TIDMNTEA
RNS Number : 0762Z
Northern Electric PLC
15 September 2020
NORTHERN ELECTRIC plc
HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 30 JUNE
2020
Cautionary Statement
This interim management report has been prepared solely to
provide additional information to shareholders to assess the
business and strategies of Northern Electric plc (the "Company")
and its subsidiaries (together the "Group") and should not be
relied on by any other party or for any other purpose.
Business Model
The Company is part of the Northern Powergrid Holdings Company
group of companies (the "Northern Powergrid Group") and its
principal activity during the six months to 30 June 2020 was to act
as a holding company, with its main operating subsidiaries being
Northern Powergrid (Northeast) plc ("Northern Powergrid"),
Integrated Utility Services Limited ("IUS") and Northern Powergrid
Metering Limited ("Metering").
Northern Powergrid distributes electricity to approximately 1.6
million customers connected to its electricity distribution network
in the North East of England and is an authorised distributor under
the Electricity Act 1989. IUS provides engineering contracting
services to various clients and Metering rents smart meters to
energy suppliers.
Results for the six months ended 30 June 2020
During the period ended 30 June 2020, the Group made a profit
after tax of GBP43.8 million; this was GBP14.1 million lower than
the 6 months ended 30 June 2019 and was mainly as a result of the
impact of change in tax legislation and higher operating expenses
partially offset by higher revenues.
IUS continued to operate its engineering contracting business
but revenues were lower than the six months ended 30 June 2019.
Metering continued to deliver a satisfactory performance in
terms of the contracts secured with energy suppliers for the
provision of smart meters in the United Kingdom and Ireland and
also to develop further opportunities with other energy
suppliers.
Revenue
Revenue at GBP219.7 million was GBP2.0 million higher than for
the six months ended 30 June 2019 mainly due to higher smart meter
rental and distribution revenue, offset by lower IUS revenues.
Cash flow
Cash and cash equivalents as at 30 June 2020 were GBP118.7
million, representing an increase of GBP96.0 million when compared
with the position at 31 December 2019.
Northern Powergrid has access to GBP75.0 million under a
three-year committed revolving credit facility provided by Lloyds
Bank plc, National Westminster Bank plc and Santander UK plc, which
is due to expire in October 2022, with two one year options to
extend.
In addition, the Group has access to short-term borrowing
facilities provided by Yorkshire Electricity Group plc, a related
party, and to a GBP22.0 million overdraft facility provided by
Lloyds Bank plc.
Dividends
No ordinary dividends were paid in the period resulting in
GBP43.8 million being transferred to reserves.
Related party transactions
The Company provides certain corporate functions to the Northern
Powergrid Group.
Further details of the related party transactions entered into
by the Group and the Company and changes therein are included in
Note 8 to this half-yearly financial report.
Principal risks and uncertainties
Information concerning the principal long-term risks and
uncertainties and the internal control system are included in the
Group's latest annual reports and accounts for the year to 31
December 2019, which is available at www.northernpowergrid.com.
It is anticpated that these risks will continue to be the
principal risks facing the business for the remaining six months of
2020.
Going concern
In the Group's latest annual reports and accounts for the year
to 31 December 2019 the directors set out a number of factors they
took into account when they considered continuing to adopt the
going concern basis in preparing those annual reports and accounts.
The directors confirm that no events have occurred during the six
months to 30 June 2020, which alter the view expressed in the
annual reports and accounts to 31 December 2019.
Future strategy and objectives
The Company will continue to develop its business as a holding
company in a manner that concentrates on the Group's principal
activities of electricity distribution, engineering contracting and
the rental of meters to energy suppliers.
