TIDMNTEA
RNS Number : 5923B
Northern Electric PLC
21 September 2018
NORTHERN ELECTRIC plc
HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 30 JUNE
2018
INTERIM MANAGEMENT REPORT
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 2018 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 2018
The Group delivered a satisfactory performance for the six
months ended 30 June 2018, although profit after tax reduced by
GBP1.9 million when compared to the previous year mainly as a
result of higher depreciation partly offset by higher smart meter
rental revenue.
IUS continued to operate its engineering contracting business
although saw a decrease in revenues in the six months to 30 June
2018.
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 GBP206.2 million was GBP6.8 million higher than for
the six months ended 30 June 2017 mainly due to higher smart meter
rental revenue and distribution revenue, partly offset by lower
contracting revenues.
Cash flow
Cash and cash equivalents as at 30 June 2018 were GBP15.9
million, representing a decrease of GBP0.7 million when compared
with the position at 31 December 2017.
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 GBP68.7 million was GBP2.8 million lower
than the six months ended 30 June 2017 mainly as a result of 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
GBP55.2 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.
Principal risks and uncertainties
Information concerning 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 2017, 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
2018.
Going concern
In the Group's latest annual reports and accounts for the year
to 31 December 2017 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 2018, which alter the view expressed in the
annual reports and accounts to 31 December 2017.
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
2018;
(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
7 September 2018
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS - SIX
MONTHSED 30 JUNE 2018
6 Months 6 Months
ended 30 ended 30
June 2018 June 2017
(unaudited) (unaudited)
GBPm GBPm
Revenue 206.2 199.4
Cost of sales (16.0) (22.0)
------------ ------------
Gross profit 190.2 177.4
Operating expenses (100.0) (86.7)
------------ ------------
Operating profit 90.2 90.7
Other gains - 0.1
Finance income 0.8 0.5
Finance costs (22.3) (19.8)
------------ ------------
Profit before tax 68.7 71.5
Income tax expense (13.5) (14.4)
------------ ------------
Profit from ordinary activities after tax 55.2 57.1
------------ ------------
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
COMPREHENSIVE INCOME - SIX MONTHSED 30 JUNE 2018
6 Months 6 Months
ended 30 ended 30
June 2018 June 2017
(unaudited) (unaudited)
GBPm GBPm
PROFIT FOR THE PERIOD 55.2 57.1
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently
to profit or loss:
Employee benefit obligation 5.8 19.1
Income tax relating to items of other comprehensive
income (0.9) (3.2)
------------ ------------
4.9 15.9
Items that may be reclassified subsequently
to profit or loss:
Cash flow hedge 1.5 -
Income tax relating to items of other comprehensive
income (0.2) -
------------ ------------
1.3 -
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET
OF INCOME TAX 6.2 15.9
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 61.4 73.0
------------ ------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - SIX
MONTHSED 30 JUNE 2018
30 June 2018 31 December
2017
(unaudited)
GBPm GBPm
ASSETS
NON-CURRENT ASSETS
Intangible assets 49.2 47.5
Property, plant and equipment 2,628.0 2,551.5
Investments 3.8 3.4
Pension asset 138.5 116.9
Derivative asset 1.0 -
Trade and other receivables 8.2 6.4
------------- ------------
2,828.7 2,725.7
------------- ------------
CURRENT ASSETS
Inventories 12.4 13.4
Trade and other receivables 71.6 94.3
Derivative asset 0.2 -
Restricted cash 13.8 2.2
Cash and cash equivalents 15.9 16.6
------------- ------------
113.9 126.5
------------- ------------
TOTAL ASSETS 2,942.6 2,852.2
------------- ------------
EQUITY
SHAREHOLDERS' EQUITY
Share capital 72.2 72.2
Share premium account 158.7 158.7
Hedging reserves 1.0 (0.3)
Other reserves 6.2 6.2
Retained earnings 935.0 874.9
------------- ------------
TOTAL EQUITY 1,173.1 1,111.7
------------- ------------
30 June 31 December
2018 2017
(unaudited)
GBPm GBPm
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 594.0 584.3
Borrowings 681.2 694.1
Derivative liability - 0.3
Deferred tax 106.8 102.6
Provisions 1.8 1.7
------------ ------------
1,383.8 1,383.0
------------ ------------
CURRENT LIABILITIES
Trade and other payables 114.4 144.9
Borrowings 263.8 204.0
Tax payable 6.3 7.4
Provisions 1.2 1.2
------------ ------------
385.7 357.5
------------ ------------
TOTAL LIABILITIES 1,769.5 1,740.5
------------ ------------
TOTAL EQUITY AND LIABILITIES 2,942.6 2,852.2
------------ ------------
The interim financial statements were approved by the board of
directors and authorised for issue on 7 September 2018 and were
signed on its behalf by:
P A Jones
Director
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - SIX
