![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Aviva 23 | LSE:52IP | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 99.186 | 0 | 01:00:00 |
RNS Number:7878L Welsh Water Utilities Finance PLC 09 November 2006 NEWS FROM WELSH WATER Financial results for the six months to 30 September 2006 Continued operational and financial progress drives increased 'customer dividend' Glas Cymru has today published its results for the six months to 30 September 2006. Glas Cymru is the company that has owned Welsh Water since May 2001, with the single purpose of delivering high quality services to its customers. Glas Cymru has no shareholders and reinvests all financial surpluses for the benefit of Welsh Water's customers. Financial highlights of the results include: * 'Customer dividend' increased to #19 per customer at a total cost this year of some #25 million (2006: #23 million) - the only water company to give such an annual 'customer dividend'. * Net debt has reduced to some 77% of Regulatory Capital Value (RCV) as compared to some 93% on the acquisition of Welsh Water in May 2001. * Profit after tax (excluding fair value gains on financial instruments) of #15 million (2005: #19 million) to be retained in the business for the benefit of customers. * Operating costs increased to #117 million (2005: #106 million), primarily reflecting increases in power costs of #5 million and business rates of #2 million. * Capital expenditure of #115 million will bring improvements to customer service, environmental quality and drinking water quality. Operational and performance highlights include: * Ranked third in the industry by Ofwat's 'Overall Performance Assessment' of customer service and environmental performance for 2005-06 published on 7 November 2006 - the fifth year in a row that Welsh Water has been in the 'top three'. * Key regulatory measures for levels of service, water quality and environmental quality continue to show good overall performance during the first six months of 2006-07. * No water use restrictions despite summer rainfall being only 60% of the long-term average. * 99% of bathing waters achieved the EU mandatory standard for water quality and, in 2006, Wales had a record 47 Blue Flag beaches and marinas, around a third of the UK total. Commenting on the performance and financial results, Glas Cymru Chairman Lord Burns said, "I am pleased that Welsh Water's customers are continuing to see benefits for them of our unique business model. They are receiving an increased #19 'customer dividend' this year. They are also continuing to benefit from levels of service that are rated by Ofwat as being consistently amongst the best in the industry." Welsh Water has successfully commenced its #1.25 billion five-year investment programme (AMP4), which will bring major benefits to customers in terms of drinking water quality, environmental protection and the alleviation of sewer flooding. Capital investment since the commencement of the AMP4 programme now totals some #352 million, with major projects completed including: *Holyhead wastewater treatment works *740 kms of water mains replaced or refurbished *85 sewer overflows improved *the risk of repeat sewer flooding reduced for 172 properties The company's strong financial position, which it has achieved over the last five years, has enabled it to raise the finance it needs for this investment programme at attractive rates of interest, which will help to keep down bills to Welsh Water's customers long into the future. Lord Burns added, "Welsh Water's consistently good ranking in Ofwat's most recent league tables of service performance is a great credit to all those who work for the company and for our long-term service partners, although there remains much to do. We have a major programme of capital investment to carry out during this regulatory review period and beyond, and we are committed to further improving the quality and reliability of the service that we provide to our customers." Ends For further information contact the Glas Cymru press office on 02920 556140. Notes for editors: 1. Glas Cymru was formed in April 2000 for the sole purpose of acquiring Welsh Water. It is a 'company limited by guarantee' registered under the Companies Act 1985. Glas Cymru has no shareholders. Instead, Members carry out an important corporate governance role but they do not receive dividends nor do they have any other financial interest in the Company. This corporate structure ensures that all financial surpluses generated are retained and reinvested for the benefit of Welsh Water and its customers. 