REG - United Utilities Grp - Half Year Results <Origin Href="QuoteRef">UU.L</Origin> - Part 2

United UtilitiesAnnouncement

26/11/2014 07:11

- Part 2: For the preceding part double click  ID:nRSZ9946Xa 

Taxation (note 5)                                                        (41.9)                            213.2                                      195.3                
                                                                                                                                                                            
 Profit after taxation from continuing operations                         162.8                             546.8                                      738.6                
                                                                                                                                                                            
 Discontinued operations                                                                                                                                                    
 Profit after taxation from discontinued operations                       -                                 0.5                                        0.8                  
                                                                                                                                                                            
 Profit after taxation                                                    162.8                             547.3                                      739.4                
                                                                                                                                                                            
 Earnings per share from continuing and discontinued operations (note 6)                                                                                                    
 Basic                                                                    23.9p                             80.3p                                      108.4p               
 Diluted                                                                  23.8p                             80.1p                                      108.2p               
                                                                                                                                                                            
 Earnings per sharefrom continuing operations (note 6)                                                                                                                      
 Basic                                                                    23.9p                             80.2p                                      108.3p               
 Diluted                                                                  23.8p                             80.1p                                      108.1p               
                                                                                                                                                                            
 Dividend per ordinary share (note 7)                                     12.56p                            12.01p                                     36.04p               
                                                                                                                                                                            
 
 
* The comparatives have been restated to reflect the requirements of IFRS 11
'Joint Arrangements'. See note 1 for details. 
 
Consolidated statement of comprehensive income 
 
                                                                          Six months ended30 September2014  Six months ended30 September2013  Year ended     
                                                                                                                                              31 March2014   
                                                                          £m                                £m                                £m             
                                                                                                                                                             
 Profit after taxation                                                    162.8                             547.3                             739.4          
                                                                                                                                                             
 Other comprehensive income                                                                                                                                  
 Remeasurement gains/(losses) on defined benefit pensionschemes (note 8)  59.1                              (207.5)                           (200.8)        
 Taxation on items taken directly to equity (note 5)                      (11.7)                            42.1                              40.9           
 Foreign exchange adjustments                                             (1.8)                             (0.6)                             (1.2)          
 Total comprehensive income                                               208.4                             381.3                             578.3          
 
 
Consolidated statement of financial position 
 
                                                             30 September2014  Restated*30 September2013  Restated*31 March2014  
                                                             £m                £m                         £m                     
 ASSETS                                                                                                                          
 Non-current assets                                                                                                              
 Property, plant and equipment                               9,509.3           9,132.7                    9,318.5                
 Other intangible assets                                     119.4             105.5                      110.2                  
 Interests in joint ventures                                 31.3              33.1                       35.6                   
 Investments                                                 7.5               6.7                        6.9                    
 Trade and other receivables                                 4.5               2.3                        2.4                    
 Derivative financial instruments                            508.2             525.7                      456.0                  
                                                             10,180.2          9,806.0                    9,929.6                
                                                                                                                                 
 Current assets                                                                                                                  
 Inventories                                                 40.7              39.4                       39.8                   
 Trade and other receivables                                 352.6             353.7                      330.4                  
 Current income taxation assetsCash and short-term deposits  -110.6            30.945.4                   -115.8                 
 Derivative financial instruments                            53.1              54.5                       56.9                   
                                                             557.0             523.9                      542.9                  
                                                                                                                                 
 Total assets                                                10,737.2          10,329.9                   10,472.5               
                                                                                                                                 
 LIABILITIES                                                                                                                     
 Non-current liabilities                                                                                                         
 Trade and other payables                                    (461.1)           (434.0)                    (451.0)                
 Borrowings                                                  (6,158.1)         (5,833.3)                  (5,929.2)              
 Retirement benefit obligations (note 8)                     (115.2)           (183.9)                    (177.4)                
 Deferred taxation liabilities                               (1,080.3)         (1,040.3)                  (1,050.4)              
 Provisions                                                  -                 (3.4)                      -                      
 Derivative financial instruments                            (67.0)            (125.0)                    (52.3)                 
                                                             (7,881.7)         (7,619.9)                  (7,660.3)              
                                                                                                                                 
 Current liabilities                                                                                                             
 Trade and other payables                                    (434.8)           (476.5)                    (382.1)                
 Borrowings                                                  (91.3)            (129.9)                    (112.3)                
 Current income taxation liabilities                         (23.0)            -                          (34.8)                 
 Provisions                                                  (8.3)             (3.5)                      (16.3)                 
 Derivative financial instruments                            (39.6)            (1.5)                      (50.8)                 
                                                             (597.0)           (611.4)                    (596.3)                
                                                                                                                                 
