TIDMNTEA
RNS Number : 8733R
Northern Electric PLC
26 September 2017
NORTHERN ELECTRIC plc
HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 30 JUNE
2017
Cautionary Statement
This interim management report has been prepared solely to
provide additional information to shareholders to assess the
business strategies of Northern Electric plc (the "Company") and
its subsidiaries (together the "Group") and should not be relied on
by any other party or for any other purpose.
Business Model
The Company is part of the Northern Powergrid Holdings Company
group of companies (the "Northern Powergrid Group") and its
principal activity during the six months to 30 June 2017 was to act
as a holding company, with its main operating subsidiaries being
Northern Powergrid (Northeast) Limited ("Northern Powergrid"),
Integrated Utility Services Limited ("IUS") and Northern Powergrid
Metering Limited ("Metering").
Northern Powergrid distributes electricity to approximately 1.6
million customers connected to its electricity distribution network
in the North East of England and is an authorised distributor under
the Electricity Act 1989. IUS provides engineering contracting
services to various clients and Metering rents smart meters to
energy suppliers.
Results for the six months ended 30 June 2017
The Group delivered a satisfactory performance for the six
months ended 30 June 2017, although profit after tax reduced by
GBP2.5 million when compared to the previous year mainly as a
result of mainly as a result of higher depreciation and salaries
costs, partly offset by higher smart meter rental revenue.
IUS continued to operate its engineering contracting business
and saw an increase in revenues in the six months to 30 June 2017.
Work on private electrical infrastructure for network owners in the
North East of England and Yorkshire and on Multi-Utility contracts,
which relate to the provision of electric, gas and water
connections to housing developers, has increased in 2017.
Metering continued to deliver a satisfactory performance in
terms of the contracts secured with energy suppliers for the
provision of smart meters in the United Kingdom and Ireland and
also to develop further opportunities with other energy
suppliers.
Revenue
Revenue at GBP199.4 million was GBP9.4 million higher than for
the six months ended 30 June 2016 mainly due to higher smart meter
rental revenue and contracting revenue, partly offset by lower
distribution revenues.
Cash flow
Cash and cash equivalents as at 30 June 2017 were GBP0.4
million, representing a decrease of GBP0.1 million when compared
with the position at 31 December 2016.
Northern Powergrid has access to GBP75.0 million under a
five-year committed revolving credit facility provided by Lloyds
Bank plc, Royal Bank of Scotland plc and Abbey National Treasury
Services plc, which is due to expire on 30 April 2020.
In addition, the Group has access to short-term borrowing
facilities provided by Yorkshire Electricity Group plc, a related
party, and to a GBP22 million overdraft facility provided by Lloyds
Bank plc.
Financial position
Profit before tax at GBP71.5 million was GBP3.5 million lower
than the six months ended 30 June 2016 mainly as a result of lower
distribution revenues, higher depreciation and higher operating
costs, partly offset by higher smart metering rental income.
Dividends
No ordinary dividends were paid in the period resulting in
GBP57.1 million being transferred to reserves.
Related party transactions
The Company provides certain corporate functions to the Northern
Powergrid Group, including financial accounting and planning,
treasury, taxation, pensions, internal audit, legal advice,
insurance management, claims handling and litigation services.
Further details of the related party transactions entered into
by the Group and the Company and changes therein are included in
Note 8 to this half-yearly financial report.
Strategic review
During the period to 30 June 2017, Northern Powergrid remained
focused on delivering activity in support of the achievement of the
Northern Powergrid Group's six core principles and underlying
strategic objectives.
Core Principle Strategic Objective Activity undertaken
during the period to
30 June 2017
--------------- ----------------------------- -------------------------------------------------------------
Financial Effective stewardship
strength of the Company's * Retained a grade A credit rating
financial resources,
investing in assets
and focusing on * Further detail can be found in the 'results for the
long-term opportunities, year ended 30 June 2017' above
which contribute
to the Company's
future strength.
--------------- ----------------------------- -------------------------------------------------------------
Customer Delivering reliability,
service dependability, fair * Implemented initiatives from the Company's customer
prices and exceptional experience improvement plan to improve the Broad
service. Measure of Customer Satisfaction scores
* Enhanced the content of written communications and
provided a text and email service ahead of planned
power cuts
* Embedded a revised stakeholder improvement strategy
* Invested in technology to support customer
relationship management
* Further developed services for vulnerable customers
* Expanded education initiatives to promote safety and
energy conservation
--------------- ----------------------------- -------------------------------------------------------------
Operational Setting high standards
excellence for the Company's * Invested significantly in network improvements
operations, system including innovative technologies
investment and maintenance.
