TIDM52HO
RNS Number : 9332H
South East Water Limited
04 December 2015
South East Water Limited
Condensed Group financial statements
for the six months ended 30 September 2015
Registered number 02679874
Contents
Page
3 Chairman's statement
6 Statement of directors' responsibilities
7 Condensed Group income statement
7 Condensed Group statement of comprehensive income
8 Condensed Group statement of financial position
9 Condensed Group statement of changes in equity
10 Condensed Group statement of cash flows
11 Notes to the condensed Group financial statements
Chairman's statement
Introduction
I am pleased to present our interim report for the first half of
the 2015/16 financial year.
This is the first report on progress of our new business plan
covering the five year period starting in April 2015. Our plans,
which cover both our wholesale and retail operations, put customer
satisfaction right at the heart of everything we do. As well as
satisfying our legal and statutory duties, our plans include a
comprehensive set of targeted customer outcomes linked to financial
incentives or penalties to us and set out how we will achieve our
objectives in an efficient and effective way. You can read more
about our plans and our Outcome Delivery Incentives (ODIs) at
http://www.southeastwater.co.uk/businessplan.
With the challenges now clearly set, we have been engaging our
employees and partners to ensure that everyone is focussed on our
vision for the future: to be the water company people want to be
supplied by and want to work for.
As part of the long term strategy to manage our water resources
more efficiently, we are continuing with our Customer Metering
Programme. Working closely with our external partner, Clancy
Docwra, we have installed 21,500 meters in the first half of the
year. This improved our household meter coverage in our area to
74%. The programme continues and we are planning to achieve 90% by
2020. I am pleased with the progress in this area and would like to
thank our customers for their cooperation and support throughout
this process.
Following average rainfall during the summer and autumn and
reduced demand for water from customers, our water resources are at
a healthy level. As a result we are not anticipating the need to
consider any water restrictions in the coming year. We will
continue to work closely with our regulatory stakeholders to
monitor the situation and with our customers to promote the
importance of using water wisely whatever the weather.
I joined the Board as Chairman at the start of this reporting
period in April 2015. In August, Andrew Farmer joined the Board as
Finance Director to replace Jo Stimpson, who retired from the
company after 12 years' service. I would like to thank Jo for her
hard work and significant achievements over her time with the
business. Likewise, I would also like to thank Paul Seeley who
retired in November from the position of Operations Director for
his significant contribution over 12 years with the business. Paul
has been replaced by Simon Earl who joins us from Thames Water. I
would like to welcome Andrew and Simon to the company.
Results and Key Performance Indicators
The results published in this statement summarise our
performance for the six months ended 30 September 2015. The
financial statements are prepared under International Financial
Reporting Standards ("IFRS") and incorporate the performance of
South East Water Limited and its subsidiary, South East Water
(Finance) Limited.
At the beginning of the financial year South East Water Limited
adopted IFRS for the first time for its company only reporting.
This has highlighted that the group's previous accounting for
Property, Plant and Equipment required restatement and has led to
some of the comparative amounts for the six months to 30 September
2014 and the year to 31 March 2015 being restated. Further details
on the changes to the Company's accounting policies and the prior
periods' restatements are provided in note 2 of these financial
statements.
Revenue for the period was GBP109.4 million compared with
GBP110.2 million for the same period in the previous year. The
reporting period to September 2015 is the first period under which
we are reporting under Ofwat's separate price controls. Our revenue
for the period to September 2015 is in line with expectation. Our
customer demand is marginally higher when compared to the six month
period to 30 September 2014. However, this is matched by a
reduction in revenue from customers who have transferred from an
unmeasured supply to measured supply under our metering programme,
due to the average measured bill being lower than the average
unmeasured bill.
Net operating costs for the year to 30 September 2015 were
GBP72.6 million, an increase of 2.7% compared with the same period
in the previous year. The increase in operating costs of GBP1.9
million is principally due to increases in reactive maintenance
charges and staff costs. Operating profit was GBP40.4 million for
the first half of the 2015/16 financial year which compares with
GBP42.4 million in the prior year. Operating profit as a percentage
of revenue has decreased from 38.5% in the first half of 2014/15 to
36.9% in the current year.
