REG - Pennon Group PLC - Pennon Group Half Year Results 2017/18 <Origin Href="QuoteRef">PNN.L</Origin> - Part 8
29/11/2017 07:06
- Part 8: For the preceding part double click ID:nRSc7900Xg
Unaudited
Half year ended Year ended
30 September 2017 31 March 2017
Book value Fair value Book value Fair value
£m £m £m £m
Non-current borrowings
:
Bank and other loans 1,548.4 1,737.7 1,439.3 1,645.3
Other non-current 307.4 265.1 323.4 282.3
borrowings
Finance lease 1,446.3 1,287.0 1,353.8 1,217.3
obligations
Total non-current 3,302.1 3,289.8 3,116.5 3,144.9
borrowings
Other non-current 295.6 317.3 308.0 377.7
assets
Valuation hierarchy of
financial instruments
carried at fair value
The Group uses the
following hierarchy for
determining the fair
value of financial
instruments by
valuation technique:
· quoted
prices (unadjusted) in
active markets for
identical assets or
liabilities (level 1)
· inputs
other than quoted
prices included within
level 1 that are
observable for the
asset or liability,
either directly (that
is, as prices) or
indirectly (that is,
derived from prices)
(level 2).
The fair value of
financial instruments
not traded in an active
market (level 2, for
example over-the
-counter derivatives)
is determined by using
valuation techniques. A
variety of methods and
assumptions are used
based on market
conditions existing at
each balance sheet
date. Quoted market
prices or dealer quotes
for similar instruments
are used for long term
debt. Other techniques,
such as estimated
discounted cash flows,
are used to determine
fair value for the
remaining financial
instruments. The fair
value of interest rate
swaps is calculated as
the present value of
the estimated future
cash flows.
The Group's financial
instruments are valued
principally using level
2 measures:
Unaudited
Half year ended30 September Year ended31 March
2017 2017
£m £m
Level 2 inputs
Assets
Derivatives used for hedging 15.7 9.0
Derivatives deemed held for trading 64.1 78.7
Total assets 79.8 87.7
Liabilities
Derivatives used for hedging 27.8 40.0
Derivatives deemed held for trading 1.3 2.5
Total liabilities 29.1 42.5
PENNON GROUP PLC
Notes to the condensed
half year financial
information (continued)
16. Retirement benefit obligations Defined benefit schemesThe principal actuarial assumptions were: the rate used to discount schemes' liabilities and expected return on scheme assets of 2.70% (March 2017 2.55%) and the inflation assumption of 3.2% (March 2017 3.2%).
Unaudited
Half year ended Year ended
30 September 2017 31 March 2017
Present value of obligation Fair value of plan assets Total Present value of obligation Fair value of plan assets Total
£m £m £m £m £m £m
At 1 April (971.4) 903.4 (68.0) (833.6) 792.7 (40.9)
Amounts recognised in the
income statement (19.1) 11.4 (7.7) (40.9) 26.2 (14.7)
Remeasurements through
other comprehensive
income 27.8 (12.5) 15.3 (129.6) 106.0 (23.6)
Contributions 15.7 (11.2) 4.5 32.7 (21.5) 11.2
(947.0) 891.1 (55.9) (971.4) 903.4 (68.0)
17. Capital expenditure
Unaudited
Half year ended 30 September Year ended 31 March
2017 2017
£m £m
Property, plant and equipment
Additions 201.0 377.5
Net book value of disposals 0.7 13.3
Capital commitments
Contracted but not provided 420.1 401.1
18. Trade and other payables & other non-current liabilities
Unaudited
Half year ended 30 September Year ended 31 March
2017 2017
£m £m
Trade and other payables - current
Trade payables 111.3 107.4
Amounts owed to joint ventures 4.5 4.2
Other tax and social security 45.7 50.6
Accruals and other payables 196.7 124.3
Distributions due to perpetual capital security holders
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