REG - Pennon Group PLC - Final Results <Origin Href="QuoteRef">PNN.L</Origin> - Part 10
15/07/2015 18:30
- Part 10: For the preceding part double click ID:nRST7139Ni
Effect of dilutive potential ordinary shares from share options 1.8 1.7
For diluted earnings per share 392.7 369.1
Basic and diluted earnings per ordinary share before exceptional items and deferred tax
Earnings per share before exceptional items and deferred tax are presented to provide a more useful comparison of business trends and performance, since deferred tax reflects distortive effects of changes in corporation tax rates and the level of long-term investment. Earnings per share have been calculated:
2015(Unaudited) 2014
Profit Earnings per share Profit Earnings per share
after tax Basic Diluted after tax Basic Diluted
£m p p £m p p
Statutory earnings 126.3 32.3 32.2 142.5 38.8 38.6
Deferred tax 18.2 4.7 4.6 (25.8) (7.0) (7.0)
Exceptional items (net of tax) 11.0 2.8 2.8 39.7 10.8 10.8
Earnings before exceptional
items and deferred tax 155.5 39.8 39.6 156.4 42.6 42.4
9. Amounts recognised as distributions to equity holders in the year:
2015
(Unaudited) 2014
£m £m
Interim dividend paid for the year ended
31 March 2014 : 9.39p (2013 8.76p) per share 34.8 31.9
Final dividend paid for the year ended
31 March 2014 : 20.92p (2013 19.70p) per share 82.2 72.0
117.0 103.9
Proposed dividends
Proposed interim dividend for the year ended
31 March 2015 : 9.98p per share 39.8
Proposed final dividend for the year ended
31 March 2015 : 21.82p per share 89.7
129.5
The proposed interim and final dividends have not been included as liabilities in these financialstatements. The proposed interim dividend for 2015 was paid on 2 April 2015 and the proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 30 July 2015.
If approved at the Annual General Meeting the final dividend of 21.82p per share will be paid on2 October 2015 to shareholders on the register on 7 August 2015.
10. Share capital
Allotted, called up and fully paid
Number of shares
Treasury shares Ordinary shares £m
At 1 April 2013 Ordinary shares of 40.7p each 2,105,836 364,657,522 149.2
Shares issued under the scrip dividend alternative - 5,071,608 2.1
Shares re-issued under the Company's
Performance and Co-investment Plan (304,374) 304,374 -
For consideration of £0.4m, shares re-issued
to the Pennon Employee Share Trust (69,336) 69,336 -
For consideration of £1.9m, shares re-issued
under the Company's Sharesave Scheme (438,302) 438,302 -
For consideration of £0.1m, shares re-issued
under the Executive Share Option Scheme (11,134) 11,134 -
At 31 March 2014 ordinary shares of 40.7p each 1,282,690 370,552,276 151.3
Unaudited
Shares issued in respect of the £125m
convertible bond - 20,909,635 8.5
Shares issued under the scrip dividend alternative - 6,365,622 2.6
Shares re-issued under the Company's
Performance and Co-investment Plan (131,685) 131,685 -
For consideration of £0.8m, shares re-issued
to the Pennon Employee Share Trust (99,455) 99,455 -
For consideration of £3.0m, shares re-issued
under the Company's Sharesave Scheme (657,008) 657,008 -
For consideration of £0.1m, shares re-issued
under the Executive Share Option Scheme (5,027) 5,027 -
At 31 March 2015 ordinary shares of 40.7p each 389,515 398,720,708 162.4
Shares held as treasury shares may be sold, re-issued for any of the Company's share schemes, or cancelled.
2015
(Unaudited) 2014
£m £m
11. Perpetual capital securities
GBP 300m 6.75% perpetual subordinated capital securities 294.8 294.8
On 8 March 2013 the Company issued £300m perpetual capital securities. Costs directly associated with the issue of £5.2m are set off against the value of the issuance. They have no fixed redemption date but the Company may, at its sole discretion, redeem all, but not part, of these securities at their principal amount on 8 March 2018 or any subsequent periodic return payment date
after this.
The Company has the option to defer periodic returns on any relevant payment date, as long as a dividend on the Ordinary Shares has not been paid or declared in the previous 12 months. Deferred periodic returns shall be satisfied only on redemption or payment of dividend on Ordinary Shares, all of which only occur at the sole discretion of the Company.
The Company paid a periodic return of £20.3m on 8 March 2015. This payment and the associated tax relief of £4.3m have been recognised directly in the perpetual capital security reserve.
12. Cash flow from operating activities
Reconciliation of profit for the year to net cash inflow from operating activities:
2015
(Unaudited) 2014
£m £m
Cash generated from operations
Profit for the year 142.3 158.1
Adjustments for:
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