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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Severn Trent Plc | LSE:SVT | London | Ordinary Share | GB00B1FH8J72 | ORD 97 17/19P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
16.00 | 0.66% | 2,458.00 | 2,458.00 | 2,459.00 | 2,463.00 | 2,438.00 | 2,451.00 | 437,949 | 16:29:54 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Water Supply | 2.17B | 132.2M | 0.4420 | 55.61 | 7.35B |
TIDMSVT
RNS Number : 2829J
Severn Trent PLC
08 September 2016
Restatement of prior-year results following the reclassification of the non-household retail activities as discontinued operations
Severn Trent Plc announces the restatement of prior-year results as a consequence of the reclassification of the non-household retail activities as discontinued operations. These activities are restated following the formation of the Water Plus joint venture (JV) with United Utilities, which completed on 1 June 2016 following Competition and Markets Authority approval on 3 May 2016. For the full financial year to 31 March 2017, the results for the Group will therefore include two months of discontinued operations for non-household retail operations, and ten months of the Group's 50% share of the JV.
The following restatement of 2015/16 half-year and full-year data at this time is to assist investors and analysts in their financial modelling of the Group, in advance of the half-year 2016/17 results, which will be announced on 24 November 2016.
As a result of this announcement there is no material change to current year business performance or outlook since the full-year 2015/16 results on 24 May 2016.
Summary restatement
Prior year ended 31 March 2016:
Regulated Water and Waste Business Corporate Consol Water Services and Other adjs Group GBPm GBPm GBPm GBPm GBPm Turnover: From continuing operations As previously reported 1,506.1 674.6 3.2 (397.0) 1,786.9 Non-household retail - (397.9) - 364.7 (33.2) Restated 1,506.1 276.7 3.2 (32.3) 1,753.7 ------------------------ ----------- ---------- ----------- -------- -------- From discontinued operations(1) As previously reported - 29.7 - - 29.7 Non-household retail - 397.9 - - 397.9 Restated - 427.6 - - 427.6 ------------------------ ----------- ---------- ----------- -------- -------- Profit before interest, tax and exceptional items (PBITE)(2) : From continuing operations As previously reported 492.1 38.2 (7.9) 0.4 522.8 Non-household retail (9.6) (9.8) - - (19.4) Restated 482.5 28.4 (7.9) 0.4 503.4 ------------------------ ----------- ---------- ----------- -------- -------- From discontinued operations As previously reported - 2.1 - - 2.1 Non-household retail - 19.4 - - 19.4 Restated - 21.5 - - 21.5 ------------------------ ----------- ---------- ----------- -------- --------
-- Group turnover from continuing operations reduced by GBP33.2 million. This represents the sales of the Severn Trent Water non-household retail business and of our out of area retail business mainly in Scotland (GBP397.9m), less the sales from our wholesale business to our non-household retail business (GBP364.7m). Group PBITE from continuing operations is restated by GBP19.4 million.
-- Business Services turnover from continuing operations reduced by GBP397.9 million and PBITE from continuing operations is restated by GBP9.8 million.
-- Regulated Water and Waste Water turnover is unaffected, but PBITE reduced by GBP9.6 million to reflect the share of costs incurred in Regulated Water and Waste Water that were previously reallocated to non-household retail operations. As these activities are not transferring to the JV they are deemed to remain with Regulated Water and Waste Water for the purpose of this restatement.
-- Discontinued operations turnover increased by GBP397.9 million and PBITE increased by GBP19.4 million.
Summary restatement
Prior six months ended 30 September 2015:
Regulated Water and Waste Business Corporate Consol Water Services and Other adjs Group GBPm GBPm GBPm GBPm GBPm Turnover: From continuing operations As previously reported 754.4 337.3 3.0 (198.6) 896.1 Non-household retail - (203.2) - 185.7 (17.5) Restated 754.4 134.1 3.0 (12.9) 878.6 ------------------------ ----------- ---------- ----------- -------- ------- From discontinued operations(1) As previously reported - 29.7 - - 29.7 Non-household retail - 203.2 - - 203.2 Restated - 232.9 - - 232.9 ------------------------ ----------- ---------- ----------- -------- ------- Profit before interest tax and exceptional items (PBITE): From continuing operations As previously reported 270.2 17.3 (5.8) (0.7) 281.0 Non-household retail (4.8) (6.1) - - (10.9) Restated 265.4 11.2 (5.8) (0.7) 270.1 ------------------------ ----------- ---------- ----------- -------- ------- From discontinued operations(1) As previously reported - 2.1 - - 2.1 Non-household retail - 10.9 - - 10.9 Restated - 13.0 - - 13.0 ------------------------ ----------- ---------- ----------- -------- -------
-- Group turnover from continuing operations reduced by GBP17.5 million This represents the sales of the Severn Trent Water non-household retail business and of our out of area retail business mainly in Scotland (GBP203.2m), less the sales from our wholesale business to our non-household retail business(GBP185.7m). Group PBITE from continuing operations is restated by GBP10.9 million.