Interest costs have decreased by GBP6.1 million from GBP27.3
million to GBP21.2 million. This reflects the lower RPI being
applied to the indexed linked loans during the first half of the
year and valuation of the interest rate swap.
Profit before tax has increased from GBP17.7 million to GBP21.8
million when compared to the same period last year. This represents
19.9% of revenue compared with 16.1% for the corresponding period
last year.
Profit after tax has increased from GBP14.9 million to GBP17.7
million for the first six months of the year. This is due to the
reduction in finance costs detailed above being offset by a
significant increase in the deferred tax liability. The increase in
the deferred tax liability in the period when compared to the same
period in the previous year is due to the prior year benefiting
from the reduction in the forward corporation tax rates from 23% to
20%. During the six months to 30 September 2015 the deferred tax
charge was GBP2.4 million.
Net cash generated from operations was GBP71.7 million for the
six months ended 30 September 2015 compared to GBP68.4 million in
the same period for the previous year. This increase is
predominantly due to improvements in supplier payment terms in the
period.
We continue to comply with the financial covenants set out in
our securitisation structure and continue to hold ratings from
Moody's and Standard & Poor's consistent with the requirements
of both our securitisation and our instrument of appointment.
Capital Expenditure
We have continued to invest in our infrastructure and other
fixed assets during the six months to September 2015 to maintain
and, where possible, improve the security and delivery of services
to our current and future customers.
During this period our capital expenditure was GBP47.7 million.
We have spent GBP13 million on our below ground infrastructure
network and our above ground asset expenditure includes GBP4.1
million on our water treatment refurbishment programme. Our
Customer Metering Programme has seen GBP5.1 million of investment
and we have also invested GBP3 million on the completion of our new
state-of-the-art laboratory. It is here that we operate our
year-round testing to make sure we maintain the excellent quality
water delivered to our 2.1 million customers.
Customer Service
I am pleased to report that customer complaints to South East
Water have fallen for the fourth year running and I am determined
that this improvement continues.
A report from the Consumer Council for Water published in
September 2015 shows that during 2014 - 15, South East Water saw
almost a 45 per cent drop in customer complaints compared to the
previous year. This was the best improvement seen within the
industry.
We saw our Service Incentive Mechanism score for 2014 - 15
improve for a third year in a row from 75 to 82, out of a score of
100. We are on track to improve further, with our current year to
date performance placing us 12(th) in the industry league table. We
are pleased with this progress and remain focused on continuing to
improve this area of our performance.
To help customers having difficulty paying their water bills we
have created a specially trained Customer Care Team which talks
with customers to understand their circumstances and discuss our
range of payment options along with our special tariffs. These
include the newly introduced Social Tariff and Service Plus for
vulnerable customers who may be elderly, deaf, blind, partially
sighted or suffering from a chronic illness.
There are also a wide range of support tariffs, payment schemes
and financial assistance through our charitable trust the Helping
Hand Social Fund.
We continue to work closely with the Citizens Advice Bureau to
share ideas on the best way to manage debt and understand the
potential implications of the welfare reform on customers' ability
to pay our bills.
Principal risks and uncertainties
The principle risks and uncertainties facing the business are
set out in the Strategic Report within the Group's Annual Report
for 2014/15, which can be found on the South East Water
website.
Going Concern
The directors are satisfied that the Group has sufficient
resources to continue in operation for the foreseeable future, a
period of not less than 12 months from the date of this report.
Looking ahead
For the immediate term, we are continuing to deliver our
business plan for 2015-2020 and ensuring everyone is focussed on
putting customer priorities at the heart of everything we do.
We are also preparing for the introduction of competition for
our non- household customers and ensuring that company is well
placed to accept the challenges of this development in the water
sector.
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The Board and I are confident that we have the right management
team in place to deliver on our plans, both now and in the longer
term, to the benefit of today's and tomorrow's customers and we
would like to thank our staff and our partners for their continued
hard work and support.
