Northern Electric PLC Half-year Report

Fecha : 10/09/2019 @ 05:09
Fuente : UK Regulatory (RNS & others)
Emisora : Nthn.elec.prf (NTEA)
Cotización : 138.0  0.0 (0.00%) @ 02:00
Nthn.elec.prf Cotización de acciones Gráfica

Northern Electric PLC Half-year Report

Nthn.elec.prf (LSE:NTEA)
Gráfica de Acción Histórica

3 Meses : De Ago 2019 a Nov 2019

Haga Click aquí para más Gráficas Nthn.elec.prf.

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

 
                                               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)

Su Consulta Reciente
BMV
FIBRAPL14
Fibra Prol..
BMV
AMXL
América Mó..
BMV
ME
IPC México
BMV
ALSEA*
Alsea
FX
USDMXN
United Sta..
Las acciones que ha visto aparecerán en este recuadro, lo que le permite volver fácilmente a las cotizaciones que ha consultado previamente
Registrarse ahora para crear su lista personalizada de acciones en streaming.

Cotizaciones PLUS están en tiempo real. Cotizaciones NYSE y AMEX están con retraso de por lo menos 20 minutos.
El resto de las cotizaciones están con retraso de por lo menos 15 minutos al menos que se indique lo contrario.

Al acceder a los servicios disponibles de ADVFN usted acepta quedar sujerto a los Términos y Condiciones

P: V:mx D:20191120 04:53:15