-- Business Services turnover from continuing operations reduced by GBP203.2 million and PBITE from continuing operations is restated by GBP6.1 million.
-- Regulated Water and Waste Water turnover is unaffected but PBITE reduced by GBP4.8 million to reflect the share of costs incurred in Regulated Water and Waste Water that were previously reallocated to non-household retail operations. As these activities are not transferring to the JV they are deemed to remain with Regulated Water and Waste Water for the purpose of this restatement.
-- Discontinued operations turnover increased by GBP203.2 million and PBITE increased by GBP10.9 million.
Notes:
(1) Discontinued operations previously reported comprise the Water Purification business that was sold in July 2015.
(2) PBITE = Profit before interest, tax and exceptional items.
Enquiries
Ruban Chandran Severn Trent Plc 07957 166615 Head of Investor Relations Richard Tunnicliffe Severn Trent Plc 07834 419722 Investor Relations Manager
Appendix
Restatement of P&L for the prior year ended 31 March 2016:
The following P&L summaries are provided to assist the reader in comparing continued and discontinued operations side by side.
Ø Group
Continuing Discontinued Total ----------------------------------- ----------------------------------- Non Non Previously household Previously household Consol reported retail Restated reported retail Restated adjs GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm Turnover 1,786.9 (33.2) 1,753.7 29.7 397.9 427.6 (364.7) 1,816.6 ----------- ----------- --------- ----------- ----------- --------- -------- ---------- Profit before interest tax and exceptional items (PBITE) 522.8 (19.4) 503.4 2.1 19.4 21.5 - 524.9 Exceptional items 1.0 - 1.0 (2.7) - (2.7) - (1.7) ----------- ----------- --------- ----------- ----------- --------- -------- ---------- Profit before interest and tax 523.8 (19.4) 504.4 (0.6) 19.4 18.8 - 523.2 Net finance costs (209.3) - (209.3) - - - - (209.3) Gains/(losses) on financial instruments 7.7 - 7.7 - - - - 7.7 Share of results of associates and joint ventures 0.1 - 0.1 - - - - 0.1 ----------- ----------- --------- ----------- ----------- --------- -------- ---------- Profit before tax 322.3 (19.4) 302.9 (0.6) 19.4 18.8 - 321.7 Taxation 9.7 3.9 13.6 (0.1) (3.9) (4.0) - 9.6 Profit after
tax 332.0 (15.5) 316.5 (0.7) 15.5 14.8 - 331.3 ----------- ----------- --------- ----------- ----------- --------- -------- ----------
Turnover from continuing operations is reduced by GBP33.2m representing the sales of the Severn Trent Water non-household retail business and of our out of area retail business mainly in Scotland (GBP397.9m), less the sales from our wholesale business to our non-household retail business (GBP364.7m).
Turnover from discontinued operations is increased by the sales from the Severn Trent Water non-household retail operations and the sales from the out of area retail business.
The sales from the wholesale business to the Severn Trent Water non-household retail business are included in continuing operations but eliminated from the total group sales as a consolidation adjustment.
PBITE from continuing operations is reduced by the PBITE from both non-household retail businesses. In addition shared retail and central overhead costs incurred in Regulated Water and Waste Water that were previously allocated to non-household retail activities, but which will not be transferred into the joint venture, have been retained in continuing activities. Further detail is provided in the segmental analysis below.
Segmental results
Ø Business Services
Continuing Discontinued Total ----------------------------------- ----------------------------------- Non Non Previously household Previously household reported retail Restated reported retail Restated Total GBPm GBPm GBPm GBPm GBPm GBPm GBPm Turnover 674.6 (397.9) 276.7 29.7 397.9 427.6 704.3 ----------- ----------- --------- ----------- ----------- --------- ------ Profit before interest tax and exceptional items (PBITE) 38.2 (9.8) 28.4 2.1 19.4 21.5 49.9 Exceptional items - - - (2.7) - (2.7) (2.7) ----------- ----------- --------- ----------- ----------- --------- ------ Profit before interest and tax 38.2 (9.8) 28.4 (0.6) 19.4 18.8 47.2 ----------- ----------- --------- ----------- ----------- --------- ------
The reduction in continuing turnover represents the sales from the Severn Trent Water non-household retail operations and the sales from the out of area retail business. This is reflected as increased turnover from discontinued operations.
PBITE from continuing operations is reduced by the PBITE from both non-household retail businesses.
PBITE from discontinued operations is increased by the amount previously reported within continuing operations plus GBP9.6 million from shared costs for activities not transferred to the discontinued operation and are now reported in Regulated Water and Waste Water.
Ø Regulated Water and Waste Water
Continuing Discontinued Total ----------------------------------- ----------------------------------- Non Non Previously household Previously household reported retail Restated reported retail Restated GBPm GBPm GBPm GBPm GBPm GBPm GBPm Turnover 1,506.1 - 1,506.1 - - - 1,506.1 ----------- ----------- --------- ----------- ----------- --------- -------- Profit before interest tax and exceptional items (PBITE) 492.1 (9.6) 482.5 - - - 482.5 Exceptional items 1.0 - 1.0 - - - 1.0 ----------- ----------- --------- ----------- ----------- --------- -------- Profit before interest and tax 493.1 (9.6) 483.5 - - - 483.5 ----------- ----------- --------- ----------- ----------- --------- --------
The reduction in PBITE represents shared costs, previously allocated to non-household retail, for activities not transferred to the discontinued operations. These costs include shared retail activities such as billing and cash collection and an element of shared central overheads that remain with the continuing business.