* Utilised the major incident management procedure at
times of adverse weather to minimise disruption to
supply
* Continued to deploy the flood defences programme to
increase network resilience
--------------- ----------------------------- -------------------------------------------------------------
Employee Equipping employees
commitment with the resources * Promoted safety in all areas of the business at all
and support they times
need to operate
successfully and
in a safe and rewarding * Completed the telematics installation programme
work environment.
* Supported employees by providing dedicated welfare
services
* Retained and recruited exceptional talent
* Continued to instil the values embedded in the
Berkshire Hathaway Energy code of business conduct
--------------- ----------------------------- -------------------------------------------------------------
Environmental Using natural resources
respect wisely and protecting * Replaced fluid filled cables to reduce environmental
the environment damage from oil leaks
where it is impacted
by the Company's
operations. * Improved the distribution networks impact on the
landscape by undergrounding overhead lines
* Initiated several new innovation projects in the area
of fault detection and domestic energy storage
* Actively engaged with stakeholders on the Open
Networks Project
--------------- ----------------------------- -------------------------------------------------------------
Regulatory Adhering to a policy
integrity of strict compliance * Operated without any material regulatory
with applicable non-compliances
laws, regulations,
standards and policies.
* Commenced preparation for the General Data Protection
Regulation
* Managed risks through regular meetings of the
Governance and Risk Management Group
--------------- ----------------------------- -------------------------------------------------------------
Principal risks and uncertainties
Information on the principal long-term risks and uncertainties
and the internal control system are included in the Group's latest
annual reports and accounts for the year to 31 December 2016, which
is available at www.northernpowergrid.com.
It is anticpated that these risks will continue to be the
principal risks facing the business for the remaining six months of
2017.
Going concern
In the Group's latest annual reports and accounts for the year
to 31 December 2016 the directors set out a number of factors they
took into account when they considered continuing to adopt the
going concern basis in preparing those annual reports and accounts.
The directors confirm that no events have occurred during the six
months to 30 June 2017, which alter the view expressed in the
annual reports and accounts to 31 December 2016.
Future strategy and objectives
The Company will continue to develop its business as a holding
company in a manner that concentrates on the Group's principal
activities of electricity distribution, engineering contracting and
the rental of meters to energy suppliers.
Responsibility Statement
The board of directors confirm that to the best of their
knowledge:
(a) the condensed set of finanical statements, which has been
prepared in accordance with IAS 34, gives a true and fair view of
the assets, liabilities, financial position and profit of the
Company and the undertakings included in the consolidation as a
whole as required by DTR 4.2.4R for the six months to 30 June
2017;
(b) the interim management report contains a fair review of the
information required by DTR 4.2.7R; and
(c) the interim management report includes a fair review of the
information required by DTR 4.2.8R.
By order of the board
P A Jones
Director
21 September 2017
6 Months 6 Months
ended ended
30 June 30 June
2017 2016
(unaudited) (unaudited)
GBPm GBPm
Revenue 199.4 190.0
Cost of sales (22.0) (20.4)
------------ ------------
Gross profit 177.4 169.6
Operating expenses (86.7) (75.8)
------------ ------------
Operating profit 90.7 93.8
Other gains 0.1 0.4
Finance income 0.5 0.2
Finance costs (19.8) (19.4)
------------ ------------
Profit before tax 71.5 75.0
Income tax expense (14.4) (15.4)
------------ ------------
Profit from ordinary activities
after tax 57.1 59.6
------------ ------------
6 Months 6 Months
ended ended
30 June 30 June
2017 2016
(unaudited) (unaudited)
GBPm GBPm
PROFIT FOR THE PERIOD 57.1 59.6
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified
subsequently to profit or loss:
Employee benefit obligation 19.1 15.8
Income tax relating to items of
other comprehensive income (3.2) (2.9)
------------ ------------
