations
912.6
804.3
Contributions and grants received
(43.8)
(43.5)
Operational cashflow
868.8
760.8
This APM is used to show operational cash excluding the effect of contributions and grants received as part of capital programmes.
i) Cash capex
Cash paid to acquire property, plant and equipment and intangible assets less contributions and grants received and proceeds on disposal of
property, plant and equipment and intangible assets.
2025 2024
\u00a3m \u00a3m
Purchase of property, plant and equipment
1,553.0
1,169.7
Purchase of intangible assets
39.8
30.0
Contributions and grants received
(43.8)
(43.5)
Proceeds on disposal of property, plant and equipment
(11.0)
(10.0)
Cash capex
1,538.0
1,146.2
This APM is used to show the cash impact of the Group\u2019s capital programmes.
j) Capital investment
Additions to property, plant and equipment and intangible assets less contributions and grants received, assets contributed at no cost, and
capitalised finance costs.
2025 2024
\u00a3m \u00a3m
Additions to property, plant and equipment
1,969.0
1,428.8
Additions to intangible assets
40.0
30.0
Contributions and grants received
(43.8)
(43.5)
Assets contributed at no cost
(188.6)
(146.0)
Capitalised finance costs
(103.1)
(69.6)
Capital investment
1,673.5
1,199.7
Includes \u00a342.1 million (2024: \u00a320.7 million) of provisions for future capital expenditure arising from regulatory obligations (see notes 17 and 30).
", "dimensions": { "concept": "severntrentplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800RPBXRETY4A4C59", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-455": { "value": "46 Subsidiary undertakings Details of all subsidiary undertakings as at 31 March 2025 are given below. Details of the joint venture are set out in note 20. All subsidiary undertakings have been included in the consolidation.
Owned directly by Severn Trent Plc
Country of operation and incorporation
Percentage of share capital held
Class of share capital held
Athena Holdings Limited
Hong Kong
100%
Ordinary
The following subsidiary undertakings all operate and are incorporated in the United Kingdom. The percentage of share capital held is 100% and the class of share capital held is ordinary.
All subsidiary undertakings
Chester Water Limited
Severn Trent Green Power Group Limited
Dee Valley Group Limited
Severn Trent Green Power Holdings Limited
Dee Valley Limited
Severn Trent Green Power Limited
East Worcester Water Limited
Severn Trent Green Power Lodge Farm Limited
Etwall Land Limited
Severn Trent Holdings Limited
Hafren Dyfrdwy Cyfyngedig
Severn Trent Investment Holdings Limited
Lakeside Water and Building Services Limited
Severn Trent LCP Limited
M A Solutions (LINDUM) Ltd
Severn Trent Leasing Limited
Midlands Land Portfolio Limited
Severn Trent Metering Services Limited
Reigate Environmental Services Limited
Severn Trent MIS Trustees Limited
Severn Trent (W&S) Limited
Severn Trent Overseas Holdings Limited
Severn Trent Bower Limited
Severn Trent Pension Scheme Trustees Limited
Severn Trent Carsington Limited
Severn Trent PIF Trustees Limited
Severn Trent Data Portal Limited
Severn Trent Property Solutions Limited
Severn Trent Draycote Limited
Severn Trent Reservoirs Limited
Severn Trent Finance Holdings Limited
Severn Trent Retail and Utility Services Limited
Severn Trent General Partnership Limited
Severn Trent Services (Water and Sewerage) Limited
Severn Trent Green Power (Andigestion) Limited
Severn Trent Services Defence Holdings Limited
Severn Trent Green Power (Ardley) Limited
Severn Trent Services Defence Limited
Severn Trent Green Power (Bridgend) Limited
Severn Trent Services Holdings Limited
Severn Trent Green Power (Cassington) Limited
Severn Trent Services International (Overseas Holdings) Limited
Severn Trent Green Power (CW) Limited
Severn Trent Services International Limited
Severn Trent Green Power (Hertfordshire) Limited
Severn Trent Services Operations UK Limited
Severn Trent Green Power (North London) Limited
Severn Trent Solar Finance Limited
Severn Trent Green Power (RBWM) Limited
Severn Trent Solar Holdings Limited
Severn Trent Green Power (Wallingford) Limited
Severn Trent SSPS Trustees Limited
Severn Trent Green Power (West London) Limited
Severn Trent Trimpley Limited
Severn Trent Green Power Atherstone Limited
Severn Trent Utilities Finance Plc
Severn Trent Green Power Biogas Limited
Severn Trent Water Limited
Severn Trent Green Power Cayton Limited
Severn Trent Wind Power Limited
Severn Trent Green Power Church Farm Limited
Severn Trent WWIF Limited
Severn Trent Green Power Composting Limited
Wrexham Water Limited
The Group owns 100% of the share capital of the following subsidiary undertakings.