Nick Salmon
Chairman
4 December 2015
Statement of directors' responsibilities
The directors confirm that to the best of their knowledge:
-- the condensed Group financial statements have been prepared
in accordance with IAS 34 Interim Financial Reporting as endorsed
by the European Union; and
-- the condensed Group statements herein include a fair review
of the information required by the Disclosure and Transparency
Rules 4.2.7R.
The directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time the
financial position of the Group and enable them to ensure that the
Group financial statements comply with the Companies Act 2006. They
are responsible for safeguarding the assets of the Group and hence
for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The directors are also responsible for the maintenance and
integrity of the corporate and financial information included on
the Company's website. Legislation in the United Kingdom governing
the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
By order of the Board
Paul Butler
Managing Director
4 December 2015
Condensed Group income statement
for the six months ended 30 September 2015
Six months Six months
ended ended
30 September 30 September
2015 2014
(restated)
Notes GBP000 GBP000
Revenue 3 109,449 110,244
Net operating costs 5 (72,571) (70,659)
Other income 6 3,528 2,792
Operating profit 40,406 42,377
Finance costs 7 (21,152) (27,319)
Finance income 8 2,518 2,593
Profit before tax 21,772 17,651
Taxation 9 (4,063) (2,743)
-------------- --------------
Profit for the period 17,709 14,908
-------------- --------------
Earnings per share
Basic and diluted from continuing
operations 35.91p 30.23p
-------------- --------------
Condensed Group statement of comprehensive income
for the six months ended 30 September 2015
Six months Six months
ended ended
30 September 30 September
2015 2014
(restated)
GBP000 GBP000
Profit for the period 17,709 14,908
-------------- --------------
Items that will not be reclassified
subsequently to profit or loss:
Re-measurement of defined benefit
liability 17,693 (10,528)
Return on scheme assets excluding
interest income (12,099) 11,170
Income tax relating to items not
reclassified (1,119) (128)
4,475 514
-------------- --------------
Total comprehensive income for the
period attributable to Owners of
the Company 22,184 15,422
-------------- --------------
Condensed Group statement of financial position
as at 30 September 2015
30 September 31 March 30 September
2015 2015 2014
(restated) (restated)
Notes GBP000 GBP000 GBP000
Assets
Non-current assets
Intangible assets 11 8,889 9,237 9,429
Property, plant and equipment 12 1,396,246 1,370,157 1,345,804
Amount due from parent undertaking 190,013 190,013 190,013
Defined benefit pension surplus 5,555 2,794 -
1,600,703 1,572,201 1,545,246
-------------- -------------- --------------
Current assets
Inventories 244 245 332
Trade and other receivables 13 69,959 65,614 67,368
Cash and cash equivalents 14 23,204 28,719 46,016
93,407 94,578 113,716
-------------- -------------- --------------
Total Assets 1,694,110 1,666,779 1,658,962
-------------- -------------- --------------
Liabilities
Current liabilities
Trade and other payables 17 (92,220) (89,597) (97,280)
Deferred income (3,686) (2,631) (2,715)
Provisions (4,184) (4,130) (1,550)
(100,090) (96,358) (101,545)
Non-current liabilities
Loans and borrowings (864,303) (863,418) (858,778)
Trade and other payables 17 (2,281) (1,751) (1,113)
Derivative financial instruments 15/16 (92,566) (88,811) (87,960)
Deferred tax liabilities (153,248) (150,295) (144,863)
Defined benefit pension liability (5,159) (9,783) (29,532)
Deferred income 17 (66,638) (64,835) (61,112)
(1,184,195) (1,178,893) (1,183,358)
-------------- -------------- --------------
Total Liabilities (1,284,285) (1,275,251) (1,284,903)
-------------- -------------- --------------
Net assets 409,825 391,528 374,059
-------------- -------------- --------------
Equity
Ordinary shares 49,312 49,312 49,312
Capital redemption reserve - - 4,000
Revaluation reserve 261,702 264,155 266,939
Retained earnings 98,811 78,061 53,808
-------------- -------------- --------------
Total equity 409,825 391,528 374,059
-------------- -------------- --------------
The notes on pages 11 to 18 are an integral part of these
condensed Group financial statements.
