TIDMUU. 
 
United Utilities Group PLC 
 
26 July 2013 
 
            UNITED UTILITIES GROUP PLC 2013 ANNUAL GENERAL MEETING 
 
                       AND INTERIM MANAGEMENT STATEMENT 
 
United Utilities issues an interim management statement, for the period 1 April 
2013 to 25 July 2013, ahead of its annual general meeting to be held today at 
The Midland Hotel, Peter Street, Manchester. 
 
Trading update 
 
Current trading is in line with the group's expectations. Revenue is higher, 
reflecting the regulated price increase for 2013/14. However, as expected, this 
increase is slightly below the allowed regulated price rise, principally 
reflecting the continuing impact of a tough economic climate on commercial 
volumes. The increase in revenue is partly offset by higher depreciation and 
other operating costs, as expected. 
 
As planned, capital investment has continued at high levels as United Utilities 
invests to maintain and improve services for customers and deliver further 
environmental benefits, as well as providing a positive contribution to the 
regional economy. Regulatory capital investment for 2013/14, including 
infrastructure renewals expenditure, is expected to be around GBP800 million. 
 
We continue to deliver improvements in customer service, underpinned by good 
operational performance. The ten water and sewerage companies have now 
published their 2012/13 Ofwat key performance indicator reports and we are 
pleased to report an above average performance across this range of operational 
metrics. In addition, the ten companies have recently published their overall 
service incentive mechanism (SIM) scores for 2012/13 and we were delighted to 
note that United Utilities is again the most improved company over the year. We 
have also made an encouraging start to the 2013/14 financial year, with our 
first quarter performance on Ofwat's qualitative SIM score showing a further 
improvement in customer satisfaction. 
 
Financial position 
 
United Utilities' financial position remains robust. Group net debt is 
marginally lower, compared with the position at 31 March 2013, despite 
continued high levels of capital investment. This is before payment of the 
proposed 2012/13 final dividend, which is scheduled for 2 August 2013, and 
totals approximately GBP156 million. Gearing remains stable and in the middle of 
Ofwat's assumed range, supporting a solid A3 credit rating for United Utilities 
Water PLC. 
 
The UK Government, on 2 July 2013, substantively enacted the changes to 
facilitate the staged reductions in the mainstream rate of corporation taxation 
from 23% to 21%, with effect from 1 April 2014, and from 21% to 20%, with 
effect from 1 April 2015. This is expected to result in a deferred taxation 
credit of around GBP150 million, which will be recognised in the financial 
statements for the first half of 2013/14. 
 
Board changes 
 
Paul Heiden will stand down at today's annual general meeting, after over seven 
years as a non-executive director. Brian May, who joined the Board in September 
2012, will take over Paul's position as chair of both the Audit and Risk 
Committee and the Treasury Committee. Nick Salmon, who is senior independent 
non-executive director, will be appointed as a member of the Audit and Risk 
Committee. These appointments will become effective at the conclusion of 
today's annual general meeting. 
 
Outlook 
 
The group expects to deliver a good underlying financial performance for 2013/ 
14. The business will continue with its strong focus on customer service 
through sound operational performance and sees plenty of opportunities for 
further improvements. The company remains well on track in delivering its 
2010-15 regulatory outperformance targets. The board's dividend policy of 
targeting 2% per annum growth above the rate of RPI inflation through to at 
least 2015 continues to be underpinned by a robust capital structure. 
 
In line with its usual practice, United Utilities intends to issue a pre-close 
trading update on 19 September 2013. 
 
United Utilities contacts: 
 
Gaynor Kenyon, Corporate Affairs Director               +44 (0) 7753 622282 
 
Darren Jameson, Head of Investor Relations              +44 (0) 7733 127707 
 
Peter Hewer / Michelle Clarke, Tulchan Communications   +44 (0) 20 7353 4200 
 
This announcement is also available at: 
 
http://corporate.unitedutilities.com/investors.aspx 
 
 
 
END
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