REG - Pennon Group PLC - Pennon Group Full Year Results 2016/17 <Origin Href="QuoteRef">PNN.L</Origin> - Part 5
24/05/2017 07:07
- Part 5: For the preceding part double click ID:nRSX0435Gd
412.7
Basic and diluted earnings per ordinary share before non-underlying items and deferred tax
Earnings per ordinary share before non-underlying items and deferred tax are presented as the Directors believe that this measure provides 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:
2017 2016
Profit Earnings per share Profit Earnings per share
after tax Basic Diluted after tax Basic Diluted
£m p p £m p p
Statutory earnings 164.3 39.8 39.6 152.1 37.0 36.9
Deferred tax before
non-underlying items 18.9 4.5 4.6 39.2 9.5 9.5
Non-underlying items (net of tax) 11.1 2.7 2.6 (29.1) (7.0) (7.1)
Earnings before non-underlying
items and deferred tax 194.3 47.0 46.8 162.2 39.5 39.3
PENNON GROUP PLC
Notes (continued)
9. Dividends
Amounts recognised as distributions to ordinary equity holders in the year:
2017 2016
£m £m
Interim dividend paid for the year ended
31 March 2016 : 10.46p (2015 9.98p) per share 43.1 39.8
Final dividend paid for the year ended
31 March 2016 : 23.12p (2015 21.82p) per share 95.4 89.7
138.5 129.5
Proposed dividends
Proposed interim dividend for the year ended
31 March 2017 : 11.09p per share 45.9
Proposed final dividend for the year ended
31 March 2017 : 24.87p per share 103.6
149.5
The proposed interim and final dividends have not been included as liabilities in these financialstatements.
The proposed interim dividend for 2017 was paid on 4 April 2017 and the proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 6 July 2017.
If approved at the Annual General Meeting the final dividend of 24.87p per share will be paid on1 September 2017 to shareholders on the register on 7 July 2017.
PENNON GROUP PLC
Notes (continued)
10. Share capital
Allotted, called up and fully paid
Number of shares
Treasury shares Ordinary shares £m
At 1 April 2015 Ordinary shares of 40.7p each 389,515 398,720,708 162.4
Shares issued in respect of the equity issuance - 12,084,337 4.9
Shares issued under the Scrip Dividend Alternative - 760,626 0.3
For consideration of £1.1m, shares re-issued
to the Pennon Employee Share Trust (143,538) 143,538 -
For consideration of £1.3m, shares re-issued
under the Company's Sharesave Scheme (227,316) 227,316 -
For consideration of £0.1m, shares re-issued
under the Executive Share Option Scheme (8,305) 8,305 -
For consideration of £2.1m, shares issued under the
Company's Sharesave Scheme - 395,767 0.2
At 31 March 2016 ordinary shares of 40.7p each 10,356 412,340,597 167.8
Shares issued under the Scrip Dividend Alternative - 771,563 0.3
For consideration of £0.0m, shares re-issued under the
Company's Executive Share Option Scheme (1,913) 1,913 -
For consideration of £1.4m, shares issued
to the Pennon Employee Share Trust - 143,479 0.1
For consideration of £0.1m, shares issued under the
Company's Executive Share Option Scheme - 24,457 -
For consideration of £3.2m, shares issued
in respect of the Company's Sharesave Scheme - 611,284 0.2
At 31 March 2017 ordinary shares of 40.7p each 8,443 413,893,293 168.4
Shares held as treasury shares may be sold, re-issued for any of the Company's share schemes, or cancelled.
PENNON GROUP PLC
Notes (continued)
2017 2016
£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.
As the Company paid a dividend in the 12 months prior to the periodic return date of 8 March 2017, a periodic return of £20.3m was paid during the year.
PENNON GROUP PLC
Notes (continued)
12. Cash flow from operating activities
Reconciliation of profit for the year to net cash inflow from operations:
2017 2016
£m £m
Cash generated from operations
Profit for the year 180.5 168.3
Adjustments for:
Share-based payments 2.9 2.8
Profit on disposal of property, plant and equipment (7.5) (4.3)
Depreciation charge 178.2 182.9
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