MONTHSED 30 JUNE 2018
Share
Share Premium Other Hedging Retained
Capital Account Reserves Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1 January
2018 72.2 158.7 6.2 (0.3) 874.9 1,111.7
Profit for the
period (unaudited) - - - 55.2 55.2
Other comprehensive
income (unaudited) - - - 1.3 4.9 6.2
Balance at 30 June
2018 72.2 158.7 6.2 1.0 935.0 1,173.1
-------- -------- --------- --------- --------- ----------
Share
Share Premium Other Hedging Retained
Capital Account Reserves Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1 January
2017 72.2 158.7 6.2 - 737.6 974.7
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 - 810.6 1,047.7
-------- -------- --------- --------- --------- ----------
Share
Share Premium Other Hedging Retained
Capital Account Reserves Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1 January
2017 72.2 158.7 6.2 - 737.6 974.8
Profit for the
period - - - 111.5 111.5
Dividends (22.7) (22.7)
Other comprehensive
income - - - (0.3) 48.5 48.2
Balance at 31 December
2017 72.2 158.7 6.2 (0.3) 874.9 1,111.7
-------- -------- --------- --------- --------- ----------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6 Months 6 Months
ended 30 ended 30
June 2018 June 2017
(unaudited) (unaudited)
GBPm GBPm
Cash generated from operations 138.9 121.8
Net interest paid (19.2) (18.2)
Tax paid (11.6) (12.6)
------------ ------------
Net cash from operating activities 108.1 91.0
------------ ------------
Investing activities
Proceeds from disposal of property,
plant and equipment - 0.2
Purchase of property, plant and equipment (154.1) (142.0)
Purchase of intangible assets (5.3) (3.6)
Dividends received from joint venture - -
Receipt of customer contributions 17.7 4.7
------------ ------------
Net cash used in investing activities (141.7) (140.7)
------------ ------------
Financing activities
Movement in external loans 0.3 -
Movement in loans from group undertakings 44.3 49.8
Movement in restricted cash (11.7) -
Net cash generated by financing activities 32.9 49.8
------------ ------------
Net (decrease)/increase in cash and
cash equivalents (0.7) 0.1
Cash and cash equivalents at beginning
of period 16.6 0.5
------------ ------------
Cash and cash equivalents at end of
period 15.9 0.4
------------ ------------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
The information included within these condensed financial
statements that refer to the year ended 31 December 2017, 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 2017 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 2018, which alter the view expressed in the
annual reports and accounts to 31 December 2017.
Changes in accounting policy
The Company's accounting policies and methods of computation are
the same as the accounting policies which are described in the
Company's financial statements for the year ended 31 December 2017,
with the only changes being outlined below.
Application of new and revised IFRS
In the current year, the company has a number of amendments to
IFRS by the International Accounting standards Board ("IASB) that
are mandatorily effective for an accounting period that begins on
or after 1 January 2018:
IFRS 9- Financial Instruments A revised version of IFRS 9 was
issued to mainly include impairment
requirements for financial assets,
and amendments to the classification
and measurement requirements by
introducing a 'fair value through
other comprehensive income measurement
category for certain simple debt
instruments. The application of
these amendments has had no material
impact on the Company's financial
statements.
IFRS 15- Revenue from Under IFRS 15, an entity recognises
contracts with customers revenue when a performance obligation
is satisfied. Far more prescriptive
guidance has been added in IFRS
15 to deal with specific scenarios.
Furthermore, extensive disclosures
are required by IFRS 15. The application
of these amendments has had no
material impact on the Company's
financial statements.
New and revised standards in issue but not yet effective
The Company has not yet applied the following new and revised
IFRSs that have been issued but not yet effective for the period
ended 30 June 2018:
IFRS 16- Leases (1 January IFRS 16 introduces a comprehensive
2019) model for the identification of
lease arrangements and accounting
treatments for both lessors and
lessees. IFRS 16 will supersede
the current lease guidance including
IAS 17 Leases and the related
interpretations when it becomes
effective. IFRS 16 distinguishes
between leases and service contracts
on the basis of whether an identified
asset is controlled by a customer.
Distinctions between operating
leases and finance leases are
removed for lessee accounting,
and is replaced by a model where
right-of-use asset and a corresponding
liability have to be recognised
for all leases by lessees except
for short term leases and leases
of low-value assets. As at 30
June 2018, the Company had non-cancellable
operating lease commitments of
GBP11.6 million, IAS 17 does not
require recognition of any right-of-use
asset or liability for future
lease payments for these leases.
