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Northern Electric PLC Half-year Report

17/09/2021 12:39pm

UK Regulatory (RNS & others)


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TIDMNTEA

RNS Number : 1834M

Northern Electric PLC

17 September 2021

NORTHERN ELECTRIC plc

HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 30 JUNE 2021

Cautionary Statement

This interim management report has been prepared solely to provide additional information to shareholders to assess the business and strategies 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 and its subsidiaries group of companies (the "Northern Powergrid Group") and its principal activity during the six months to 30 June 2021 was to act as a holding company, with its main operating subsidiaries being Northern Powergrid (Northeast) plc ("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 2021

During the period ended 30 June 2021, the Group made a profit after tax of GBP25.2 million; this was GBP18.6 million lower than the 6 months ended 30 June 2020 and was mainly as a result of the impact of change in tax legislation and higher operating expenses partially offset by higher revenues.

IUS continued to operate its engineering contracting business with revenues being higher than the 6 months ended 30 June 2020.

Metering continued to deliver a satisfactory performance in terms of the contracts secured with energy suppliers for the provision of smart meters in the United Kingdom and also to develop further opportunities with other energy suppliers.

Revenue

Revenue at GBP236.4 million was GBP16.7 million higher than for the six months ended 30 June 2020 mainly due to higher distribution revenue due to higher tariffs and the larger impact of COVID-19 during last year's period as well as increased engineering contracting revenues within IUS.

Cash flow

Cash and cash equivalents as at 30 June 2021 were GBP10.3 million, representing a decrease of GBP11.6 million when compared with the position at 31 December 2020. This compares with an increase of GBP96.0 million in the comparative six month period, primarily due to higher financing undertaken in the prior period and higher net capital expenditure offset by higher operating cash inflows.

Northern Powergrid has access to GBP75.0 million under a three-year committed revolving credit facility provided by Lloyds Bank plc, National Westminster Bank plc and Santander UK plc, which is due to expire in October 2023, with a one year option to extend.

In addition, the Group has access to short-term borrowing facilities provided by Yorkshire Electricity Group plc, a related party, and to a GBP22.0 million overdraft facility provided by Lloyds Bank plc.

Dividends

No ordinary dividends were paid in the period resulting in GBP25.2 million being transferred to reserves.

Related party transactions

The Company provides certain corporate functions to the Northern Powergrid Group.

Further details of the related party transactions entered into by the Group and the Company and changes therein are included in Note 8 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 2020, 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 2021.

Going concern

In the Group's latest annual reports and accounts for the year to 31 December 2020 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 2021, which alter the view expressed in the annual reports and accounts to 31 December 2020.

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 2021;

(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

T H France

Director

16 September 2021

 
                                               6 Months      6 Months 
                                                ended 30      ended 30 
                                               June 2021     June 2020 
                                              (unaudited)   (unaudited) 
                                                 GBPm          GBPm 
 
 Revenue                                            236.4         219.7 
 Cost of sales                                     (16.8)        (14.6) 
                                             ------------  ------------ 
 
 Gross profit                                       219.6         205.1 
 
 Operating expenses                               (120.4)       (114.3) 
                                             ------------  ------------ 
 
 Operating profit                                    99.2          90.8 
 
 Other gains                                          0.3         (0.5) 
 Finance income                                       0.7           0.6 
 Finance costs                                     (20.7)        (23.4) 
                                             ------------  ------------ 
 
 Profit before tax                                   79.5          67.5 
 
 Income tax expense                                (54.3)        (23.7) 
                                             ------------  ------------ 
 
 Profit from ordinary activities after tax           25.2          43.8 
                                             ------------  ------------ 
 
 
 
                                                           6 Months      6 Months 
                                                           ended 30      ended 30 
                                                          June 2021     June 2020 
                                                        (unaudited)   (unaudited) 
                                                               GBPm          GBPm 
 
 PROFIT FOR THE PERIOD                                         25.2          43.8 
 
 OTHER COMPREHENSIVE INCOME 
  Items that will not be reclassified subsequently 
  to profit or loss: 
 Employee benefit obligation                                   28.9          26.7 
 Income tax relating to items of other comprehensive 
  income                                                      (5.5)         (5.1) 
                                                       ------------  ------------ 
                                                               23.4          21.6 
 Items that may be reclassified subsequently 
  to profit or loss: 
 Cash flow hedge                                                1.8         (2.9) 
 Income tax relating to items of other comprehensive 
  income                                                      (0.2)           0.5 
                                                       ------------  ------------ 
                                                                1.6         (2.4) 
 
 OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET 
  OF INCOME TAX                                                25.0          19.2 
 
 TOTAL COMPREHENSIVE INCOME FOR THE YEAR                       50.2          63.0 
                                                       ------------  ------------ 
 
 
                                      30 June   31 December 
                                         2021          2020 
                                  (unaudited) 
                                         GBPm          GBPm 
 ASSETS 
 NON-CURRENT ASSETS 
 Intangible assets                       50.9          51.2 
 Property, plant and equipment        2,941.9       2,889.7 
 Right of use asset                      14.8          14.0 
 Investments                              4.1           3.6 
 Pension asset                          124.8          88.1 
 Trade and other receivables              3.9           4.6 
                                 ------------  ------------ 
                                      3,140.4       3,051.2 
                                 ------------  ------------ 
 
 CURRENT ASSETS 
 Inventories                             19.2          18.7 
 Trade and other receivables             73.3          82.5 
 Contract assets                          7.2           6.2 
 Tax receivable                             -             - 
 Cash and cash equivalents               10.3          21.9 
 Restricted cash                         16.8          16.8 
                                 ------------  ------------ 
                                        126.8         146.1 
                                 ------------  ------------ 
 TOTAL ASSETS                         3,267.2       3,197.3 
                                 ------------  ------------ 
 
 EQUITY 
 SHAREHOLDERS' EQUITY 
 Share capital                           72.2          72.2 
 Share premium account                  158.7         158.7 
 Hedging reserves                       (1.5)         (3.1) 
 Other reserves                           6.2           6.2 
 Retained earnings                    1,094.8       1,046.2 
                                 ------------  ------------ 
 TOTAL EQUITY                         1,330.4       1,280.2 
                                 ------------  ------------ 
 
 
 
                                     30 June   31 December 
                                        2021          2020 
                                 (unaudited) 
                                        GBPm          GBPm 
 LIABILITIES 
 NON-CURRENT LIABILITIES 
 Deferred revenue                      644.3         641.7 
 Borrowings                            931.7         946.2 
 Lease liability                        11.9          11.3 
 Derivative liability                    1.7           3.2 
 Deferred tax                          152.3         106.9 
 Provisions                              2.7           2.7 
                                ------------  ------------ 
                                     1,744.6       1,712.0 
                                ------------  ------------ 
 
 CURRENT LIABILITIES 
 Trade and other payables               93.1          94.0 
 Deferred revenue                       28.2          27.6 
 Borrowings                             65.6          77.1 
 Lease liability                         3.3           3.0 
 Derivative liability                    0.3           0.6 
 Tax payable                             0.2           1.3 
 Provisions                              1.5           1.5 
                                ------------  ------------ 
                                       192.2         205.1 
                                ------------  ------------ 
 TOTAL LIABILITIES                   1,936.8       1,917.1 
                                ------------  ------------ 
 TOTAL EQUITY AND LIABILITIES        3,267.2       3,197.3 
                                ------------  ------------ 
 
 

The interim financial statements were approved by the board of directors and authorised for issue on 16 September 2021 and were signed on its behalf by:

T H France

Director

 
                                     Share 
                           Share   Premium      Other    Hedging   Retained 
                         Capital   Account   Reserves   Reserves   Earnings       Total 
                            GBPm      GBPm       GBPm       GBPm       GBPm        GBPm 
 
 Balance at 1 January 
  2021                      72.2     158.7        6.2      (3.1)    1,046.2     1,280.2 
 Profit for the 
  period (unaudited)           -         -          -          -       25.2        25.2 
 Other comprehensive 
  income (unaudited)           -         -          -        1.6       23.4        25.0 
 
 Balance at 30 June 
  2021                      72.2     158.7        6.2      (1.5)    1,094.8     1,330.4 
                        --------  --------  ---------  ---------  ---------  ---------- 
 
 
                                     Share 
                           Share   Premium      Other    Hedging   Retained 
                         Capital   Account   Reserves   Reserves   Earnings       Total 
                            GBPm      GBPm       GBPm       GBPm       GBPm        GBPm 
 
 Balance at 1 January 
  2020                      72.2     158.7        6.2      (1.1)    1,008.8     1,236.8 
 Profit for the 
  period (unaudited)           -         -          -          -       43.8        43.8 
 Other comprehensive 
  income (unaudited)           -         -          -      (2.4)       21.6        19.2 
 
