Annual Report & Accounts 2017/18

3 NI Water Annual Report and Accounts 2017/18 Contents Strategic report Welcome 5 Changing how we think about water 7 Key business activities 8 How we create value 10 Business performance 12 External environment 14 Delivering what matters to stakeholders 16 Outlook 18 Business strategy 19 Delivering our customer promises 20 Risk and resilience 53 Strategic threats and opportunities 54 Our finances explained 62 Financial performance 64 Governance Corporate governance 70 Directors’ report 79 Directors’ remuneration report 82 Statement of Directors’ responsibilities 87 Statutory accounts 88 Independent auditors’ report 153 Northern Ireland Water is a trademark of Northern Ireland Water Limited, incorporated in Northern Ireland, Registered Number NI054463. © Northern Ireland Water Limited copyright 2018. This information is licensed under the Open Government Licence v3.0. To view this licence visit: www.nationalarchives.gov.uk/doc/open-government-licence/version/3/ Any enquiries regarding this publication should be addressed to the Business Reporting Manager using the contact details on the back cover of this report. Images on front cover – Cyclist drinking water on the banks of the River Lagan; NI Water staff member with one of our business customers; and section of the Mourne Wall, Co Down. We would like to acknowledge particular thanks to Michael Cooper Photography who supplied the majority of images used in our report. Thanks also go to Brian Morrison Photography.