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Name | Symbol | Market | Type |
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Nthn.elec.prf | LSE:NTEA | London | Preference Share |
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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
(END) Dow Jones Newswires
September 26, 2017 09:59 ET (13:59 GMT)
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