TIDMBWRA
RNS Number : 9319T
Bristol Water PLC
30 November 2021
Announcement of unaudited interim results for the six months
ended 30 September 2021
Bristol Water plc (the "Company") announces its interim
unaudited financial statements for the six months ending 30
September 2021.
The Company's interim financial results are set out below and
can also be accessed via the Company's website.
For further information contact:
Mel Karam, Chief Executive Officer
Laura Flowerdew, Chief Financial
Officer
Bristol Water plc
Tel 0117 953 6470
Or contact: Bristol Water Corporate Affairs on 0117 953 6470 during
office hours or 0800 917 8066 at any time.
FINANCIAL HIGHLIGHTS
Six months Six months
to to
30 September 30 September
2021 2020
(unaudited) (unaudited)
GBPm GBPm
Turnover 62.2 59.6
EBITDA 30.6 23.9
Profit before taxation 10.6 4.3
Profit after taxation (12.6) 3.3
Net debt (excluding 8.75% irredeemable cumulative
preference shares) 378.3 377.4
Capital investment in the period 17.6 19.1
Summary
-- Bristol Water Chairman, Keith Ludeman, states 'It has been a
real pleasure to chair Bristol Water during a period that has seen
the business flourish, with robust operational performance and
excellent financial discipline.'
-- Strong financial performance with EBITDA improvement of 28.0%
to GBP30.6m, as a result of higher revenues and lower operating
costs.
-- Revenues increased as a result of higher regulatory allowances coupled with recovery in the non-household market post COVID-19 lockdowns.
-- Underlying operating costs decreased by 7.5%, reflecting the
successful delivery of the Company's transformation programme,
despite significant upward inflationary pressures on power,
chemicals and supply chain.
-- GBP17.6m investment in the capital programme focussing on
improving and renewing the company's asset base.
-- Profit before taxation improved by GBP6.3m to GBP10.6m.
However, the adjustment to the deferred tax charge of GBP21.0m,
resultant from the future increase in the corporation tax rate to
25%, has led to a loss after tax of GBP12.6m.
-- The increase in net debt principally consists of drawdowns
from committed facilities of GBP2.0m and indexation applied to
index linked debt of GBP3.2m offset by an increase in cash of
GBP3.7m. Available undrawn committed facilities amount to
GBP42.0m.
CHAIRMAN'S STATEMENT
It has been a real pleasure to chair Bristol Water during a
period that has seen the business flourish, with robust operational
performance and excellent financial discipline. The past 18 months
have not been easy, but it is rewarding to see our business move
forward. The period has seen the benefits from delivering our
transformation programme as well as our staff working hard to
overcome the challenges brought about by COVID-19.
Our financial performance in this period has been encouraging,
with EBITDA increasing by 28% in the period, reflecting both lower
operating costs and higher revenue. The reduction in operational
expenditure reflects a step change in our cost base, benefitting
from the many initiatives instigated as part of our transformation
programme last year. These initiatives have put us in a good
position to minimise the many inflationary cost pressures we are
now experiencing, most notably in respect of chemical and power
prices.
Operationally, the business has also performed strongly; we have
met or exceeded our targets across a range of measures, including
customer service, leakage and supply interruptions. As an industry,
these are critical performance indicators, and I am delighted to
see the focus on achieving our targets really paying off, to the
benefit of our customers,
I am particularly proud of our performance on supply
interruption, where our performance year on year has improved
markedly and currently stands at 1.57 minutes lost per customer
property. Our year end target of 6.13 customer minutes lost is
hugely challenging, and it is a testament to efforts across the
business to put our customers first that we have seen such a strong
performance in this area in the year to date. This cross business
focus was particularly apparent in July, when a 1200mm diameter
main, supplying water to around 50,000 properties, burst, during a
hot and dry summer period. A focus on diverting water via
alternative routes around our network to maintain customers in
water supply, whilst carefully balancing levels in different
service reservoirs, resulted in only a small customer impact
despite the scale and complexities the burst posed
operationally.
