AA PLC Differences AA plc v Intermediate Jan 19 (9759D)

TIDMAA.

RNS Number : 9759D

AA PLC

01 July 2019

AA PLC

AA Intermediate Co Limited results for the year ended 31 January 2019

In compliance with the requirements of AA Intermediate Co Limited's ('AA Intermediate Co') Class A and Class B notes, full year 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 3 April 2019.

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

1. Net Inter-company debtor balances were GBP1,180m for AA Intermediate Co and nil for AA plc as all non-trading balances were eliminated in AA plc as part of the 2013 financing transaction;

2. Cash balances, which were GBP96m higher for AA plc than for AA Intermediate Co as GBP28m of restricted cash was held at AA plc level for the AA plc group's Insurance Underwriting activities and GBP68m of available cash was held which can be used for the payment of external dividends to shareholders, the working capital of the Insurance Underwriting activities and other strategic requirements.

3. Additional working capital balances are held at AA plc level for the AA plc group's Insurance Underwriting activities. These balances are disclosed in note 22 of the AA plc 31 January 2019 year-end financial statements.

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

   IR                                 [phone] 

Zeeshan Maqbool, Investor Relations and Corporate Finance

   Media (Finsbury)       [phone]                   [e-mail] 

Jenny Davey

Philip Walters

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July 01, 2019 02:07 ET (06:07 GMT)