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| Name | Symbol | Market | Type |
|---|---|---|---|
| Nthn.el.5.125% | LSE:56WD | London | Bond |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
From Jun 2019 to Jun 2024
TIDM56WD
RNS Number : 5856B
Northern Electric Finance PLC
21 September 2018
NORTHERN ELECTRIC FINANCE plc
HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 30 JUNE 2018
INTERIM MANAGEMENT REPORT
Cautionary Statement
This interim management report has been prepared solely to provide additional information to shareholders to assess the business of Northern Electric Finance plc (the "Company") and should not be relied on by any other party or for any other purpose.
Business Model
The Company is part of the Northern Powergrid Holdings Company group of companies (the "Northern Powergrid Group") and is a subsidiary of Northern Powergrid (Northeast) Limited. The Company's principal activity during the six months to 30 June 2018 was to act as the issuer of long-term bonds.
Results for the six months ended 30 June 2018
During the period ended 30 June 2018, the Company made a loss after tax of GBP0.1 million (period ended 30 June 2017: loss of GBP0.1 million).
There were no significant events during the period ended 30 June 2018 such that there was no material impact on the financial statements. The Company met its obligations to make the annual interest payment on its 2035 debt securities on 4 May 2018. The annual interest payment on the Company's 2020 debt securities is due to be paid on 16 October 2018.
Income statement
Investment income and finance costs were in line with the same period in the prior year.
Cash flow
Cash equivalents as at 30 June 2018 were GBP1.5m lower than the position at 31 December 2017 due to interest paid in the period.
Financial position
The loss after tax at GBP0.1 million was in line with the same period in the prior year.
Dividends
No ordinary dividends were paid in the period such that reserves were reduced by the loss of GBP0.1 million.
Risks and uncertainties
The principal risks and uncertainties facing the Company are included in the Company's latest annual reports and accounts for the year to 31 December 2017, which is available at www.northernpowergrid.com.
It is anticpated that these risks will continue to be the principal risks facing the business for the remaining six months of 2018.
Going concern
In the Company's latest annual reports and accounts for the year to 31 December 2017 the directors set out a number of factors taken into account when considering continuing to adopt the going concern basis in preparing that annual report and accounts.
The directors confirm that no events have occurred during the six months to 30 June 2018, which alter the view expressed in the Company's annual report and accounts for the year to 31 December 2017.
Future strategy and objectives
The Company will continue to act as the issuer of long-term debt securities.
Responsibility Statement
The directors confirm that to the best of their knowledge:
(a) the condensed set of finanical statements, which has been prepared in accordance with IAS 34, gives a true and fair view of the assets, liabilities, financial position and profit of the Company as required by DTR 4.2.4R for the six months to 30 June 2018; and
(b) the interim management report contains a fair review of the information required by DTR 4.2.7R.
By order of the board
P A Jones
Director
7 September 2018
CONDENSED STATEMENT OF PROFIT OR LOSS -- SIX MONTHSED TO 30 JUNE 2018
Hot Features
Premium
Six months Six months
ended 30 June ended 30
2018 June 2017
(unaudited) (unaudited)
GBPm GBPm
CONTINUING OPERATIONS
Finance income 8.5 8.5
Finance costs (8.6) (8.6)
--------------- ------------
LOSS BEFORE INCOME TAX (0.1) (0.1)
Income tax - -
--------------- ------------
LOSS FOR THE PERIOD (0.1) (0.1)
--------------- ------------
CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIODED 30 JUNE 2018
There is no other comprehensive income for the Company for the six months to 30 June 2018 or the comparative six month period in 2017 other than the losses reported above.
CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018
30 June 31 December
2018 2017
(unaudited)
GBPm GBPm
ASSETS
NON-CURRENT ASSETS
Trade and other receivables 248.1 248.1
------------ ------------
CURRENT ASSETS
Trade and other receivables 9.3 3.5
Tax receivable 0.1 -
Cash and cash equivalents - 1.5
------------ ------------
9.4 5.0
------------ ------------
TOTAL ASSETS 257.5 253.1
------------ ------------
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 0.1 0.1
Retained earnings (1.6) (1.5)
TOTAL EQUITY (1.5) (1.4)
------------ ------------
LIABILITIES
NON-CURRENT LIABILITIES
Borrowings 247.7 247.6
Deferred tax 0.1 0.1
247.8 247.7
------------ ------------
CURRENT LIABILITIES
Borrowings 11.2 6.8
TOTAL LIABILITIES 259.0 254.5
TOTAL EQUITY AND LIABILITIES 257.5 253.1
------------ ------------
The half-yearly financial statements were approved by the board of directors and authorised for issue on 7 September 2018 and were signed on its behalf by:
P A Jones
Director
CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODED 30 JUNE 2018
Share Retained Total
Capital Earnings Equity
GBPm GBPm GBPm
Balance at 1 January 2018 0.1 (1.5) (1.4)
Comprehensive income for
the period (unaudited) - (0.1) (0.1)
Balance at 30 June 2018
(unaudited) 0.1 (1.6) (1.5)
-------- --------- -------
Share Retained Total
Capital Earnings Equity
GBPm GBPm GBPm
Balance at 1 January 2017 0.1 (1.4) (1.3)
Comprehensive income for
the period (unaudited) - (0.1) (0.1)
Balance at 30 June 2017
(unaudited) 0.1 (1.5) (1.4)
-------- --------- -------
Share Retained Total
Capital Earnings Equity
GBPm GBPm GBPm
Balance at 1 January 2017 0.1 (1.4) (1.3)
Comprehensive income for
the period - (0.1) (0.1)
Balance at 31 December
2017 0.1 (1.5) (1.4)
-------- --------- -------
CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIODED 30 JUNE 2018
6 Months 6 Months
ended 30 ended 30
June 2018 June 2017
(unaudited) (unaudited)
GBPm GBPm
Cash generated from operations - -
Net interest paid (5.1) (5.1)
------------ ------------
Net cash used in operating activities (5.1) (5.1)
------------ ------------
Financing activities
Movement in loan from group undertakings 3.6 3.6
------------ ------------
Net cash generated from financing activities 3.6 3.6
------------ ------------
Net decrease in cash equivalents (1.5) (1.5)
Cash and cash equivalents at beginning of
period 1.5 1.5
------------ ------------
Cash and cash equivalents at end of period - -
------------ ------------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
The information included within these condensed financial statements that refer to the year ended 31 December 2017 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor reported on those accounts and that report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
2. ACCOUNTING POLICIES
Basis of preparation
The annual financial statements of the Company are prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.
