We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Name | Symbol | Market | Type |
|---|---|---|---|
| Nthn.elec.prf | LSE:NTEA | London | Preference Share |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 123.50 | 122.00 | 125.00 | 123.50 | 122.50 | 123.00 | 39,662 | 08:00:32 |
From Dec 2019 to Dec 2024
TIDMNTEA
RNS Number : 8322L
Northern Electric PLC
10 September 2019
NORTHERN ELECTRIC plc
HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 30 JUNE 2019
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 plc (the "Company") and its subsidiaries (together the "Group") 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 its principal activity during the six months to 30 June 2019 was to act as a holding company, with its main operating subsidiaries being Northern Powergrid (Northeast) Limited ("Northern Powergrid"), Integrated Utility Services Limited ("IUS") and Northern Powergrid Metering Limited ("Metering").
Northern Powergrid distributes electricity to approximately 1.6 million customers connected to its electricity distribution network in the North East of England and is an authorised distributor under the Electricity Act 1989. IUS provides engineering contracting services to various clients and Metering rents smart meters to energy suppliers.
Results for the six months ended 30 June 2019
During the period ended 30 June 2019, the Group made a profit after tax of GBP57.9 million, this was GBP2.7 million higher than the 6 months ended 30 June 2018 and was mainly as a result of higher revenues partially offset by higher depreciation.
Revenue
Revenue at GBP216.5 million was GBP10.3 million higher than for the six months ended 30 June 2018 mainly due to higher smart meter rental, contracting revenue and distribution revenue.
Cash flow
Cash and cash equivalents as at 30 June 2019 were GBP32.9 million, representing an increase of GBP4.8 million when compared with the position at 31 December 2018.
Northern Powergrid has access to GBP75.0 million under a five-year committed revolving credit facility provided by Lloyds Bank plc, Royal Bank of Scotland plc and Abbey National Treasury Services plc, which is due to expire on 30 April 2020.
In addition, the Group has access to short-term borrowing facilities provided by Yorkshire Electricity Group plc, a related party, and to a GBP22 million overdraft facility provided by Lloyds Bank plc.
Dividends
No ordinary dividends were paid in the period resulting in GBP72.2 million being transferred to reserves.
Related party transactions
The Company provides certain corporate functions to the Northern Powergrid Group, including financial accounting and planning, treasury, taxation, pensions, internal audit, legal advice, insurance management, claims handling and litigation services.
Further details of the related party transactions entered into by the Group and the Company and changes therein are included in Note 7 to this half-yearly financial report.
Principal risks and uncertainties
Information concerning the principal long-term risks and uncertainties and the internal control system are included in the Group's latest annual reports and accounts for the year to 31 December 2018, 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 2019.
Going concern
In the Group's latest annual reports and accounts for the year to 31 December 2018 the directors set out a number of factors they took into account when they considered continuing to adopt the going concern basis in preparing those annual reports and accounts. The directors confirm that no events have occurred during the six months to 30 June 2019, which alter the view expressed in the annual reports and accounts to 31 December 2018.
Future strategy and objectives
The Company will continue to develop its business as a holding company in a manner that concentrates on the Group's principal activities of electricity distribution, engineering contracting and the rental of meters to energy suppliers.
Responsibility Statement
The board of 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 and the undertakings included in the consolidation as a whole as required by Disclosure and Transparency Rules ("DTR") 4.2.4R for the six months to 30 June 2019;
(b) the interim management report contains a fair review of the information required by DTR 4.2.7R; and
(c) the interim management report includes a fair review of the information required by DTR 4.2.8R.
