TIDMNTEA
RNS Number : 1834M
Northern Electric PLC
17 September 2021
NORTHERN ELECTRIC plc
HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 30 JUNE
2021
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
and its subsidiaries group of companies (the "Northern Powergrid
Group") and its principal activity during the six months to 30 June
2021 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 2021
During the period ended 30 June 2021, the Group made a profit
after tax of GBP25.2 million; this was GBP18.6 million lower than
the 6 months ended 30 June 2020 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
with revenues being higher than the 6 months ended 30 June
2020.
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 also to develop
further opportunities with other energy suppliers.
Revenue
Revenue at GBP236.4 million was GBP16.7 million higher than for
the six months ended 30 June 2020 mainly due to higher distribution
revenue due to higher tariffs and the larger impact of COVID-19
during last year's period as well as increased engineering
contracting revenues within IUS.
Cash flow
Cash and cash equivalents as at 30 June 2021 were GBP10.3
million, representing a decrease of GBP11.6 million when compared
with the position at 31 December 2020. This compares with an
increase of GBP96.0 million in the comparative six month period,
primarily due to higher financing undertaken in the prior period
and higher net capital expenditure offset by higher operating cash
inflows.
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 2023, with a one year option 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
GBP25.2 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 2020, 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
2021.
Going concern
In the Group's latest annual reports and accounts for the year
to 31 December 2020 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 2021, which alter the view expressed in the
annual reports and accounts to 31 December 2020.
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 2021;
(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 H France
Director
16 September 2021
6 Months 6 Months
ended 30 ended 30
June 2021 June 2020
(unaudited) (unaudited)
GBPm GBPm
Revenue 236.4 219.7
Cost of sales (16.8) (14.6)
------------ ------------
Gross profit 219.6 205.1
Operating expenses (120.4) (114.3)
------------ ------------
Operating profit 99.2 90.8
Other gains 0.3 (0.5)
Finance income 0.7 0.6
Finance costs (20.7) (23.4)
------------ ------------
Profit before tax 79.5 67.5
Income tax expense (54.3) (23.7)
------------ ------------
Profit from ordinary activities after tax 25.2 43.8
------------ ------------
6 Months 6 Months
ended 30 ended 30
June 2021 June 2020
(unaudited) (unaudited)
GBPm GBPm
PROFIT FOR THE PERIOD 25.2 43.8
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently
to profit or loss:
Employee benefit obligation 28.9 26.7
Income tax relating to items of other comprehensive
income (5.5) (5.1)
------------ ------------
23.4 21.6
Items that may be reclassified subsequently
to profit or loss:
Cash flow hedge 1.8 (2.9)
Income tax relating to items of other comprehensive
income (0.2) 0.5
------------ ------------
1.6 (2.4)
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET
OF INCOME TAX 25.0 19.2
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 50.2 63.0
------------ ------------
30 June 31 December
2021 2020
(unaudited)
GBPm GBPm
ASSETS
NON-CURRENT ASSETS
Intangible assets 50.9 51.2
Property, plant and equipment 2,941.9 2,889.7
Right of use asset 14.8 14.0
Investments 4.1 3.6
Pension asset 124.8 88.1
Trade and other receivables 3.9 4.6
------------ ------------
3,140.4 3,051.2
------------ ------------
CURRENT ASSETS
Inventories 19.2 18.7
Trade and other receivables 73.3 82.5
Contract assets 7.2 6.2
Tax receivable - -
Cash and cash equivalents 10.3 21.9
Restricted cash 16.8 16.8
------------ ------------
126.8 146.1
------------ ------------
TOTAL ASSETS 3,267.2 3,197.3
------------ ------------
EQUITY
SHAREHOLDERS' EQUITY
Share capital 72.2 72.2
Share premium account 158.7 158.7
Hedging reserves (1.5) (3.1)
Other reserves 6.2 6.2
Retained earnings 1,094.8 1,046.2
------------ ------------
TOTAL EQUITY 1,330.4 1,280.2
------------ ------------
30 June 31 December
2021 2020
(unaudited)
GBPm GBPm
LIABILITIES
NON-CURRENT LIABILITIES
Deferred revenue 644.3 641.7
Borrowings 931.7 946.2
Lease liability 11.9 11.3
Derivative liability 1.7 3.2
Deferred tax 152.3 106.9
Provisions 2.7 2.7
------------ ------------
1,744.6 1,712.0
