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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Brit Energy Csh | LSE:BGYA | London | Ordinary Share | GB00B3DD4M63 | ORD 10P (ASSD LAKE ACQ CASH) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS No 5290f BRITISH ENERGY PLC 5th September 1997 BRITISH ENERGY plc UPDATED INFORMATION ON RECENTLY-SIGNED CONTRACTS FOR FUEL SERVICES On 4 June 1997 British Energy announced that it had entered into new contracts with British Nuclear Fuels plc ("BNFL") covering additional fuel services with a total value of some #1.5 billion and had negotiated improved terms for its existing contracts with BNFL. We announced that the new contracts and changes to existing contracts would together result in a saving of some #10 million in fuel costs for the current financial year. We have now completed our review of the cash flow impact and the accounting treatment of the new contracts, as summarised below. CASH FLOWS British Energy has now evaluated the impact of these new contracts on its estimated cash flows in respect of nuclear liabilities. The principal effect as at 31 March 1997, the date of the last published accounts, would have been a reduction of #0.4 billion from #5.6 billion to #5.2 billion in total nuclear liabilities on a discounted basis, based on current estimates of station lives and lifetime output projections. Of the #5.2 billion, #3.8 billion was accrued at 31 March 1997. As a result, on a discounted basis, #1.4 billion (rather than #1.8 billion) remains to be charged to operating profit in future years. The table below sets out a pro forma statement at 31 March 1997 which shows the differences in the discounted values of the projected payments before and after the signing of the new contracts. All figures are calculated on the basis of current estimates of station lives and lifetime outputs, and are shown at current price levels discounted at 3% in line with the Company's accounting policies to reflect the fact that the payments concerned will not fall due for a number of years. (# billion) Back End Back End Fuel Decom- Total Discounted at Fuel Costs Costs - missioning 3% pa Contracted Uncontracted Before New 3.0 1.8 0.8 5.6 Contracts (per 1996/97 Accounts) After New 3.6 0.8 0.8 5.2 Contracts Decrease/(increase) 0.6 1.0 --- 0.4 As a result of the new contracts, the proportion of back end fuel obligations covered by fixed price (index-linked) contracts has increased from 62% to 82% on a discounted basis. On an undiscounted basis, total projected payments have reduced by #1.1 billion from #14.0 billion to #12.9 billion. Excluding decommissioning of #4.3 billion which is unchanged, back end fuel payments have reduced from #9.7 billion to #8.6 billion. Under the terms of the new and amended BNFL contracts and in accordance with the projected pattern of payments for uncontracted amounts, the revised back end fuel payments at 31 March 1997 are now expected to become payable as follows: Back End Fuel Payments (# million)(1) Before New After New Decrease/ Contracts(2) Contracts (increase) Within one year 288 288 - 2-5 years 1,204 1,207 (3) 6-10 years 1,433 1,164 269 11-25 years 2,412 2,468 (56) 26-50 years 1,269 823 446 51 years and 3,165 2,675 490 over Total 9,771 8,625 1,146 (1) Current Money Values, Undiscounted (2) Based on British Energy Annual Accounts 1996/97, note 22, page 48. PROFIT AND LOSS ACCOUNT Of the #0.4 billion reduction in total projected payments referred to above, some #100 million is a backlog adjustment relating to fuel already burnt. This adjustment will be taken to the profit and loss account as an exceptional credit in 1997/98. The new and amended BNFL contracts enable British Energy to allocate the fuel volumes and payments over revised time periods. As a result, for accounting purposes British Energy can bring forward into earlier years some of the profit and loss account benefits of the revised payment terms at the expense of later years by averaging contract prices over approximately 10 years. This arrangement, which has no effect on the cash payments, will result in a further reduction in fuel costs of some #20 million in 1997/98, in addition to the #10 million previously announced. Contacts: Doug McRoberts 0131 527 2020 (Media Enquiries) Anne Campbell 0171 389 3406 (Media Enquiries) Paul Heward 0171 389 3468 (Investor Relations) END
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