Condensed statement of changes in equity
for the six months ended 30 September 2015
Capital
Issued redemption Revaluation Retained
capital reserve reserve earnings Total equity
GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2015 49,312 - 264,155 78,061 391,528
---------- ------------ -------------- ----------- ---------------
Profit for the period - - - 17,709 17,709
Other comprehensive
income - - - 4,475 4,475
Total comprehensive
income - - - 22,184 22,184
Dividends (see note
10) - - - (4,500) (4,500)
Amortise revaluation
reserve - - (3,065) 3,065 -
Release revaluation
on disposals - - (1) 1 -
Deferred tax on reserve
releases - - 613 - 613
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---------- ------------ -------------- ----------- ---------------
At 30 September 2015 49,312 - 261,702 98,811 409,825
---------- ------------ -------------- ----------- ---------------
for the six months ended 30 September 2014
Capital
Issued redemption Revaluation Retained
capital reserve reserve earnings Total equity
(restated) (restated) (Restated)
GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2014 49,312 4,000 269,424 48,852 371,588
---------- ------------ -------------- ------------- ---------------
Profit for the period - - - 14,908 14,908
Other comprehensive
income 514 514
---------- ------------ -------------- ------------- ---------------
Total comprehensive
income - - 15,422 15,422
Dividends (see note
10) - - (13,572) (13,572)
Amortise revaluation
reserve - - (3,069) 3,069 -
Release revaluation
on disposals - - (37) 37 -
Deferred tax on reserve
releases - - 621 - 621
---------- ------------ -------------- ------------- ---------------
At 30 September 2014 49,312 4,000 266,939 53,808 374,059
---------- ------------ -------------- ------------- ---------------
Condensed Group statement of cash flows
for the six months ended 30 September 2015
Six months Six months
ended ended
30 September 30 September
2015 2014
Notes GBP000 GBP000
Cash flows from operating activities
Net cash generated from operations 72,196 69,574
Interest received 2,518 2,549
Interest paid (17,411) (17,082)
Pension contributions paid (2,400) (4,904)
Group tax relief paid (1,250) (1,524)
Net cash from operating activities 53,653 48,613
--------------- --------------
Cash flows from investing activities
Sale of property, plant and equipment 54 105
Purchase of property, plant and
equipment (54,211) (39,498)
Purchase of intangible assets (1,058) (1,168)
Fixed asset contributions received
/(paid) 550 63
Net cash used in investing activities (54,655) (40,498)
--------------- --------------
Cash flows from financing activities
Finance lease principal payments - (1,237)
Repayment of borrowings (3) -
Dividends paid to shareholder 10 (4,500) (13,572)
Net cash used in financing activities (4,503) (14,809)
--------------- --------------
Net decrease in cash and cash equivalents (5,515) (6,694)
Cash and cash equivalents at 1 April 28,719 52,710
--------------- --------------
Cash and cash equivalents at 30
September 14 23,204 46,016
--------------- --------------
Notes to the condensed Group financial statements
for the six months ended 30 September 2015
1. Basis of preparation
The condensed Group financial statements for the six months
ended 30 September 2015 are set out on pages 7 to 18 and have been
prepared in accordance with the Disclosure and Transparency Rules
of the Financial Services Authority and IAS 34 Interim Financial
Reporting as endorsed by the European Union. The statements should
be read in conjunction with the financial statements for the year
ended 31 March 2015, which have been prepared in accordance with
International Financial Reporting Standards ("IFRS") endorsed by
the European Union.
The condensed Group financial statements are presented in
sterling.
These interim financial results are neither audited nor reviewed
by our auditor. The information for the year ended 31 March 2015
does not comprise statutory accounts within the meaning of section
434 of the Companies Act 2006. Statutory accounts for the year
ended 31 March 2015 were approved by the Board of directors on 3
July 2015 and delivered to the Registrar of Companies. The report
of the auditors on those accounts was not qualified, did not
include any reference to any matters to which the auditors drew
attention by way of emphasis without qualifying the report and did
not contain any statement under section 498(2) or (3) of the
Companies Act 2006.