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX 15.9 12.9
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR 73.0 72.5
------------ ------------
30 June 31 December
2017 2016
(unaudited)
GBPm GBPm
ASSETS
NON-CURRENT ASSETS
Intangible assets 44.5 40.9
Property, plant and equipment 2,442.3 2,322.9
Investments 3.7 3.3
Pension asset 64.2 31.5
Trade and other receivables 10.6 8.4
------------ ------------
2,565.3 2,407.0
------------ ------------
CURRENT ASSETS
Inventories 11.9 12.9
Trade and other receivables 71.4 83.6
Cash and cash equivalents 0.4 0.5
------------ ------------
83.7 97.0
------------ ------------
TOTAL ASSETS 2,649.0 2,504.0
------------ ------------
EQUITY
SHAREHOLDERS' EQUITY
Share capital 72.2 72.2
Share premium account 158.7 158.7
Other reserves 6.2 6.2
Retained earnings 810.7 737.7
------------ ------------
TOTAL EQUITY 1,047.8 974.8
------------ ------------
30 June 31 December
2017 2016
(unaudited)
GBPm GBPm
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 577.0 562.3
Borrowings 547.5 587.4
Deferred tax 95.1 89.5
Provisions 1.8 1.8
------------ ------------
1,221.4 1,241.0
------------ ------------
CURRENT LIABILITIES
Trade and other payables 132.4 129.9
Borrowings 243.4 153.8
Tax payable 3.2 3.8
Provisions 0.8 0.7
------------ ------------
379.8 288.2
------------ ------------
TOTAL LIABILITIES 1,601.2 1,529.2
------------ ------------
TOTAL EQUITY AND LIABILITIES 2,649.0 2,504.0
------------ ------------
The interim financial statements were approved by the board of
directors and authorised for issue on 21 September 2017 and were
signed on its behalf by:
P A Jones
Director
Share
Share Premium Other Retained
Capital Account Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm
Balance at
1 January 2017 72.2 158.7 6.2 737.7 974.8
Profit for
the period
(unaudited) - - - 57.1 57.1
Other comprehensive
income (unaudited) - - - 15.9 15.9
Balance at
30 June 2017 72.2 158.7 6.2 810.7 1,047.8
-------- -------- --------- --------- --------
Share
Share Premium Other Retained
Capital Account Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm
Balance at
1 January 2016 72.2 158.8 6.2 771.5 1,008.7
Profit for
the period
(unaudited) - - - 59.6 59.6
Other comprehensive
income (unaudited) - - - 12.9 12.9
Balance at
30 June 2016 72.2 158.8 6.2 844.0 1,081.2
-------- -------- --------- --------- --------
Share
Share Premium Other Retained
Capital Account Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm
Balance at
1 January 2016 72.2 158.7 6.2 771.5 1,008.6
Profit for
the year - - - 136.7 136.7
Other comprehensive
income (70.5) (70.5)
Dividends - - - - (100.0) (100.0)
Balance at
31 December
2016 72.2 158.7 6.2 737.7 974.8
-------- -------- --------- --------- --------
6 Months 6 Months
ended ended
30 June 30 June
2017 2016
(unaudited) (unaudited)
GBPm GBPm
Cash generated from operations 121.8 108.3
Net interest paid (18.2) (17.8)
Tax paid (12.6) (14.7)
------------ ------------
Net cash from operating activities 91.0 75.8
------------ ------------
Investing activities
Proceeds from disposal of
property, plant and equipment 0.2 0.2
Purchase of property, plant
and equipment (156.2) (120.6)
Purchase of intangible assets (6.0) (6.1)
Dividends received from joint - -
venture
Receipt of customer contributions 21.1 26.1
------------ ------------
Net cash used in investing
activities (140.9) (100.4)
------------ ------------
Financing activities
Movement in external loans - 12.4
Movement in loans from group
undertakings 49.8 3.4
Net cash generated by financing
activities 49.8 15.8
------------ ------------
Net decrease in cash and cash
equivalents (0.1) (8.8)
Cash and cash equivalents
at beginning of period 0.5 8.8
------------ ------------
Cash and cash equivalents 0.4 -
at end of period
------------ ------------
1. GENERAL INFORMATION
The information included within these condensed financial
statements that refer to the year ended 31 December 2016, does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The auditor
reported on those accounts and that report was unqualified, did not
draw attention to any matters by way of emphasis and did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006.
2. ACCOUNTING POLICIES
Basis of preparation
The annual financial statements of the Group are prepared in
accordance with International Financial Reporting Standards as
adopted by the European Union. The condensed set of financial
statements included in this half-yearly financial report has been
prepared in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European
Union.