By order of the board
P A Jones
Director
5 September 2019
Hot Features
Premium
6 Months 6 Months
ended 30 ended 30
June 2019 June 2018
(unaudited) (unaudited)
GBPm GBPm
Revenue 216.5 206.2
Cost of sales (18.8) (16.0)
------------ ------------
Gross profit 197.7 190.2
Operating expenses (104.8) (100.0)
------------ ------------
Operating profit 92.9 90.2
Other gains 0.4 -
Finance income 0.8 0.8
Finance costs (23.2) (22.3)
------------ ------------
Profit before tax 70.9 68.7
Income tax expense (13.0) (13.5)
------------ ------------
Profit from ordinary activities after tax 57.9 55.2
------------ ------------
6 Months 6 Months
ended 30 ended 30
June 2019 June 2018
(unaudited) (unaudited)
GBPm GBPm
PROFIT FOR THE PERIOD 57.9 55.2
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently
to profit or loss:
Employee benefit obligation 19.5 5.8
Income tax relating to items of other comprehensive
income (3.3) (0.9)
------------ ------------
16.2 4.9
Items that may be reclassified subsequently
to profit or loss:
Cash flow hedge (2.3) 1.5
Income tax relating to items of other comprehensive
income 0.4 (0.2)
------------ ------------
(1.9) 1.3
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET
OF INCOME TAX 14.3 6.2
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 72.2 61.4
------------ ------------
30 June 2019 31 December
2018
(unaudited)
GBPm GBPm
ASSETS
NON-CURRENT ASSETS
Intangible assets 52.1 50.6
Property, plant and equipment 2,721.8 2,686.9
Right of use asset 8.4 -
Investments 3.9 3.5
Pension asset 116.4 84.6
Derivative asset - 0.8
Trade and other receivables 5.6 6.9
------------- ------------
2,908.2 2,833.3
------------- ------------
CURRENT ASSETS
Inventories 17.8 13.4
Trade and other receivables 79.0 78.1
Contract assets 6.9 6.0
Derivative asset - 0.1
Cash and cash equivalents 32.9 28.1
Restricted cash 13.8 13.8
------------- ------------
150.4 139.5
------------- ------------
TOTAL ASSETS 3,058.6 2,972.8
------------- ------------
EQUITY
SHAREHOLDERS' EQUITY
Share capital 72.2 72.2
Share premium account 158.7 158.7
Hedging reserves (1.1) 0.8
Other reserves 6.2 6.2
Retained earnings 1,005.5 931.4
------------- ------------
TOTAL EQUITY 1,241.5 1,169.3
------------- ------------
30 June 31 December
2019 2018
(unaudited)
GBPm GBPm
LIABILITIES
NON-CURRENT LIABILITIES
Deferred revenue 601.3 597.2
Borrowings 765.8 670.4
Lease liability 6.7 -
Derivative liability 1.1 -
Deferred tax 98.3 98.6
Provisions 1.4 1.5
------------ ------------
1,474.6 1,367.7
------------ ------------
CURRENT LIABILITIES
Trade and other payables 115.9 110.8
Deferred revenue 23.4 22.8
Borrowings 194.7 297.8
Lease liability 2.1
Derivative liability 0.3 -
Tax payable 4.7 3.1
Provisions 1.4 1.3
------------ ------------
342.5 435.8
------------ ------------
TOTAL LIABILITIES 1,817.1 1,803.5
------------ ------------
TOTAL EQUITY AND LIABILITIES 3,058.6 2,972.8
------------ ------------
The interim financial statements were approved by the board of directors and authorised for issue on 5 September 2019 and were signed on its behalf by:
P A Jones
Director
Share
Share Premium Other Hedging Retained
Capital Account Reserves Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1 January
2019 72.2 158.7 6.2 0.8 931.4 1,169.3
Profit for the
period (unaudited) - - - - 57.9 57.9
Other comprehensive
income (unaudited) - - - (1.9) 16.2 14.3
Balance at 30 June
2019 72.2 158.7 6.2 (1.1) 1,005.5 1,241.5
-------- -------- --------- --------- --------- ----------
Share
Share Premium Other Hedging Retained
Capital Account Reserves Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1 January
2018 72.2 158.7 6.2 (0.3) 874.9 1,111.7
Profit for the
period (unaudited) - - - - 55.2 55.2
Other comprehensive
income (unaudited) - - - 1.3 4.9 6.2
Balance at 30 June
2018 72.2 158.7 6.2 1.0 935.0 1,173.1
-------- -------- --------- --------- --------- ----------
Share
Share Premium Other Hedging Retained
Capital Account Reserves Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1 January
2018 72.2 158.7 6.2 (0.3) 874.9 1,111.7
Profit for the
period - - - 106.0 106.0
Dividends - -
Other comprehensive
income - - - 1.1 (49.5) (48.5)
Balance at 31 December
2018 72.2 158.7 6.2 0.8 931.4 1,169.3
-------- -------- --------- --------- --------- ----------
6 Months 6 Months
ended 30 ended 30
June 2019 June 2018
(unaudited) (unaudited)
GBPm GBPm