This interim report contains a number of restated values for the
results of the six months ended 30 September 2014 and the year
ended 31 March 2015. These changes are as a result of the Company
and its subsidiary adopting IFRS for their company only reporting
for the first time in the current year. Note 2 provides further
explanations of the nature of these changes and the amounts
involved.
2. Accounting policies
Restatement
South East Water Limited has previously reported under UK GAAP
at a company level. It has adopted IFRS in the year, with a
transition date of 1 April 2014. The company will publish its first
set of accounts under IFRS for the year ending 31 March 2016. A
rigorous exercise has been performed in establishing accounting
policies for the Company under this accounting framework. This has
highlighted that the group's previous accounting for property,
plant and equipment ("PP&E") did not adequately reflect our
current understanding of our PP&E valuation and
componentisation, and as a result of this, it has been necessary to
correct the group accounts to be consistent with the new company
accounting policies and practices. The information available to the
group now in relation to fixed assets was not available at the date
of the original IFRS transition and it is therefore impracticable
to restate the accounts back to the original date. The earliest
date at which it is practicable to obtain corrected information is
as at 1 April 2014.
The following restatements at a group level have been
recognised:
Statement of financial Income statement
position
Property,
plant & Deferred Operating Tax
equipment tax costs charge
GBP000 GBP000 GBP000 GBP000
30 September 2014
Amounts as previously reported 1,231,083 (122,528) (67,755) (3,432)
Adjustments at 1 April 2014 117,625 (23,645) - -
Adjustments in the period (2,904) 1,310 (2,904) 689
------------ ----------- ------------ ---------
1,345,804 (144,863) (70,659) (2,743)
------------ ----------- ------------ ---------
31 March 2015
Amounts as previously reported 1,266,462 (130,896) (127,598) (8,256)
Adjustments at 1 April 2014 117,625 (23,645) - -
Adjustments in the period (13,930) 4,246 (12,906) 2,886
------------ ----------- ------------ ---------
1,370,157 (150,295) (140,504) (5,370)
------------ ----------- ------------ ---------
Notes to the condensed Group financial statements
(continued)
for the six months ended 30 September 2015
2. Accounting policies (continued)
Property, plant & equipment: As described above, the group
has adopted new accounting policies in respect of componentisation
and useful economic lives in relation to fixed assets. The
principles and methodology adopted by the group have now been
applied to the group PP&E balances together with the related
correction to the subsequent accounting for additions, disposals
and depreciation.
Deferred tax: The increase in deferred tax relates to the change
in valuation of the fixed assets.
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Operating costs: The changes to the accounting policies in
respect of useful economic lives have resulted in changes to
depreciation.
Changes in accounting policies
The accounting policies adopted are consistent with those of the
financial statements for the year ended 31 March 2015 as described
in those financial statements, except as detailed below.
-- Infrastructure assets have been redefined into the following
categories and the economic lives of these assets have been
reassessed as detailed below.
Category Economic lives
(years)
Surface Reservoirs 250
Communication pipes 100
Distribution mains - ductile Iron 70
Distribution mains - cast iron 100
Distribution mains - polyethylene 100
Other mains 70
3. Revenue
Six months Six months
ended ended
30 September 30 September
2015 2014
(restated)
GBP000 GBP000
Metered water income 76,583 70,454
Unmetered water income 29,956 37,478
Other sales 2,910 2,312
-------------- --------------
109,449 110,244
-------------- --------------
All revenue is generated from activities within the United
Kingdom and was from external customers.
Notes to the condensed Group financial statements
(continued)
for the six months ended 30 September 2015
4. Segmental analysis
The Group's revenue mainly arises from the supply of water and
related activities. The activities of the Group, for management
purposes, fall into three operating areas being regulated
activities, non-regulated activities and new connections to the
Group's network. However, because of the relative size of the
latter two segments they are reported together as "Other
activities" below.
The Group analyses results by segment to operating profits only,
so no segmental statement of financial position or statement of
cash flows are presented.
The adjustment of revenue relates to work performed on the
Group's network for new connections on behalf of third parties.
This is reported as revenue for management purposes, but is treated
as deferred income for the purposes of these accounts.