------------ ------------
CURRENT LIABILITIES
Trade and other payables 93.1 94.0
Deferred revenue 28.2 27.6
Borrowings 65.6 77.1
Lease liability 3.3 3.0
Derivative liability 0.3 0.6
Tax payable 0.2 1.3
Provisions 1.5 1.5
------------ ------------
192.2 205.1
------------ ------------
TOTAL LIABILITIES 1,936.8 1,917.1
------------ ------------
TOTAL EQUITY AND LIABILITIES 3,267.2 3,197.3
------------ ------------
The interim financial statements were approved by the board of
directors and authorised for issue on 16 September 2021 and were
signed on its behalf by:
T H France
Director
Share
Share Premium Other Hedging Retained
Capital Account Reserves Reserves Earnings Total
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1 January
2021 72.2 158.7 6.2 (3.1) 1,046.2 1,280.2
Profit for the
period (unaudited) - - - - 25.2 25.2
Other comprehensive
income (unaudited) - - - 1.6 23.4 25.0
Balance at 30 June
2021 72.2 158.7 6.2 (1.5) 1,094.8 1,330.4
-------- -------- --------- --------- --------- ----------
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) 1,008.8 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
2020 72.2 158.7 6.2 (1.1) 1,008.8 1,236.8
Profit for the
period - - - 99.1 99.1
Dividends - -
Other comprehensive
income - - - (2.0) (28.3) (30.3)
Dividends (25.4) (25.4)
Balance at 31 December
2020 72.2 158.7 6.2 (3.1) 1,046.2 1,280.2
-------- -------- --------- --------- --------- ----------
6 Months 6 Months
ended 30 ended 30
June 2021 June 2020
(unaudited) (unaudited)
(Restated)
GBPm GBPm
Cash flows from operating activities
Profit for the year 25.2 43.8
Depreciation and amortisation 72.4 67.6
Amortisation of deferred revenue (13.8) (13.2)
Profit on disposal of property, plant
and equipment (0.3) 0.5
Retirement benefit obligation (7.7) (15.3)
Finance income (0.7) (0.6)
Finance costs 20.7 23.4
Income tax expense 54.3 23.7
------------ ------------
150.1 129.9
(Increase)/decrease in inventories (0.5) 1.0
Decrease in trade and other receivables 9.2 10.9
(Increase)/decrease in contract assets (1.0) 2.9
(Decrease)/increase in trade and other
payables (4.7) 5.4
Decrease in provisions - (0.3)
------------ ------------
Cash generated from operations 153.1 149.8
Net interest paid (19.0) (20.7)
Tax paid (15.7) (20.9)
------------ ------------
Net cash from operating activities 118.4 108.2
------------ ------------
Investing activities
Proceeds from disposal of property,
plant and equipment 0.3 (0.5)
Purchase of property, plant and equipment (113.7) (92.0)
Purchase of intangible assets (4.7) (10.1)
Receipt of customer contributions 17.0 20.0
------------ ------------
Net cash used in investing activities (101.1) (82.6)
------------ ------------
Financing activities
Issue of long-term borrowings - 294.4
Repayment of long-term borrowings (14.5) (53.8)
Repayment of short-term borrowings - -
Movement in loans from group undertakings (12.5) (169.0)
Lease payment (1.9) (1.2)
Net cash (used in)/generated by financing
activities (28.9) 70.4
------------ ------------
Net (decrease)/increase in cash and
cash equivalents (11.6) 96.0
Cash and cash equivalents at beginning
of period 21.9 22.7
------------ ------------
Cash and cash equivalents at end of
period 10.3 118.7
------------ ------------
1. GENERAL INFORMATION
The information included within these condensed financial
statements that refer to the year ended 31 December 2020, 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 International Accounting Standards Board ("IASB").
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 IASB.
Going concern
In the Company's latest annual reports and accounts for the year
to 31 December 2020 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 2021, which alter the view expressed in the
annual reports and accounts to 31 December 2020.
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 2020,
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 IASB that are mandatorily effective for an accounting
period that begins on or after 1 January 2021:
None of the standards, interpretations and amendments which are
effective for periods beginning 1 January 2021 has had a material
effect on the financial statements:
-- Amendments to IFRS 16 - COVID 19 related rent concessions;
-- Amendments to IAS 1 - Presentation of financial statements; and
-- Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Interest rate benchmark reform.
3. SEGMENTAL ANALYSIS
The Group operates in three principal areas of activity, those
of the distribution of electricity, engineering contracting and
smart meter rental in the United Kingdom.