2. Glas Cymru's constitution strictly limits its purpose to that of financing water assets in Welsh Water's area of appointment and managing Welsh Water's business so that high quality water and sewerage services are delivered at least cost to the communities served by Welsh Water. Glas Cymru cannot diversify into other unrelated commercial activities. 3. Dwr Cymru Welsh Water outsources the provision of operational and customer services and the delivery of its investment programme. Working closely in a partnership framework with industry specialists delivers constantly improving business performance and benefits customers. Glas Cymru Cyfyngedig Interim report and accounts for the six months ended 30 September 2006 Chairman's Statement -------------------------------------------------------------------------------- Chairman's statement I am pleased to report a sound financial and operational performance in the six months period to 30 September 2006. Overall, we are maintaining our position as a leader in the industry in terms of customer service and environmental performance, combined with a strengthening of key financial measures. Based on this progress, we are able to give an increased 'customer dividend' of #19 per customer this year, at a total cost of some #25 million. Financial highlights * 'Customer dividend' increased to #19 per customer at a total cost this year of #25 million (2005: #23 million) - the only water company to give such an annual 'customer dividend'. * Net debt has reduced to some 77% of Regulatory Capital Value (RCV) as compared to some 93% on the acquisition of Welsh Water in May 2001. * Profit after tax (excluding fair value gains on financial instruments) of #15 million (2005: #19 million) to be retained in the business for the benefit of customers. * Operating costs increased to #117 million (2005: #106 million), primarily reflecting increases in power costs of #5 million and business rates of #2 million. * Capital expenditure (including infrastructure renewals expenditure) of #115 million (2005: #107 million) will bring improvements to customer service, environmental quality and drinking water quality. Operational highlights * Ranked third in the industry by Ofwat's 'Overall Performance Assessment' of customer service and environmental performance for 2005-06 published on 7 November 2006 - the fifth year in a row that Welsh Water has been in the 'top three'. * Key regulatory measures for levels of service, water quality and environmental quality continue to show good overall performance during the first six months of 2006-07. * No water use restrictions despite summer rainfall being only 60% of the long-term average. * 99% of bathing waters achieved mandatory standard and, in 2006, Wales had a record 47 Blue Flag beaches and marinas, around a third of the UK total. Financial performance Glas Cymru's financial results cover the six months to 30 September 2006. Comparative figures are given for the six months to 30 September 2005 and the year ended 31 March 2006. Financial performance over the first half of the year was broadly in line with expectations with gearing (net debt/regulatory capital value) at 30 September 2006 of some 77% (2005: 80%). Turnover in the six months to 30 September 2006 was #287 million, as compared to #275 million in the six months to 30 September 2005. The increase reflects the RPI+K increase in prices of 6.0% allowed by Ofwat less the increase in the 'customer dividend' for the year from #18 per customer to #19 per customer. In the twelve months period to 30 September 2006, 24,000 domestic customers switched to metered charging (2005: 29,000). Customer debt recovery performance continued at broadly the same collection rates as in previous year, reflecting good performance by Welsh Water and its service partner Thames Water in the monitoring and recovery of customer debt. Operating costs (excluding depreciation