Cash flows from operating activities
Profit for the year 57.9 55.2
Depreciation and amortisation 64.3 59.2
Amortisation of deferred revenue (11.5) (11.1)
Profit on disposal of property, plant (0.4) -
and equipment
Retirement benefit obligation (14.3) (15.5)
Finance income (0.8) (0.8)
Finance costs 23.2 22.3
Income tax expense 13.0 13.5
------------ ------------
131.4 122.8
(Increase)/decrease in inventories (4.4) 1.0
(Increase)/decrease in trade and other
receivables (0.9) 20.7
(Increase)/decrease in contract assets (0.9) 3.0
Increase/(decrease) in trade and other
payables 5.5 (8.7)
Increase in provisions - 0.1
------------ ------------
Cash generated from operations 130.7 138.9
Net interest paid (21.6) (19.2)
Tax paid (8.4) (11.6)
------------ ------------
Net cash from operating activities 100.7 108.1
------------ ------------
Investing activities
Proceeds from disposal of property, 0.4 -
plant and equipment
Purchase of property, plant and equipment (102.2) (154.1)
Purchase of intangible assets (6.3) (5.3)
Receipt of customer contributions 20.7 17.7
------------ ------------
Net cash used in investing activities (87.4) (141.7)
------------ ------------
Financing activities
Issue of long-term borrowings 147.4
Repayment of long-term borrowings (52.7) -
Repayment of short-term borrowings (44.5) 0.3
Movement in loans from group undertakings (58.7) 44.3
Movement in restricted cash - (11.7)
Net cash (used in)/generated by financing
activities (8.5) 32.9
------------ ------------
Net increase/(decrease) in cash and
cash equivalents 4.8 (0.7)
Cash and cash equivalents at beginning
of period 28.1 16.6
------------ ------------
Cash and cash equivalents at end of
period 32.9 15.9
------------ ------------
1. GENERAL INFORMATION
The information included within these condensed financial statements that refer to the year ended 31 December 2018, 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 Group 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 reports and accounts for the year to 31 December 2018 the directors set out a number of factors they took into account when they considered continuing to adopt the going concern basis in preparing those annual reports and accounts. The directors confirm that no events have occurred during the six months to 30 June 2019, which alter the view expressed in the annual reports and accounts to 31 December 2018.
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 2018, with the only changes being outlined below.
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 2019:
IFRS 16 - Leases
IFRS 16 supersedes the current lease guidance including IAS 17 Leases and the related interpretations. IFRS 16 distinguishes between leases and service contracts on the basis of whether an identified asset is controlled by a customer. Distinctions between operating leases and finance leases are removed for lessee accounting, and is replaced by a model where right-of-use asset and a corresponding liability have to be recognised for all leases by lessees except for short term leases and leases of low-value assets.
On adoption of IFRS 16, the group recognised lease liabilities in relation to leases which had previously been classified as 'operating leases' under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate as of 1 January 2019. The weighted average lessee's incremental borrowing rate applied to the lease liabilities on 1 January 2019 was 3.48%.
The group did not have any leases previously classified as finance leases.
The recognition of right of use assets relate to the following types of assets:
30 June 1 January
2019 2019
GBPm GBPm
Fleet vehicles 7.1 5.9
Properties 1.3 1.5
Right of use assets 8.4 7.4
-------- ----------
The lease liability recognised as at 1 January 2019 is as follows:
1 January
2019
GBPm
Operating lease commitments as at 31 December
2018 11.6
Discounted using the lessee's incremental
cost of borrowing 10.4
Less short-term leases recognised on a straight-line
basis (3.0)
----------
Lease liability recognised as at 1 January
2019 7.4
Of which:
Current lease liabilities 1.8
Non-current lease liabilities 5.6
----------
Right-of use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the balance sheet as at 31 December 2018. There were no onerous lease contracts that would have required an adjustment to the right-of-use assets at the date of initial application.