 Balance at 30 June 
  2020                      72.2     158.7        6.2      (3.5)    1,066.2     1,299.8 
                        --------  --------  ---------  ---------  ---------  ---------- 
 
 
                                       Share 
                             Share   Premium      Other    Hedging   Retained 
                           Capital   Account   Reserves   Reserves   Earnings       Total 
                              GBPm      GBPm       GBPm       GBPm       GBPm        GBPm 
 
 Balance at 1 January 
  2020                        72.2     158.7        6.2      (1.1)    1,008.8     1,236.8 
 Profit for the 
  period                         -         -          -                  99.1        99.1 
 Dividends                                                                  -           - 
 Other comprehensive 
  income                         -         -          -      (2.0)     (28.3)      (30.3) 
 Dividends                                                             (25.4)      (25.4) 
 
 Balance at 31 December 
  2020                        72.2     158.7        6.2      (3.1)    1,046.2     1,280.2 
                          --------  --------  ---------  ---------  ---------  ---------- 
 
 
                                                 6 Months           6 Months 
                                                 ended 30           ended 30 
                                                June 2021          June 2020 
                                              (unaudited)        (unaudited) 
                                                                  (Restated) 
                                                     GBPm               GBPm 
 Cash flows from operating activities 
 Profit for the year                                 25.2               43.8 
 Depreciation and amortisation                       72.4               67.6 
 Amortisation of deferred revenue                  (13.8)             (13.2) 
 Profit on disposal of property, plant 
  and equipment                                     (0.3)                0.5 
 Retirement benefit obligation                      (7.7)             (15.3) 
 Finance income                                     (0.7)              (0.6) 
 Finance costs                                       20.7               23.4 
 Income tax expense                                  54.3               23.7 
                                             ------------       ------------ 
 
                                                    150.1              129.9 
 
 (Increase)/decrease in inventories                 (0.5)                1.0 
 Decrease in trade and other receivables              9.2               10.9 
 (Increase)/decrease in contract assets             (1.0)                2.9 
 (Decrease)/increase in trade and other 
  payables                                          (4.7)                5.4 
 Decrease in provisions                                 -              (0.3) 
                                             ------------       ------------ 
 
 Cash generated from operations                     153.1              149.8 
 
 Net interest paid                                 (19.0)             (20.7) 
 Tax paid                                          (15.7)             (20.9) 
                                             ------------       ------------ 
 
 Net cash from operating activities                 118.4              108.2 
                                             ------------       ------------ 
 
 Investing activities 
 Proceeds from disposal of property, 
  plant and equipment                                 0.3              (0.5) 
 Purchase of property, plant and equipment        (113.7)             (92.0) 
 Purchase of intangible assets                      (4.7)             (10.1) 
 Receipt of customer contributions                   17.0               20.0 
                                             ------------       ------------ 
 
 Net cash used in investing activities            (101.1)             (82.6) 
                                             ------------       ------------ 
 
 Financing activities 
 Issue of long-term borrowings                          -              294.4 
 Repayment of long-term borrowings                 (14.5)             (53.8) 
 Repayment of short-term borrowings                     -                  - 
 Movement in loans from group undertakings         (12.5)            (169.0) 
 Lease payment                                      (1.9)              (1.2) 
 
 Net cash (used in)/generated by financing 
  activities                                       (28.9)               70.4 
                                             ------------       ------------ 
 
 Net (decrease)/increase in cash and 
  cash equivalents                                 (11.6)               96.0 
 
 Cash and cash equivalents at beginning 
  of period                                          21.9               22.7 
                                             ------------       ------------ 
 
 Cash and cash equivalents at end of 
  period                                             10.3              118.7 
                                             ------------       ------------ 
 
   1.         GENERAL INFORMATION 

The information included within these condensed financial statements that refer to the year ended 31 December 2020, 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 International Accounting Standards Board ("IASB"). 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 IASB.

Going concern

In the Company's latest annual reports and accounts for the year to 31 December 2020 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 2021, which alter the view expressed in the annual reports and accounts to 31 December 2020.

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 2020, 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 IASB that are mandatorily effective for an accounting period that begins on or after 1 January 2021:

None of the standards, interpretations and amendments which are effective for periods beginning 1 January 2021 has had a material effect on the financial statements:

   --    Amendments to IFRS 16 - COVID 19 related rent concessions; 
   --    Amendments to IAS 1 - Presentation of financial statements; and 
   --    Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Interest rate benchmark reform. 
   3.   SEGMENTAL ANALYSIS 

The Group operates in three principal areas of activity, those of the distribution of electricity, engineering contracting and smart meter rental in the United Kingdom.