Responsibility Statement
The board of directors confirm that to the best of their
knowledge:
(a) the condensed set of finanical statements, which has been
prepared in accordance with IAS 34, gives a true and fair view of
the assets, liabilities, financial position and profit of the
Company and the undertakings included in the consolidation as a
whole as required by Disclosure and Transparency Rules ("DTR")
4.2.4R for the six months to 30 June 2020;
(b) the interim management report contains a fair review of the
information required by DTR 4.2.7R; and
(c) the interim management report includes a fair review of the
information required by DTR 4.2.8R.
By order of the board
T E Fielden
Director
10 September 2020
6 Months 6 Months
ended 30 ended 30
June 2020 June 2019
(unaudited) (unaudited)
(Restated)
GBPm GBPm
Revenue 219.7 217.7
Cost of sales (14.6) (18.8)
------------ ------------
Gross profit 205.1 198.9
Operating expenses (114.3) (106.0)
------------ ------------
Operating profit 90.8 92.9
Other gains (0.5) 0.4
Finance income 0.6 0.8
Finance costs (23.4) (23.2)
------------ ------------
Profit before tax 67.5 70.9
Income tax expense (23.7) (13.0)
------------ ------------
Profit from ordinary activities after tax 43.8 57.9
------------ ------------
6 Months 6 Months
ended 30 ended 30
June 2020 June 2019
(unaudited) (unaudited)
GBPm GBPm
PROFIT FOR THE PERIOD 43.8 57.9
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently
to profit or loss:
Employee benefit obligation 26.7 19.5
Income tax relating to items of other comprehensive
income (5.1) (3.3)
------------ ------------
21.6 16.2
Items that may be reclassified subsequently
to profit or loss:
Cash flow hedge (2.9) (2.3)
Income tax relating to items of other comprehensive
income 0.5 0.4
------------ ------------
(2.4) (1.9)
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET
OF INCOME TAX 19.2 14.3
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 63.0 72.2
------------ ------------
30 June 31 December 30 June
2020 2019 2019
(unaudited) (unaudited)
(Restated)
GBPm GBPm GBPm
ASSETS
NON-CURRENT ASSETS
Intangible assets 57.2 52.3 53.5
Property, plant and equipment 2,836.2 2,806.1 2,751.9
Right of use asset 10.7 9.2 8.4
Investments 3.9 3.5 3.9
Pension asset 132.0 93.4 116.4
Trade and other receivables 7.4 7.7 5.6
------------ ------------ ------------
3,047.4 2,972.2 2,939.7
------------ ------------ ------------
CURRENT ASSETS
Inventories 19.2 20.2 17.8
Trade and other receivables 73.8 84.7 79.0
Contract assets 5.2 8.1 6.9
Tax receivable 5.5 - -
Cash and cash equivalents 118.7 22.7 32.9
Restricted cash 13.9 13.9 13.8
------------ ------------ ------------
236.3 149.6 150.4
------------ ------------ ------------
TOTAL ASSETS 3,283.7 3,121.8 3,090.1
------------ ------------ ------------
EQUITY
SHAREHOLDERS' EQUITY
Share capital 72.2 72.2 72.2
Share premium account 158.7 158.7 158.7
Hedging reserves (3.5) (1.1) (1.1)
Other reserves 6.2 6.2 6.2
Retained earnings 1,066.2 1,000.8 1,005.5
------------ ------------ --- ------------
TOTAL EQUITY 1,299.8 1,236.8 1,241.5
------------ ------------ --- ------------
30 June 31 December 30 June
2020 2019 2019
(unaudited) (unaudited)
(Restated)
GBPm GBPm
LIABILITIES
NON-CURRENT LIABILITIES
Deferred revenue 639.1 637.7 630.2
Borrowings 934.5 652.3 765.8
Lease liability 8.3 7.0 6.7
Derivative liability 3.6 1.1 1.1
Deferred tax 116.4 98.5 98.3
Provisions 1.9 1.8 1.4
------------ ------------ ------------
1,703.8 1,398.4 1,503.5
------------ ------------ ------------
CURRENT LIABILITIES
Trade and other payables 110.4 105.0 115.9
Deferred revenue 27.2 26.3 26.0
Borrowings 137.9 346.5 194.7
Lease liability 2.6 2.3 2.1
Derivative liability 0.6 0.2 0.3
Tax payable - 5.1 4.7
Provisions 1.4 1.2 1.4
------------ ------------ ------------
280.1 486.6 345.1
