REG - Pennon Group PLC - Pennon Group Half Year Results 2017/18 <Origin Href="QuoteRef">PNN.L</Origin> - Part 3
29/11/2017 07:06
- Part 3: For the preceding part double click ID:nRSc7900Xb
holders 21.5 - 21.5 16.2 - 16.2
The notes on pages 38 to 55 form part of this condensed half year
financial information.
PENNON GROUP PLC
Consolidated balance sheet at 30 September 2017
Unaudited
30 September 2017 31 March 2017
Notes £m £m
ASSETS
Non-current assets
Goodwill 385.0 385.0
Other intangible assets 74.2 67.1
Property, plant and equipment 4,212.8 4,103.2
Other non-current assets 295.6 308.0
Derivative financial instruments 66.1 73.6
Investments in joint ventures 5 23.0 0.1
5,056.7 4,937.0
Current assets
Inventories 22.2 21.3
Trade and other receivables 377.2 340.8
Derivative financial instruments 13.7 14.1
Cash and cash deposits 14 571.1 598.1
984.2 974.3
LIABILITIES
Current liabilities
Borrowings 14 (59.9) (146.5)
Financial liabilities at fair value through profit (2.3) (2.4)
Derivative financial instruments (13.4) (17.3)
Trade and other payables 18 (378.7) (286.5)
Current tax liabilities (19.6) (26.8)
Provisions (35.8) (40.4)
(509.7) (519.9)
Net current assets 474.5 454.4
Non-current liabilities
Borrowings 14 (3,302.1) (3,116.5)
Other non-current liabilities 18 (137.0) (180.7)
Financial liabilities at fair value through profit (47.6) (48.4)
Derivative financial instruments (15.7) (25.2)
Retirement benefit obligations 16 (55.9) (68.0)
Deferred tax liabilities (285.1) (269.6)
Provisions (173.7) (173.8)
(4,017.1) (3,882.2)
Net assets 1,514.1 1,509.2
Shareholders' Equity
Share capital 10 170.8 168.4
Share premium account 218.2 217.4
Capital redemption reserve 144.2 144.2
Retained earnings and other reserves 683.6 684.4
Total shareholders' equity 1,216.8 1,214.4
Non-controlling interests 0.6 -
Perpetual capital securities 12 296.7 294.8
Total equity 1,514.1 1,509.2
The notes on pages 38 to 55 form part of this condensed half year
financial information.
PENNON GROUP PLC
Consolidated statement of changes in equity for the half year ended 30 September 2017
Unaudited
Share capital(note 10) Share premium account(note 11) Capital redemption reserve Retained earnings and other reserves Non-controlling interests Perpetual capital securities(note 12) Total Equity
£m £m £m £m £m £m £m
At 1 April 2016 167.8 213.3 144.2 667.5 - 294.8 1487.6
Profit for the period - - - 72.9 - 16.2 89.1
Other comprehensive loss for the period - - - (67.4) - - (67.4)
Total comprehensive income for the period - - - 5.5 - 16.2 21.7
Transactions with equity shareholders:
Dividends paid - - - (138.5) - - (138.5)
Adjustment for shares issued under the
Scrip Dividend Alternative 0.3 (0.3) - 6.9 - - 6.9
Adjustment in respect of share-based
payments (net of tax) - - - 1.8 - - 1.8
Distributions due to perpetual capital
security holders - - - - - (20.3) (20.3)
Current tax relief on distributions to
perpetual capital security holders - - - - - 4.1 4.1
Own shares acquired by the Pennon
Employee Share Trust in respect of
Share options granted 0.1 1.2 - (2.6) - - (1.3)
Proceeds from shares issued under the
Sharesave Scheme 0.2 2.6 - - - - 2.8
Proceeds from shares issued under the
Executive Share Option Scheme - 0.1 - - - - 0.1
0.6 3.6 - (132.4) - (16.2) (144.4)
At 30 September 2016 168.4 216.9 144.2 540.6 - 294.8 1,364.9
Unaudited
Share capital(note 10) Share premium account(note 11) Capital redemption reserve Retained earnings and other reserves Non-controlling interests Perpetual capital securities(note 12) Total Equity
£m £m £m £m £m £m £m
At 1 April 2017 168.4 217.4 144.2 684.4 - 294.8 1,509.2
Profit for the period - - - 90.9 (0.1) 21.5 112.3
Other comprehensive income for the period - - - 21.3 - - 21.3
Total comprehensive income for the period - - - 112.2 (0.1) 21.5 133.6
Transactions with equity shareholders:
Dividends paid - - - (149.5) - - (149.5)
Adjustment for shares issued under the
Scrip Dividend Alternative 2.1 (2.1) - 41.7 - - 41.7
Adjustment in respect of share-based
payments (net of tax) - - - 1.8 - - 1.8
Issuance of perpetual capital securities - - - - - 296.7 296.7
Redemption of perpetual capital securities - - - (5.2) - (294.8) (300.0)
Distributions due to perpetual capital
security holders - - - - - (25.3) (25.3)
Current tax relief on distributions to
perpetual capital security holders - - - - - 3.8 3.8
Own shares acquired by the Pennon
Employee Share Trust in respect of
Share options granted 0.1 0.4 - (1.8) - - (1.3)
Proceeds from shares issued under the
Sharesave Scheme 0.2 2.5 - - - - 2.7
Non-controlling interests (note 20) - - - - 0.7 - 0.7
2.4 0.8 - (113.0) 0.7 (19.6) (128.7)
At 30 September 2017 170.8 218.2 144.2 683.6 0.6 296.7 1,514.1
The notes on pages 38 to 55 form part of this condensed half year financial information.
PENNON GROUP PLC
Consolidated statement of cash flows for the half year ended 30 September 2017
Unaudited
Half yearended 30 September2017 Half yearended 30 September 2016
Notes £m £m
Cash flows from operating activities
Cash generated from operations 13 211.2 243.3
Interest paid (33.2) (35.1)
Tax paid (10.4) -
Net cash generated from operating activities 167.6 208.2
Cash flows from investing activities
Interest received 1.9 1.8
Dividends received 1.0 -
Loan repayments received from joint ventures 5 23.7 4.0
Purchase of property, plant and equipment (198.1) (158.2)
Proceeds from sale of property, plant and equipment 7.1 3.2
Purchase of intangible assets (0.5) -
Acquisition of trade receivables 20 (7.0) -
Net cash used in investing activities (171.9) (149.2)
Cash flows from financing activities
Proceeds from issuance of ordinary shares 3.2 4.2
Proceeds from the issuance of perpetual capital securities 12 296.7 -
Redemption and periodic return of 2013 perpetual capital securities 12 (304.8) -
Disposal of non-controlling interest 20 0.7 -
(Deposit)/ return of restricted funds (3.7) 7.5
Purchase of ordinary shares by the Pennon
Employee Share Trust (1.8) (2.6)
Proceeds from new borrowing 14 56.3 130.0
Repayment of borrowings 14 (50.1) (23.0)
Finance lease sale and leaseback 14 100.0 0.2
Finance lease principal repayments 14 (15.1) (10.9)
Dividends paid 9 (107.8) (131.6)
Net cash used in financing activities (26.4) (26.2)
Net (decrease) / increase in cash and cash
equivalents (30.7) 32.8
Cash and cash equivalents at beginning of period 14 374.3 405.7
Cash and cash equivalents at end of period 14 343.6 438.5
The notes on pages 38 to 55 form part of this condensed half year financial information. PENNON GROUP PLC
Notes to condensed half year financial information
1. General information
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