None of the other standards, interpretations and amendments which are effective for periods beginning 1 January 2019 has had a material effect on the financial statements:
-- Amendments to IAS 28 - Long-term interests in associates and joint ventures; -- Amendments to IAS 19 - Plan amendment, curtailment or settlement; and -- Annual improvements to IFRS 2015-2017 cycle. 3. SEGMENTAL ANALYSIS
The Group operates in the principal area of activity of the distribution of electricity in the United Kingdom.
There has been no change in the basis of segmentation or in the basis of measurement of segment profit or loss in the period.
The following is an analysis of the Group's revenue and results by reportable segment in the six months ended 30 June 2019 (unaudited):
Consolidation
Distribution Contracting Metering Other Adjustments Total
GBPm GBPm GBPm GBPm GBPm GBPm
REVENUE
External sales 168.6 12.1 33.7 2.1 - 216.5
Inter-segment
sales 0.2 2.6 - (0.2) (2.6) -
------------- ------------ --------- ------ -------------- ---------
Total Revenue 168.8 14.7 33.7 1.9 (2.6) 216.5
------------- ------------ --------- ------ -------------- ---------
SEGMENT RESULTS
Operating profit 61.7 0.3 13.8 (1.7) 18.8 92.9
------------- ------------ --------- ------ -------------- ---------
Other gains 0.4
Finance income 0.8
Finance costs (23.2)
---------
Profit before
tax 70.9
---------
OTHER INFORMATION
Capital additions 91.3 0.1 12.6 - (0.2) 103.8
Depreciation
and amortisation 46.2 - 19.0 - (0.9) 64.3
Amortisation
of deferred
revenue (11.5) - - - - (11.5)
------------- ------------ --------- ------ -------------- ---------
External sales to RWE Npower plc in the six months ended 30 June 2019 represented 17.59% of revenue within the Distribution segment.
External sales to British Gas Ltd in the six months ended 30 June 2019 represented 11.17% of revenue within the Distribution segment.
3. SEGMENTAL ANALYSIS (CONTINUED)
The following is an analysis of the Group's revenue and results by reportable segment in the six months ended 30 June 2018 (unaudited):
Consolidation
Distribution Contracting Metering Other Adjustments Total
GBPm GBPm GBPm GBPm GBPm GBPm
REVENUE
External sales 167.4 10.0 26.1 2.7 - 206.2
Inter-segment
sales 0.2 1.9 - (0.3) (1.8) -
--------------- ------------ --------- ------ -------------- ---------
Total Revenue 167.6 11.9 26.1 2.4 (1.8) 206.2
--------------- ------------ --------- ------ -------------- ---------
SEGMENT RESULTS
Operating profit 65.8 (0.2) 9.2 (0.4) 15.8 90.2
--------------- ------------ --------- ------ -------------- ---------
Other gains -
Finance income 0.8
Finance costs (22.3)
---------
Profit before
tax 68.7
---------
OTHER INFORMATION
Capital additions 88.6 0.1 48.8 - (0.9) 136.6
Depreciation
and amortisation 44.0 - 16.1 - (0.9) 59.2
Amortisation
of deferred
revenue (11.1) - - - - (11.1)
--------------- ------------ --------- ------ -------------- ---------
External sales to RWE Npower plc in the six months ended 30 June 2018 represented 20.9% of revenue within the Distribution segment.
External sales to British Gas Ltd in the six months ended 30 June 2018 represented 14.6% of revenue within the Distribution segment.
3. SEGMENTAL ANALYSIS (CONTINUED)
The accounting policies of the reportable segments are the same as the Group's accounting policies which are described in the Group's latest annual financial statements. The segment results represent the profit earned by each segment without allocation of the share of profits of joint ventures, associates, finance income and finance costs and income tax expense.