The Group is separated unto the following segments:

Distribution: Northern Powergrid (Northeast) plc

Contracting: Integrated Utility Services Limited

Metering: Northern Powergrid Metering Services Limited

Other: Includes support activities

The following is an analysis of the Group's revenue and results by reportable segment in the six months ended 30 June 2021 (unaudited):

 
 
                               Distribution   Contracting   Metering   Other      Total 
                                       GBPm          GBPm       GBPm    GBPm       GBPm 
 
 REVENUE 
 External sales                       187.3           9.9       35.9     3.3      236.4 
 Inter-segment 
  sales                                 0.2           5.9          -   (6.1)          - 
                           ----------------  ------------  ---------  ------  --------- 
 
 Total Revenue                        187.5          15.8       35.9   (2.8)      236.4 
                           ----------------  ------------  ---------  ------  --------- 
 
 SEGMENT RESULTS 
 
 Operating profit/(loss)               77.3             -       12.8     9.1       99.2 
                           ----------------  ------------  ---------  ------  --------- 
 
 Other gains                                                                        0.3 
 Finance income                                                                     0.7 
 Finance costs                                                                   (20.7) 
                                                                              --------- 
 
 Profit before 
  tax                                                                              79.5 
                                                                              --------- 
 
 OTHER INFORMATION 
 Capital additions                     94.9             -       28.5       -      123.4 
 Depreciation 
  and amortisation                     53.6           0.2       21.2   (2.6)       72.4 
 Amortisation 
  of deferred 
  revenue                            (13.8)             -          -       -     (13.8) 
                           ----------------  ------------  ---------  ------  --------- 
 

External sales to E.ON plc in the six months ended 30 June 2021 represented 19.49% of revenue within the Distribution segment.

External sales to British Gas Ltd in the six months ended 30 June 2021 represented 11.02% 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 2020 (unaudited) (Restated):

 
 
                        Distribution   Contracting   Metering   Other      Total 
                                GBPm          GBPm       GBPm    GBPm       GBPm 
 
 REVENUE 
 External sales                172.8           8.3       36.6     2.0      219.7 
 Inter-segment 
  sales                          0.2           2.2          -   (2.4)          - 
                     ---------------  ------------  ---------  ------  --------- 
 
 Total Revenue                 173.0          10.5       36.6   (0.4)      219.7 
                     ---------------  ------------  ---------  ------  --------- 
 
 SEGMENT RESULTS 
 Operating profit               59.2         (0.7)       14.5    17.8       90.8 
                     ---------------  ------------  ---------  ------  --------- 
 
 Other gains                                                               (0.5) 
 Finance income                                                              0.6 
 Finance costs                                                            (23.4) 
                                                                       --------- 
 
 Profit before 
  tax                                                                       67.5 
                                                                       --------- 
 
 OTHER INFORMATION 
 Capital additions             113.1           0.1        9.3     0.5      123.0 
 Depreciation 
  and amortisation              48.3           0.1       20.1   (0.9)       67.6 
 Amortisation 
  of deferred 
  revenue                     (13.2)             -          -       -     (13.2) 
                     ---------------  ------------  ---------  ------  --------- 
 

External sales to RWE Npower plc in the six months ended 30 June 2020 represented 14.52% of revenue within the Distribution segment.

External sales to British Gas Ltd in the six months ended 30 June 2020 represented 11.31% of revenue within the Distribution segment.

Sales and purchases between the different segments are made at commercial prices.

   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 
                                            2021 Unaudited          2020 
                                                      GBPm          GBPm 
 
 
 Distribution                                      1,991.6       1,956.9 
 Contracting                                           3.7           4.1 
 Metering                                            159.5         155.1 
 Other                                                39.9           8.4 
                                          ----------------  ------------ 
 
 Total net assets by segment                       2,194.7       2,124.5 
 Unallocated net corporate liabilities             (864.3)       (844.3) 
                                          ----------------  ------------ 
 
 Total net assets                                  1,330.4       1,280.2 
                                          ----------------  ------------ 
 
   4.   INCOME TAX EXPENSE 

Tax for the six month period ended 30 June 2021 is charged at 19.7% (six months ended 30 June 2020: 19.7%) 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. However, due to the tax rate change discussed below, the effective tax rate for the six month period to June 2021 is 68.3%.