Restatement of P&L for the six months ended 30 September 2015:
The following P&L summaries are provided to assist the reader in comparing continued and discontinued operations side by side.
Ø Group
Continuing Discontinued Total ----------------------------------- ----------------------------------- Non Non Previously household Previously household Consol reported retail Restated reported retail Restated adjs GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm Turnover 896.1 (17.5) 878.6 29.7 203.2 232.9 (185.7) 925.8 ----------- ----------- --------- ----------- ----------- --------- -------- -------- Profit before interest tax and exceptional items (PBITE) 281.0 (10.9) 270.1 2.1 10.9 13.0 - 283.1 Exceptional items - - - (2.7) - (2.7) - (2.7) ----------- ----------- --------- ----------- ----------- --------- -------- -------- Profit before interest and tax 281.0 (10.9) 270.1 (0.6) 10.9 10.3 - 280.4 Net finance costs (106.3) - (106.3) - - - - (106.3) Gains/(losses) on financial instruments 11.5 - 11.5 - - - - 11.5 Share of results of associates and joint ventures - - - - - - - - ----------- ----------- --------- ----------- ----------- --------- -------- -------- Profit before tax 186.2 (10.9) 175.3 (0.6) 10.9 10.3 - 185.6 Taxation (39.3) 2.2 (37.1) (0.1) (2.2) (2.3) - (39.4) Profit after tax 146.9 (8.7) 138.2 (0.7) 8.7 8.0 - 146.2 ----------- ----------- --------- ----------- ----------- --------- -------- --------
Turnover from continuing operations is reduced by GBP17.5m representing the sales of the Severn Trent Water non-household retail business and of our out of area retail business mainly in Scotland (GBP203.2m), less the sales from our wholesale business to our non-household retail business (GBP185.7m).
Turnover from discontinued operations is increased by the sales from the Severn Trent Water non-household retail operations and the sales from the out of area retail business.
The sales from the wholesale business to the Severn Trent Water non-household retail business are included in continuing operations but eliminated from the total group sales as a consolidation adjustment.
PBITE from continuing operations is reduced by the PBITE from both non-household retail businesses. In addition shared retail and central overhead costs incurred in Regulated Water and Waste Water that were previously allocated to non-household retail activities, but which will not be transferred into the joint venture, have been retained in continuing activities. Further detail is provided in the segmental analysis below.
Segmental results
Ø Business Services
Continuing Discontinued Total ----------------------------------- ----------------------------------- Non Non Previously household Previously household reported retail Restated reported retail Restated Total GBPm GBPm GBPm GBPm GBPm GBPm GBPm Turnover 337.3 (203.2) 134.1 29.7 203.2 232.9 367.0 ----------- ----------- --------- ----------- ----------- --------- ------ Profit before interest tax and exceptional items (PBITE) 17.3 (6.1) 11.2 2.1 10.9 13.0 24.2 Exceptional items - - - (2.7) - (2.7) (2.7) ----------- ----------- --------- ----------- ----------- --------- ------ Profit before interest and
tax 17.3 (6.1) 11.2 (0.6) 10.9 10.3 21.5 ----------- ----------- --------- ----------- ----------- --------- ------
The reduction in continuing turnover represents the sales from the Severn Trent Water non-household retail operations and the sales from the out of area retail business. This is reflected as increased turnover from discontinued operations.
PBITE from continuing operations is reduced by the PBITE from both non-household retail businesses.
PBITE from discontinued operations is increased by the amount previously reported within continuing operations plus GBP4.8 million from shared costs for activities not transferred to the discontinued operation and are now reported in Regulated Water and Waste Water.
Ø Regulated Water and Waste Water
Continuing Discontinued Total ----------------------------------- ----------------------------------- Non Non Previously household Previously household reported retail Restated reported retail Restated GBPm GBPm GBPm GBPm GBPm GBPm GBPm Turnover 754.4 - 754.4 - - - 754.4 ----------- ----------- --------- ----------- ----------- --------- ------ Profit before interest tax and exceptional items (PBITE) 270.2 (4.8) 265.4 - - - 265.4 Exceptional items - - - - - - - ----------- ----------- --------- ----------- ----------- --------- ------ Profit before interest and tax 270.2 (4.8) 265.4 - - - 265.4 ----------- ----------- --------- ----------- ----------- --------- ------
The reduction in PBITE represents shared costs, previously allocated to non-household retail, for activities not transferred to the discontinued operations. These costs include shared retail activities such as billing and cash collection and an element of shared central overheads that remain with the continuing business.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
September 08, 2016 03:04 ET (07:04 GMT)
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