Our leakage performance also continues to be industry leading,
and we continue to strive to improve despite the efforts needed to
make incremental gains at this level. Using analytics and data to
help identify leaks, as well as focussing on productivity and speed
in fixing them, the business continues to ensure that this critical
measure is delivered and improved upon each year.
Finally, our C-Mex (customer experience measure) scores have put
us in 4th place across the industry in the year to date. We are
proud of this outcome, which we achieve in partnership with our
joint venture billing company Pelican. Both operational and billing
scores have seen marked improvements, and we continue to drive a
focus on putting the customer first in everything we do.
It is fundamental to our performance that our employees go home
safe at the end of each working day. Our performance in this area
has been challenging, with our accident frequency rate higher than
we targeted. We continue to focus on this area and to ensure the
culture and actions we take, every day, encourage an open culture
and a focus on continued improvement.
Finally, the acquisition of the Bristol Water group of companies
by Pennon Group plc on 3 June 2021 has led to a review by the
Competitions and Market Authority (CMA) to ensure interests of
customers are protected. This brings a new period of uncertainty
for our employees, albeit with the promise of fresh opportunities
at the end. We look forward to the conclusion of this process and
thank all of our employees for their patience whilst this review is
undertaken.
Keith Ludeman
Chairman
29 November 2021
INCOME STATEMENT
For the six months ended 30 September 2021
Six months to Six months to Year to
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
Note GBPm GBPm GBPm
Revenue 5 62.2 59.6 119.5
Operating costs 6 (44.2) (46.2) (91.4)
Impairment losses on trade receivables (1.5) (2.4) (4.9)
============== ============== ===========
Operating costs before exceptional items (45.7) (48.6) (96.3)
Exceptional operating costs (0.1) (0.9) (2.2)
============== ============== ===========
Total net operating costs (45.8) (49.5) (98.5)
Operating profit 16.4 10.1 21.0
Net interest payable and similar charges 7 (5.3) (5.3) (11.0)
Dividends on 8.75% irredeemable cumulative preference shares 7 (0.5) (0.5) (1.1)
============== ============== ===========
Net interest payable and similar charges (5.8) (5.8) (12.1)
Profit on ordinary activities before taxation 10.6 4.3 8.9
Taxation on profit on ordinary activities 8 (23.2) (1.0) (2.1)
(Loss)/profit for the period/year (12.6) 3.3 6.8
============== ============== ===========
Earnings per ordinary share 9 (210.0)p 55.0p 113.3p
All activities above relate to the continuing activities of the
Company.
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2021
Six months to Six months to Year to
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
Note GBPm GBPm GBPm
(Loss)/profit for the period/year (12.6) 3.3 6.8
Other comprehensive expense:
Items that will not be reclassified to profit and loss
Actuarial losses on retirement benefit surplus (0.8) (0.3) (0.3)
Re-measurement of defined benefit pension scheme 8 0.3 0.2 0.3
============== ============== ==========
Other comprehensive expense for the period/year, net of tax (0.5) (0.1) -
Total comprehensive (expense)/income for the period/year (13.1) 3.2 6.8
============== ============== ==========
STATEMENT OF FINANCIAL POSITION
As at 30 September 2021