Segment net assets 30 June 31 December
2019 Unaudited 2018
GBPm GBPm
Distribution 1,876.2 1,848.2
Contracting 3.2 3.2
Metering 172.9 167.3
Other (47.3) 18.5
---------------- ------------
Total net assets by segment 2,005.0 2,037.2
Unallocated net corporate liabilities (763.5) (867.9)
---------------- ------------
Total net assets 1,241.5 1,169.3
---------------- ------------
Unallocated net corporate liabilities include cash and cash equivalents of GBP32.9 million (December 2018: GBP28.1 million), borrowings of GBP797.1 million (December 2018: GBP729.8 million), retirement benefit asset of GBP116.4 million (December 2018: GBP84.6 million), and taxation of GBP103.0 million (December 2018: GBP101.7 million).
"Other" comprises business support units. However, in the segmental analysis for June 2018 half-yearly financial report "Other" also comprised smart meter rental, the increase in revenue within smart meter rental now requires it to be reported separately and the comparatives have been restated to reflect this.
Sales and purchases between the different segments are made at commercial prices.
4. INCOME TAX EXPENSE
Tax for the six month period ended 30 June 2019 is charged at 18.34% (six months ended 30 June 2018: 19.65%) 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.
6 months 6 months
ended 30 ended 30
June June
2019 2018
Unaudited Unaudited
GBPm GBPm
Current tax 10.0 10.4
Deferred tax 3.0 3.1
Total income tax expense 13.0 13.5
---------- ----------
The Finance No2 Act 2015 reduced the rate of corporation tax to 19% effective from 1 April 2018 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.
5. RETIREMENT BENEFIT SCHEMES
The defined benefit obligation as at 30 June 2019 is calculated on a year-to-date basis, using the annual actuarial valuation as at 31 December 2018. The triennial valuation as at 31 March 2016 was finalised in September 2018. There have not been any significant fluctuations or one-time events since that time that would require adjustment to the actuarial assumptions made at June 2019.
6. FINANCIAL INSTRUMENTS
Except as detailed in the following table, the directors consider that the carrying value amounts of financial assets and financial liabilities are approximately equal to their fair values:
Carrying value Fair value
30 June 31 December 30 June 31 December
2019 2018 2019 2018
Unaudited Unaudited
GBPm GBPm GBPm GBPm
Financial liabilities
Short term loan - 44.6 - 44.6
Inter-company short-term
loan 119.7 178.4 119.7 178.4
Bond 2020 - 8.875% (Northern
Electric Finance plc) 106.0 101.5 115.8 114.4
Bond 2035 - 5.125% (Northern
Electric Finance plc) 149.4 153.1 205.9 197.1
Bond 2049 - 2.750% (Northern
Electric Finance plc) 147.8 - 156.2 -
Amortising loan 2026- 2.736% 172.3 185.1 175.8 185.1
EIB Loan (2019-2020)* 39.7 82.0 39.7 83.3
EIB Loan 2027 - 2.564%
(Northern Powergrid (Northeast)
Ltd 121.7 120.1 129.0 126.8
Yorkshire Electricity Group
plc 2037 - 5.9% 102.8 100.0 154.5 141.9
Cumulative preference shares 1.1 3.4 159.1 154.1
---------- ------------ ---------- ------------
960.5 968.2 1,255.7 1,225.7
* The borrowings from the European Investment Bank were drawn down in twelve tranches, repayable in 2019 and 2020. The spread of interest rate is as follows:
2019: 4.077% - 4.455%
2020: 4.227% - 4.586%
7. RELATED PARTY TRANSACTIONS
Group
Transactions entered into with related parties and balances outstanding were as follows:
Finance
income/
Amounts (costs)
Sales Purchases owed to Borrowings from/(to)
to related from related related from related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Six months ended
30 June 2019:
Northern Powergrid
Limited - - - - (3.1)
Northern Powergrid
(Yorkshire) plc 11.6 6.3 - - -
Vehicle Lease and
Service Limited 0.1 2.4 - - -
Yorkshire Electricity
Group plc - - - 222.5 (1.2)
------------ -------------- --------- -------------- -----------
11.7 8.7 - 222.5 (4.3)
============ ============== ========= ============== ===========
Six months ended
30 June 2018:
Northern Powergrid
Limited - - - - (3.1)
Northern Powergrid
(Yorkshire) plc 10.9 7.2 - - -
Vehicle Lease and
Service Limited 0.1 2.3 0.2 - -
Yorkshire Electricity
Group plc - - - 291.0 (3.4)
------------ -------------- --------- -------------- -----------
11.0 9.5 0.2 291.0 (6.5)
============ ============== ========= ============== ===========
7. RELATED PARTY TRANSACTIONS (CONTINUED)
Group - continued
Finance
income/
Amounts (costs)
Sales Purchases owed to Borrowings from/(to)
to related from related related from related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Year ended 31 December
2018:
Integrated Utility
Services Limited
(registered in Eire) - 3.3 0.2 - -
Northern Powergrid
Gas Limited 0.1 - - - -
Northern Powergrid
Limited - - - - (6.2)
Northern Powergrid
(Yorkshire) plc 24.1 12.7 - - -
Vehicle Lease and
Service Limited - 4.6 0.4 - 0.5
Yorkshire Electricity
Group plc - - - 278.4 (7.2)
------------ -------------- --------- -------------- -----------
24.2 20.6 0.6 278.4 (12.9)
============ ============== ========= ============== ===========
Sales and purchases from related parties were made at commercial prices.