------------ ------------ ------------
TOTAL LIABILITIES 1,983.9 1,885.0 1,848.6
------------ ------------ ------------
TOTAL EQUITY AND LIABILITIES 3,283.7 3,121.8 3,090.1
------------ ------------ ------------
The interim financial statements were approved by the board of
directors and authorised for issue on 10 September 2020 and were
signed on its behalf by:
T E Fielden
Director
Share
Share Premium Other Hedging Retained
Capital Account Reserves Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1 January
2020 72.2 158.7 6.2 (1.1) 1,000.8 1,236.8
Profit for the
period (unaudited) - - - - 43.8 43.8
Other comprehensive
income (unaudited) - - - (2.4) 21.6 19.2
Balance at 30 June
2020 72.2 158.7 6.2 (3.5) 1,066.2 1,299.8
-------- -------- --------- --------- --------- ----------
Share
Share Premium Other Hedging Retained
Capital Account Reserves Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1 January
2019 72.2 158.7 6.2 0.8 931.4 1,169.3
Profit for the
period (unaudited) - - - - 57.9 57.9
Other comprehensive
income (unaudited) - - - (1.9) 16.2 14.3
Balance at 30 June
2019 72.2 158.7 6.2 (1.1) 1,005.5 1,241.5
-------- -------- --------- --------- --------- ----------
Share
Share Premium Other Hedging Retained
Capital Account Reserves Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1 January
2019 72.2 158.7 6.2 0.8 931.4 1,169.3
Profit for the
period - - - 113.8 113.8
Dividends - -
Other comprehensive
income - - - 1.9 (19.8) (21.7)
Dividends (24.6) (24.6)
Balance at 31 December
2019 72.2 158.7 6.2 (1.1) 1,000.8) 1,236.8
-------- -------- --------- --------- --------- ----------
6 Months 6 Months
ended 30 ended 30
June 2020 June 2019
(unaudited) (unaudited)
(Restated)
GBPm GBPm
Cash flows from operating activities
Profit for the year 43.8 57.9
Depreciation and amortisation 67.6 65.5
Amortisation of deferred revenue (13.2) (12.7)
Profit on disposal of property, plant
and equipment 0.5 (0.4)
Retirement benefit obligation (15.3) (14.3)
Finance income (0.6) (0.8)
Finance costs 23.4 23.2
Income tax expense 23.7 13.0
------------ ------------
129.9 131.4
Decrease/(increase) in inventories 1.0 (4.4)
Decrease/(increase) in trade and other
receivables 10.9 (0.9)
Decrease/(increase) in contract assets 2.9 (0.9)
Increase in trade and other payables 5.4 5.5
Decrease in provisions (0.3) -
------------ ------------
Cash generated from operations 149.8 130.7
Net interest paid (20.7) (21.6)
Tax paid (20.9) (8.4)
------------ ------------
Net cash from operating activities 108.2 100.7
------------ ------------
Investing activities
Proceeds from disposal of property,
plant and equipment (0.5) 0.4
Purchase of property, plant and equipment (92.0) (102.2)
Purchase of intangible assets (10.1) (6.3)
Receipt of customer contributions 20.0 20.7
------------ ------------
Net cash used in investing activities (82.6) (87.4)
------------ ------------
Financing activities
Issue of long-term borrowings 294.4 147.4
Repayment of long-term borrowings (53.8) (52.7)
Repayment of short-term borrowings - (44.5)
Movement in loans from group undertakings (169.0) (58.7)
Lease payment (1.2)
Net cash generated by/(used in) financing
activities 70.4 (8.5)
------------ ------------
Net increase in cash and cash equivalents 96.0 4.8
Cash and cash equivalents at beginning
of period 22.7 28.1
------------ ------------
Cash and cash equivalents at end of
period 118.7 32.9
------------ ------------
1. GENERAL INFORMATION
The information included within these condensed financial
statements that refer to the year ended 31 December 2019, does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The auditor
reported on those accounts and that report was unqualified, did not
draw attention to any matters by way of emphasis and did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006.