All subsidiary undertakings
Country of operation and incorporation
Class of share capital held
Lyra Insurance Guernsey Limited
Guernsey
Ordinary
Severn Trent Carsington Limited
United Kingdom
A and B Ordinary
Unless stated below, the registered office of the aforementioned entities is Severn Trent Centre, 2 St John\u2019s Street, Coventry, CV1 2LZ, United Kingdom.
Company
Registered office
Athena Holdings Limited
One 33, Hysan Avenue, Causeway Bay, Hong Kong
Dee Valley Limited
Packsaddle, Wrexham Road, Rhostyllen, Wrexham, LL14 4EH
Hafren Dyfrdwy Cyfyngedig
Packsaddle, Wrexham Road, Rhostyllen, Wrexham, LL14 4EH
Lakeside Water and Building Services Limited
Unit 6, Enterprise Court, Eagle Business Park, Falcon Way,
Peterborough, Cambridgeshire, PE7 3GR
Lyra Insurance Guernsey Limited
St Martin's House, Le Bordage, St Peter Port, GY1 4AU, Guernsey
Reigate Environmental Services Limited
42 Ormside Way, Holmethorpe Industrial Estate, Redhill, Surrey, RH1 2LW
Severn Trent General Partnership Limited
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
Severn Trent Green Power (Andigestion) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (Ardley) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (Bridgend) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (Cassington) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (CW) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (Hertfordshire) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (North London) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (RBWM) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (Wallingford) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power (West London) Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Atherstone Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Biogas Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Cayton Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Church Farm Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Composting Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Group Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Holdings Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Severn Trent Green Power Lodge Farm Limited
The Stables, Radford, Chipping Norton, Oxfordshire, OX7 4EB
Subsidiary audit exemptions Severn Trent Plc has issued guarantees over the liabilities of the following companies at 31 March 2025 under section 479C of Companies Act 2006 and these entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of section 479A of the Act.
Company
Company Number
Chester Water Limited
2888872
Dee Valley Group Limited
4316684
Dee Valley Limited
2902525
East Worcester Water Limited
2757948
Etwall Land Limited
7559793
Lakeside Water and Building Services Limited
03631827
MA Solutions (LINDUM) Ltd
5107976
Reigate Environmental Services Limited
07368807
Severn Trent (W&S) Limited
3995023
Severn Trent Bower Limited
14513739
Severn Trent Carsington Limited
7570384
Severn Trent Data Portal Limited
8181048
Severn Trent Draycote Limited
7681784
Severn Trent Finance Holdings Limited
6044159
Severn Trent General Partnership Limited
SC416614
Severn Trent Green Power (Ardley) Limited
5807721
Severn Trent Green Power (Hertfordshire) Limited
6771560
Severn Trent Green Power (North London) Limited
9689098
Severn Trent Green Power (West London) Limited
8308321
Severn Trent Green Power Atherstone Limited
12559241
Severn Trent Green Power Cayton Limited
11780059
Severn Trent Green Power Church Farm Limited
13207815
Severn Trent Green Power Composting Limited
4927756
Severn Trent Green Power Lodge Farm Limited
12558704
Severn Trent Holdings Limited
5656363
Severn Trent Investment Holdings Limited
7560050
Severn Trent LCP Limited
7943556
Severn Trent Leasing Limited
6810163
Severn Trent Metering Services Limited
2569703
Severn Trent Overseas Holdings Limited
2455508
Severn Trent Reservoirs Limited
3115315
Severn Trent Retail and Utility Services Limited
2562471
Severn Trent Services Holdings Limited
4395572
Severn Trent Services International (Overseas Holdings) Limited
3125131
Severn Trent Services International Limited
2387816
Severn Trent Solar Finance Limited
16018635
Severn Trent Solar Holdings Limited
16015007
Severn Trent Trimpley Limited
10690056
Severn Trent WWIF Limited
11966722
Wrexham Water Limited
02967118
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