REG - Pennon Group PLC - Final Results <Origin Href="QuoteRef">PNN.L</Origin> - Part 7
15/07/2015 18:30
- Part 7: For the preceding part double click ID:nRST7139Nf
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PENNON GROUP PLC
Consolidated income statement for the year ended 31 March 2015
(Unaudited)
Before exceptional items2015 Exceptional items (note 5)2015 Total2015 Before exceptional items2014 Exceptional items (note 5)2014 Total2014
Note £m £m £m £m £m £m
Revenue 4 1,357.2 - 1,357.2 1,321.2 - 1,321.2
Operating costs
Manpower costs (164.3) 14.9 (149.4) (161.4) - (161.4)
Raw materials and consumables used (103.8) - (103.8) (111.6) - (111.6)
Other operating expenses (678.1) (4.3) (682.4) (640.9) (5.7) (646.6)
Earnings before interest, tax, depreciation and
amortisation 4 411.0 10.6 421.6 407.3 (5.7) 401.6
Depreciation, amortisation (164.4) (24.3) (188.7) (149.8) (42.9) (192.7)
and impairment
Operating profit 4 246.6 (13.7) 232.9 257.5 (48.6) 208.9
Finance income 6 44.0 - 44.0 43.3 - 43.3
Finance costs 6 (84.8) - (84.8) (97.2) - (97.2)
Net finance costs 6 (40.8) - (40.8) (53.9) - (53.9)
Share of post-tax profit from joint ventures 4.9 - 4.9 3.7 - 3.7
Profit before tax 4 210.7 (13.7) 197.0 207.3 (48.6) 158.7
Taxation 7 (57.4) 2.7 (54.7) (9.5) 8.9 (0.6)
Profit for the year 153.3 (11.0) 142.3 197.8 (39.7) 158.1
Attributable to:
Ordinary shareholders of the parent 137.3 (11.0) 126.3 182.2 (39.7) 142.5
Perpetual capital security
holders 16.0 - 16.0 15.6 - 15.6
Earnings per ordinary share(pence per share) 8
- Basic 32.3 38.8
- Diluted 32.2 38.6
- Before net exceptional charges and deferred tax 39.8 42.6
Consolidated statement of comprehensive income for the year ended 31 March 2015
(Unaudited)
Before exceptional items2015 Exceptional items (note 5)2015 Total2015 Before exceptional items2014 Exceptional items (note 5)2014 Total2014
£m £m £m £m £m £m
Profit for the year 153.3 (11.0) 142.3 197.8 (39.7) 158.1
Other comprehensive
(loss) / income
Items that will not be reclassified to profit or loss
Remeasurement of defined benefit obligations (2.1) - (2.1) 26.2 - 26.2
Income tax on items that will not be reclassified 0.4 - 0.4 (10.2) - (10.2)
Total items that will not be
reclassified to profit or loss (1.7) - (1.7) 16.0 - 16.0
Items that may be reclassified subsequently to profit or loss
Share of other comprehensive
income from joint ventures 1.1 - 1.1 4.8 - 4.8
Cash flow hedges (36.8) - (36.8) 32.8 - 32.8
Income tax on items that may be reclassified 5.7 - 5.7 (7.0) - (7.0)
Total items that may be
reclassified subsequently to profit or loss (30.0) - (30.0) 30.6 - 30.6
Other comprehensive (loss) / income for the year
net of tax (31.7) - (31.7) 46.6 - 46.6
Total comprehensive income for the year 121.6 (11.0) 110.6 244.4 (39.7) 204.7
Total comprehensive income attributable to:
Ordinary shareholders of the parent 105.6 (11.0) 94.6 228.8 (39.7) 189.1
Perpetual capital security 16.0 - 16.0 15.6 - 15.6
holders
(Unaudited)
2015 2014
Note £m £m
ASSETS
Non-current assets
Goodwill 339.3 339.3
Other intangible assets 56.4 30.6
Property, plant and equipment 3,578.8 3,450.4
Other non-current assets 291.1 230.3
Derivative financial instruments 60.2 25.9
Investments in joint ventures 0.1 0.1
4,325.9 4,076.6
Current assets
Inventories 15.0 12.1
Trade and other receivables 287.7 278.2
Derivative financial instruments 8.1 2.6
Financial assets at fair value through profit 0.1 0.4
Cash and cash deposits 13 771.0 613.1
1,081.9 906.4
LIABILITIES
Current liabilities
Borrowings 13 (113.6) (273.9)
Derivative financial instruments (19.5) (20.8)
Trade and other payables (277.7) (298.8)
Current tax liabilities (52.2) (37.7)
Provisions (32.9) (33.3)
(495.9) (664.5)
Net current assets 586.0 241.9
Non-current liabilities
Borrowings 13 (2,854.5) (2,533.2)
Other non-current liabilities (110.1) (82.8)
Financial liabilities at fair value through profit (57.3) (15.6)
Derivative financial instruments (46.0) (3.9)
Retirement benefit obligations (59.6) (79.3)
Deferred tax liabilities (235.9) (227.1)
Provisions (194.4) (179.0)
(3,557.8) (3,120.9)
Net assets 1,354.1 1,197.6
Equity
Share capital 10 162.4 151.3
Share premium account 118.6 4.9
Capital redemption reserve 144.2 144.2
Retained earnings and other reserves 634.1 602.4
Total ordinary shareholders' equity 1,059.3 902.8
Perpetual capital securities 11 294.8 294.8
Total equity 1,354.1 1,197.6
Consolidated statement of changes in equity for the year ended 31 March 2015
Share capital(note 10) Share premium account Capital redemption reserve Retained earnings and other reserves Perpetual capital securities(note 11) Total Equity
£m £m £m £m £m £m
At 1 April 2013 149.2 7.0 144.2 476.9 294.8 1,072.1
Profit for the year - - - 142.5 15.6 158.1
Other comprehensive income for the year - - - 46.6 - 46.6
Total comprehensive income for the year - - - 189.1 15.6 204.7
Transactions with equity shareholders
Dividends paid or approved - - - (103.9) - (103.9)
Adjustment for shares issued under the
scrip dividend alternative 2.1 (2.1) - 34.5 - 34.5
Adjustment in respect of share-based
payments (net of tax) - - - 3.8 - 3.8
Distributions due to perpetual capital security
holders - - - - (20.3) (20.3)
Current tax relief on distributions to perpetual
capital security holders - - - - 4.7 4.7
Own shares acquired by the Pennon
Employee Share Trust in respect of share
options granted - - - (0.4) - (0.4)
Proceeds from treasury shares re-issued - - - 2.4 - 2.4
2.1 (2.1) - (63.6) (15.6) (79.2)
At 31 March 2014 151.3 4.9 144.2 602.4 294.8 1,197.6
Unaudited
Profit for the year - - - 126.3 16.0 142.3
Other comprehensive loss for the year - - - (31.7) - (31.7)
Total comprehensive income for the year - - - 94.6 16.0 110.6
Transactions with equity shareholders
Dividends paid or approved - - - (117.0) - (117.0)
Adjustment for shares issued under the
scrip dividend alternative 2.6 (2.6) - 48.0 - 48.0
Convertible bond - equity issuance
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