2. ACCOUNTING POLICIES
Basis of preparation
The annual financial statements of the Group are prepared in
accordance with International Financial Reporting Standards as
adopted by the European Union. The condensed set of financial
statements included in this half-yearly financial report has been
prepared in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European
Union.
Going concern
In the Company's latest annual reports and accounts for the year
to 31 December 2019 the directors set out a number of factors they
took into account when they considered continuing to adopt the
going concern basis in preparing those annual reports and accounts.
The directors confirm that no events have occurred during the six
months to 30 June 2020, which alter the view expressed in the
annual reports and accounts to 31 December 2019.
Changes in accounting policy
The Company's accounting policies and methods of computation are
the same as the accounting policies which are described in the
Company's financial statements for the year ended 31 December 2019,
with the only changes being outlined below.
Application of new and revised IFRS
In the current year, the company has a number of amendments to
IFRS by the International Accounting standards Board ("IASB) that
are mandatorily effective for an accounting period that begins on
or after 1 January 2020:
None of the standards, interpretations and amendments which are
effective for periods beginning 1 January 2020 has had a material
effect on the financial statements:
-- Amendments to IFRS 3- Definition of a Business;
-- Amendments to IAS 1 and IAS 8- Definition of Material;
-- Amendments to References to the Conceptual Framework in IFRS Standards; and
-- Amendments to IFRS 9 Financial instruments- Hedging
3. PRIOR PERIOD ADJUSTMENTS
Adopted assets and intangible assets
The Financial Statements have been restated to incorporate the
impact of under reporting of the value of distributions network
assets adopted from other parties and the reclassification of IT
software assets from property, plant and machinery to intangible
assets.
Distribution network assets are on occasions constructed by
other parties who then transfer them to the Group. At the date of
transfer the value of property, plant and equipment is increased
with an equal increase in the value of deferred revenue. The assets
are depreciated in line with the depreciation policy for those
assets with a similar amortisation of the deferred revenue. It was
discovered during late 2019 that not all adopted assets had been
captured in the Financial Statements. A new process has been
introduced during the 6 month period to June 2020.
In previous years certain operational IT software assets had
been included in property plant and equipment rather than
intangible assets.
These had no impact on prior years' profits or net assets,
however impacted the constituent parts of the previously reported
figures in the Income Statement, the Statement of Financial
Position and Statement of Cash Flows as shown below.
Statement of Profit or Loss:
June 2019
(unaudited)
GBPm
Revenue 1.2
Operating expenses (1.2)
Profit for the year -
------------
Statement of Financial Position:
June 2019
(unaudited)
GBPm
Property, plant and equipment 30.1
Intangibles 1.4
Deferred revenue non-current (28.9)
Deferred revenue current (2.6)
------------
Total equity and liabilities -
------------
3. PRIOR PERIOD ADJUSTMENTS (CONTINUED)
Statement of Cash Flows:
June 2019
(unaudited)
GBPm
Depreciation and amortisation 1.2
Amortisation of deferred revenue (1.2)
------------
Cash flows from operating activities -
------------
4. SEGMENTAL ANALYSIS
The Group operates in the principal area of activity of the
distribution of electricity in the United Kingdom.
There has been no change in the basis of segmentation or in the
basis of measurement of segment profit or loss in the period.
The following is an analysis of the Group's revenue and results
by reportable segment in the six months ended 30 June 2020
(unaudited):
Consolidation
Distribution Contracting Metering Other Adjustments Total
GBPm GBPm GBPm GBPm GBPm GBPm
REVENUE
External sales 172.8 8.3 36.6 2.0 - 219.7
Inter-segment
sales 0.2 2.2 - 1.3 (3.7) -
------------- ------------ --------- ------ -------------- ---------
Total Revenue 173.0 10.5 36.6 3.3 (3.7) 219.7
------------- ------------ --------- ------ -------------- ---------
SEGMENT RESULTS
Operating profit/(loss) 59.2 (0.7) 14.5 1.1 16.7 90.8
------------- ------------ --------- ------ -------------- ---------
Other gains (0.5)
Finance income 0.6
Finance costs (23.4)
---------
Profit before
tax 67.5
---------
OTHER INFORMATION
Capital additions 113.1 0.1 9.3 - 0.5 123.0
Depreciation
and amortisation 48.3 0.1 20.1 - (0.9) 67.6
Amortisation
of deferred
revenue (13.2) - - - - (13.2)
------------- ------------ --------- ------ -------------- ---------
External sales to RWE Npower plc in the six months ended 30 June
2020 represented 14.52% of revenue within the Distribution
segment.
External sales to British Gas Ltd in the six months ended 30
June 2020 represented 11.31% of revenue within the Distribution
segment.
4. SEGMENTAL ANALYSIS (CONTINUED)
The following is an analysis of the Group's revenue and results
by reportable segment in the six months ended 30 June 2019
(unaudited) (Restated):
Consolidation
Distribution Contracting Metering Other Adjustments Total
GBPm GBPm GBPm GBPm GBPm GBPm
REVENUE
External sales 169.8 12.1 33.7 2.1 - 217.7
Inter-segment
sales 0.2 2.6 - (0.2) (2.6) -
--------------- ------------ --------- ------ -------------- ---------
Total Revenue 170.0 14.7 33.7 1.9 (2.6) 217.7
--------------- ------------ --------- ------ -------------- ---------
SEGMENT RESULTS
Operating profit 61.7 0.3 13.8 (1.7) 18.8 92.9
--------------- ------------ --------- ------ -------------- ---------
Other gains 0.4
Finance income 0.8
Finance costs (23.2)
---------
Profit before
tax 70.9
---------
OTHER INFORMATION
Capital additions 91.3 0.1 12.6 - (0.2) 103.8
Depreciation
and amortisation 46.2 - 19.0 - (0.9) 64.3
Amortisation
of deferred
revenue (12.7) - - - - (12.7)
--------------- ------------ --------- ------ -------------- ---------
External sales to RWE Npower plc in the six months ended 30 June
2019 represented 17.6% of revenue within the Distribution
segment.
External sales to British Gas Ltd in the six months ended 30
June 2019 represented 11.2% of revenue within the Distribution
segment.
Sales and purchases between the different segments are made at
commercial prices.
4. SEGMENTAL ANALYSIS (CONTINUED)
The accounting policies of the reportable segments are the same
as the Group's accounting policies which are described in the
Group's latest annual financial statements. The segment results
represent the profit earned by each segment without allocation of
the share of profits of joint ventures, associates, finance income
and finance costs and income tax expense.
Segment net assets 30 June 31 December
2020 Unaudited 2019
GBPm GBPm
Distribution 1,978.9 1,847.6
Contracting 3.8 3.6
Metering 173.6 182.7
Other (58.4) 15.1
---------------- ------------
Total net assets by segment 2,105.3 2,048.7
Unallocated net corporate liabilities (805.5) (811.8)
---------------- ------------
Total net assets 1,299.8 1,236.8
---------------- ------------
5. INCOME TAX EXPENSE
Tax for the six month period ended 30 June 2020 is charged at
19.7% (six months ended 30 June 2019: 18.3%) which represents the
best estimate of the average annual effective tax rate expected for
the full year, as applied to the pre-tax income of the six month
period. However, due to the tax rate change discussed below, the
effective tax rate for the six month period to June 2020 is
35.2%.