Going concern
In the Company's latest annual reports and accounts for the year
to 31 December 2016 the directors set out a number of factors they
took into account when they considered continuing to adopt the
going concern basis in preparing those annual reports and accounts.
The directors confirm that no events have occurred during the six
months to 30 June 2017, which alter the view expressed in the
annual reports and accounts to 31 December 2016.
Changes in accounting policy
The Group's accounting policies and methods of computation are
the same as the accounting policies which are described in the
Group's financial statements for the year ended 31 December 2016.
The Group has not adopted any new or revised accounting standards
in the current year.
3. SEGMENTAL ANALYSIS
The Group operates in the principal area of activity of the
distribution of electricity in the United Kingdom.
There has been no change in the basis of segmentation or in the
basis of measurement of segment profit or loss in the period.
The following is an analysis of the Group's revenue and results
by reportable segment in the six months ended 30 June 2017
(unaudited):
Consolidation
Distribution Contracting Other Adjustments Total
GBPm GBPm GBPm GBPm GBPm
REVENUE
External
sales 164.8 16.0 18.6 - 199.4
Inter-segment
sales 0.3 2.6 (0.3) (2.6) -
------------- ------------ ------ -------------- -------
Total Revenue 165.1 18.6 18.3 (2.6) 199.4
------------- ------------ ------ -------------- -------
SEGMENT RESULTS
Operating
profit 73.6 0.4 4.3 12.4 90.7
------------- ------------ ------ --------------
Other gains 0.1
Finance income 0.5
Finance costs (19.8)
-------
Profit before
tax 71.5
-------
OTHER INFORMATION
Capital additions 109.2 - 64.3 (0.5) 173.0
Depreciation
and amortisation 40.2 - 9.4 (0.8) 48.8
Amortisation
of deferred
revenue 10.3 - - - 10.3
------------- ------------ ------ -------------- -------
3. SEGMENTAL ANALYSIS (CONTINUED)
The following is an analysis of the Group's revenue and results
by reportable segment in the six months ended 30 June 2016
(unaudited):
Consolidation
Distribution Contracting Other Adjustments Total
GBPm GBPm GBPm GBPm GBPm
REVENUE
External
sales 165.2 14.5 10.3 - 190.0
Inter-segment
sales 0.3 0.9 (0.3) (0.9) -
------------- ------------ ------ -------------- -------
Total Revenue 165.5 15.4 10.0 (0.9) 190.0
------------- ------------ ------ -------------- -------
SEGMENT RESULTS
Operating
profit 77.0 0.1 1.1 15.6 93.8
------------- ------------ ------ --------------
Other gains 0.4
Finance income 0.2
Finance costs (19.4)
-------
Profit before
tax 75.0
-------
OTHER INFORMATION
Capital additions 99.1 - 45.1 (1.3) 142.9
Depreciation
and amortisation 37.9 - 4.4 (0.9) 41.4
Amortisation
of deferred
revenue 9.4 - - - 9.4
------------- ------------ ------ -------------- -------
"Other" comprises smart meter rental and business support
units.
Sales and purchases between the different segments are made at
commercial prices.
External sales to RWE Npower plc in the six months ended 30 June
2017 represented 20.9% of revenue within the Distribution
segment.
External sales to British Gas Ltd in the six months ended 30
June 2017 represented 14.6% of revenue within the Distribution
segment.
3. SEGMENTAL ANALYSIS (CONTINUED)
The accounting policies of the reportable segments are the same
as the Group's accounting policies which are described in the
Group's latest annual financial statements. The segment results
represent the profit earned by each segment without allocation of
the share of profits of joint ventures, associates, finance income
and finance costs and income tax expense.
Segment net assets 30 June 31 December
2017 Unaudited 2016
GBPm GBPm
Distribution 1,717.2 1,674.0
Contracting 7.9 7.7
Other 203.2 154.0
Consolidation Adjustments (60.1) (30.3)
---------------- ------------
Total net assets by segment 1,868.3 1,805.4
Unallocated net corporate
liabilities (820.5) (830.6)
---------------- ------------
Total net assets 1,047.8 974.8
---------------- ------------
Unallocated net corporate liabilities include cash and cash
equivalents of GBP0.4 million (December 2016: GBP0.5 million),
borrowings of GBP773.1 million (December 2016: GBP741.3 million),
retirement benefit asset of GBP64.2 million (December 2016: GBP31.5
million), and taxation of GBP98.3 million (December 2016: GBP93.2
million).
