REG - Pennon Group PLC - Final Results <Origin Href="QuoteRef">PNN.L</Origin> - Part 11

PennonAnnouncement

15/07/2015 18:30

- Part 11: For the preceding part double click  ID:nRST7139Nj 

                               Share-based payments                                     3.5                 3.3         
                                                                                                                                                                                                                                                                                                                                                                                                       Profit on disposal of property, plant and equipment      (3.7)               (4.2)       
                                                                                                                                                                                                                                                                                                                                                                                                       Depreciation charge                                      161.7               147.1       
                                                                                                                                                                                                                                                                                                                                                                                                       Amortisation of intangible assets                        2.7                 2.7         
                                                                                                                                                                                                                                                                                                                                                                                                       Exceptional impairment of property, plant and equipment  24.3                42.9        
                                                                                                                                                                                                                                                                                                                                                                                                       Exceptional provision charge                             4.3                 5.7         
                                                                                                                                                                                                                                                                                                                                                                                                       Exceptional credit from defined benefit pension change   (14.9)              -           
                                                                                                                                                                                                                                                                                                                                                                                                       Share of post-tax profit from joint ventures             (4.9)               (3.7)       
                                                                                                                                                                                                                                                                                                                                                                                                       Finance income                                           (44.0)              (43.3)      
                                                                                                                                                                                                                                                                                                                                                                                                       Finance costs                                            84.8                97.2        
                                                                                                                                                                                                                                                                                                                                                                                                       Taxation charge                                          54.7                0.6         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
      Changes in working capital:                                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
      Increase in inventories                                                                                                                                                                                                                                                                                                                                                                          (2.9)                                                    (1.6)               
      Increase in trade and other receivables                                                                                                                                                                                                                                                                                                                                                          (17.1)                                                   (13.2)              
      Increase in service concession arrangements receivable                                                                                                                                                                                                                                                                                                                                           (71.9)                                                   (47.5)              
      Increase in trade and other payables                                                                                                                                                                                                                                                                                                                                                             5.7                                                      7.3                 
      (Decrease)/increase in retirement benefit obligations                                                                                                                                                                                                                                                                                                                                            (9.6)                                                    1.9                 
      Decrease in provisions                                                                                                                                                                                                                                                                                                                                                                           (4.1)                                                    (15.3)              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
      Cash generated from operations                                                                                                                                                                                                                                                                                                                                                                   310.9                                                    338.0               
                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                                       2015                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                       (Unaudited)                                              2014                
                                                                                                                                                                                                                                                                                                                                                                                                       £m                                                       £m                  
      Total interest paid                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
      Interest paid in operating activities                                                                                                                                                                                                                                                                                                                                                            62.0                                                     65.3                
      Interest paid in investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                       (purchase of property, plant and equipment)              22.5                21.8        
                                                                                                                                                                                                                                                                                                                                                                                                       
      Total interest paid                                                                                                                                                                                                                                                                                                                                                                              84.5                                                     87.1                
                                                                                                                                                                                                                                                                                                                                                                                                       
      
 13.  Net borrowings                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                       2015                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                       (Unaudited)                                              2014                
                                                                                                                                                                                                                                                                                                                                                                                                       £m                                                       £m                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
      Cash and cash deposits                                                                                                                                                                                                                                                                                                                                                                           771.0                                                    613.1               
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
      Borrowings - current                                                                                                                                                                                                                                                                                                                                                                                                                                                          
      Bank overdrafts                                                                                                                                                                                                                                                                                                                                                                                  (0.2)                                                    -                   
      Other current borrowings                                                                                                                                                                                                                                                                                                                                                                         (81.8)                                                   (155.4)             
      Finance lease obligations                                                                                                                                                                                                                                                                                                                                                                        (31.6)                                                   (118.5)             
      Total current borrowings                                                                                                                                                                                                                                                                                                                                                                         (113.6)                                                  (273.9)             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
      Borrowings - non-current                                                                                                                                                                                                                                                                                                                                                                                                                                                      
      Bank and other loans                                                                                                                                                                                                                                                                                                                                                                             (706.9)                                                  (1,077.8)           
      Other non-current borrowings                                                                                                                                                                                                                                                                                                                                                                     (843.5)                                                  (304.3)             
      Finance lease obligations                                                                                                                                                                                                                                                                                                                                                                        (1,304.1)                                                (1,151.1)           
      Total non-current borrowings                                                                                                                                                                                                                                                                                                                                                                     (2,854.5)                                                (2,533.2)           
      Total net borrowings                                                                                                                                                                                                                                                                                                                                                                             (2,197.1)                                                (2,194.0)           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
      For the purposes of the cash flow statement cash and cash equivalents comprise:                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                       2015                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                       (Unaudited)                                              2014                
                                                                                                                                                                                                                                                                                                                                                                                                       £m                                                       £m                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
      Cash and cash deposits as above                                                                                                                                                                                                                                                                                                                                                                  771.0                                                    613.1               
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
      Less : deposits with a maturity of three months                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                                       or more (restricted funds)                               (196.2)             (173.2)     
                                                                                                                                                                                                                                                                                                                                                                                                       574.8                                                    439.9               
                                                                                                                                                                                                                                                                                                                                                                                                       
 14.  Post Balance Sheet events                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                       
      On 15 April 2015 Pennon Group Plc acquired 100% of the issued share capital of Sembcorp Bournemouth Water Investments Limited (renamed 'Bournemouth Water Investments Limited') including its non-regulated subsidiaries from Sembcorp Holdings Limited for a cash consideration of £100.3m. Sembcorp Bournemouth Water Investments Limited is the holding company for Sembcorp Bournemouth Water 
      Limited (renamed 'Bournemouth Water Limited').                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                       
      As part of the Acquisition £86.9m of external net debt and debt-like items have been assumed by Pennon Group Plc.                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                       
      The acquisition has been accounted for using the acquisition method. Provisional goodwill of c.£66m has been capitalised.                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                       
      Pennon Group Plc replenished cash resources used for the cash consideration through a placing of 12,084,337 new ordinary shares of 40.7 pence each with institutions at a price of 830 pence per Placing Share, raising gross proceeds of £100.3m.                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                                       
      Pennon Group Plc                                                                                                                                                                                                                                                                                                                                                                                 
      Registered Office :                                                                                                                                                                                                                                                                                                                                                                              Registered in England No 2366640                         
      Peninsula House                                                                                                                                                                                                                                                                                                                                                                                  
      Rydon Lane                                                                                                                                                                                                                                                                                                                                                                                       
      Exeter                                                                                                                                                                                                                                                                                                                                                                                           
      EX2 7HR                                                                                                                                                                                                                                                                                                                                                                                          pennon-group.co.uk                                       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 
 
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