The Group is separated unto the following segments:
Distribution: Northern Powergrid (Northeast) plc
Contracting: Integrated Utility Services Limited
Metering: Northern Powergrid Metering Services Limited
Other: Includes support activities
The following is an analysis of the Group's revenue and results
by reportable segment in the six months ended 30 June 2021
(unaudited):
Distribution Contracting Metering Other Total
GBPm GBPm GBPm GBPm GBPm
REVENUE
External sales 187.3 9.9 35.9 3.3 236.4
Inter-segment
sales 0.2 5.9 - (6.1) -
---------------- ------------ --------- ------ ---------
Total Revenue 187.5 15.8 35.9 (2.8) 236.4
---------------- ------------ --------- ------ ---------
SEGMENT RESULTS
Operating profit/(loss) 77.3 - 12.8 9.1 99.2
---------------- ------------ --------- ------ ---------
Other gains 0.3
Finance income 0.7
Finance costs (20.7)
---------
Profit before
tax 79.5
---------
OTHER INFORMATION
Capital additions 94.9 - 28.5 - 123.4
Depreciation
and amortisation 53.6 0.2 21.2 (2.6) 72.4
Amortisation
of deferred
revenue (13.8) - - - (13.8)
---------------- ------------ --------- ------ ---------
External sales to E.ON plc in the six months ended 30 June 2021
represented 19.49% of revenue within the Distribution segment.
External sales to British Gas Ltd in the six months ended 30
June 2021 represented 11.02% of revenue within the Distribution
segment.
3. 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 2020
(unaudited) (Restated):
Distribution Contracting Metering Other Total
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 - (2.4) -
--------------- ------------ --------- ------ ---------
Total Revenue 173.0 10.5 36.6 (0.4) 219.7
--------------- ------------ --------- ------ ---------
SEGMENT RESULTS
Operating profit 59.2 (0.7) 14.5 17.8 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.
Sales and purchases between the different segments are made at
commercial prices.
3. 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
2021 Unaudited 2020
GBPm GBPm
Distribution 1,991.6 1,956.9
Contracting 3.7 4.1
Metering 159.5 155.1
Other 39.9 8.4
---------------- ------------
Total net assets by segment 2,194.7 2,124.5
Unallocated net corporate liabilities (864.3) (844.3)
---------------- ------------
Total net assets 1,330.4 1,280.2
---------------- ------------
4. INCOME TAX EXPENSE
Tax for the six month period ended 30 June 2021 is charged at
19.7% (six months ended 30 June 2020: 19.7%) 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 2021 is
68.3%.
6 months 6 months
ended 30 ended 30
June June
2021 2019
Unaudited Unaudited
GBPm GBPm
Current tax 14.6 10.3
Deferred tax 39.7 13.4
Total income tax expense 54.3 23.7
---------- ----------
Finance Bill 2020 was enacted in July 2020 and as a result, the
rate of corporation tax has been held at 19% as the Finance Bill
2020 effectively removed the proposed reduction to 17% which was
included within Finance Bill 2016.
In the In addition, the March 2021 Budget announced that the
corporation tax rate will increase from 19% to 25% from 1 April
2023. This increase in tax rate was included within Finance Bill
2021 which was substantively enacted on 24 May 2021 and received
Royal Assent on 10 June 2021. As a result, deferred tax balances
have been re-measured at the 25% rate and this remeasurement has
given rise to an increased deferred tax liability of 38.6m which is
reflected within the above tax charge.
5. RETIREMENT BENEFIT SCHEMES
The defined benefit obligation as at 30 June 2021 is calculated
on a year-to-date basis, using the annual actuarial valuation as at
31 December 2020. The latest triennial valuation carried out by AON
was on the 31 March 2019 and was 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 2021.
6. 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
2021 2020 2021 2020
Unaudited Unaudited
GBPm GBPm GBPm GBPm
Financial liabilities
Short-term loan 5.0 - 5.0 -
Inter-company short-term
loan 22.9 35.4 22.9 35.4
Bond 2035 - 5.125% (Northern
Electric Finance plc) 149.3 153.3 204.3 225.3
Bond 2049 - 2.750% (Northern
Electric Finance plc) 147.9 150.0 171.9 194.1
Bond 2062 - 1.875% (Northern
Powergrid (Northeast) plc) 294.7 297.5 283.0 338.4
Amortising loan 2026 -
2.9670%* 122.3 133.9 123.7 135.4
Amortising loan 2026- 2.0779%** 27.2 29.7 27.3 30.0
EIB Loan 2027 - 2.564%
(Northern Powergrid (Northeast)
plc 121.7 120.1 131.5 134.4
Northern Powergrid Holding
Company 2037 - 5.9% 102.9 100.0 153.7 164.7
Cumulative preference shares 3.4 3.4 180.9 192.1
---------- ------------ ---------- ------------
997.3 1,023.3 1,296.3 1,449.8
*2026 GBP124m Amortising Loan is 90% swapped at a fixed rate of
3.0682%, with the remaining 10% floating at 3 month LIBOR plus
2.00%.