4. INCOME TAX EXPENSE
Tax for the six month period ended 30 June 2017 is charged at
19.25% (six months ended 30 June 2016: 20.00%; year ended 31
December 2016: 20.00%) which represents the best estimate of the
average annual effective tax rate expected for the full year, as
applied to the pre-tax income of the six month period.
6 months 6 months
ended ended
30 June 30 June
2017 2016
Unaudited Unaudited
GBPm GBPm
Current tax 12.0 11.7
Deferred tax 2.4 3.7
Total income tax
expense 14.4 15.4
---------- ----------
The Finance No2 Act 2015 reduced the rate of corporation tax to
19% effective from 1 April 2017 and to 18% effective from 1 April
2020. The Finance Act 2016, which was substantively enacted on 6
September, 2016 further reduced the rate of corporation tax
effective from 1 April 2020 to 17%. Accordingly deferred tax assets
and liabilities have been calculated at the tax rates which will be
in force when the underlying temporary differences are expected to
reverse.
5. NOTES TO THE CASH FLOW STATEMENT
6 Months 6 Months
ended ended
30 June 30 June
2017 2016
(unaudited) (unaudited)
GBPm GBPm
Profit before income
tax 71.6 75.0
Depreciation charges 48.8 41.4
Profit on disposal
of fixed assets (0.1) (0.2)
Amortisation of deferred
revenue (10.3) (9.5)
Retirement benefit
obligations (13.7) (15.9)
Movement in provisions 0.1 (0.2)
Finance costs 19.8 19.4
Finance income (0.5) (0.2)
------------ ------------
115.7 109.8
Decrease in inventories 0.9 1.5
Decrease/(increase)
in trade and other
receivables 9.7 (2.1)
Decrease in trade
and other payables (4.5) (0.9)
------------ ------------
Cash generated from
operations 121.8 108.3
------------ ------------
6. RETIREMENT BENEFIT SCHEMES
The defined benefit obligation as at 30 June 2017 is calculated
on a year-to-date basis, using the annual actuarial valuation as at
31 December 2016. The triennial valuation as at 31 March 2016 was
finalised in September 2017. There have not been any significant
fluctuations or one-time events since that time that would require
adjustment to the actuarial assumptions made at June 2017.
7. FINANCIAL INSTRUMENTS
Except as detailed in the following table, the directors
consider that the carrying value amounts of financial assets and
financial liabilities are approximately equal to their fair
values:
Carrying value Fair value
30 June 31 December 30 June 31 December
2017 2016 2017 2016
Unaudited Unaudited
GBPm GBPm GBPm GBPm
Financial liabilities
Inter-company short-term
loan 186.7 140.2 186.7 140.2
Bond 2020 - 8.875%
(Northern Electric
Finance plc) 105.8 101.2 130.8 130.3
Bond 2035 - 5.125%
(Northern Electric
Finance plc) 149.3 153.0 203.4 207.5
EIB Loan (2018-2020)* 121.0 123.4 126.7 132.6
EIB Loan 2027 - 2.564%
(Northern Powergrid
(Northeast) Ltd 121.7 120.1 130.7 128.8
Yorkshire Electricity
Group plc 2037 -
5.9% 103.0 100.0 153.0 150.3
Cumulative preference
shares 3.4 3.4 177.8 167.8
---------- ------------ ---------- ------------
790.9 741.3 1,109.1 1,054.9
* The borrowings from the European Investment Bank were drawn
down in twelve tranches, repayable in 2018, 2019 and 2020. The
spread of interest rate is as follows:
2018: 3.901% - 4.283%
2019: 4.077% - 4.455%
2020: 4.227% - 4.586%
8. RELATED PARTY TRANSACTIONS
Group
Transactions entered into with related parties and balances
outstanding were as follows:
Finance
income/
Purchases Amounts (costs)
Sales from owed Borrowings from/(to)
to related related to related from related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Six months ended
30 June 2017:
Northern Powergrid
Limited - - - - (3.1)
Northern Powergrid
(Yorkshire)
plc 10.7 6.2 - - -
Vehicle Lease
and Service
Limited 0.1 2.3 0.3 - -
Yorkshire Electricity
Group plc - - - 102.9 (3.4)
------------ ---------- ------------ -------------- -----------
10.8 8.5 0.3 102.9 (6.5)
============ ========== ============ ============== ===========