A preliminary assessment indicated
that these arrangements will meet
the definition of a lease under
IFRS 16, and hence the Company
will recognise a right-of-use
asset and corresponding liability
in respect of all these leases
unless they qualify for low-value
or short-term leases upon the
application of IFRS 16.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
1. 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 2018
(unaudited):
Consolidation
Distribution Contracting Metering Other Adjustments Total
GBPm GBPm GBPm GBPm GBPm GBPm
REVENUE
External sales 167.4 10.0 26.1 2.7 206.2
Inter-segment
sales 0.2 1.9 - (0.3) (1.8) -
--------------- ------------ --------- ------ -------------- -------
Total Revenue 167.6 12.0 26.1 2.4 (1.8) 206.2
--------------- ------------ --------- ------ -------------- -------
SEGMENT RESULTS
Operating profit 65.8 (0.2) 9.2 (0.4) 15.8 90.2
--------------- ------------ --------- ------ -------------- -------
Other gains -
Finance income 0.8
Finance costs (22.3)
-------
Profit before
tax 68.7
-------
OTHER INFORMATION
Capital additions 88.6 0.1 48.8 - (0.9) 136.6
Depreciation
and amortisation 44.0 - 16.1 - (0.9) 59.2
Amortisation
of deferred
revenue 11.1 - - - - 11.1
--------------- ------------ --------- ------ -------------- -------
External sales to RWE Npower plc in the six months ended 30 June
2018 represented 20.9% of revenue within the Distribution
segment.
External sales to British Gas Ltd in the six months ended 30
June 2018 represented 14.6% of revenue within the Distribution
segment.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
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 2017
(unaudited):
Consolidation
Distribution Contracting Metering Other Adjustments Total
GBPm GBPm GBPm GBPm GBPm GBPm
REVENUE
External sales 164.8 16.0 15.9 2.7 - 199.4
Inter-segment
sales 0.3 12.6 - (0.3) (2.6) -
--------------- ------------ --------- ------ -------------- -------
Total Revenue 165.1 18.6 15.9 2.4 (2.6) 199.4
--------------- ------------ --------- ------ -------------- -------
SEGMENT RESULTS
Operating profit 73.6 0.4 6.2 (1.9) 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 92.8 - 64.3 - (0.5) 156.6
Depreciation
and amortisation 40.2 - 9.4 - (0.8) 48.8
Amortisation
of deferred
revenue 10.3 - - - - 10.3
--------------- ------------ --------- ------ -------------- -------
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.
"Other" comprises business support units. However, in the
segmental analysis for June 2017 half-yearly financial report
"Other" also comprised smart meter rental, the increase in revenue
within smart meter rental now requires it to be reported separately
and the comparatives have been restated to reflect this.
Sales and purchases between the different segments are made at
commercial prices.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
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
2018 Unaudited 2017
GBPm GBPm
Distribution 1,796.3 1,768.1
Contracting 3.3 7.9
Metering 315.1 255.5
Other 8.3 10.7
Consolidation Adjustments (48.0) 55.2
---------------- ------------
Total net assets by segment 2,075.0 2,097.4
Unallocated net corporate liabilities (901.9) (985.7)
---------------- ------------
Total net assets 1,173.1 1,111.7
---------------- ------------
Unallocated net corporate liabilities include cash and cash
equivalents of GBP15.9 million (December 2017: GBP16.6 million),
borrowings of GBP930.4 million (December 2017: GBP742.8 million),
retirement benefit asset of GBP138.5 million (December 2017:
GBP116.9 million), and taxation of GBP113.1 million (December 2017:
GBP110.0 million).
2.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
2. INCOME TAX EXPENSE
Tax for the six month period ended 30 June 2018 is charged at
19.00% (six months ended 30 June 2017: 19.25%; year ended 31
December 2017: 19.25%) 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 30 ended 30
June June
2018 2017
Unaudited Unaudited
GBPm GBPm
Current tax 10.4 12.0
Deferred tax 3.1 2.4
Total income tax expense 13.5 14.4
---------- ----------
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.
3.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
3. NOTES TO THE CASH FLOW STATEMENT
6 Months 6 Months
ended 30 ended 30
June 2018 June 2017
(unaudited) (unaudited)
GBPm GBPm
Profit before income tax 68.7 71.6
Depreciation charges 59.2 48.8
Profit on disposal of fixed
assets - (0.1)
Amortisation of deferred
revenue (11.1) (10.3)
Retirement benefit obligations (15.5) (13.7)
Movement in provisions 0.1 0.1
Finance costs 22.3 19.8
Finance income (0.8) (0.5)
------------ ------------
122.9 115.7
Decrease in inventories 1.0 0.9
Decrease in trade and other
receivables 20.7 9.7
Decrease in trade and other
payables (5.7) (4.5)