**2026 GBP 27m Amortising Loan is a Floating rate loan at 3
month LIBOR plus 2.00%.
7. 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 2021:
Northern Powergrid
Limited - - - - (3.1)
Northern Powergrid
(Yorkshire) plc 14.3 5.8 - - -
Vehicle Lease and
Service Limited 0.1 3.3 - - 0.5
Northern Powergrid
Holding Company - - - 102.9 (2.9)
Yorkshire Electricity
Group plc - - - 22.9 (0.7)
------------ -------------- --------- -------------- -----------
14.4 9.1 - 125.8 (6.2)
============ ============== ========= ============== ===========
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 (6.7)
============ ============== ========= ============== ===========
7. 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 2020:
Integrated Utility
Services Limited
(registered in
Eire) 2.2 4.8 - - -
Northern Powergrid
Gas Limited - - - - -
Northern Powergrid
Limited - - - - (6.2)
Northern Powergrid
(Yorkshire) plc 27.2 10.6 - - -
Vehicle Lease
and Service Limited - 4.9 - - 0.9
Northern Powergrid
Holding Company - - - 100.0 (5.9)
Yorkshire Electricity
Group plc - - - 35.4 (0.8)
------------ -------------- --------- -------------- -----------
29.4 20.3 - 135.4 (12.0)
============ ============== ========= ============== ===========
Sales and purchases from related parties were made at commercial
prices.
Interest on loans to/from Group companies is charged at a
commercial rate.
7. RELATED PARTY TRANSACTIONS (CONTINUED)
Company
Transactions entered into with related parties and balances
outstanding were as follows:
Finance
income/
Borrowings (costs)
Sales Purchases (to)/from from/(to)
to related from related related related
parties parties parties parties
GBPm GBPm GBPm GBPm
Related party
Six months ended
30 June 2021:
Integrated Utility
Services Limited 0.2 - - -
Northern Powergrid
Gas Limited - - - -
Northern Powergrid
Limited - - - (3.1)
Northern Powergrid
(Northeast) plc 2.4 - - -
Northern Powergrid
(Yorkshire) plc 1.0 - - -
Vehicle Lease and
Service Limited 0.1 - - -
Yorkshire Electricity
Group plc - - 207.7 -
------------ -------------- ----------- -----------
3.7 - 207.7 (3.1)
============ ============== =========== ===========
Six months ended
30 June 2020:
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)
============ ============== =========== ===========
7. RELATED PARTY TRANSACTIONS (CONTINUED)
Company - continued
Finance
income/
Amounts Borrowings (costs)
Sales Purchases owed to (to)/from from/(to)
to related from related related related related
parties parties parties parties parties
GBPm GBPm GBPm GBPm GBPm
Related party
Year ended 31 December
2020:
Integrated Utility
Services Limited - - - - -
Northern Powergrid
Gas Limited 0.2 - - - -
Northern Powergrid
Limited - - - - (6.2)
Northern Powergrid
(Northeast) plc 5.0 - - - 25.4
Northern Powergrid
(Yorkshire) plc 2.5 - - - -
Vehicle Lease and
Service Limited - - - - 0.9
Northern Electric
& Gas Limited - - - - -
Yorkshire Electricity
Group plc - - - (38.1) 0.1
------------ -------------- --------- ----------- -----------
7.7 - - (38.1) 20.2
============ ============== ========= =========== ===========
Sales and purchases from related parties were made at commercial
prices.
Interest on loans to/from Group companies is charged at a
commercial rate.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR BBGDCUXBDGBR
(END) Dow Jones Newswires
September 17, 2021 07:39 ET (11:39 GMT)
Nthn.elec.prf (LSE:NTEA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nthn.elec.prf (LSE:NTEA)
Historical Stock Chart
From Apr 2023 to Apr 2024