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
Note GBPm GBPm GBPm
Non-current assets
Property, plant and equipment 10 687.0 676.9 682.9
Intangible assets 11 12.8 14.4 13.3
Other investments - Loans to a UK holding
Company 61.1 65.5 61.1
Deferred tax assets 7.8 5.9 5.9
Retirement benefit surplus 12 8.4 9.4 9.1
============= ============= ===========
777.1 772.1 772.3
Current assets
Inventory 1.7 1.7 1.7
Trade and other receivables 33.0 32.5 29.6
Cash and cash equivalents 14.8 11.0 10.9
============= ============= ===========
49.5 45.2 42.2
Total assets 826.6 817.3 814.5
============= ============= ===========
Non-current liabilities
Lease liabilities 13 (1.3) (1.7) (1.5)
Deferred income tax liabilities (95.2) (72.1) (72.3)
Borrowings and derivatives 14 (382.4) (386.3) (379.2)
8.75% irredeemable cumulative preference
shares 14 (12.5) (12.5) (12.5)
Deferred income (83.1) (82.2) (82.9)
Government Grants (0.3) (0.3) (0.3)
============= ============= ===========
(574.8) (555.1) (548.7)
Current liabilities
Lease liabilities 13 (0.4) (0.4) (0.4)
Current portion of borrowings and derivatives (9.0) - (9.0)
Current portion of deferred income (1.9) (1.8) (1.8)
Trade and other payables (36.3) (35.8) (35.3)
Provisions for liabilities - (3.0) (0.5)
============= ============= ===========
(47.6) (41.0) (47.0)
Total liabilities (622.4) (596.1) (595.7)
============= ============= ===========
Net assets 204.2 221.2 218.8
============= ============= ===========
Equity
Called-up share capital 6.0 6.0 6.0
Share premium account 4.4 4.4 4.4
Other reserves 5.8 5.8 5.8
Retained earnings 188.0 205.0 202.6
============= ============= ===========
Total Equity 204.2 221.2 218.8
============= ============= ===========
The financial statements of Bristol Water plc, registered number 2662226
on pages 5-17, were approved by the Board of directors on 29 November
2021 and signed on its behalf by:
Mel Karam , Director, CEO Laura Flowerdew, Director, CFO
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2021
Called up share capital Share premium Capital redemption Retained earnings Total
account reserve
GBPm GBPm GBPm GBPm GBPm
Balance at 1 April 2020 6.0 4.4 5.8 201.8 218.0
======================== ============== =================== ================== =======
Profit for the year - - - 3.3 3.3
Other comprehensive
expense for the year:
Actuarial losses
recognised in respect of
retirement
benefit obligations - - - (0.3) (0.3)
Re-measurement of defined
benefit scheme - - - 0.2 0.2
Total comprehensive
expense for the year - - - (0.1) (0.1)
Ordinary dividends - - - - -
Balance as at 30
September 2020 6.0 4.4 5.8 205.0 221.2
======================== ============== =================== ================== =======
Balance at 1 April 2021 6.0 4.4 5.8 202.6 218.8
======================== ============== =================== ================== =======
Loss for the period - - - (12.6) (12.6)
Other comprehensive
expense for the period:
Actuarial losses
recognised in respect of
retirement - - - (0.8) (0.8)
benefit obligations
Re-measurement of defined
benefit scheme - - - 0.3 0.3
Total comprehensive
expense for the period - - - (0.5) (0.5)
Ordinary dividends - - - (1.5) (1.5)
Balance as at 30
September 2021 6.0 4.4 5.8 188.0 204.2
======================== ============== =================== ================== =======
The Board has not proposed interim dividends on the ordinary
shares in respect of the period ended 30 September 2021 (6 months
ended 30 September 2020: GBPnil).