 
                              6 months    6 months 
                              ended 30    ended 30 
                                  June        June 
                                  2021        2019 
                             Unaudited   Unaudited 
                                  GBPm        GBPm 
 
 Current tax                      14.6        10.3 
 
 Deferred tax                     39.7        13.4 
 
 Total income tax expense         54.3        23.7 
                            ----------  ---------- 
 

Finance Bill 2020 was enacted in July 2020 and as a result, the rate of corporation tax has been held at 19% as the Finance Bill 2020 effectively removed the proposed reduction to 17% which was included within Finance Bill 2016.

In the In addition, the March 2021 Budget announced that the corporation tax rate will increase from 19% to 25% from 1 April 2023. This increase in tax rate was included within Finance Bill 2021 which was substantively enacted on 24 May 2021 and received Royal Assent on 10 June 2021. As a result, deferred tax balances have been re-measured at the 25% rate and this remeasurement has given rise to an increased deferred tax liability of 38.6m which is reflected within the above tax charge.

   5.   RETIREMENT BENEFIT SCHEMES 

The defined benefit obligation as at 30 June 2021 is calculated on a year-to-date basis, using the annual actuarial valuation as at 31 December 2020. The latest triennial valuation carried out by AON was on the 31 March 2019 and was concluded in 2020. 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 2021.

   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 
                                          2021          2020        2021          2020 
                                     Unaudited                 Unaudited 
                                          GBPm          GBPm        GBPm          GBPm 
 
 Financial liabilities 
 Short-term loan                           5.0             -         5.0             - 
 Inter-company short-term 
  loan                                    22.9          35.4        22.9          35.4 
 Bond 2035 - 5.125% (Northern 
  Electric Finance plc)                  149.3         153.3       204.3         225.3 
 Bond 2049 - 2.750% (Northern 
  Electric Finance plc)                  147.9         150.0       171.9         194.1 
 Bond 2062 - 1.875% (Northern 
  Powergrid (Northeast) plc)             294.7         297.5       283.0         338.4 
 Amortising loan 2026 - 
  2.9670%*                               122.3         133.9       123.7         135.4 
 Amortising loan 2026- 2.0779%**          27.2          29.7        27.3          30.0 
 EIB Loan 2027 - 2.564% 
  (Northern Powergrid (Northeast) 
  plc                                    121.7         120.1       131.5         134.4 
 Northern Powergrid Holding 
  Company 2037 - 5.9%                    102.9         100.0       153.7         164.7 
 Cumulative preference shares              3.4           3.4       180.9         192.1 
                                    ----------  ------------  ----------  ------------ 
 
                                         997.3       1,023.3     1,296.3       1,449.8 
 
 

*2026 GBP124m Amortising Loan is 90% swapped at a fixed rate of 3.0682%, with the remaining 10% floating at 3 month LIBOR plus 2.00%.

**2026 GBP 27m Amortising Loan is a Floating rate loan at 3 month LIBOR plus 2.00%.

   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 2021: 
 Northern Powergrid 
  Limited                           -               -          -               -        (3.1) 
 Northern Powergrid 
  (Yorkshire) plc                14.3             5.8          -               -            - 
 Vehicle Lease and 
  Service Limited                 0.1             3.3          -               -          0.5 
 Northern Powergrid 
  Holding Company                   -               -          -           102.9        (2.9) 
 Yorkshire Electricity 
  Group plc                         -               -          -            22.9        (0.7) 
                         ------------  --------------  ---------  --------------  ----------- 
 
                                 14.4             9.1          -           125.8        (6.2) 
                         ============  ==============  =========  ==============  =========== 
 
 Six months ended 
  30 June 2020: 
 Northern Powergrid 
  Limited                           -               -          -               -        (3.1) 
 Northern Powergrid 
  (Yorkshire) plc                10.4             6.2          -               -            - 
 Vehicle Lease and 
  Service Limited                 0.1             3.0          -               -            - 
 Northern Powergrid 
  Holding Company                   -               -          -           102.9        (2.9) 
 Yorkshire Electricity 
  Group plc                         -               -          -               -        (0.7) 
                         ------------  --------------  ---------  --------------  ----------- 
 
                                 10.5             9.2          -           102.9        (6.7) 
                         ============  ==============  =========  ==============  =========== 
 