Interest on loans to/from Group companies is charged at a commercial rate.
During the six months ended 30 June 2018 two directors (six months ended 30 June 2016: 2, year ended 31 December 2016: 2) utilised the services provided by Northern Transport Finance Limited, a subsidiary company.
7. RELATED PARTY TRANSACTIONS (CONTINUED)
Company
Transactions entered into with related parties and balances outstanding were as follows:
Finance
income/
(costs)
Sales Purchases Borrowings from/(to)
to related from related to/(from) related
parties parties related parties parties
GBPm GBPm GBPm GBPm
Related party
Six months ended
30 June 2019:
Integrated Utility
Services Limited - 0.2 - -
Northern Powergrid
Gas Limited 0.1 - - -
Northern Powergrid
Limited - - - (3.1)
Northern Powergrid
(Northeast) Limited 3.0 - - -
Northern Powergrid
(Yorkshire) plc 1.8 - - -
Vehicle Lease and
Service Limited 0.1 - - -
Yorkshire Electricity
Group plc - - 31.2 0.3
------------ -------------- ----------------- -----------
5.4 0.4 31.2 (2.8)
============ ============== ================= ===========
Six months ended
30 June 2018:
Integrated Utility
Services Limited - 0.4 - -
Northern Powergrid
Gas Limited 0.1 - - -
Northern Powergrid
Limited - - - (3.1)
Northern Powergrid
(Northeast) Limited 3.2 - - -
Northern Powergrid
(Yorkshire) plc 2.0 - - -
Vehicle Lease and
Service Limited 0.1 - - -
Yorkshire Electricity
Group plc - - (89.5) (0.3)
------------ -------------- ----------------- -----------
5.4 0.3 (89.5) (3.4)
============ ============== ================= ===========
7. RELATED PARTY TRANSACTIONS (CONTINUED)
Company - continued
Finance
income/
Amounts (costs)
Sales Purchases owed to Borrowings from/(to)
to related from related related to related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Year ended 31 December
2018:
Integrated Utility
Services Limited 0.1 0.5 - - -
Northern Powergrid
Gas Limited - - - - -
Northern Powergrid
Limited - - - - (6.2)
Northern Powergrid
(Northeast) Limited 4.9 - - - 23.7
Northern Powergrid
(Yorkshire) plc 2.5 - - - -
Vehicle Lease and
Service Limited 0.1 - - - 0.8
Northern Electric
& Gas Limited - - - - 92.1
Yorkshire Electricity
Group plc - - - 43.6 0.3
------------ -------------- --------- ------------ -----------
7.6 0.5 - 43.6 110.1
============ ============== ========= ============ ===========
Sales and purchases from related parties were made at commercial prices.
Interest on loans to/from Group companies is charged at a commercial rate.
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 BGGDCUGBBGCG
(END) Dow Jones Newswires
September 10, 2019 06:09 ET (10:09 GMT)
1 Year Nthn.elec.prf Chart |
1 Month Nthn.elec.prf 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
