REG - Pennon Group PLC - Pennon Group Half Year Results 2016/17 <Origin Href="QuoteRef">PNN.L</Origin> - Part 4
25/11/2016 07:06
- Part 4: For the preceding part double click ID:nRSY1299Qc
Fair value remeasurement of
non-designated derivative financial instruments (39.4) 24.4 (15.0) - - -
Net finance costs after
non-underlying items (87.7) 44.1 (43.6) (51.5) 22.0 (29.5)
PENNON GROUP PLC
Notes to the condensed half year financial information (continued)
7. Taxation
Unaudited
Before Non-underlying
non-underlying items half year Total
items half year ended half year Half year
ended 30 September ended ended
30 September 2016 30 September 30 September
2016 (note 5) 2016 2015
£m £m £m £m
Analysis of charge :
Current tax charge 22.8 (1.3) 21.5 3.8
Deferred tax charge/(credit) 7.9 (16.1) (8.2) 18.1
Tax charge for the year 30.7 (17.4) 13.3 21.9
UK corporation tax is calculated at 20% (H1 2015/16 20%) of the estimated assessable profit for the year. The tax charge for September 2016 and September 2015 has been derived by applying the anticipated effective annual tax rate to the first half year profit before tax.
Tax on amounts included in the consolidated statement of comprehensive income, or directly in equity, is included in those statements respectively.
The effective tax rate for the period before the impact of non-underlying items was 24% (H1 2015/16 21%).
PENNON GROUP PLC
Notes to the condensed half year financial information (continued)
8. Earnings per share
Basic earnings per share are calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares outstanding
during the period, excluding those held in the employee share trust which are treated
as cancelled. For diluted earnings per share the weighted average number of ordinary
shares is adjusted to include all dilutive potential ordinary shares.
The weighted average number of shares and earnings used in the calculations were:
Unaudited
Half yearended 30 September2016 Half year ended30 September2015
Number of shares (millions)
For basic earnings per share 412.5 409.9
Effect of dilutive potential ordinary shares from
share options 2.1 1.6
For diluted earnings per share 414.6 411.5
Basic and diluted earnings per ordinary share
Adjusted earnings per share are presented to provide a more useful comparison on
business trends and performance. Non-underlying items are adjusted for by virtue of
their size, nature or incidence to enable a full understanding of the Group's
financial performance (as described in note 5). The annual perpetual capital return
is recognised in full at the half year, so is proportionately adjusted to allow a
more useful comparison at the half year.
Earnings per share have been calculated:
Unaudited
Half year ended Half year ended
30 September 2016 30 September 2015
Earnings per Earnings per
Profit ordinary share Profit ordinary share
after tax Basic Diluted after tax Basic Diluted
£m p p £m p p
Statutory earnings 72.9 17.7 17.6 68.7 16.8 16.7
Deferred tax charge
before non-underlying items
(note 7) 7.9 1.9 1.9 18.1 4.4 4.4
Non-underlying items (net of tax)
(note 5) 8.3 2.0 1.9 - - -
Proportionate impact of
perpetual capital returns
(note 12) 8.1 2.0 2.0 8.1 2.0 2.0
Adjusted earnings 97.2 23.6 23.4 94.9 23.2 23.1
PENNON GROUP PLC
Notes to the condensed half year financial information (continued)
9. Dividends to ordinary shareholders
Amounts recognised as distributions to ordinary shareholders in the period :
Unaudited
Half yearended 30 September2016 Half year ended30 September2015
£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 approved for the year ended
31 March 2016 : 23.12p (2015 21.82p) per
share 95.4 89.7
138.5 129.5
Proposed interim dividend Unaudited
Half yearended 30 September2016 Half year ended30 September2015
£m £m
Proposed interim dividend for the year ended
31 March 2017 : 11.09p (2016 10.46p) per share 45.9 43.1
The proposed interim dividend of 11.09p per share will be paid on 4 April 2017 to shareholders on the register on 3 February 2017.
The proposed interim dividend has not been included as a liability in this condensed half year financial information.
PENNON GROUP PLC
Notes to the condensed half year financial information (continued)
10. Share capital
Allotted, called up and fully paid
Unaudited
1 April 2015 to 30 September 2015 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 - 236,033 0.1
Shares re-issued under the Company's
Executive Share Option Scheme (8,305) 8,305 -
For consideration of £1.1m, shares re-issued
to the Pennon Employee Share Trust (143,538) 143,538 -
For consideration of £1.4m, shares re-issued
under the Company's Sharesave Scheme (227,316) 227,316 -
For consideration of £1.6m, shares issued
in respect of the Company's Sharesave Scheme - 280,090 0.2
At 30 September 2015 ordinary shares in issue of 40.7p each 10,356 411,700,327 167.6
Shares to be issued under the scrip dividend alternative - 524,593 0.2
10,356 412,224,920 167.8
Unaudited
1 April 2016 to 30 September 2016 Number of shares
Treasury shares Ordinary shares £m
At 1 April 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
Shares re-issued under the Company's
Executive Share Option Scheme (1,913) 1,913 -
For consideration of £1.3m, 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 £2.8m, shares issued
in respect of the Company's Sharesave Scheme - 524,905 0.2
At 30 September 2016 ordinary shares in issue
of 40.7p each 8,443 413,806,914 168.4
Shares held as treasury shares may be sold, re-issued for any of the Company's share schemes, or cancelled.
The weighted average market price of the Company's shares at the date of exercise of Sharesave Scheme options during the half year was 887p (H1 2015/16 767p).
PENNON GROUP PLC
Notes to the condensed half year financial information (continued)
11. Share premium account
Unaudited
£m
1 April 2015 to September 2015
At 1 April 2015 118.6
Equity placing 95.4
Adjustment for shares issued under the scrip dividend alternative (0.3)
Shares issued under the Sharesave Scheme 1.4
Equity issuance related costs (2.3)
At 30 September 2015 212.8
1 April 2016 to 30 September 2016
At 1 April 2016 213.3
Adjustment for shares issued under the scrip dividend alternative (0.3)
Shares issued under the Sharesave Scheme 2.6
Shares issued under the Executive Share Option Scheme 0.1
Shares issued to the Pennon Employee Share Trust 1.2
At 30 September 2016 216.9
12. Perpetual capital securities
Unaudited
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