Six months ended
30 June 2016:
Northern Powergrid
Limited - - - - (3.1)
Northern Powergrid
(Yorkshire)
plc 8.4 4.9 - - -
Vehicle Lease
and Service
Limited 0.1 2.2 0.4 - 0.4
Yorkshire Electricity
Group plc - - - 102.9 (3.2)
------------ ---------- ------------ -------------- -----------
8.5 7.1 0.4 102.9 (5.9)
============ ========== ============ ============== ===========
8. RELATED PARTY TRANSACTIONS (CONTINUED)
Group - continued
Finance
income/
Purchases Amounts (costs)
Sales from owed Borrowings from/(to)
to related related to related to/(from) related
parties parties parties related parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Year ended 31
December 2016:
Integrated Utility
Services Limited
(registered
in Eire) - 1.0 0.2 - -
Northern Powergrid
Gas Limited 0.1 - - - -
Northern Powergrid
Insurance Services
Limited - - - - -
Northern Powergrid
Limited - - - - (6.2)
Northern Powergrid
(Yorkshire)
plc 17.7 11.3 - - -
Vehicle Lease
and Service
Limited 0.2 4.4 0.4 - 0.6
Yorkshire Electricity
Group plc - - - (102.9) (7.1)
------------ ---------- ------------ ----------------- -----------
18.0 16.7 0.6 (102.9) (12.7)
============ ========== ============ ================= ===========
Sales and purchases from related parties were made at commercial
prices.
Interest on loans to/from Group companies is charged at a
commercial rate.
During the six months ended 30 June 2017 two directors (six
months ended 30 June 2016: 2, year ended 31 December 2016: 2)
utilised the services provided by Northern Transport Finance
Limited, a subsidiary company.
8. RELATED PARTY TRANSACTIONS (CONTINUED)
Company
Transactions entered into with related parties and balances
outstanding were as follows:
Finance
income/
Purchases (costs)
Sales from Borrowings from/(to)
to related related to/(from) related
parties parties related parties parties
GBPm GBPm GBPm GBPm
Related party
Six months ended
30 June 2017:
Integrated Utility
Services Limited - 0.3 - -
Northern Powergrid
Gas Limited 0.1 - - -
Northern Powergrid
Limited - - - (3.1)
Northern Powergrid
(Northeast)
Limited 3.2 - - -
Northern Powergrid
(Yorkshire)
plc 2.0 - - -
Vehicle Lease
and Service
Limited 0.1 - - -
Yorkshire Electricity
Group plc - - 30.1 -
------------ ---------- ----------------- -----------
5.4 0.3 30.1 (3.1)
============ ========== ================= ===========
Six months ended
30 June 2016:
Integrated Utility
Services Limited - 0.3 - -
Northern Powergrid
Gas Limited 0.1 - - -
Northern Powergrid
Limited - - - (3.1)
Northern Powergrid
(Northeast)
Limited 3.2 - - -
Northern Powergrid
(Yorkshire)
plc 2.5 - - -
Vehicle Lease
and Service
Limited 0.1 - - -
Yorkshire Electricity
Group plc - - 27.0 -
------------ ---------- ----------------- -----------
5.9 0.3 27.0 (3.1)
============ ========== ================= ===========
8. RELATED PARTY TRANSACTIONS (CONTINUED)
Company - continued
Finance
income/
Purchases Amounts (costs)
Sales from owed Borrowings from/(to)
to related related to related to/(from) related
parties parties parties related parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Year ended 31
December 2016:
Integrated Utility
Services Limited 0.1 0.6 - - -
Northern Powergrid
Gas Limited 0.1 - - - -
Northern Powergrid
Limited - - - - (6.3)
Northern Powergrid
(Northeast)
Limited 5.7 - - - 21.8
Northern Powergrid
(Yorkshire)
plc 4.9 - - - -
Vehicle Lease
and Service
Limited 0.1 - - - 0.5
Yorkshire Electricity
Group plc - - - 62.2 -
------------ ---------- ------------ ----------------- -----------
10.9 0.6 - 62.2 16.0
============ ========== ============ ================= ===========
Sales and purchases from related parties were made at commercial
prices.
Interest on loans to/from Group companies is charged at a
commercial rate.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BXGDCISDBGRL
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