CASH FLOW STATEMENT
For the six months ended 30 September 2021
Six months to Six months to Year to
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
Note GBPm GBPm GBPm
Cashflows from operating activities
Profit before taxation 10.6 4.3 8.9
Adjustments for:
Deferred income amortisation 5 (0.9) (0.9) (1.8)
Depreciation 6 12.3 11.9 24.0
Amortisation of intangibles 6 1.9 1.9 3.7
Difference between pension charges and contributions paid 0.4 0.4 1.0
Profit on disposal of assets - (0.1) (0.1)
Interest income 7 (1.8) (1.9) (3.9)
Interest expense 7 7.7 7.9 16.4
Pension interest income 7 (0.1) (0.2) (0.4)
Increase in inventory - - -
(Increase)/decrease in trade and other receivables (4.0) (0.5) 2.3
Increase /(decrease) in trade and other creditors and
provisions 2.0 (1.1) (3.0)
============== ============== ===========
Cash generated from operations 28.1 21.7 47.1
Interest paid (6.2) (6.4) (12.5)
Corporation taxes paid (1.6) (0.4) (1.4)
Contributions received 1.2 1.3 2.9
============== ============== ===========
Net cash inflows from operating activities 21.5 16.2 36.1
============== ============== ===========
Cash flows from investing activities
Purchase of property plant and equipment and intangibles (19.2) (22.1) (41.9)
Proceeds from sale of fixed assets - 0.1 0.3
Interest received 1.8 1.9 3.9
Repayment of intercompany loan receivable - - 4.4
============== ============== ===========
Net cash used in investing activities (17.4) (20.1) (33.3)
============== ============== ===========
Cash flows from financing activities
Proceeds from loans and borrowings 2.0 6.0 6.0
Payment of finance lease liabilities (0.2) (0.7) (0.9)
Preference dividends paid (0.5) (0.5) (1.1)
Equity dividends paid (1.5) (6.0)
============== ============== ===========
Net cash from financing activities (0.2) 4.8 (2.0)
============== ============== ===========
Net increase in cash and cash equivalents 3.9 0.9 0.8
Cash and cash equivalents, beginning of period 10.9 10.1 10.1
Cash and cash equivalents, end of period 14.8 11.0 10.9
============== ============== ===========
NOTES TO THE INTERIM ACCOUNTS
For the six months ended 30 September 2021
1 General Information
Bristol Water plc ("the Company") is a regulated Water only supply company holding an instrument
of appointment as set out by the Water Industry Act 1991. The company is the licensed monopoly
provider of water services in the Bristol area, and as such is regulated by the Water Services
Regulation Authority - Ofwat.
The Company is a public liability company, limited by shares with irredeemable preference
shares and debenture stock listed on the London Stock Exchange.
The address of its registered office is Bridgwater Road, Bristol, BS13 7AT, England.
2 Basis of preparation
The financial information contained in this interim announcement does not constitute statutory
accounts within the meaning of section 435 of the Companies Act 2006.The interim accounts
have been prepared in accordance with Financial Reporting Standard 104 "Interim Financial
Reporting" issued by the Financial Reporting Council and the Disclosure Rules and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
The Company has adopted FRS 101 "Reduced disclosure framework - Disclosure exemptions from
EU-adopted IFRS for qualifying entities".
3 Accounting policies
The same accounting policies and methods of computation used in preparing the annual financial
statements as at 31 March 2021 have been used in preparing these interim accounts.
3.1 Going concern
The Company meets its day-to-day working capital requirements through its cash reserves and
borrowings. The Company's forecasts and projections show that the Company will be able to
operate within the level of its current cash reserves and borrowing facilities. After making
enquiries, the Directors have an expectation that the Company has adequate resources to continue
in operational existence for the foreseeable future. The Company therefore continues to adopt
the going concern basis in preparing its financial statements. Further information on the
Company's borrowings is given in note 14.
4 Critical accounting estimates and judgments
The preparation of interim financial statements requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts
of assets and liabilities, income and expense. Actual results may differ from these estimates.
Estimates and judgments are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable
under the circumstances
The significant judgements made by management in applying the Company's accounting policies
and the key sources of estimate uncertainty were the same as those applied to the financial
statements for the year ended 31 March 2021.
