REG - Pennon Group PLC - Pennon Group Half Year Results 2016/17 <Origin Href="QuoteRef">PNN.L</Origin> - Part 6
25/11/2016 07:06
- Part 6: For the preceding part double click ID:nRSY1299Qe
(1,009.2) 893.6 (115.6) (833.6) 792.7 (40.9)
The deficit has increased during the period due to the post-Brexit fall in bond yields, increasing the valuation of liabilities. Over half of the increase in the valuation of liabilities has been offset by increases in asset values.
17. Capital expenditure
Unaudited
Half year ended 30 September Year ended 31 March
2016 2016
£m £m
Property, plant and equipment
Additions 173.9 284.2
Net book value of disposals 10.7 11.3
Capital commitments
Contracted but not provided 355.7 374.4
PENNON GROUP PLC
Notes to the condensed half year financial
information (continued)
18. Contingent liabilities
Unaudited
Half year ended 30 September Year ended 31 March
2016 2016
£m £m
Performance bonds 187.5 159.7
Other 4.0 4.0
191.5 163.7
Performance bonds are entered into in the normal course of business. No liability is expected to arise in respect of the bonds.
The Group is subject to litigation from time to time as a result of its activities, including a prosecution from the Health and Safety Executive in relation to the fatality of an employee at Falmouth wastewater treatment works in 2013. The Group establishes provisions in connection with litigation where it has a present legal or constructive obligation as a result of a past event and where it is more likely than not an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
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 2016.
There were no material changes during the half year to September 2016 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 LoughlinSusan Davy
For and on behalf of the Board of Directors who
approved this half year report on 24 November 2016.
C Loughlin S J Davy
Group Chief Executive Officer Chief Financial Officer
PENNON GROUP PLC
INDEPENDENT REVIEW REPORT TO PENNON GROUP PLC
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