and infrastructure renewals expenditure) increased to #117 million (2005: #106 million), primarily reflecting increases in power costs (#5 million) and business rates (#2 million). Power costs for the full year are estimated to be some #35 million, as compared to #28 million in 2005/06. Net interest payable in the period (excluding fair value movements) was #70 million (2005: #73 million), reflecting financial savings from the early redemption of #425 million of bonds last year. Net interest payable includes an indexation charge on index linked debt of #4 million (2005: #7 million). Profit after taxation (but before the fair value movements on financial instruments) was #15 million, slightly down on the #19 million in the previous year. After allowing for the non cash "book profit" from the movement in the fair value of financial instruments, the total profit after tax was #25 million (2005: #4 million loss). As at 30 September 2006, Glas Cymru had cash, short-term deposits and undrawn syndicated bank facilities of #370 million, giving the Company a high level of financial liquidity. Customer service, water quality and environmental quality On 7 November 2006, Ofwat published its Annual Report on Levels of Service for the Water Industry in England and Wales for the year ended 31 March 2006. On Ofwat's 'Overall Performance Assessment', Welsh Water was ranked third, the fifth year in a row that Welsh Water has been in the 'top three'. This consistent good performance reflects a sustained commitment to improving services for customers. Prior to its acquisition by Glas Cymru, Welsh Water was ranked just seventh in 2000-01. Our results for the first six months of this year show that we are maintaining our good performance. Further performance highlights include: - 99.8% of customers served by compliant wastewater treatment works. - Overall water quality compliance at customer taps of 99.9%, equaling its highest ever level. - Good progress made in terms of leakage reduction and we are currently on course to meet the target for 2006-07. - Continuing high customer satisfaction with the overall service provided by Welsh Water. Maintaining performance at these high levels is a constant challenge, and we are particularly focused on seeking further improvement in the performance of our sewerage network. Capital investment programme Capital investment (including infrastructure renewals expenditure) was #115 million before grants and contributions (2005: #107 million). Expenditure to date of #352 million is broadly in-line with Welsh Water's #1.25 billion AMP4 capital investment programme to deliver regulatory targets for improvements to drinking water quality, environmental protection and the alleviation of sewer flooding. Significant outputs achieved so far during AMP4 period include: - Holyhead wastewater treatment works - 740kms of water mains replaced or refurbished - 85 sewer overflows improved - the risk of repeat sewer flooding reduced for 172 properties The company's strong financial position, which it has achieved over the last five years, has enabled it to raise the finance it needs for this investment programme at attractive rates of interest, which will help to keep down bills to Welsh Water's customers long into the future. Looking ahead Welsh Water's consistently good ranking in Ofwat's most recent league tables of service performance is a great credit to all those who work for the company and for our long-term service delivery partners, although there remains much to do. We have a major programme of capital investment to carry out during this regulatory review period and beyond; and we are committed to further improving the quality and reliability of the service that we provide to our customers. Lord Burns Chairman - Glas Cymru Cyfyngedig 9 November 2006 Summary of key measures of service performance Period to 30 Period to 30 September 2006 September 2005 Levels of Service Properties "at risk" of receiving low pressure 636 996 Unplanned water supply interruptions 207 227 Properties "at risk" of sewage flooding 515 567 Sewage flooding incidents - hydraulic overload ("1 in 10 year storms") 45 50 Sewage flooding incidents - other causes 105 64 Billing enquiries answered within 5 days 99.99% 