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Name | Symbol | Market | Type |
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Mid Kent Wtr4% | LSE:48HO | London | Debenture |
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0.00 | 0.00% | 0 | - |
RNS Number:9835N Mid Kent Water PLC 30 November 2001 30 November 2001 MID KENT WATER PLC INTERIM STATEMENT FOR THE HALF YEAR ENDED 30 SEPTEMBER 2001 CHAIRMAN'S STATEMENT Introduction This is the first year that Mid Kent Water (the "Company") has prepared an interim statement. Its publication follows the changes that have occurred to the Company's parent over the last six months. In May 2001 the Company's parent, Mid Kent Holdings plc, was acquired by Swan Capital Investments. Part of the reason for the change in ownership was to secure the funds required by the Company over the next few years to meet its substantial capital investment programme. Swan Capital Investments has secured a five-year revolving credit facility of #50m to finance the Company's ongoing capital expenditure and working capital needs. This facility will assist the Company in carrying out the infrastructure maintenance and enhancements that are planned, and will help to secure the long term availability of water supplies in the mid-Kent area. The period has also seen significant changes in the management of the Company, with the appointment of a new managing director and other changes to the executive team. We have started to see the benefits of these changes both in terms of improvements in the quality of our customer service and, from our internal restructuring, in terms of process improvements and their associated cost savings. Financial Performance Turnover in the half year to 30 September 2001 was #19.0m compared with #17.9m for the same period last year. Water income has increased by 6.6% to #17.6m. This increase reflects the price increase of 7.74% allowed by the Regulator, offset by the impact of metering and the reduction in metered volumes. Operating profit was #6.6m compared with #4.5m for the same period last year. It should be noted that operating profit last year was stated after Competition Commission costs of #1.5m. Net interest payable has increased from #1.6m to #2.0m reflecting the reduced cash balance and increased borrowings position. Whilst the company had #1.9m of profit from surplus property disposals in the half year to 30 September 2000 there were no disposal profits in the same period this year. As a result of the above, profit before tax in the half year to 30 September 2001 at # 4.7m, remained unchanged from the same period last year. An interim dividend of 9.45p per share was paid on 27 November 2001 (2000: 9.01p). Capital expenditure Net cash capital expenditure in the half year to 30 September 2001 was #15.5m compared to #3.7m for the same period last year. This reflects the delayed start to the capital programme that arose because of the uncertainties of the price determination process. However, spend in the current year is progressing well with an expectation that all regulatory targets will be met. Our mains rehabilitation project has already passed the first milestone of the undertaking given to the Drinking Water Inspectorate ("DWI") with over 100km of mains either relined or replaced; additionally three new treatment plants will have been commissioned by 31 March 2002. We continue to promote the take up of meters, with over 10,000 installed since April 2000. Water quality It is pleasing to note that the quality of water at our customers' taps continues to improve, and it is expected that this year's overall compliance performance will be better than that reported by the Chief Inspector of the DWI last year. Non regulated activity We have continued to further develop our contracted services for the industrial/commercial market place in South East England, and a number of innovative opportunities are actively being investigated. We are also continuing to grow our share of the plumbing service market and to build on the reputation of our Fisheries. Employees The Company and its customers continues to benefit from the skills, dedication and commitment of all its people. With the new executive team in place, we are now in a position to deliver further improvements in the quality of customer service throughout the business, whilst achieving the efficiency targets agreed with OFWAT. Keith Tozzi Chairman 30 November 2001 FOR THE HALF YEAR ENDED 30 SEPTEMBER 2001 PROFIT AND LOSS ACCOUNT Half year ended Half year ended Year ended 30 September 30 September 31 March 2001 2000 (restated) 2001 Notes (unaudited) (unaudited) (restated) #000 #000 #000 4 Turnover 18,983 17,926 36,561 Operating costs (12,345) (13,417) (27,758) 5 Operating profit 6,638 4,509 8,803 Profit on sale of fixed assets 43 1,863 1,875 Profit on ordinary activities 6,681 6,372 10,678 before interest Interest receivable 72 334 604 Interest payable and similar charges (2,031) (1,958) (3,946) 3 Profit on ordinary activities 4,722 4,748 7,336 before taxation Tax on profit on ordinary activities (705) (421) (848) Profit on ordinary activities 4,017 4,327 6,488 after taxation Ordinary dividends (1,762) (1,681) (4,200) Retained profit for the period 2,255 2,646 2,288 6 Earnings per ordinary share 21.5p 23.2p 34.8p Dividends per ordinary share 9.45p 9.01p 22.53p FOR THE HALF YEAR ENDED 30 SEPTEMBER 2001 SUMMARISED BALANCE SHEET Half year ended Half year ended Year ended 30 September 30 September 31 March 2001 2000 (restated) 2001 (unaudited) (unaudited) (restated) #000 #000 #000 