Going concern
In the Company's latest annual report and accounts for the year to 31 December 2017 the directors set out a number of factors taken into account when considering continuing to adopt the going concern basis in preparing that annual report and accounts.
The directors confirm that no events have occurred during the six months to 30 June 2018, which alter the view expressed in the Company's annual report and accounts for the year to 31 December 2017.
Changes in accounting policy
The Company's accounting policies and methods of computation are the same as the accounting policies which are described in the Company's financial statements for the year ended 31 December 2017.
Application of new and revised IFRS
In the current year, the company has a number of amendments to IFRS by the International Accounting standards Board ("IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2018:
IFRS 9- Financial Instruments A revised version of IFRS 9 was
issued to mainly include impairment
requirements for financial assets,
and amendments to the classification
and measurement requirements by
introducing a 'fair value through
other comprehensive income measurement
category for certain simple debt
instruments. The application of
these amendments has had no material
impact on the Company's financial
statements.
IFRS 15- Revenue from contracts Under IFRS 15, an entity recognises
with customers revenue when a performance obligation
is satisfied. Far more prescriptive
guidance has been added in IFRS
15 to deal with specific scenarios.
Furthermore, extensive disclosures
are required by IFRS 15. The application
of these amendments has had no
material impact on the Company's
financial statements.
3. INCOME TAX EXPENSE
Tax for the six month period to 30 June 2018 is charged at 19.00% (six months ended 30 June 2017: 19.25%; year ended 31 December 2017: 19.25%), which represents the best estimate of the average annual effective tax rate expected for the full year, as applied to the pre-tax income of the six month period.
The Finance No2 Act 2015 reduced the rate of corporation tax to 19% effective from 1 April 2017 and to 18% effective from 1 April 2020. The Finance Act 2016, which was substantively enacted on 6 September, 2016 further reduced the rate of corporation tax effective from 1 April 2020 to 17%. Accordingly deferred tax assets and liabilities have been calculated at the tax rates which will be in force when the underlying temporary differences are expected to reverse.
4. NOTES TO THE CASH FLOW STATEMENT
6 Months 6 Months
ended 30 ended 30
June 2018 June 2017
(unaudited) (unaudited)
GBPm GBPm
Loss before income tax (0.1) (0.1)
Finance costs 8.6 8.6
Finance income (8.5) (8.5)
------------ ------------
Cash generated from operations - -
5. FINANCIAL INSTRUMENTS
Except as detailed in the following table, the directors consider that the carrying value amounts of financial assets and financial liabilities recorded at amortised cost are approximately equal to their fair values:
Carrying Value Fair Value
30 June 31 December 30 June 31 December
2018 2017 2018 2017
(unaudited) (unaudited)
GBPm GBPm GBPm GBPm
Financial assets
Amounts owed by group
undertakings 257.4 251.6 323.7 329.8
============ ============ ============ ============
Financial liabilities
Intercompany short-term
loan 3.6 - 3.6 -
2020 - 8.875% bonds 105.9 101.4 122.9 122.8
2035 - 5.125% bonds 149.4 153.0 196.3 207.2
------------ ------------ ------------ ------------
258.9 254.4 322.8 330.0
============ ============ ============ ============
6.
6. RELATED PARTY TRANSACTIONS
Transactions entered into with related parties and balances outstanding were as follows:
Interest Borrowings
received owed (to)/from
from related related
parties parties
GBPm GBPm
Related party
Six months ended 30 June 2018 (unaudited):
Northern Powergrid (Northeast) Limited 8.5 257.4
Yorkshire Electricity Group plc - (3.6)
-------------- ----------------
8.5 253.8
============== ================
Six months ended 30 June 2017 (unaudited):
Northern Powergrid (Northeast) Limited 8.5 257.3
Yorkshire Electricity Group plc - (3.6)
-------------- ----------------
8.5 253.7
============== ================
Year ended 31 December 2017:
Northern Powergrid (Northeast) Limited 17.0 251.6
Yorkshire Electricity Group plc - 1.5
-------------- ----------------
17.0 253.1
============== ================
Interest on loans to/from companies within the Northern Powergrid Group is charged at a commercial rate of interest.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR BDGDCGSDBGIB
(END) Dow Jones Newswires
September 21, 2018 08:49 ET (12:49 GMT)
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