99.4% Written complaints answered within 10 days 99.6% 99.1% Number of written complaints received 5,248 4,980 Customer meters read within year 97.8% 97.6% Telephone calls answered within 30 seconds 91.7% 91.8% Water Quality Overall water quality compliance 'at the tap'(*) 99.9% 99.9% Bacteriological compliance 'at the tap'(*) 99.4% 99.6% Iron compliance 'at the tap'(*) 99.0% 99.0% Operational Performance Index(*) 99.8% 99.8% Environment Leakage (m(3)/km/day) 8.0 8.3 Number of 'Category 1 and 2' pollution incidents(*) 11 14 Number of 'Category 3' pollution incidents(*) 157 146 Customers served by compliant wastewater treatment works(*) 99.8% 99.6% Wastewater treatment works complying with consents 98.9% 98.4% Sewage sludge recycled satisfactorily 100% 100% 'Mandatory' coastal bathing water compliance 99% 100% 'Guideline' coastal bathing water compliance 89% 91% (*) Calendar year to end September 2006 Consolidated income statement Six months Six months Year ended ended ended 30 September 30 September 31 March 2006 2005 2006 Note #m #m #m Revenue 2 287.2 275.2 553.5 Operating costs : - Operational expenditure (116.7) (106.2) (213.2) - Infrastructure renewals expenditure (31.0) (19.7) (48.8) - Depreciation and amortisation (48.2) (48.6) (97.5) Profit on disposal of fixed assets - 0.3 0.8 ------ ------- ------- Operating profit 91.3 101.0 194.8 Interest payable and similar charges 3a (72.0) (78.1) (156.9) Interest receivable 3a 2.5 4.8 6.7 Fair values gains/(losses) on financial instruments 3b 13.9 (33.9) (33.3) ----- ------ ------ (55.6) (107.2) (183.5) ------ ------- ------- Profit/(loss) before taxation 35.7 (6.2) 11.3 Taxation 4 (10.9) 1.9 4.8 ------ ------- ------- Profit/(loss) after taxation 24.8 (4.3) 16.1 ====== ======= ======= Profit after tax excluding fair value gains/(losses) on financial instruments 15.1 19.4 39.4 Impact of fair value gains/ (losses) on financial instruments (including taxation effect) 3b 9.7 (23.7) (23.3) Profit/(loss) after taxation 24.8 (4.3) 16.1 The group has no other recognised gains or losses and accordingly a statement of recognised income and expenses has not been presented. See Note 1 for the basis of preparation. Consolidated balance sheet At At At 30 September 30 September 31 March 2006 2005 2006 Note #m #m #m Assets Non-current assets Property, plant & equipment 6 2,819.5 2,753.9 2,795.6 Intangible assets 5 4.9 3.4 4.4 Financial assets: - derivative financial instruments 3d 7.3 - 6.3 ------- ------- ------- 2,831.7 2,757.3 2,806.3 ------- ------- ------- Current assets Trade and other receivables 7 103.4 87.5 86.7 Financial assets: - held to maturity investments 8 0.3 1.0 0.3 - derivative financial instruments 3d 0.4 - 4.2 Cash and cash equivalents 9 46.9 0.5 14.0 ------- ------- ------- 151.0 89.0 105.2 ------- ------- ------- Liabilities Current liabilities Financial liabilities: - borrowings (122.3) (207.5) (124.6) - derivative financial instruments 3c (4.8) (5.5) (6.2) Trade and other payables 10 (103.0) (93.1) (118.5) ------- ------- ------- (230.1) (306.1) (249.3) ------- ------- ------- Net current liabilities (79.1) (217.1) (144.1) Non-current liabilities Financial liabilities: - borrowings (2,313.8) (2,146.8) (2,244.9) - derivative financial instruments 3c (90.6) (96.7) (105.9) Retirement benefit obligations (6.6) (7.8) (6.6) Provisions 11 (11.3) (10.0) (9.8) ------- ------- ------- (2,422.3) (2,261.3) (2,367.2) ------- ------- ------- Net assets before deferred tax 330.3 278.9 295.0 Deferred tax (384.7) (378.5) (374.2) ------- ------- ------- Net liabilities (54.4) (99.6) (79.2) ======= ======= ======= Reserves Retained earnings (54.4) (99.6) (79.2) ------- ------- ------- Total reserves (54.4) (99.6) (79.2) ======= ======= ======= Consolidated cashflow statement Six months Six months Year ended ended ended 30 September 30 September 31 March 2006 2005 2006 Note #m #m #m Operating profit 91.3 101.0 194.8 Adjustments for: Depreciation 48.2 48.6 97.5 Profit on disposals of fixed assets - (0.3) (0.8) Changes in working capital: Increase in trade and other receivables (18.6) (19.9) (17.9) Decrease in trade and other payables (3.9) (22.8) (13.2) Increase in pension deficit - - (1.2) Increase in provisions 1.7 0.4 0.1 ------ ------- ------- Cash generated