Fixed assets Tangible assets 143,867 123,273 133,869 Current assets Stocks 459 531 459 Debtors 7,948 7,079 7,335 Cash at bank and in hand 2,383 11,841 5,184 10,790 19,451 12,978 Creditors: amounts falling due (36,637) (33,036) (37,172) within one year Net current liabilities (25,847) (13,585) (24,194) Total assets less current 118,020 109,688 109,675 liabilities Creditors: amounts falling due after (48,631) (42,589) (42,531) more than one year Provision for deferred taxation (12,094) (11,701) (12,104) Net assets 57,295 55,398 55,040 Capital and reserves Attributable to equity interests Called up share capital 18,646 18,646 18,646 Profit and loss account 38,649 36,752 36,394 Capital employed 57,295 55,398 55,040 FOR THE HALF YEAR ENDED 30 SEPTEMBER 2001 SUMMARISED CASH FLOW STATEMENT Half year Half year Year ended ended ended 30 September 30 September 31 March 2001 2000 2001 (unaudited) (unaudited) #000 #000 #000 Net cash inflow from operating 10,044 9,813 17,718 activities Returns on investments and servicing of (1,639) (1,688) (3,349) finance Taxation 687 (1,139) (2,537) Capital expenditure (15,471) (1,283) (11,051) Equity dividends paid (2,521) (2,918) (4,600) Cash (outflow)/inflow before financing (8,900) 2,785 (3,819) Financing 6,099 (1) (54) (Decrease)/increase in cash (2,801) 2,784 (3,873) Notes 7 to 10 are part of this statement. Notes 1 The interim results have been prepared on the basis of the accounting policies adopted for the financial year ended 31 March 2001, other than where changes were necessary to implement FRS 19 "Deferred Tax". The results for the year ended 31 March 2001 are an abridged extract from the published accounts delivered to the Registrar of Companies and on which the auditors' report was unqualified. This extract and the results for the half year ended 30 September 2000 have been restated, where appropriate, for the change in accounting policy required under FRS 19 and as described below. FRS 19 has been adopted by the company in the current period. It requires full provision of deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the financial statements and the tax computations. In adopting FRS 19 the company has decided to use the option of discounting, as permitted by the standard. Under the previous Accounting Standard (SSAP 15 "Accounting for Deferred Tax"), the company's policy was to provide for deferred tax under the liability method only on timing differences that, in the opinion of the directors, would reverse. The adoption of FRS 19 has resulted in a prior year adjustment that has decreased shareholders' funds by #11,365,000 at 1 April 2000. The restatement of comparative amounts has resulted in a reduction of reserves of #11,701,000 at 30 September 2000 and #12,104,000 at 31 March 2001. The tax charges for the half year ended 30 September 2000 and for the year ended 31 March 2001 have increased by #336,000 and #739,000 respectively. 2 All recognised gains and losses are included in the profit and loss account for the period. 3 The tax charge for the period ended 30 September 2001 has been based on the estimated effective rate for the full year. Half year Half year ended ended Year ended 30 September 30 September 31 March 2001 2000 2001 (unaudited) (restated) (restated) (unaudited) #000 #000 #000 4 Analysis of turnover Unmeasured supplies 10,716 10,397 20,599 Measured supplies 6,915 6,145 12,967 Other activities 1,352 1,384 2,995 18,983 17,926 36,561 5 Operating profit Operating profit is stated after charging Competition Commission referral costs - 1,545 1,545 6 Earnings per ordinary share Earnings per ordinary share have been calculated by dividing the profit for the period by the number of ordinary shares in issue (18,646,000). Half year Half year ended ended Year ended 30 September 30 September 31 March 2001 2000 2001 (unaudited) (unaudited) #000 #000 #000 7 Reconciliation of operating profit to operating cash flow Operating profit 6,638 4,509 8,803 Depreciation charge 3,375 3,279 6,619 (Increase)/decrease in stocks - (6) 66 (Increase)/decrease in debtors (599) 198 (112) Increase in creditors 630 1,833 2,342 10,044 9,813 17,718 8 Analysis of cash flows for headings netted in cash flow statement Returns on investment and servicing of finance Interest received 58 280 608 Interest paid (1,689) (1,956) (3,941) Interest element of finance lease (8) (12) (16) rental payments (1,639) (1,688) (3,349) Capital expenditure Purchase of tangible fixed assets (15,809) (7,705) (18,477) Contributions to infrastructure assets 287 4,023 4,976 Sale of tangible fixed assets 51 2,399 2,450 (15,471) (1,283) (11,051) Financing Capital element of finance lease (1) (1) (54) rental payments 6,100 - - Increase in unsecured loans 6,099 (1) (54) 9 Analysis of net debt At 1 April Cash flow At 30 2001 #000 September #000 2001 #000 Cash at bank and in hand 5,184 (2,801) 2,383 Finance leases (128) 1 (127) Unsecured loans (38,000) (6,100) (44,100) Debenture stock (4,461) - (4,461) (37,405) (8,900) (46,305) Half year Half year ended ended Year ended 30 September 30 September 31 March 2001 2000 2001 (unaudited) (unaudited) #000 #000 #000 10 Reconciliation of net cash flow to movement in net debt (Decrease)/increase in cash in the (2,801) 2,784 (3,873) period Cash outflow from finance lease repayments 1 1 54 Cash inflow from unsecured loans (6,100) - - Movement in net debt resulting from (8,900) 2,785 (3,819) cash flows Net debt at start of period (37,405) (33,586) (33,586) Net debt at end of period (46,305) (30,801) (37,405)
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