AA PLC AA Intermediate Co Limited Interim H1 20 Results (5285R)
30 October 2019 - 6:02PM
UK Regulatory
TIDMAA.
RNS Number : 5285R
AA PLC
30 October 2019
AA Intermediate Co Limited Interim results for the six months
ended 31 July 2019
In compliance with the requirements of AA Intermediate Co
Limited's ('AA Intermediate Co') Class A and Class B notes, interim
results for AA Intermediate Co have been issued to the Irish Stock
Exchange. The results are also available on the AA plc website at
www.theaaplc.com.
AA Intermediate Co Limited is the parent company of the
companies that provide security and guarantees under the Whole
Business Securitisation ('WBS') financing arrangements entered into
by the AA on 2 July 2013.
AA Intermediate Co Limited's results differ from the results of
AA plc that were announced on 24 September 2019.
The material differences relate to the consolidated assets and
liabilities as follows:
1. Financial assets at amortised cost, which were GBP20m higher
for AA plc than for AA Intermediate Co. This is due to the purchase
of GBP20m of AA Bond Co Limited Class B2 notes by AA plc;
2. Inter--company balances, which were GBP1,169m lower for AA
plc than for AA Intermediate Co as all non-trading balances were
eliminated in AA plc as part of the 2013 financing transaction;
3. Cash balances, which were GBP61m higher for AA plc than for
AA Intermediate Co as GBP24m of restricted cash was held at AA plc
level for the AA plc group's Insurance Underwriting activities and
GBP37m of available cash was held mainly to pay dividends to AA plc
shareholders;
4. Additional intangible assets, working capital and provision
balances are held at AA plc level for the AA plc group's Insurance
Underwriting activities. These include GBP6m for software assets,
GBP6m for prepayments, GBP52m for reinsurers' share of insurance
liabilities, GBP12m for trade payables, GBP5m for deferred income,
GBP8m for other payables, GBP37m of provisions for unearned
premiums and GBP35m of insurance technical provisions.
AA plc's Insurance Underwriting activities sit outside the AA
Intermediate Co group. Other than these activities there are only
immaterial differences between Trading Revenue and Trading EBITDA
for the two groups. The remaining trading performance is therefore
substantially comparable.
Enquiries
Investors
Zeeshan Maqbool +44 20 7395 7301
Media (FTI Consulting) +44 20 3727 1340
Alex Le May
John Waples
Nick Hasell
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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