------------ ------------
Cash generated from operations 138.9 121.8
------------ ------------
4. RETIREMENT BENEFIT SCHEMES
The defined benefit obligation as at 30 June 2018 is calculated
on a year-to-date basis, using the annual actuarial valuation as at
31 December 2017. 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 2018.
5.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
5. 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
2018 2017 2018 2017
Unaudited Unaudited
GBPm GBPm GBPm GBPm
Financial liabilities
Short term loan - - - -
Inter-company short-term
loan 188.1 141.5 188.1 141.4
Bond 2020 - 8.875% (Northern
Electric Finance plc) 105.9 101.3 122.9 122.8
Bond 2035 - 5.125% (Northern
Electric Finance plc) 149.3 153.0 196.3 207.2
Amortising loan 2026- 2.736% 195.6 155.3 200.0 155.3
EIB Loan (2018-2020)* 80.3 123.5 82.4 127.9
EIB Loan 2027 - 2.564%
(Northern Powergrid (Northeast)
Ltd 121.7 120.1 128.5 129.3
Yorkshire Electricity Group
plc 2037 - 5.9% 102.9 100.0 147.2 149.8
Cumulative preference shares 3.4 3.4 177.8 182.6
---------- ------------ ---------- ------------
947.2 898.1 1,243.2 1,216.3
* 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%
6.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
6. RELATED PARTY TRANSACTIONS
Group
Transactions entered into with related parties and balances
outstanding were as follows:
Finance
income/
Amounts (costs)
Sales Purchases owed to Borrowings from/(to)
to related from related related from related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Six months ended
30 June 2018:
Northern Powergrid
Limited - - - - (3.1)
Northern Powergrid
(Yorkshire) plc 10.9 7.2 - - -
Vehicle Lease and
Service Limited 0.1 2.3 0.2 - -
Yorkshire Electricity
Group plc - - - 291.0 (3.4)
------------ -------------- --------- -------------- -----------
11.0 9.5 0.2 291.0 (6.5)
============ ============== ========= ============== ===========
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)
============ ============== ========= ============== ===========
RELATED PARTY TRANSACTIONS (CONTINUED)
Group - continued
Finance
income/
Amounts Borrowings (costs)
Sales Purchases owed to to/(from) from/(to)
to related from related related related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Year ended 31 December
2017:
Integrated Utility
Services Limited
(registered in Eire) - 3.3 0.2 - -
Northern Powergrid
Gas Limited 0.1 - - - -
Northern Powergrid
Insurance Services
Limited - - - - -
Northern Powergrid
Limited - - - - (6.2)
Northern Powergrid
(Yorkshire) plc 24.1 12.7 - - -
Vehicle Lease and
Service Limited - 4.6 0.4 - 0.5
Yorkshire Electricity
Group plc - - - (241.5) (7.2)
------------ -------------- --------- ----------- -----------
24.2 20.6 0.6 (241.5) (12.9)
============ ============== ========= =========== ===========
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 2018 two directors (six
months ended 30 June 2017: 2, year ended 31 December 2017: 2)
utilised the services provided by Northern Transport Finance
Limited, a subsidiary company.
RELATED PARTY TRANSACTIONS (CONTINUED)
Company
Transactions entered into with related parties and balances
outstanding were as follows:
Finance
income/
(costs)
Sales Purchases Borrowings from/(to)
to related from related from related related
parties parties parties parties
GBPm GBPm GBPm GBPm
Related party
Six months ended
30 June 2018:
Integrated Utility
Services Limited - 0.4 - -
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 - - 89.5 (0.3)
------------ -------------- -------------- -----------
5.4 0.4 89.5 (3.4)
============ ============== ============== ===========
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)
============ ============== ============== ===========
RELATED PARTY TRANSACTIONS (CONTINUED)
Company - continued
Finance
income/
Amounts (costs)
Sales Purchases owed to Borrowings from/(to)
to related from related related from related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Year ended 31 December
2017:
Integrated Utility
Services Limited 0.1 0.6 - - -
Northern Powergrid
Gas Limited 0.1 - - - -
Northern Powergrid
Limited - - - - (6.2)
Northern Powergrid
(Northeast) Limited 6.0 - - - 21.7
Northern Powergrid
(Yorkshire) plc 3.5 - - - -
Vehicle Lease and
Service Limited 0.2 - - - 0.5
Yorkshire Electricity
Group plc - - - 72.3 0.4
------------ -------------- --------- -------------- -----------
9.9 0.6 - 72.3 16.4
============ ============== ========= ============== ===========
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BXGDCUDDBGIB
(END) Dow Jones Newswires
September 21, 2018 09:28 ET (13:28 GMT)
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