5 Revenue
Six months to Six months to Year to
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Appointed income
Household - measured 28.1 26.0 53.4
Household - unmeasured 20.8 21.0 41.7
Non-household- measured 10.3 10.1 19.2
Non-household - unmeasured 0.2 0.1 0.3
Contributions from developers 0.9 0.9 1.8
Third party services 0.8 0.7 1.4
Rental income 0.5 0.4 0.8
===================== ======================= =================
61.6 59.2 118.6
Non-appointed income
Recreations 0.3 0.3 0.5
Rental income 0.1 - 0.1
Other 0.2 0.1 0.3
===================== ======================= =================
0.6 0.4 0.9
62.2 59.6 119.5
===================== ======================= =================
6 Operating expenses
Six months to Six months to Year to
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Operating expenses include -
Payroll cost, net of recharges to fixed assets
and including
retirement benefit costs 8.6 9.8 18.3
Depreciation and amortisation 14.2 13.8 27.7
Profit on disposal of assets - (0.1) (0.1)
Exceptional costs include -
Acquisition costs 0.1 - -
Transformation costs - 0.9 2.1
Provision for legal and similar costs - - (0.5)
Historic raw water costs - - 0.6
The acquisition costs relate to costs incurred in relation to the acquisition of the Company
by Pennon Group plc and the review of the acquisition by the Competition and Markets Authority.
The prior year exceptional costs relate to provisions for legal costs relate to two separate
legal process the Company entered into in 2020 which both concluded in the year ended 31 March
2021; increase in charges payable for raw water abstraction for the financial year 2018/19
and 2019/20 following the conclusion of the arbitration with the CRT and transformation costs
relating to a restructuring programme.
7 Net interest payable and similar charges
Six months to Six months to Year to
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Interest payable and similar charges:
Bank borrowings 1.0 1.1 2.0
Term loans and debentures:
interest charges 5.1 5.1 10.2
indexation 1.2 1.2 3.2
Leases - 0.2 0.2
Capitalisation of borrowing cost (0.1) (0.2) (0.3)
Dividends on 8.75% irredeemable cumulative
preference shares 0.5 0.5 1.1
=================== =================== ===============
7.7 7.9 16.4
Interest receivable and similar income:
Interest income in respect of retirement benefit
scheme (0.1) (0.2) (0.4)
Loan to Bristol Water Holdings UK Ltd - interest
receivable (1.8) (1.9) (3.9)
Other external investments and deposits income - - -
=================== =================== ===============
(1.9) (2.1) (4.3)
Total net interest payable and similar charges 5.8 5.8 12.1
=================== =================== ===============
The rate used to determine the amount of borrowing costs eligible for capitalisation was 3.5%
(30 September 2020: 3.6%), which is the weighted average interest rate of applicable borrowings.
Dividends on the 8.75% irredeemable cumulative preference shares are payable at a fixed rate
of 4.375% on 1 April and 1 October each year. Payment by the Company to the share registrars
is made two business days earlier. The payments are classified as interest in accordance with
IAS 39 "Financial Instruments - Recognition and Measurement".
8 Taxation Six months to Six months to Year to
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Tax expense included in Income Statement
Current tax:
Corporation tax on profits for the period /year 2.2 0.5 1.6
Adjustment in respect of prior period - - (0.2)
=================== =================== ===============
Total current tax 2.2 0.5 1.4
Deferred tax:
Origination and reversal of timing differences - 0.4 0.5
Adjustment to prior periods - 0.1 0.2
Effect of change in UK corporation tax rate 21.0 - -
=================== =================== ===============
Total deferred tax 21.0 0.5 0.7
Tax expense on profit 23.2 1.0 2.1
=================== =================== ===============
Tax income (included in other comprehensive income)
Remeasurement of post-employment benefit liability (0.3) (0.2) (0.3)
Total tax income included in other comprehensive
income (0.3) (0.2) (0.3)
=================== =================== ===============
9 Earnings per ordinary share
At At At
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
m m m
Basic earnings per ordinary share have been
calculated as follows -
Earnings attributable to ordinary shares GBP(12.6) GBP3.3 GBP6.8
Weighted average number of ordinary shares 6.0 6.0 6.0
=================== =================== ===============
(210.0)p 55.0p 113.3p
As the Company has no obligation to issue further shares, disclosure of earnings per share
on a fully diluted basis is not relevant.