from operations 118.7 107.0 259.3 Interest received 2.7 7.7 7.2 Interest paid (20.2) (37.1) (139.8) Tax paid - - (1.1) ------ ------- ------- Net cash inflow from operating activities 101.2 77.6 125.6 ------ ------- ------- Cash flows from investing activities Purchase of property, plant and equipment (98.0) (96.0) (182.5) Grants and contributions received 11.3 6.4 16.8 Proceeds from sale of property, plant and equipment - 0.1 0.8 ------ ------- ------- Net cash used in investing activities (86.7) (89.5) (164.9) ------ ------- ------- Net cash inflow/(outflow) before financing activities 14.5 (11.9) (39.3) Cash flows from financing activities Long term loans and finance leases received - 56.2 113.8 Authorised loan drawdown 12.3 115.4 145.3 Purchase of own bonds - (2.2) (3.3) Bond redemption - (425.0) (465.5) Capital element of finance lease payments - (0.7) (5.2) Reduction in financial assets - 36.6 33.6 Other loan repayments - (0.1) (0.4) ------ ------- ------- Net cash generated/(used) in financing activities 12.3 (219.8) (181.7) ------ ------- ------- Increase/(decrease) in net cash 26.8 (231.7) (221.0) Net cash at start of period 14.0 231.3 235.0 ------ ------- ------- Net cash at end of period 9 40.8 (0.4) 14.0 ------ ------- ------- 1. Basis of preparation The interim report and accounts are for the six months ended 30 September 2006. They have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and expected to be applicable in the annual report and accounts for the year ending 31 March 2007 and those parts of the Companies Act 1985 applicable to reporting under IFRS. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial instruments to fair value in accordance with IFRS and as permitted by the Fair Value Directive as implemented in the amended Companies Act 1985. These standards are subject to ongoing review and accordingly practice is continuing to evolve. Therefore the standards that will be applicable and adopted for use in respect of the year ending 31 March 2007 are not known with certainty at this time. These financial statements are unaudited but have been formally reviewed by the auditors and their report is set out on page 14. The results shown for the year ended 31 March 2006 have been derived from the group's audited full financial statements filed with the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain a statement under Section 237 (2) or 237(3) of the Companies Act 1985. The company is limited by guarantee and does not have any share capital. In the event of the company being wound up, the liability of the members is limited to #1 each. 2. Segmental information All reported turnover and operating profits arise from the operation of water and sewerage business in the UK. 3. Financing cost and fair value of derivative financial instruments Six months Six months Year ended ended ended 30 September 30 September 31 March 3a). Net interest before fair value losses on financial instruments 2006 2005 2006 #m #m Interest payable on bonds (42.9) (55.6) (91.9) Indexation on index-linked bonds (3.9) (6.8) (17.4) Interest payable on finance leases (18.1) (14.9) (31.9) Interest payable on other loans (6.6) - (12.8) Amortisation of bond issue costs (0.5) (0.8) (2.9) ------- ------- ------- Total interest payable (72.0) (78.1) (156.9) Interest receivable 2.5 4.8 6.7 ------- ------- ------- Net interest payable before fair value adjustments (69.5) (73.3) (150.2) ------- ------- ------- 3. Financing cost and fair value of derivative financial instruments (continued) Six months Six months Year ended ended ended 30 September 30 September 31 March 3b). Fair value gains/(losses) on financial instruments 2006 2005 2006 #m #m #m Fair value gains/(losses) on interest rate swaps 12.2 (33.9) (29.8) Fair value gains/(losses) on index linked swaps 1.7 - (3.5) Fair value gains/(losses) on foreign exchange: - Cross-currency swaps - 48.5 48.5 - Foreign denominated bonds - (48.5) (48.5) ------- ------- ------- Fair value gains/(losses) on financial instruments 13.9 (33.9) (33.3) ------- ------- ------- Tax effect of fair value (gains)/losses on financial instruments (4.2) 10.2 10.0 ------- ------- ------- Net of tax impact of fair value gains/(losses) on financial instruments 9.7 (23.7) (23.3) ------- ------- ------- Whilst the group employs an economically effective policy using interest rate and currency swaps, this policy does not satisfy the stringent hedge accounting criteria of IAS39. Consequently, the group's interest rate and currency swaps are fair valued at each balance sheet date with the movement (gains or losses) disclosed in the income statement. Over the life of these swaps, providing that there is an effective match, these fair value adjustments will reverse and reduce to zero. 30 September 30 September 31 March 3c). Fair value of 2006 2005 2006 derivative financial Liabilities Liabilities Liabilities liabilities #m #m #m Current: Interest rate swaps (4.4) (5.5) (6.2) Index linked swaps (0.4) - - ------- ------- ------- Total (4.8) (5.5) (6.2) ------- ------- ------- Non-current: Interest rate swaps (81.4) (96.7) (91.9) Index linked swaps (9.2) - (14.0) ------- ------- ------- (90.6) (96.7) (105.9) ------- ------- ------- 30 September 30 September 31 March 3d). Fair value of derivative 2006 2005 2006 financial assets Assets Assets Assets #m #m #m Current: Index linked swaps 0.4 - 4.2 ------- ------- ------- Total 0.4 - 4.2 ------- ------- ------- Non-current: Index linked swaps 7.3 - 6.3 ------- ------- ------- 7.3 - 6.3 ------- ------- ------- 4. Taxation 30 September 30 September 31 March 2006 2005 2006 #m #m #m Tax on profit comprises: Corporation Tax (0.4) - (1.4) Deferred Tax (10.5) 1.9 6.2 -------- --------- --------- Taxation (charge)/credit (10.9) 1.9 4.8 -------- --------- --------- The tax charge for the six months to September 2006 equates to approximately 30% of the profit for the period, which is the effective rate expected to apply in the full year to 31 March 2007. This is in contrast to the tax credits in the period to September 2005 and the year to March 2006. These credits were a result of deferred tax credits arising principally from leasing transactions undertaken in those periods. 5. Intangible fixed assets Intangible fixed assets comprise computer software and related system developments. Cost Depreciation Net book value #m #m #m At 1 April 2006 53.4 (49.0) 4.4 Additions 1.4 - 1.4 Amortisation charge for the period - (0.9) (0.9) -------- --------- --------- At 30 September 2006 54.8 (49.9) 4.9 -------- --------- --------- 6. Property, plant and equipment Freehold land & Infrastructure Operational Plant Total buildings assets structures equipment, computer hardware #m #m #m #m #m Cost At 1 April 2006 32.7 1,375.2 2,055.0 193.2 3,656.1 Additions net of grants and contributions - 22.8 40.0 8.4 71.2 ------ -------- ------- ------- ------- At 30 September 2006 32.7 1,398.0 2,095.0 201.6 3,727.3 ------ -------- ------- ------- ------- Accumulated depreciation At 1 April 2006 15.5 39.8 654.6 150.6 860.5 Charge for the period - 10.6 35.4 1.3 47.3 ------ -------- ------- ------- ------- At 30 September 2006 15.5 50.4 690.0 151.9 907.8 ------ -------- ------- ------- ------- Net book value At 30 September 2006 17.2 1,347.6 1,405.0 49.7 2,819.5 ------ -------- ------- ------- ------- At 31 March 2006 17.2 1,355.4 1,400.4 42.6 2,795.6 ------ -------- ------- ------- ------- 7. Trade and other receivables 30 September 30 September 31 March 2006 2005 2006 #m #m #m (a) Amounts falling due within one year: Trade receivables 94.0 82.9 77.0 Less provision for impairment of receivables (52.0) (49.8) (49.6) --------- --------- ------- Trade receivables - net 42.0 33.1 27.4 Other receivables 5.2 2.1 9.8 Prepayments and accrued income 56.2 52.2 49.5 --------- --------- ------- 103.4 87.4 86.7 (b) Amounts falling due after more than one year: Other receivables - 0.1 - --------- --------- ------- 103.4 87.5 86.7 --------- --------- ------- 8. Held to maturity investments 30 September 30 September 31 March 2006 2005 2006 #m #m #m Fixed term deposits: - due within 1 year 0.3 1.0 0.3 --------- --------- --------- 0.3 1.0 0.3 --------- --------- --------- 9. Cash and cash equivalents 30 September 30 September 31 March 2006 2005 2006 #m #m #m Cash at bank and in hand 0.1 - 3.8 Short-term bank deposits 46.8 0.5 10.2 --------- --------- --------- 46.9 0.5 14.0 --------- --------- --------- Net cash includes the following for the purposes of the cash flow statement: 30 September 30 