 Total liabilities                                           (8,478.7)         (8,231.3)                  (8,256.6)              
                                                                                                                                 
 Total net assets                                            2,258.5           2,098.6                    2,215.9                
                                                                                                                                 
 EQUITY                                                                                                                          
 Share capital                                               499.8             499.8                      499.8                  
 Share premium account                                       2.9               2.9                        2.9                    
 Revaluation reserve                                         158.8             158.8                      158.8                  
 Cumulative exchange reserve                                 (7.4)             (5.0)                      (5.6)                  
 Merger reserve                                              329.7             329.7                      329.7                  
 Retained earnings                                           1,274.7           1,112.4                    1,230.3                
 Shareholders' equity                                        2,258.5           2,098.6                    2,215.9                
 
 
* The comparatives have been restated to reflect the requirements of IFRS 11
'Joint Arrangements'. See note 1 for details. 
 
Consolidated statement of changes in equity 
 
Six months ended 30 September 2014 
 
                                                                  Share capital£m  Share premium account£m  Revaluation reserve£m  Cumulative exchange reserve£m  Merger reserve£m  Retained earnings£m  Total£m  
 At 1 April 2014                                                  499.8            2.9                      158.8                  (5.6)                          329.7             1,230.3              2,215.9  
 Profit after taxation                                            -                -                        -                      -                              -                 162.8                162.8    
 Other comprehensive income                                                                                                                                                                                       
 Remeasurement gains on defined benefit pension schemes (note 8)  -                -                        -                      -                              -                 59.1                 59.1     
 Taxation on items taken directly to equity (note 5)              -                -                        -                      -                              -                 (11.7)               (11.7)   
 Foreign exchange adjustments                                     -                -                        -                      (1.8)                          -                 -                    (1.8)    
 Total comprehensive (expense)/income                             -                -                        -                      (1.8)                          -                 210.2                208.4    
 Transactions with owners                                                                                                                                                                                         
 Dividends (note 7)                                               -                -                        -                      -                              -                 (163.8)              (163.8)  
 Equity-settled share-based payments                              -                -                        -                      -                              -                 1.5                  1.5      
 Exercise of share options - purchase of shares                   -                -                        -                      -                              -                 (3.5)                (3.5)    
 At 30 September 2014                                             499.8            2.9                      158.8                  (7.4)                          329.7             1,274.7              2,258.5  
 
 
Six months ended 30 September 2013 
 
                                                                   Share capital£m  Share premium account£m  Revaluation reserve£m  Cumulative exchange reserve£m  Merger reserve£m  Retained earnings£m  Total£m  
 At 1 April 2013                                                   499.8            2.9                      158.8                  (4.4)                          329.7             885.1                1,871.9  
 Profit after taxation                                             -                -                        -                      -                              -                 547.3                547.3    
 Other comprehensive income                                                                                                                                                                                        
 Remeasurement losses on defined benefit pension schemes (note 8)  -                -                        -                      -                              -                 (207.5)              (207.5)  
 Taxation on items taken directly to equity (note 5)               -                -                        -                      -                              -                 42.1                 42.1     
 Foreign exchange adjustments                                      -                -                        -                      (0.6)                          -                 -                    (0.6)    
 Total comprehensive (expense)/income                              -                -                        -                      (0.6)                          -                 381.9                381.3    
 Transactions with owners                                                                                                                                                                                          
 Dividends (note 7)                                                -                -                        -                      -                              -                 (156.0)              (156.0)  
 Equity-settled share-based payments                               -                -                        -                      -                              -                 2.2                  2.2      
 Exercise of share options - purchase of shares                    -                -                        -                      -                              -                 (0.8)                (0.8)    
 At 30 September 2013                                              499.8            2.9                      158.8                  (5.0)                          329.7             1,112.4              2,098.6  
 
 
Year ended 31 March 2014 
 
                                                                   Share capital£m  Share premium account£m  Revaluation reserve£m  Cumulative exchange reserve£m  Merger reserve£m  Retained earnings£m  Total£m  
 At 1 April 2013                                                   499.8            2.9                      158.8                  (4.4)                          329.7             885.1                1,871.9  
 Profit after taxation                                             -                -                        -                      -                              -                 739.4                739.4    
 Other comprehensive income                                                                                                                                                                                        
 Remeasurement losses on defined benefit pension schemes (note 8)  -                -                        -                      -                              -                 (200.8)