10 Property, plant and equipment
Six months to Six months to Year to
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Net book value, beginning of period 682.9 671.8 671.8
Additions 16.4 17.0 35.2
Disposals - - (0.1)
Depreciation charge for the period (12.3) (11.9) (24.0)
Net book value, end of period 687.0 676.9 682.9
===================== ===================== ================
The net book value of property, plant and equipment includes GBP6.3m (30 September 2020: GBP6.1m)
of borrowing costs capitalised in accordance with IAS 23. During the six months ended 30 September
2021 GBP0.2m was capitalised using 3.5% prorated annual capitalisation rate (30 September
2020 GBP0.2m, 3.6%).
11 Intangible assets
Six months to Six months to Year to
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Net book value, beginning of period 13.3 14.0 14.0
Additions 1.4 2.3 3.0
Amortisation charge for the period (1.9) (1.9) (3.7)
Net book value, end of period 12.8 14.4 13.3
=================== =================== ===============
12 Retirement benefits
Pension arrangements for employees have historically been provided through the Company's membership
of the Water Companies' Pension Scheme (WCPS), which provides defined benefits based on final
pensionable pay. The Company's membership of WCPS is through a separate section of the scheme.
On 7 June 2018 the Trustee of the Bristol Water Section of the WCPS purchased a bulk annuity
policy to insure the benefits for the members in the section. Following this, the method for
valuing the liabilities of the pension scheme has remained the same. However, the scheme asset,
in the form of the insurance policy, now matches the value of the liabilities.
The gross pension surplus of GBP12.9m at 30 September 2021 (30 September 2020 GBP14.4m) relates
to the market value of assets still held by the scheme, and is stated after including a GBP1.0m
estimation of the liability arising to adjust certain scheme benefits to compensate for the
effect of unequal Guaranteed Minimum Pensions for men and women.
Looking ahead, we expect the insurer will take over responsibility for the payment and administration
of member benefits. Once this has happened members will no longer be members of the Section,
instead they will have individual policies with the insurer. At this point the Section will
be wound up.
In summary, assets and liabilities under IAS 19 were:
At At At
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Fair value of section assets 191.2 198.3 191.1
Present value of liabilities (178.3) (183.9) (177.1)
=================== =================== ===============
Surplus in the section 12.9 14.4 14.0
Less: restriction of surplus (4.5) (5.0) (4.9)
Net pension asset on IAS 19 basis 8.4 9.4 9.1
=================== =================== ===============
13 Leases
a) Amounts recognised in the Statement of Financial Position
The Statement of Financial Position shows the following amounts relating to leases:
At At At
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
(restated)
GBPm GBPm GBPm
Included in Property, Plant and Equipment
Cost 14.4 14.4 14.4
Accumulated depreciation (12.2) (11.7) (11.9)
====================== =================== ================
2.2 2.7 2.5
Included in Intangible assets
Cost 1.3 1.3 1.3
Accumulated depreciation (1.3) (1.3) (1.3)
====================== =================== ================
Net borrowings - - -
13 Leases (continued)
b) Amounts recognised in the income statement
The Income Statement shows the following amounts relating to leases:
At At At
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Depreciation charge relating to assets under leases 0.2 0.2 0.5
Interest expense (included in finance cost) - 0.2 0.2
Expense relating to short-term leases (included in
administrative expenses) - - 0.1
14 Net borrowings
At At At
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Net borrowings comprise -
Borrowings and derivatives due after one year 382.4 386.3 379.2
Lease liabilities due after one year 1.3 1.7 1.5
Borrowing and derivatives due under one year 9.0 - 9.0
Current portion of lease liabilities 0.4 0.4 0.4
393.1 388.4 390.1
Cash and cash equivalents (14.8) (11.0) (10.9)
=================== =================== ===============
Net borrowings excluding 8.75% irredeemable
cumulative
preference shares 378.3 377.4 379.2
8.75% irredeemable cumulative preference shares 12.5 12.5 12.5
Net borrowings 390.8 389.9 391.7
=================== =================== ===============
Borrowing facilities
At the period end the Company had unutilised borrowing facilities of GBP42.0m.