Period to 30 September 2015 Regulated Other activities
activities GBP000 Adjustments Total
GBP000 GBP000 GBP000
Total revenue 108,492 3,588 (2,631) 109,449
------------ ----------------- -------------- ---------
Operating profit 38,423 2,163 - 46,406
------------ ----------------- --------------
Investment income 2,518
Finance costs (21,152)
---------
Profit before taxation 21,772
Taxation (4,063)
---------
Profit for the year 17,709
---------
Period to 30 September 2014
(restated)
Total revenue 109,114 3,363 (2,233) 110,244
------------ ----------------- -------------- ---------
Operating profit 39,505 2,872 - 42,377
------------ ----------------- --------------
Investment income 2,593
Finance costs (27,319)
---------
Profit before taxation 17,651
Taxation (2,743)
---------
Profit for the year 14,908
---------
5. Net operating costs
Six months Six months
ended ended
30 September 30 September
2015 2014
(restated)
GBP000 GBP000
Employee benefits expense 12,907 12,389
Asset expense 19,766 19,072
Other operating expenses 39,898 39,198
-------------- --------------
72,571 70,659
-------------- --------------
Notes to the condensed Group financial statements
(continued)
for the six months ended 30 September 2015
6. Other income
Six months Six months
ended ended
30 September 30 September
2015 2014
(restated)
GBP000 GBP000
Rental income 521 557
Sundry income 3,007 2,235
-------------- --------------
3,528 2,792
-------------- --------------
7. Finance costs
Six months Six months
ended ended
30 September 30 September
2015 2014
GBP000 GBP000
Effective interest on listed debt 12,167 12,057
Fair value movements on interest
rate swap 3,755 4,989
Indexation on listed debt 1,187 2,406
Interest on index linked loans 4,294 4,247
Indexation on index linked loans (572) 2,762
Other finance costs 1,547 1,541
Pension fund finance charge 98 644
-------------- -----------------------
22,476 28,646
Less: interest capitalised (1,324) (1,327)
-------------- -----------------------
21,152 27,319
-------------- -----------------------
8. Finance income
Six months Six months
ended ended
30 September 30 September
2015 2014
GBP000 GBP000
Interest receivable from Group undertakings 2,448 2,423
Interest receivable on bank balances and
short term deposits 70 170
2,518 2,593
-------------- --------------
Notes to the condensed Group financial statements
(continued)
for the six months ended 30 September 2015
9. Taxation
Six months Six months
ended ended
30 September 30 September
2015 2014
(restated)
GBP000 GBP000
Current taxation charge 1,616 1,653
Deferred taxation charge 2,447 1,090
4,063 2,743
-------------- --------------
The current tax charge is recognised based on management's
estimate of the weighted average annual corporation tax rate
expected for the full financial year.
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10. Dividends
Six months Six months
ended ended
30 September 30 September
2015 2014
GBP000 GBP000
Equity dividends paid during the period
of 9.1p per share (2014: 27.5p) 4,500 13,572
-------------- --------------
11. Intangible assets
GBP000
Net book amount
At 1 April 2015 9,237
Additions for the period 1,058
Amortisation for the period (1,406)
--------
At 30 September 2015 8,889
--------
Net book amount
At 1 April 2014 9,713
Additions for the year 2,371
Disposals for the year (6)
Amortisation for the year (2,841)
--------
At 31 March 2015 9,237
--------
Net book amount
At 1 April 2014 9,713
Additions for the period 1,169
Amortisation for the period (1,453)
--------
At 30 September 2014 9,429
--------
Notes to the condensed Group financial statements
(continued)
for the six months ended 30 September 2015
12. Property, plant and equipment
GBP000
Net book amount
At 1 April 2015 1,370,157
Additions for the period 46,610
Disposals for the period (23)
Depreciation for the period (20,498)
----------
At 30 September 2015 1,396,246
----------
Net book amount (restated)
At 1 April 2014 1,324,133
Additions for the year 89,636
Disposals for the year (238)
Depreciation for the year (40,858)
Impairment in the year (2,516)
----------
At 31 March 2015 1,370,157
----------
Net book amount (restated)
At 1 April 2014 1,324,133
Additions for the period 41,874
Disposals for the period (127)
Depreciation for the period (20,076)
----------
At 30 September 2014 1,345,804
