AA PLC AA Intermediate Co Limited Interim H1 19 Results (5781F)

TIDMAA.

RNS Number : 5781F

AA PLC

30 October 2018

AA Intermediate Co Limited Interim results for the six months ended 31 July 2018

In compliance with the requirements of AA Intermediate Co Limited's ('AA Intermediate Co') Class A and Class B notes, interim results for AA Intermediate Co have been issued to the Irish Stock Exchange. The results are also available on the AA plc website at www.theaaplc.com.

AA Intermediate Co Limited is the parent company of the companies that provide security and guarantees under the Whole Business Securitisation ('WBS') financing arrangements entered into by the AA on 2 July 2013.

AA Intermediate Co Limited's results differ from the results of AA plc that were announced on 26 September 2018.

The material differences relate to the consolidated assets and liabilities as follows:

1. Inter--company balances, which were GBP1,182m lower for AA plc than for AA Intermediate Co as all non-trading balances were eliminated in AA plc as part of the 2013 financing transaction;

2. Cash balances, which were GBP100m higher for AA plc than for AA Intermediate Co as GBP33m of restricted cash was held at AA plc level for the AA plc group's Insurance Underwriting activities and GBP67m of available cash was held mainly to pay dividends to AA plc shareholders.

3. Additional working capital and provision balances are held at AA plc level for the AA plc group's Insurance Underwriting activities. These include GBP28m for reinsurers share of insurance liabilities, GBP22m of provisions for unearned premiums and GBP24m of insurance technical provisions.

AA plc's Insurance Underwriting activities sit outside the AA Intermediate Co group. Other than these activities there are only immaterial differences between Trading Revenue and Trading EBITDA for the two groups. The remaining trading performance is therefore substantially comparable.

Enquiries

Investors

   Zeeshan Maqbool                                                       [phone] 
   Media (Finsbury)                                                         [phone] 

Jenny Davey

Philip Walters

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October 30, 2018 03:00 ET (07:00 GMT)