and River Wye in the south, and everything to the west of these catchments. This means that it includes part of the Wirral and Cheshire, and also parts of Gloucestershire, and Herefordshire, particularly Hereford. It excludes those areas supplied by private water utilities such as Hafren Dyfrdwy which operates in the River Dee catchment supplying parts of north east and mid Wales. Hafren Dyfrdwy was formed from parts of the Dee Valley Water business, which is now a subsidiary of Severn Trent plc, and runs its operations in Wales. It also excludes any area of Wales drained by the River Severn, which are currently served by Hafren Dyfrdwy, after Severn Trent combined all of its coverage areas in Wales with the Welsh parts of Dee Valley Water, following its takeover of that company. Not-for-profit status In 2001, Welsh Water became a not-for-profit organisation with no shareholders. This differentiates it from all the other Water companies operating in England and restores it to the same organisational status as water supply utilities in Scotland and the pre-privatisation water supply undertakings in England. Under Glas Cymru's ownership, the company's assets and capital investment are financed by bonds and retained financial surpluses. The Glas Cymru business model aims to reduce Welsh Water's asset financing cost, the water industry’s single biggest cost. Financing efficiency savings to date have largely been used to build up reserves to insulate Welsh Water and its customers from any unexpected costs and also to improve credit quality. As of 2019, the company has the strongest credit ratings among the England and Wales-based water and sewerage companies Water industry. When it was established as a not-for-profit company, Welsh Water had a gearing level (the ratio of net debt to Regulatory Capital Value) of around 93%. Since 2001, the company has reduced this level to 58% in 2021–2022. Not-for-profit 'dividends' Part of Welsh Water's not-for-profit model means any surplus money is reinvested back into the business or into customer services, or to reduce customer bills. To date, around £450 million has been reinvested in such ways. Visitor attractions and reservoirs Welsh Water owns more than 90 dams and reservoirs across its areas of operation - including a number of flagship visitor attractions. These generally provide access to the reservoir and surrounding land, but also provide visitor centres, leisure facilities, walking routes, and cafes. Their main visitor attraction sites are: Elan Valley Reservoirs,