REG - Pennon Group PLC - Pennon Group Half Year Results 2015/16 <Origin Href="QuoteRef">PNN.L</Origin> - Part 7
27/11/2015 07:11
- Part 7: For the preceding part double click ID:nRSa1477Hf
£m
Goodwill movement
At 1 April 2015 339.3
Acquisition of Bournemouth Water Investments Limited 42.3
Acquisition of the waste collection division of Commercial Recycling Limited 5.0
At 30 September 2015 386.6
19. Related party transactions
The Group's significant related parties are its joint ventures in Lakeside Energy from Waste Holdings Limited and Viridor Laing (Greater Manchester) Holdings Limited and its associate INEOS Runcorn (TPS) Holdings Limited, for which disclosures were made in the Pennon Group Plc Annual Report and Accounts for the year ended 31 March 2015.
During the period Viridor Laing (Greater Manchester) Holdings Limited repaid £19.5m of shareholder loans to Viridor, reducing Viridor's shareholder loan at 30 September 2015 to £40.5m.
There were no other material changes during the half year to September 2015 in the nature of transactions with these related parties.
Pennon Group Plc
Registered Office : Registered in England No 2366640
Peninsula House
Rydon Lane
Exeter
EX2 7HR
pennon-group.co.uk
PENNON GROUP PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
The Directors named below confirm on
behalf of the Board of Directors that
this unaudited condensed half year
financial information has been prepared
in accordance with IAS 34 "Interim
financial reporting" as adopted by the
European Union and to the best of their
knowledge the interim management report
herein includes a fair review of the
information required by DTR 4.2.4, DTR
4.2.7R and DTR 4.2.8R of the Disclosure
and Transparency Rules, being an
indication of important events that
have occurred during the period and
their impact on the unaudited condensed
half year financial information; a
description of the principal risks and
uncertainties for the remaining six
months of the current financial year;
and the disclosure requirements in
respect of material related party
transactions.
The Directors are responsible for the
maintenance and integrity of the
Company's website. Legislation in the
United Kingdom governing the
preparation and dissemination of
financial information may differ from
legislation in other jurisdictions.
The Directors of Pennon Group Plc at
the date of the signing of this
announcement and statement are: Sir
John ParkerMartin AngleGill RiderNeil
CooperChris LoughlinIan McAulaySusan
Davy
For and on behalf of the Board of
Directors who approved this half year
report on 26 November 2015.
Sir John Parker S J Davy
Chairman Group Director of Finance
PENNON GROUP PLC
INDEPENDENT REVIEW REPORT TO PENNON GROUP PLC
Introduction
We have been engaged by the Company to review the condensed consolidated set of financial statements in the half-yearly financial report for the six months ended 30 September 2015 which comprises the Consolidated income statement, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Consolidated statement of changes in equity, the Consolidated statement of cash flows and related notes. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs 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.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated set of financial statements in the half-yearly financial report for the six months ended 30 September 2015 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Ernst & Young LLPReading26 November 2015
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