----------
13. Trade and other receivables
30 September 31 March 30 September
2015 2015 2014
GBP000 GBP000 GBP000
Trade receivables 29,223 28,422 27,199
Amounts due from Group undertakings - 59 51
Prepayments and accrued
income 38,359 33,387 37,572
Other receivables 2,377 3,746 2,546
------------- --------- -------------
69,959 65,614 67,368
------------- --------- -------------
14. Cash and cash equivalents
30 September 31 March 30 September
2015 2015 2014
GBP000 GBP000 GBP000
Cash at bank 904 1,269 416
Short term cash deposits 22,300 27,450 45,600
------------- --------- -------------
23,204 28,719 46,016
------------- --------- -------------
Notes to the condensed Group financial statements
(continued)
for the six months ended 30 September 2015
15. Financial liabilities
30 September 31 March 30 September
2015 2015 2014
GBP000 GBP000 GBP000
Non-current liabilities
Irredeemable debenture stock 997 1,000 1,048
Listed bonds due after five years 515,641 516,258 515,697
Index linked loans 347,665 346,160 342,033
------------- --------- -------------
Loans and borrowings 864,303 863,418 858,778
Interest rate swap 92,566 88,811 87,960
956,869 952,229 946,738
------------- --------- -------------
16. Financial Instruments
Fair values of financial assets and financial liabilities
Fair value is the amount at which a financial instrument could
be exchanged in an arm's length transaction between informed and
willing parties. In the opinion of the directors, the fair values
of the financial assets and liabilities of the Group (apart from
the specific items shown in the fair value table below) are not
materially different from the book values.
Book Fair Book Fair
Value Value Book Fair Value Value
30 September 30 September Value Value 30 September 30 September
2015 2015 31 March 31 March 2014 2014
GBP000 GBP000 2015 2015 GBP000 GBP000
GBP000 GBP000
Loans and receivables
Amounts due from parent
undertaking 190,013 134,041 190,013 152,004 190,013 134,249
-------------- -------------- ----------- ------------ -------------- --------------
Financial liabilities
at amortised cost
Irredeemable debentures 997 670 1,000 691 1,048 719
Listed bonds 520,961 631,496 516,258 631,496 513,784 553,488
Index linked loans 355,378 335,391 346,160 391,946 338,506 354,910
-------------- -------------- -----------
877,336 967,557 863,418 1,024,133 853,338 909,117
-------------- -------------- ----------- ------------ -------------- --------------
The following table details the financial instruments that are
carried in the Group's books at the fair value at 30 September
2015.
Book and Book and Book and
Fair Value Fair Value Fair Value
30 September 31 March 30 September
2015 2015 2014
GBP000 GBP000 GBP000
At fair value through the income
statement
Interest rate swap 92,566 88,811 87,960
-------------- ------------ --------------
The book value of the interest rate swap has been adjusted to
reflect its fair value.
Notes to the condensed Group financial statements
(continued)
for the six months ended 30 September 2015
16. Financial Instruments (continued)
Fair value hierarchy
The Group held the following financial instruments measured at
fair value:
Total Level 1 Level 2 Level 3
GBP000 GBP000 GBP000 GBP000
Financial liabilities at fair
value through the income statement
30 September 2015
Interest rate swap (92,566) - (92,566) -
----------- -------- ----------- --------
31 March 2015
Interest rate swap (88,811) - (88,811) -
----------- -------- ----------- --------
30 September 2014
Interest rate swap (87,960) - (87,960) -
----------- -------- ----------- --------
During the reporting period ending 30 September 2015, there were
no transfers between Level 1 and Level 2 fair value measurements
and no transfers into and out of Level 3 fair value
measurements.
The Group uses the following hierarchy for determining and
disclosing the fair value of financial instruments by valuation
technique:
-- Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
-- Level 2: other techniques for which all inputs with a
significant effect on the recorded fair value are observable,
either directly or indirectly; and
-- Level 3: techniques which use inputs which have a significant
effect on the recorded fair value that are not based on observable
market data.
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