   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 2020: 
 Integrated Utility 
  Services Limited 
  (registered in 
  Eire)                           2.2             4.8          -               -            - 
 Northern Powergrid 
  Gas Limited                       -               -          -               -            - 
 Northern Powergrid 
  Limited                           -               -          -               -        (6.2) 
 Northern Powergrid 
  (Yorkshire) plc                27.2            10.6          -               -            - 
 Vehicle Lease 
  and Service Limited               -             4.9          -               -          0.9 
 Northern Powergrid 
  Holding Company                   -               -          -           100.0        (5.9) 
 Yorkshire Electricity 
  Group plc                         -               -          -            35.4        (0.8) 
                         ------------  --------------  ---------  --------------  ----------- 
 
                                 29.4            20.3          -           135.4       (12.0) 
                         ============  ==============  =========  ==============  =========== 
 
 

Sales and purchases from related parties were made at commercial prices.

Interest on loans to/from Group companies is charged at a commercial rate.

   7.         RELATED PARTY TRANSACTIONS (CONTINUED) 

Company

Transactions entered into with related parties and balances outstanding were as follows:

 
                                                                        Finance 
                                                                        income/ 
                                                        Borrowings      (costs) 
                                Sales       Purchases    (to)/from    from/(to) 
                           to related    from related      related      related 
                              parties         parties      parties      parties 
                                 GBPm            GBPm         GBPm         GBPm 
 Related party 
 Six months ended 
  30 June 2021: 
 Integrated Utility 
  Services Limited                0.2               -            -            - 
 Northern Powergrid 
  Gas Limited                       -               -            -            - 
 Northern Powergrid 
  Limited                           -               -            -        (3.1) 
 Northern Powergrid 
  (Northeast) plc                 2.4               -            -            - 
 Northern Powergrid 
  (Yorkshire) plc                 1.0               -            -            - 
 Vehicle Lease and 
  Service Limited                 0.1               -            -            - 
 Yorkshire Electricity 
  Group plc                         -               -        207.7            - 
                         ------------  --------------  -----------  ----------- 
 
                                  3.7               -        207.7        (3.1) 
                         ============  ==============  ===========  =========== 
 
 Six months ended 
  30 June 2020: 
 Integrated Utility 
  Services Limited                0.2               -            -            - 
 Northern Powergrid 
  Gas Limited                       -               -            -            - 
 Northern Powergrid 
  Limited                           -               -            -        (3.1) 
 Northern Powergrid 
  (Northeast) plc                 2.5               -            -            - 
 Northern Powergrid 
  (Yorkshire) plc                 1.3               -            -            - 
 Vehicle Lease and 
  Service Limited                 0.1               -            -            - 
 Yorkshire Electricity 
  Group plc                         -               -       (25.5)          0.2 
                         ------------  --------------  -----------  ----------- 
 
                                  4.1               -       (25.5)        (2.9) 
                         ============  ==============  ===========  =========== 
 
   7.         RELATED PARTY TRANSACTIONS (CONTINUED) 

Company - continued

 
                                                                                    Finance 
                                                                                    income/ 
                                                          Amounts   Borrowings      (costs) 
                                 Sales       Purchases    owed to    (to)/from    from/(to) 
                            to related    from related    related      related      related 
                               parties         parties    parties      parties      parties 
                                  GBPm            GBPm       GBPm         GBPm         GBPm 
 Related party 
 Year ended 31 December 
  2020: 
 Integrated Utility 
  Services Limited                   -               -          -            -            - 
 Northern Powergrid 
  Gas Limited                      0.2               -          -            -            - 
 Northern Powergrid 
  Limited                            -               -          -            -        (6.2) 
 Northern Powergrid 
  (Northeast) plc                  5.0               -          -            -         25.4 
 Northern Powergrid 
  (Yorkshire) plc                  2.5               -          -            -            - 
 Vehicle Lease and 
  Service Limited                    -               -          -            -          0.9 
 Northern Electric 
  & Gas Limited                      -               -          -            -            - 
 Yorkshire Electricity 
  Group plc                          -               -          -       (38.1)          0.1 
                          ------------  --------------  ---------  -----------  ----------- 
 
                                   7.7               -          -       (38.1)         20.2 
                          ============  ==============  =========  ===========  =========== 
 
 

Sales and purchases from related parties were made at commercial prices.

Interest on loans to/from Group companies is charged at a commercial rate.

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END

IR BBGDCUXBDGBR

(END) Dow Jones Newswires

September 17, 2021 07:39 ET (11:39 GMT)

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