Fair value of financial assets and liabilities measured at amortised cost .
The fair value of borrowings are as follows:
Six months to Six months to Year to
30 September 2021 30 September 2020 31 March 2021
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Non-current 551.1 561.4 546.7
Current 9.3 0.2 9.3
======================== ======================= ==================
560.4 561.6 556.0
======================== ======================= ==================
15 Commitments and contingent liabilities
Capital commitments at 30 September 2021 contracted for but
not provided were GBP4.6m (2020: GBP3.5m).
16 Ultimate parent company and controlling party
The immediate parent company for this entity is Bristol Water
Core Holdings Limited, a company incorporated in England and
Wales.
As at 31 March 2021, the Directors considered the ultimate parent
and controlling party of the Company to be iCON Infrastructure
Partners III, L.P acting through its Managing General Partner,
iCON Infrastructure Management III Limited.
On 3 June 2021 Pennon Group plc acquired the entire shareholding
of Bristol Water Holdings UK Limited ("BWHUK") the Company's
intermediate parent company, and its subsidiaries. As a result
of the acquisition of BWHUK, Pennon Group plc became the ultimate
parent and controlling party of the Company.
The smallest and largest group in which the Company is consolidated
is Pennon Group plc which is registered in England and copies
of its consolidated interim report are available from Peninsula
House, Rydon Lane, Exeter, Devon, England, EX2 7HR.
17 Related party transactions
During the six months to 30 September 2021 the Company spent
GBP1.6m (2020: GBP1.5m) on the purchase of customer related
services from BWBSL, a joint venture company between Bristol
Water Holdings Limited and Wessex Water Services Limited. At
30 September 2021 GBP0.8m (2020: GBP1.4m) was receivable from
BWBSL and GBP1.0m (2020: GBP1.0m) was payable to BWBSL.
During the six months to 30 September 2021 the Company recognised
sales of GBP6.4m (2020 GBP9.1m) to Water 2 Business Limited
(W2B), an associate company within the BWHUK group of companies.
At 30 September 2021 GBP1.4m (2020: GBP1.4m) was receivable
from W2B primarily in respect of water supply charges.
On 3 June 2021, following the acquisition by Pennon Group plc,
Pennon Water Services Limited ("PWS") became a related party
of the Company. During the period from 3 June 2021 to 30 September
2021 the Company recognised sales of GBP0.3m to PWS. At 30 September
2021 GBP0.1m was receivable from PWS primarily in respect of
water supply charges.
18 Circulation
This interim announcement is available on the Bristol Water
web site: http://www.bristolwater.co.uk . Paper copies are also
available from the Company's registered office at Bridgwater
Road, Bristol, BS13 7AT.
DIRECTORS' RESPONSIBILITIES FOR THE PREPARATION OF INTERIM
ACCOUNTS
The directors' confirm that these condensed interim financial
statements have been prepared in accordance with FRS104 'Interim
Financial Reporting', and that the interim management report
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months
and any material changes in the related-party transactions
described in the last annual report.
The directors of Bristol Water Plc are listed in the Bristol
Water Plc Annual Report for 31 March 2021. A list of current
directors is maintained on the Bristol Water plc website:
www.bristolwater.co.uk
Going concern
The directors have a reasonable expectation that the Company has
adequate resources available to it to continue in operational
existence for the foreseeable future and have therefore continued
to adopt the going concern policy in preparing the interim
accounts. This conclusion is based upon, amongst other matters, a
review of the Company's financial projections together with a
review of the GBP14.8m cash and GBP42.0m unutilised committed
borrowing facilities available to the Company as well as
consideration of the Company's capital adequacy.
By order of the Board
H Hancock
Company Secretary
29 November 2021
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END
IR FEWFMUEFSESF
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November 30, 2021 02:00 ET (07:00 GMT)
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