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Name | Symbol | Market | Type |
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Mid Kent Wtr4% | LSE:48HO | London | Debenture |
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RNS Number:4478F Mid Kent Water PLC 20 December 2002 20 December 2002 MID KENT WATER INTERIM STATEMENT FOR THE HALF YEAR ENDED 30 SEPTEMBER 2002 CHAIRMAN'S STATEMENT In my last report in June, I outlined the significant changes in both management and ownership that had occurred. I am delighted to report that these changes have now delivered significant improvements in performance, and the Company has moved from 23rd to 14th place in The Office of Water Services (OFWAT)'s overall performance assessment of levels of service for all companies for 2001/2. Furthermore, the Company has successfully completed an efficiency project which will deliver cost reductions in excess of #1.3m in 2003/4. Both achievements stand the company in good stead as it prepares its draft Business Plan for the next periodic review period, 2005-2010. Financial Performance Turnover in the half year to 30 September 2002 was #20.2m compared with #19.0m for the same period last year, an increase of 6.1%. Water income rose by 4.2% to #18.4m, which includes the price increase of 4.07% allowed by OFWAT. Operating profit was #7.1m before restructuring costs of #1.3m associated with the performance improvement project, compared with #6.6m for the same period last year. Net interest payable has increased from #2.0m to #2.6m, reflecting the increased borrowings required to fund the ongoing capital expenditure programme. There have been a number of significant disposals of surplus property and land, which have resulted in profits of #1.4m. As a result of the above factors, profit before tax in the half year to 30 September 2002 was #4.6m compared with #4.7m for the same period last year. Refinancing Since the end of the period, the Company has restructured its balance sheet, and has replaced its previous borrowing from its parent company with long term debt funded through a 30 year bond issue. This debt will match the long term nature of the Company's assets. As part of this process the Company has paid a one-off restructuring dividend of #26.8m, and accordingly no dividend was proposed for the period under review. Capital Expenditure Cash payments for capital expenditure in the period amounted to #13.9m, compared to #15.8m for the same period last year. A new treatment plant at Goudhurst was commissioned in August ahead of the Drinking Water Inspectorate ("DWI") milestone date. A new granular activated carbon (GAC) treatment process is being built at our only surface water treatment facility at Bewl Water and will be commissioned this month, two months ahead of the DWI milestone date. Water Quality The quality of water at our customers' taps continues to improve, with reported compliance for 2001 being 99.84% compared with 99.80% for the previous year. Non Regulated Activity We have continued to refocus our contracted services for the industrial/ commercial market place, and we are very pleased to report our success in recently winning a contract for rehabilitation works outside of our supply area with a value in excess of #0.5m; together with further works at preferred bidder stage that should come to fruition in the second half of the financial year. The re-branding of the Company was launched in September, and this has enabled us to develop further water related activity within the Mid Kent area. Employees The last six months have been a difficult time for our staff with much upheaval and uncertainty associated with the restructuring. However, their performance has been first class throughout this period, and I would like to take this opportunity to thank them for their efforts in continuing to ensure that Mid Kent Water delivers an excellent service to its customers at all times. Keith Tozzi Chairman 20 December 2002. INTERIM STATEMENT FOR THE HALF YEAR ENDED 30 SEPTEMBER 2002 PROFIT AND LOSS ACCOUNT Half year ended Half year ended Year ended 30 September 30 September 31 March 2002 2001 2002 Notes (unaudited) (unaudited) #000 #000 #000 4 Turnover 20,150 18,983 38,710 Operating costs (14,363) (12,345) (24,478) 5 Operating profit 5,787 6,638 14,232 Profit on sale of fixed assets 1,409 43 477 Profit on ordinary activities before interest 7,196 6,681 14,709 Interest receivable 46 72 106 Interest payable and similar charges (2,675) (2,031) (4,357) 3 Profit on ordinary activities before taxation 4,567 4,722 10,458 Tax on profit on ordinary activities (1,627) (705) (1,464) 6 Profit on ordinary activities after taxation 2,940 4,017 8,994 Dividends - (1,762) (4,402) Retained profit for the period 2,940 2,255 4,592 Earnings per ordinary share 15.8p 21.5p 48.2p Dividends per ordinary share 0.00p 9.45p 23.61p INTERIM STATEMENT FOR THE HALF YEAR ENDED 30 SEPTEMBER 2002 SUMMARISED BALANCE SHEET Half year ended Half year ended Year ended 30 September 30 September 31 March 2002 2001 2002 (unaudited) (unaudited) #000 #000 #000 Fixed assets Tangible assets 158,522 143,867 151,978 Current assets Stocks 730 459 567 Debtors 8,071 