Biffa delight at winning high score in environmental performance study

The study uses a 27 point rating scale from AAA+ to C- to
indicate a company's ability to manage its operational risks. Biffa's award
of an AAA- rating is an improvement on last year's AA rating and indicates
the extent to which the company's values are reflected by its corporate
policies.

SERM's study provides an independent overview of a company's
ability to manage the physical hazards arising from its operations. It does
this by measuring the potential impact of safety and environmental incidents upon a company in terms of its direct and indirect risk to capital.

“It is widely recognised that environmental, health & safety
and social/ethical concerns have an impact on companies' share value,” said Biffa's Managing Director, Martin Bettington. “However, such issues remain outside the mainstream of current financial analysis and valuation
techniques that provide the basis for investment decisions and corporate
strategy.”

SERM's approach to translating environmental risks into financial terms is intended to measure the differences in the relative value of companies and provide an effective aid to critical analysis of a company's true value.

“We're delighted,” said Biffa's Berian Griffiths, director of environment. “This reflects the efforts of the company in maintaining an on-going policy of environmental improvement, which was highlighted in our latest environmental report.”