September 31 March 2006 2005 2006 #m #m #m Cash and cash equivalents 46.9 0.5 14.0 Bank overdraft (6.1) (0.9) - --------- --------- --------- 40.8 (0.4) 14.0 --------- --------- --------- 10. Trade and other payables 30 September 30 September 31 March 2006 2005 2006 #m #m #m Trade creditors 18.0 16.0 26.8 Capital creditors 31.4 29.7 45.3 Other taxation and social security costs 0.3 0.5 0.3 Other creditors 53.3 46.9 46.1 ---------- ---------- --------- 103.0 93.1 118.5 ---------- ---------- --------- 11. Provisions 30 September 30 September 31 March 2006 2005 2006 #m #m #m Restructuring provision 4.8 5.0 5.3 Uninsured losses 6.5 5.0 4.5 ---------- ---------- --------- 11.3 10.0 9.8 ---------- ---------- --------- 12. Analysis and reconciliation of net debt a) Net debt at the balance sheet date may be analysed as:30 September 30 September 31 March 2006 2005 2006 #m #m #m Bank overdraft (6.1) (0.9) - Cash and cash equivalents 46.9 0.5 14.0 Financial assets 0.3 1.0 0.3 --------- --------- -------- 41.1 0.6 14.3 --------- --------- -------- Debt due after one year (1,548.4) (1,461.7) (1,497.0) Debt due within one year (85.1) (157.5) (120.6) Finance leases (740.1) (686.9) (740.1) Accrued interest (63.1) (54.2) (19.0) Unamortised bond issue costs 6.7 9.2 7.2 --------- --------- -------- (2,430.0) (2,351.1) (2,369.5) --------- --------- -------- Net debt (2,388.9) (2,350.5) (2,355.2) --------- --------- -------- 12. Analysis and reconciliation of net debt (continued) b) The movement in net debt during the period may be summarised as:30 September 30 September 31 March 2006 2005 2006 #m #m #m Net debt at start period (2,355.2) (2,246.3) (2,246.3) Increase/(decrease) in net cash 26.8 (231.7) (221.0) Decrease in financial assets - (36.6) (33.6) Increase/(decrease) in debt (12.3) 256.4 215.3 --------- --------- -------- Decrease/(increase) in net debt arising from cashflows 14.5 (11.9) (39.3) Movement in accrued interest (44.1) (36.5) (1.3) Amortisation of debt issue costs (0.5) (0.8) (2.7) Foreign currency movement on dollar bond - (48.5) (48.5) Amortisation of bond issue premium 0.3 0.3 0.3 Indexation of index-linked debt (3.9) (6.8) (17.4) --------- --------- -------- Movement in net debt during the period (33.7) (104.2) (108.9) --------- --------- -------- --------- --------- -------- Net debt at end of period (2,388.9) (2,350.5) (2,355.2) --------- --------- -------- 13. Statement of changes in reserves 30 September 30 September 31 March 2006 2005 2006 #m #m #m Reserves brought forward (79.2) (95.3) (95.3) Profit/(loss) for the period 24.8 (4.3) 16.1 --------- --------- -------- Reserves carried forward (54.4) (99.6) (79.2) ========= ========= ======== Independent review report to Glas Cymru Cyfyngedig Introduction We have been instructed by the company to review the financial information for the six months ended 30 September 2006 which comprises the consolidated interim balance sheet as at 30 September 2006 and the related consolidated interim statements of income and cash flow for the six months then ended and related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the Financial Services Authority require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. This interim report has been prepared in accordance with the basis set out in Note 1. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the disclosed accounting policies have been applied. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit and therefore provides a lower level of assurance. Accordingly we do not express an audit opinion on the financial information. This report, including the conclusion, has been prepared for and only for the company for the purpose of the Listing Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2006. PricewaterhouseCoopers LLP Chartered Accountants Cardiff 9 November 2006 Notes: (a) The maintenance and integrity of the Glas Cymru web site is the responsibility of the company; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the web site. (b) Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions. This information is provided by RNS The company news service from the London Stock Exchange END IR DVLFBQFBLFBE
1 Year Aviva 23 Chart |
1 Month Aviva 23 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions