TIDM13KP
RNS Number : 0988I
ENW Finance plc
30 November 2022
ENW Finance Plc (the "Company") is pleased to announce its Half
Year Financial Report for the period ended 30 September 2022.
The Half Year Report is available to view on the Company's
website:
https://www.enwl.co.uk/about-us/financial-investor-relations/financial-reports/
For further information please contact Electricity North West's
press office on 0844 209 1957 or email pressoffice@enwl.co.uk .
Company Registration No. 06845434
ENW FINANCE PLC
Half Year Condensed Financial Statements
for the period ended 30 September 2022
Contents
Interim Management Report
.........................................................................................................
1
Condensed Profit and Loss Account
...............................................................................................
4
Condensed Balanced Sheet
...........................................................................................................
5
Condensed Statement of Changes in Equity
...................................................................................
6
Notes to the Condensed Financial Statements
...............................................................................
7
Interim Management Report
Cautionary statement
This interim management report contains certain forward-looking
statements with respect to the financial condition and business of
ENW Finance plc ("the Company"). Statements or forecasts relating
to events in the future necessarily involve risk and uncertainty
and are made by the Directors in good faith based on the
information available at the date of signature of this report, with
no obligation to update these forward-looking statements. Nothing
in this unaudited interim management report should be construed as
a profit forecast nor should past performance be relied upon as a
guide to future performance.
Financial statements
The Annual Report and Consolidated Financial Statements of the
Company can be found at www.enwl.co.uk.
Operations
The Company acts as a financing company within the North West
Electricity Networks (Jersey) Limited ("NWEN (Jersey)") group of
companies ("the Group") and has notes in issue and listed on the
London Stock Exchange.
The Company has a GBP300m 1.415% 2030 bond in issue and listed
on the London Stock Exchange.
Following the issue of this bond, the Company lent the net
proceeds to a fellow group subsidiary, Electricity North West
Limited ("ENWL").
The company also holds an inter-company hybrid loan asset with
ENWL. The portion of the inter-company loan associated with a
previous GBP200m bond issue was repaid in July 2021; the embedded
derivative portion of this loan matures in 2038.
There have been no significant changes to the activity of the
Company in the current period, nor are there any planned
changes.
Results
The results for the period are included in the Condensed Profit
and Loss Account on page 4.
There have been no significant events in the 6 months ended 30
September 2022 in respect of the Company.
Principal risks and uncertainties
As the Company's obligations in respect of the listed debt are
met via income receivable from ENWL, the Board considers the
principal risks and uncertainties facing the Company to be those
that affect ENWL and the larger Group.
The principal trade and activities of the Group are carried out
in ENWL and a comprehensive review of the strategy and operating
model, the regulatory environment, the resources and principal
risks and uncertainties facing that company, and ultimately the
Group, are outlined in the Strategic Report of the ENWL Annual
Report and Consolidated Financial Statements for the year ended 31
March 2022, which are available on the website, www.enwl.co.uk.
An assessment of the change in risk has been carried out and the
principal risks are deemed comparable to those at the last annual
report.
The Company has exposure to interest rate risk and inflation
risk; the company inter-company index-linked swap and hybrid asset
are exposed to a risk of change in fair value arising from a change
of future cash flows due to changes in market interest rates and
inflation rates. This exposure is limited as the impact on the
inter-company index-linked swap (liability) is largely offset by an
opposite impact on the embedded derivative (asset) element of the
hybrid asset.
Interim Management Report (continued)
Going concern
When considering whether to continue to adopt the going concern
basis in preparing these condensed financial statements, the
Directors have taken into account a number of factors, including
the financial position of the Company and the Group in which it
operates.
The Company is ultimately a subsidiary of NWEN (Jersey); the key
trading subsidiary in the Group is ENWL.
As the Company's obligations in respect of the listed debt are
met via income receivable from ENWL, the Board considers the
principal risks and uncertainties facing the Company to be those
that affect ENWL and the larger Group.
In consideration of this, the Directors of this Company are
cognisant of the going concern disclosure in the Half Year
Condensed Consolidated Financial Statements of ENWL. Disclosure of
the considerations made by the Directors in terms of the ENWL cash
flows, liquidity position, borrowing facilities and covenant
compliance can be found in the ENWL Half Year Condensed
Consolidated Financial Statements available on the website,
www.enwl.co.uk.
The Board has given detailed consideration to the principal
risks and uncertainties affecting the Group and Company, as
referred to above, and all other factors which could impact on the
Group and the Company's ability to remain a going concern.
After making the appropriate enquiries, the Directors have a
reasonable expectation that the Company has adequate resources to
continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the Half Year Condensed Financial Statements.
The going concern basis has been adopted by the Directors, with
consideration of the guidance published by the Financial Reporting
Council.
Corporate governance
The NWEN (Jersey) group has established a governance framework
for monitoring and overseeing strategy, conduct of business
standards and operations of the entire business.
The details of the internal control and risk management systems
which govern the Company in relation to the financial processes are
outlined in the Corporate Governance Report of the ENWL Annual
Report and Consolidated Financial Statements, which are available
on the website www.enwl.co.uk.
Ultimate parent undertaking and controlling party
The immediate parent undertaking is North West Electricity
Networks plc ("NWEN plc"), a company incorporated and registered in
the United Kingdom. The ultimate parent undertaking is NWEN
(Jersey), a company incorporated and registered in Jersey.
The ownership of the shares in NWEN (Jersey) and, therefore, the
ultimate controlling parties of the Company are:
-- KDM Power Limited (40.0%);
-- Equitix ENW 6 Limited (25.0%);
-- Equitix MA North HoldCo Limited (15.0%); and
-- Swingford Holdings Corporation Limited (20.0%).
Interim Management Report (continued)
Directors
The Directors who held office during the period are given below.
Directors served for the whole six-months, and to the date of this
report, except where otherwise indicated.
Executive Directors
-- I Smyth (appointed 5 September 2022)
-- D Brocksom
-- P Emery (resigned 4 September 2022)
Non-executive Directors
-- R Holden
-- S Jones
-- P O'Flaherty
-- G Pan
-- T Tanaka
-- M Yamada (appointed 7 July 2022)
-- S Sumitomo (resigned 7 July 2022)
S Jones, P O'Flaherty, G Pan, T Tanaka, M Yamada and S Sumitomo
are shareholder appointed directors and have appointed alternate
directors during their time as Board members.
Alternate Directors
-- S Jones - A Bhuwania
-- P O'Flaherty - A Bhuwania
-- G Pan - H Yu
-- T Tanaka - K Fukushima (resigned 7 July 2022)/ T Tamura
(appointed 7 July 2022)
-- M Yamada - M Murata (appointed 28 July 2022)
-- S Sumitomo - F Kumura (resigned 7 July 2022)
Responsibility statement
We confirm that to the best of our knowledge:
-- the condensed set of financial statements, which has been
prepared in accordance with the applicable set of accounting
standards, gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the issuer as required by
DTR 4.2.4R;
-- the interim management report includes a fair review of the
information required by DTR 4.2.7R; and
-- the condensed set of financial statements has been prepared
in accordance with FRS104 'Interim Financial Reporting'.
Registered address
ENW Finance plc
Borron Street
Stockport
Cheshire
SK1 2JD
Approved by the Board of Directors and signed on its behalf:
D Brocksom
Chief Financial Officer
30 November 2022
Condensed Profit and Loss Account
For the period ended 30 September 2022
Unaudited Unaudited Audited
Period Period ended Year ended
ended 30 Sept 31 Mar 2022
Note 30 Sept 2021 GBP000
2022 GBP000
GBP000
========================================== ====== ========= ============= ============
Operating result - - -
Interest receivable from group companies 4 4,903 5,897 14,966
Net interest payable and similar
charges 5 (4,710) (5,813) (14,689)
------------------------------------------ ------ --------- ------------- ------------
Profit before taxation 193 84 277
Taxation 6 (120) (114) (948)
========================================== ====== ========= ============= ============
Profit/(loss) for the period attributable
to equity shareholders of the Company 73 (30) (671)
========================================== ====== ========= ============= ============
All the results for the current and prior periods are derived
from continuing operations.
There were no other items of comprehensive income, other than
the results shown above, therefore no separate Statement of
Comprehensive Income has been presented.
Condensed Balance Sheet
As at 30 September 2022
Unaudited Unaudited Audited
Period Period ended Year ended
ended 30 Sept 31 Mar 2022
Note 30 Sept 2021 GBP000
2022 GBP000
GBP000
====================================== ====== ========= ============= ============
ASSETS
Non-current assets
Loans to group undertakings 7 603,793 723,612 728,168
Current assets
Amounts due from group undertakings 8 6,784 6,322 8,857
Cash and cash equivalents 12 12 12
-------------------------------------- ------ --------- ------------- ------------
6,796 6,334 8,869
-------------------------------------- ------ --------- ------------- ------------
Total assets 610,589 729,946 737,037
-------------------------------------- ------ --------- ------------- ------------
LIABILITIES
Current liabilities
Accrued interest (715) (715) (2,838)
Amounts due to group undertaking 9 (5,995) (5,166) (5,806)
(6,710) (5,881) (8,644)
====================================== ====== ========= ============= ============
Net current liabilities 86 453 (21,867)
Total assets less current liabilities 603,879 724,065 712,039
Non-current liabilities
Borrowings 10 (299,354) (299,272) (299,313)
Derivative financial instruments 11 (284,206) (404,031) (408,766)
Deferred tax (2,955) (2,830) (3,023)
(586,515) (706,133) (711,102)
====================================== ====== ========= ============= ============
Total liabilities (593,225) (712,014) (719,846)
====================================== ====== ========= ============= ============
Total net assets 17,364 17,932 17,291
====================================== ====== ========= ============= ============
CAPITAL AND RESERVES
Called up share capital 13 13 13
Profit and loss account 17,351 17,919 17,278
====================================== ====== ========= ============= ============
Total shareholders' funds 17,364 17,932 17,291
====================================== ====== ========= ============= ============
Approved by the Board of Directors on 30 November 2022 and
signed on its behalf by:
D Brocksom
Director
Condensed Statement of Changes in Equity
For the period ended 30 September 2022
Called Profit Total
up share and loss equity
capital account
GBP000 GBP000 GBP000
================================= ========= ========= =======
At 31 March 2021 (audited) 13 17,949 17,962
Loss for the period - (30) (30)
At 30 September 2021 (unaudited) 13 17,919 17,932
================================= ========= ========= =======
At 31 March 2021 (audited) 13 17,949 17,962
Loss for the year - (671) (671)
At 31 March 2022 (audited) 13 17,278 17,291
================================= ========= ========= =======
Profit for the period - 73 73
At 30 September 2022 (unaudited) 13 17,351 17,364
================================= ========= ========= =======
Notes to the Condensed Financial Statements
1. General Information
ENW Finance plc is a company incorporated in the United Kingdom,
and registered in England and Wales, under the Companies Act
2006.
The financial information for the six-month period ended 30
September 2022 and similarly the six-month period ended 30
September 2021, has not been audited or reviewed by the auditor.
The financial information for the year ended 31 March 2022 has been
based on information in the audited financial statements for that
year.
The financial information for the year ended 31 March 2022 does
not constitute the statutory financial statements for that year (as
defined in s434 of the Companies Act 2006), but is derived from
those financial statements. Statutory financial statements for 31
March 2022 have been delivered to the Registrar of Companies. The
auditor reported on those financial statements: their report was
unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under s498(2) or s498(3)
of the Companies Act 2006.
2. Significant accounting policies
Basis of preparation
The Company has adopted Financial Reporting Standard 101
'Reduced Disclosure Framework' (FRS 101) on the basis that it meets
the definition of a qualifying entity under FRS 100 'Application of
Financial Reporting Requirements'. The Annual Report and Financial
Statements have, therefore, been prepared in accordance with FRS
101, as issued by the Financial Reporting Council. The Half Year
Condensed Financial Statements of the Company, have been prepared
in accordance with FRS 104 'Interim Financial Reporting'.
As permitted by FRS 101 and FRS 104, for all periods presented,
the Company has taken advantage of the disclosure exemptions
available under FRS 101 in relation to financial instruments,
capital management, presentation of cash flow statement, standards
not yet effective and related party transactions with other
wholly-owned members of the Group.
The results for the period ended 30 September 2022 have been
prepared using the same method of computation and the same
accounting policies set out in the Annual Report and Financial
Statements of ENW Finance plc for the year ended 31 March 2022.
The Directors do not believe that the Company is affected by
seasonal factors which would have a material effect on the
performance of the Company when comparing the interim results to
those expected to be achieved in the second half of the year.
These condensed financial statements are prepared on the going
concern basis. Further detail on the going concern assessment is
contained in the Interim Management Report.
These condensed financial statements are presented in sterling,
the functional currency of the Company. All values are stated in
thousand pounds (GBP'000) unless otherwise indicated.
Notes to the Condensed Financial Statements (continued)
Going concern
The directors have, at the time of approving the financial
statements, a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of
accounting in preparing the financial statements.
Changes in accounting policy
There are no accounting policies or standards adopted for the
six-month period ended 30 September 2022, or for the remainder of
the year to 31 March 2023, that have a significant impact on the
Company.
3. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies the
directors are required to make judgements (other than those
involving estimations) that have a significant impact on the
amounts recognised and to make estimates and assumptions about the
carrying amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors
that are considered to be relevant. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period; or in the period of the revision and future
periods if the revision affects both current and future
periods.
The Directors do not deem there to be any critical accounting
judgements that affect the Company.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources
of estimation uncertainty that may have a significant risk of
causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year, are outlined below.
Financial instruments at fair value through profit or loss
(FVTPL)
In estimating the fair value of derivative financial
instruments, the Company uses market-observable data (Level 1 and 2
inputs) to the extent it is available. Where such data is not
available, certain estimates (Level 3 inputs) regarding inputs to
the valuation are required to be made. Level 3 inputs form a
significant part of the fair value of the financial instruments
held by the Group. Information about the valuation techniques and
inputs used are disclosed in Note 11.
Notes to the Condensed Financial Statements (continued)
4. Interest receivable from group companies
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 Sept 2022 30 Sept 2021 31 Mar 2022 GBP000
GBP000 GBP000
===================================================== ============= ============= ===================
From parent company on loan at amortised cost 188 180 364
From group undertaking on loan at amortised cost 2,169 2,160 10,269
From group undertaking on hybrid loan asset at FVTPL 2,546 3,557 4,333
Interest receivable from group companies 4,903 5,897 14,966
===================================================== ============= ============= ===================
5. Net interest payable and similar charges
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 Sept 2022 30 Sept 2021 31 Mar 2022 GBP000
GBP000 GBP000
======================================================== ============= ============= ===================
Interest payable:
On borrowings held at amortised cost 2,164 5,965 8,128
Net payments/ (receipts) on inter-company derivatives 2,546 (2,568) 4,145
Impairment of inter-company loan (Note 7) (144) 100 320
Reimbursement of inter-company loan impairment (Note 7) 144 (100) (320)
-------------------------------------------------------- ------------- ------------- -------------------
Total interest expense 4,710 3,397 12,273
Fair value movements on financial instruments :
On inter-company hybrid asset at FVTPL (Note 11) 124,560 (33,972) (38,707)
On inter-company derivatives at FVTPL (Note 11) (124,560) 36,388 41,123
======================================================== ============= ============= ===================
Total fair value movements - 2,416 2,416
Net interest payable and similar charges 4,710 5,813 14,689
======================================================== ============= ============= ===================
4.
Notes to the Condensed Financial Statements (continued)
6. Taxation
Unaudited Unaudited Audited
Period Period ended Year ended
ended 30 Sept 31 Mar 2022
30 Sept 2021 GBP000
2022 GBP000
GBP000
===================================== ========= ============= ============
Current tax:
Current period 188 177 818
Deferred tax:
Current period (68) (651) 130
Impact of change in future tax rates - 588 -
Tax charge for the period 120 114 948
===================================== ========= ============= ============
Corporation tax is calculated at 19% (30 Sept 2021: 19%, 31 Mar
2022: 19%) of the estimated assessable profit for the period.
The tax charge in future periods will be affected by the
corporation tax increase to 25% from 1 April 2023. This was
substantively enacted on 24 May 2022 and confirmed by the
announcement on 14 October 2022.
Deferred tax is calculated using the rate at which it is
expected to reverse. Accordingly, the deferred tax has been
calculated on the basis that it will reverse in future at the 25%
(30 Sept 2021: 19%, 31 Mar 2022: 25%) rate, except where it is
known that it will reverse before 1 April 2023 when the 19% rate
has been used, in all periods reported above.
Notes to the Condensed Financial Statements (continued)
7. Loans to group undertakings
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 Sept 30 Sept 2021 31 Mar 2022
2022 GBP000 GBP000
GBP000
======================================= ============= ============= ============
Non-current:
Loan to parent company at amortised
cost 20,500 20,500 20,500
Impairment of loan (25) (12) (27)
Loan to group undertaking at amortised
cost 299,354 299,272 299,313
Impairment of loan (243) (179) (384)
Hybrid loan to group undertaking
at FVTPL (Note 11) 284,206 404,031 408,766
Total loans to group undertakings 603,793 723,612 728,168
======================================= ============= ============= ============
On 21 July 2009, the Company lent GBP20.5m to the immediate
parent company, NWEN plc; this inter-company loan is measured at
amortised cost and is due for repayment in July 2030.
On the same date, the Company lent ENWL GBP198.2m net proceeds
of the GBP200.0m 6.125% 2021 bond, on terms aligned to the terms of
the external bond and associated inter-company hedging
arrangements, which formed an embedded derivative. The entire
hybrid asset is required to be measured at fair value through
profit or loss (see Note 11). This inter-company loan matures in
July 2038, with a GBP200.0m payment in July 2021.
On 30 July 2020, the Company lent ENWL GBP299.2m net proceeds of
the GBP300m 1.415% 2030 bond, on terms aligned to the terms of the
external bond (see Note 10). This inter-company loan is measured at
amortised cost and is due for repayment in July 2030.
Impairment
Financial assets measured at amortised cost are subject to
impairment. The credit risk of the inter-company loan at amortised
cost has been assessed as low. Accordingly, any loss allowance is
measured at an amount equal to 12-month expected credit loss (ECL).
In determining the ECL for this asset, the directors of the Company
have taken into account the historical default experience, the
financial position of the counterparty, as well as the future
prospects of the industry, as appropriate, in estimating the
probability of default and loss upon default.
In accordance with provisions within the inter-company loan
agreement, the Company has requested the reimbursement of the
impairment charges incurred to date (Note 5).
No impairment assessment is required for financial assets held
at FVTPL.
Notes to the Condensed Financial Statements (continued)
8. Amounts due from group undertakings
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 Sept 30 Sept 2021 31 Mar 2022
2022 GBP000 GBP000
GBP000
============================================ ============= ============= ============
Accrued interest due from parent
company 5,655 5,280 5,468
Accrued interest due from group undertaking 861 851 2,978
Reimbursement of impairment on loan
due from parent company 25 12 27
Reimbursement of impairment on loan
due from group undertaking 243 179 384
Amounts due from group undertakings 6,784 6,322 8,857
============================================ ============= ============= ============
9. Amounts due to group undertakings
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 Sept 30 Sept 2021 31 Mar 2022
2022 GBP000 GBP000
GBP000
================================== ============= ============= ============
Amounts due to group undertakings 5,995 5,166 5,806
================================== ============= ============= ============
Amounts due to group undertaking relate to amounts for group tax
relief.
10. Borrowings
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 Sept 30 Sept 2021 31 Mar 2022
2022 GBP000 GBP000
GBP000
Borrowings due in more than one
year:
Bonds held at amortised cost 299,354 299,272 299,313
================================ ============= ============= ============
At 30 Sept 2022, the Company had a GBP300m 1.415% fixed rate
bond in issue, maturing in July 2030 and guaranteed by ENWL (30
Sept 2021: same, 31 Mar 2022: same).
During the period ended 30 Sept 2021 the Company repaid a
GBP200m 6.125% fixed rate bond on maturity, in July 2021. This bond
was guaranteed by ENWL.
Notes to the Condensed Financial Statements (continued)
11. Financial instruments
Fair values
All of the fair value measurements recognised in the balance
sheet for the Company occur on a recurring basis.
Where available, market values have been used to determine fair
values (Level 1 inputs).
Where market values are not available, fair values have been
calculated by discounting future cash flows at prevailing interest
and RPI rates sourced from market data (Level 2 inputs). In
accordance with IFRS 13, an adjustment for non-performance risk has
then been made to give the fair value.
The non-performance risk has been quantified by calculating
either a credit valuation adjustment (CVA) based on the credit risk
profile of the counterparty, or a debit valuation adjustment (DVA)
based on the credit risk profile of the relevant group entity,
using market-available data. A funding valuation adjustment (FVA)
has also been made.
Whilst the majority of the inputs to the CVA, DVA and FVA
calculations meet the criteria for Level 2 inputs, certain inputs
regarding the Group's credit risk are deemed to be Level 3 inputs,
due to the lack of market-available data. The credit risk profile
of the Group has been built using the few market-available data
points, e.g. credit spreads on the listed bonds, and then
extrapolated over the term of the derivatives. It is this
extrapolation that is deemed to be Level 3. The estimation of the
funding cost in the FVA calculation is also a Level 3 input. All
other inputs to both the underlying valuation and the CVA, DVA and
FVA calculations are Level 2 inputs.
The Level 3 inputs form a significant part of the fair value of
the financial instruments held by the Company and, as such, these
financial instruments are disclosed as Level 3.
The adjustment for non-performance risk as at 30 September 2022
is GBP50.7m, on each of the hybrid asset and derivative liability
(30 September 2021: GBP33.2m, 31 March 2022: GBP56.7m), all of
which (30 September 2021: same, 31 March 2022: same) is classed as
Level 3.
On entering certain derivatives, the valuation technique used
resulted in a fair value gain on the hybrid asset and a fair loss
on the derivative liability. As this, however, was neither
evidenced by a quoted price nor based on a valuation technique
using only data from observable markets, this loss on initial
recognition was not recognised. This was supported by the
transaction price of nil. This difference is being recognised in
profit or loss on a straight-line basis over the life of the
derivatives. The aggregate difference yet to be recognised in
profit or loss is GBP21.2m (30 September 2021: GBP22.5m, 31 March
2022: GBP21.9m) on the hybrid asset and GBP21.2m (30 September
2021: GBP22.5m, 31 March 2022: GBP21.9m) on the derivative
liability. The movement in the period all relates to the
straight-line release to profit or loss.
There were no transfers between levels during the current period
(30 September 2021: same, 31 March 2022: same).
Notes to the Condensed Financial Statements (continued)
11. Financial instruments (continued)
Unaudited Unaudited Audited
Period Period ended Year ended
ended 30 Sept 31 Mar 2022
30 Sept 2021 GBP000
2022 GBP000
GBP000
========================================== ========= ============= ============
FV of hybrid asset pre IFRS 13 adjustment 356,080 459,716 487,311
CVA/ DVA/ FVA (50,688) (33,159) (56,687)
Day 1 adjustments (21,186) (22,526) (21,858)
========================================== ========= ============= ============
IFRS 13 FV of hybrid asset (Note 7) 284,206 404,031 408,766
------------------------------------------ --------- ------------- ------------
FV of derivative liability pre IFRS
13 adjustment (356,080) (459,716) (487,311)
CVA/ DVA/ FVA 50,688 33,159 56,687
Day 1 adjustments 21,186 22,526 21,858
========================================== ========= ============= ============
IFRS 13 FV of derivative liability (284,206) (404,031) (408,766)
========================================== ========= ============= ============
Categories of financial instruments at FVTPL
Unaudited Unaudited Audited
Period Period ended Year ended
ended 30 Sept 31 Mar 2022
30 Sept 2021 GBP000
2022 GBP000
GBP000
===================================== ========= ============= ============
Hybrid loan to affiliated company at
FVTPL (Note 7) 284,206 404,031 408,766
Inter-company derivative financial
liabilities (284,206) (404,031) (408,766)
===================================== ========= ============= ============
Profit/ (loss) for the period has been derived after charging/
(crediting) the following fair value movements:
Unaudited Unaudited Audited
Period Period ended Year ended
ended 30 Sept 31 Mar 2022
30 Sept 2021 GBP000
2022 GBP000
GBP000
====================================== ========= ============= ============
Hybrid loan to affiliated company at
FVTPL 124,560 (33,972) (38,707)
Inter-company derivative financial
liabilities (124,560) 36,388 41,123
Net charge to Profit and Loss Account
(Note 5) - 2,416 2,416
====================================== ========= ============= ============
For cash and cash equivalents, trade and other receivables and
trade and other payables the book values approximate to the fair
values because of their short-term nature.
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IR URSARUUUAOAA
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