7,948 7,922 Cash at bank and in hand 806 2,383 1,370 9,607 10,790 9,859 Creditors: amounts falling due within one year (27,396) (36,637) (33,200) Net current liabilities (17,789) (25,847) (23,341) Total assets less current liabilities 140,733 118,020 128,637 Creditors: amounts falling due after more than one year (64,157) (48,631) (56,107) Provision for deferred taxation (14,004) (12,094) (12,898) Net assets 62,572 57,295 59,632 Capital and reserves Attributable to equity interests Called up share capital 18,646 18,646 18,646 Profit and loss account 43,926 38,649 40,986 Capital employed 62,572 57,295 59,632 INTERIM STATEMENT FOR THE HALF YEAR ENDED 30 SEPTEMBER 2002 SUMMARISED CASH FLOW STATEMENT Half year ended Half year ended Year ended 30 September 30 September 31 March 2002 2001 2002 (unaudited) (unaudited) #000 #000 #000 Net cash inflow from operating activities 8,700 10,044 17,727 Returns on investments and servicing of finance (2,476) (1,639) (4,009) Taxation (884) 687 682 Capital expenditure (11,314) (15,471) (27,456) Equity dividends paid (2,640) (2,521) (4,283) Cash outflow before financing (8,614) (8,900) (17,339) Financing 8,050 6,099 13,525 Decrease in cash (564) (2,801) (3,814) 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 2002. The results for the year ended 31 March 2002 are an abridged extract from the published accounts delivered to the Registrar of Companies and on which the auditors' report was unqualified. 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 2002 has been based on the estimated effective rate for the full year. Half year ended Half year ended Year ended 30 September 30 September 31 March 2002 2001 2002 (unaudited) (unaudited) #000 #000 #000 4 Analysis of turnover Unmeasured supplies 10,636 10,716 21,200 Measured supplies 7,735 6,915 14,645 Other activities 1,779 1,352 2,865 20,150 18,983 38,710 5 Operating profit Operating profit is stated after charging Restructuring costs 1,307 - - 6 Dividends No interim dividend is proposed (year ended 31 March 2002: 9.45p) pending a change in the Company's capital structure. 7 Reconciliation of operating profit to operating cash flow Operating profit 5,787 6,638 14,232 Depreciation charge 3,403 3,375 6,637 Increase in stocks (163) - (108) Increase in debtors (487) (599) (249) Increase/(decrease) in creditors 160 630 (2,785) 8,700 10,044 17,727 8 Analysis of cash flows Returns on investment and servicing of finance Interest received 46 58 106 Interest paid (2,522) (1,689) (4,100) Interest element of finance lease rental payments - (8) (15) (2,476) (1,639) (4,009) Capital expenditure Purchase of tangible fixed assets (13,906) (15,809) (28,473) Contributions to infrastructure assets 772 287 805 Sale of tangible fixed assets 1,820 51 212 (11,314) (15,471) (27,456) Financing Capital element of finance lease rental payments - (1) (75) Loans from holding company 8,050 6,100 13,600 8,050 6,099 13,525 9 Analysis of net debt At Cash At 1 April flow 30 September 2002 2002 #000 #000 #000 Cash at bank and in hand 1,370 (564) 806 Finance leases (53) - (53) Unsecured loans (51,600) (8,050) (59,650) Debenture stock (4,461) - (4,461) (54,744) (8,614) (63,358) 10 Reconciliation of net cash flow to movement in net debt Decrease in cash in the period (564) (2,801) (3,814) Cash outflow from finance lease repayments - 1 75 Cash inflow from unsecured loans (8,050) (6,100) (13,600) Movement in net debt resulting from cash flows (8,614) (8,900) (17,339) Net debt at start of period (54,744) (37,405) (37,405) Net debt at end of period (63,358) (46,305) (54,744) 11 Post balance sheet events On 21 November 2002, Mid Kent Financing Limited became the Company's immediate parent company. On 3 December 2002, the Company re-registered as a private company in order that it could provide financial assistance to other group undertakings. The financial assistance provided was in respect of the discharging of loans incurred by Swan Capital Investments on the acquisition of the entire share capital of Swan Group Limited on 18 May 2001. On 9th December 2002 the Company received a loan of #135million from Royal Bank of Scotland plc. This loan is an index linked 30 year facility and is secured upon the assets of the Company. On the same day the Company repaid its outstanding intercompany loan from Swan Group Limited of #58.25million and made a loan of #35million to its new parent company, Mid Kent Financing Limited. These loans enabled Swan Capital Investments to repay the #120million term loan from WestLB and to fund its ongoing working capital requirement. The Company also arranged a #5million working capital facility from NatWest Bank and a #2million committed overdraft facility. The Company declared a special dividend of #26.75million paid on 9 December 2002. The Company subsequently re-registered as a public limited company on 11 December 2002. For Further Information: Bob Atwood, Group Finance Director, swan group plc Telephone: 01634 873035 Mark Woolfenden, Smithfield Financial Telephone: 020 7360 4900 This information is provided by RNS The company news service from the London Stock Exchange END IR FEMFESSESEDE
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