AA PLC AA Intermediate Co Limited Interim H1 20 Results (5285R)

TIDMAA.

RNS Number : 5285R

AA PLC

30 October 2019

AA Intermediate Co Limited Interim results for the six months ended 31 July 2019

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 24 September 2019.

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

1. Financial assets at amortised cost, which were GBP20m higher for AA plc than for AA Intermediate Co. This is due to the purchase of GBP20m of AA Bond Co Limited Class B2 notes by AA plc;

2. Inter--company balances, which were GBP1,169m 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;

3. Cash balances, which were GBP61m higher for AA plc than for AA Intermediate Co as GBP24m of restricted cash was held at AA plc level for the AA plc group's Insurance Underwriting activities and GBP37m of available cash was held mainly to pay dividends to AA plc shareholders;

4. Additional intangible assets, working capital and provision balances are held at AA plc level for the AA plc group's Insurance Underwriting activities. These include GBP6m for software assets, GBP6m for prepayments, GBP52m for reinsurers' share of insurance liabilities, GBP12m for trade payables, GBP5m for deferred income, GBP8m for other payables, GBP37m of provisions for unearned premiums and GBP35m 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 (FTI Consulting)    [phone] 
 Alex Le May 
 John Waples 
 Nick Hasell 
 

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 [e-mail] or visit www.rns.com.

END

MSCLLFFRITLAFIA

(END) Dow Jones Newswires

October 30, 2019 03:02 ET (07:02 GMT)