6 months 6 months
ended 30 ended 30
June June
2020 2019
Unaudited Unaudited
GBPm GBPm
Current tax 10.3 10.0
Deferred tax 13.4 3.0
Total income tax expense 23.7 13.0
---------- ----------
Finance Bill 2016 included provisions to reduce the main rate of
corporation tax to 17% from 1 April 2020. However, in the March
2020 Budget it was announced that the cut in the rate to 17% will
now not occur and the Corporation Tax Rate will be held at 19%.
This was substantively enacted through the Provisional Collection
of Taxes Act on 17 March 2020. This has led to a one off deferred
tax adjustment of GBP10.9m which is included within the GBP13.4
deferred tax charge in the income statement.
6. RETIREMENT BENEFIT SCHEMES
The defined benefit obligation as at 30 June 2020 is calculated
on a year-to-date basis, using the annual actuarial valuation as at
31 December 2019. The triennial valuation as at 31 March 2016 was
finalised in September 2018. The valuation at 31 March 2019 is to
be concluded in 2020. There have not been any significant
fluctuations or one-time events since that time that would require
adjustment to the actuarial assumptions made at June 2020.
7. FINANCIAL INSTRUMENTS
Except as detailed in the following table, the directors
consider that the carrying value amounts of financial assets and
financial liabilities are approximately equal to their fair
values:
Carrying value Fair value
30 June 31 December 30 June 31 December
2020 2019 2020 2019
Unaudited Unaudited
GBPm GBPm GBPm GBPm
Financial liabilities
Inter-company short-term
loan - 169.1 - 169.1
Bond 2020 - 8.875% (Northern
Electric Finance plc) 106.2 101.7 106.2 101.7
Bond 2035 - 5.125% (Northern
Electric Finance plc) 149.2 153.2 217.0 213.5
Bond 2049 - 2.750% (Northern
Electric Finance plc) 147.9 149.9 183.0 163.5
Bond 2062 - 1.875% (Northern
Powergrid (Northeast) plc) 294.6 - 304.2 -
Amortising loan 2026- 2.595% 146.5 160.9 146.2 162.3
EIB Loan (2019-2020)* - 40.5 40.5
EIB Loan 2027 - 2.564%
(Northern Powergrid (Northeast)
Ltd 121.7 120.1 132.4 128.8
Yorkshire Electricity Group
plc 2037 - 5.9% 102.9 100.0 164.1 155.2
Cumulative preference shares 3.4 3.4 172.0 158.0
---------- ------------ ---------- ------------
1,072.4 998.8 1,425.1 1,292.6
* The borrowings from the European Investment Bank were drawn
down in four tranches, repayable in 2020. The spread of interest
rate is as follows:
2020: 4.227% - 4.586%
8. RELATED PARTY TRANSACTIONS
Group
Transactions entered into with related parties and balances
outstanding were as follows:
Finance
income/
Amounts (costs)
Sales Purchases owed to Borrowings from/(to)
to related from related related from related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Six months ended
30 June 2020:
Northern Powergrid
Limited - - - - (3.1)
Northern Powergrid
(Yorkshire) plc 10.4 6.2 - - -
Vehicle Lease and
Service Limited 0.1 3.0 - - -
Northern Powergrid
Holding Company - - - 102,9 (2.9)
Yorkshire Electricity
Group plc - - - - (0.7)
------------ -------------- --------- -------------- -----------
10.5 9.2 - 102.9 (6.0)
============ ============== ========= ============== ===========
Six months ended
30 June 2019:
Northern Powergrid
Limited - - - - (3.1)
Northern Powergrid
(Yorkshire) plc 11.6 6.3 - - -
Vehicle Lease and
Service Limited 0.1 2.4 - - -
Northern Powergrid
Holding Company - - - 102.8 (2.9)
Yorkshire Electricity
Group plc - - - 119.7 (1.2)
------------ -------------- --------- -------------- -----------
11.7 8.7 - 222.5 (4.3)
============ ============== ========= ============== ===========
8. RELATED PARTY TRANSACTIONS (CONTINUED)
Group - continued
Finance
income/
Amounts (costs)
Sales Purchases owed to Borrowings from/(to)
to related from related related from related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Year ended 31
December 2019:
Integrated Utility
Services Limited
(registered in
Eire) 2.5 6.1 - - -
Northern Powergrid
Gas Limited 0.1 - - - -
Northern Powergrid
Limited - - - - (6.2)
Northern Powergrid
(Yorkshire) plc 25.9 11.3 - - -
Vehicle Lease
and Service Limited - 4.9 - - 0.7
Northern Powergrid
Holding Company - - - 100.0 (5.9)
Yorkshire Electricity
Group plc - - - 169.0 (2.2)
------------ -------------- --------- -------------- -----------
28.6 22.2 - 169.0 (13.6)
============ ============== ========= ============== ===========
Sales and purchases from related parties were made at commercial
prices.
Interest on loans to/from Group companies is charged at a
commercial rate.
8. RELATED PARTY TRANSACTIONS (CONTINUED)
Company
Transactions entered into with related parties and balances
outstanding were as follows:
Finance
income/
(costs)
Sales Purchases Borrowings from/(to)
to related from related from related related
parties parties parties parties
GBPm GBPm GBPm GBPm
Related party
Six months ended
30 June 2019:
Integrated Utility
Services Limited 0.2 - - -
Northern Powergrid
Gas Limited - - - -
Northern Powergrid
Limited - - - (3.1)
Northern Powergrid
(Northeast) plc 2.5 - - -
Northern Powergrid
(Yorkshire) plc 1.3 - - -
Vehicle Lease and
Service Limited 0.1 - - -
Yorkshire Electricity
Group plc - - 25.5 0.2
------------ -------------- -------------- -----------
4.1 - 25.5 (2.9)
============ ============== ============== ===========
Six months ended
30 June 2018:
Integrated Utility
Services Limited - 0.2 - -
Northern Powergrid
Gas Limited 0.1 - - -
Northern Powergrid
Limited - - - (3.1)
Northern Powergrid
(Northeast) plc 3.0 - - -
Northern Powergrid
(Yorkshire) plc 1.8 - - -
Vehicle Lease and
Service Limited 0.1 - - -
Yorkshire Electricity
Group plc - - 31.2 0.3
------------ -------------- -------------- -----------
5.4 0.2 31.2 (2.8)
============ ============== ============== ===========
8. RELATED PARTY TRANSACTIONS (CONTINUED)
Company - continued
Finance
income/
Amounts (costs)
Sales Purchases owed to Borrowings from/(to)
to related from related related from related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Year ended 31 December
2019:
Integrated Utility
Services Limited - - - - -
Northern Powergrid
Gas Limited 0.1 - - - -
Northern Powergrid
Limited - - - - (6.3)
Northern Powergrid
(Northeast) plc - - - - 24.6
Northern Powergrid
(Yorkshire) plc 2.5 - - - -
Vehicle Lease and
Service Limited - - - - 0.7
Northern Electric
& Gas Limited - - - - -
Yorkshire Electricity
Group plc - - - 36.2 (0.2)
------------ -------------- --------- -------------- -----------
6.9 - - 36.2 18.9
============ ============== ========= ============== ===========
Sales and purchases from related parties were made at commercial
prices.
Interest on loans to/from Group companies is charged at a
commercial rate.
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END
IR BXGDCSSBDGGU
(END) Dow Jones Newswires
September 15, 2020 10:01 ET (14:01 GMT)
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