Final Results
13 Juli 2006 - 9:01AM
UK Regulatory
RNS Number:1225G
Bristol Water PLC
13 July 2006
BRISTOL WATER plc
Bristol Water plc is a subsidiary of Bristol Water Group plc, which is itself a
subsidiary of Sociedad General de Aguas de Barcelona S.A. (Agbar)
13 July 2006
Year ended 31 March 2006 2005
Restated
#m #m
Turnover 81.9 70.6
Operating profit
- normal activities 24.9 18.4
- exceptional restructuring costs - (1.3)
--------------------------------------------------------------------------------
24.9 17.1
--------------------------------------------------------------------------------
Profit before tax 18.4 10.7
Profit after tax 11.6 9.1
Regulatory Capital Value (RCV) 234.5 229.1
Net debt (excluding 8.75% irredeemable cumulative
preference shares) as percentage of RCV 71% 61%
Earnings per ordinary share 193.0p 151.9p
Dividend per ordinary share in respect of the year 139.85p 135.15p
Results are reported under UK GAAP.
Results for the previous year have been restated to reflect full adoption of
FRS17, FRS20, FRS21, FRS25 and FRS26
Alan Parsons
Andy Nield
Bristol Water plc
Tel 0117 953 6407
Or contact: Bristol Water Corporate Affairs on 0117 953 6470 during office hours
or 07831 453924 at any time.
CHAIRMAN'S STATEMENT
Introduction
On 22 April 2006 a recommended cash offer was made by Sociedad General de Aguas
de Barcelona S.A. (Agbar) for Bristol Water Group plc (BWG), the then ultimate
parent company. Agbar has now acquired more than 90% of the shares of BWG. BWG
has subsequently been delisted.
Agbar is a substantial and well-respected company operating in a range of
international markets providing water services to approximately 23 million
people worldwide. No significant changes to the operational or financial
structure of Bristol Water plc are anticipated as a result of the transaction
and services to customers will be unaffected.
The company has concluded the first year of the new regulatory period covering
the five years 2005-10 and is making good progress towards delivery of the
required outputs and efficiency targets for the five-year period specified by
the Water Services Regulatory Authority (Ofwat) in its determination of the new
price limits.
Financial performance in 2004/05 was adversely affected by a combination of
expenses being incurred that were not accommodated within allowed price limits,
together with a provision for restructuring costs. The price limits for the new
five-year period provide for most of those additional costs together with the
financing of a substantial capital investment programme. The allowed price limit
increase of 17.3% for the year, together with efficiency gains from the
restructuring programme, has improved profitability.
During the year we have progressed initiatives to improve further the operating
efficiency of the company. We have implemented a number of redundancies and
outsourced our laboratory services. We are continuing to seek further potential
savings where consistent with maintaining service standards and appropriate
levels of risk.
A major focus during the period has been the planning and initiation of projects
for the five-year period and the establishment of a framework partnership to
deliver them. Good progress is being made with the major capital expenditure
project to improve the security of supply for customers in the northern part of
our area. Capital expenditure for the year was lower than Ofwat's assumptions
due to the phasing of expenditure. We anticipate a significant increase in
capital expenditure in the next two years and in real terms, over the five-year
period, anticipate spending in line with Ofwat's assumptions.
Levels of service to customers remain extremely high, as reflected in the
Ofwat's assessment of levels of service and customer surveys.
Over the last year at a national level, there has been considerable publicity
about drought conditions, the potential restriction on water supplies and
leakage levels. Approximately 40% of the company's water resources come from
impounding reservoirs. These are now approximately 90% full and no restrictions
on water use are expected in the coming year. We are continuing to encourage
customers to use water wisely. The company has met its Ofwat-approved leakage
target in each year since targets were introduced.
Accounting standards
As previously indicated the company does not currently intend to adopt
International Financial Reporting Standards and therefore will continue to
report under UKGAAP.
There have been a number of changes to UKGAAP in the period. The five
significant changes for the company are the adoption of FRS17 (Retirement
Benefit Obligations), FRS20 (Share based payment), FRS21 (Events after the
balance sheet date), FRS25 (Financial Instruments: Disclosure and Presentation)
and FRS26 (Financial Instruments: Recognition and Measurement). The new
standards have been adopted for these results and comparative figures for the
previous year have been restated accordingly.
Financial performance
The company has performed well with operating profit increasing by 46% to
#24.9m. This includes the effect of the average 17.3% increase in main water
supply tariffs, reflecting the 13.8% K factor for 2005/06 set by Ofwat in the
price determination for the five years 2005-10.
Gross capital expenditure amounted to #22.6m.
Net debt, excluding the 8.75% irredeemable cumulative preference shares (which
under FRS25 are now required to be classified as a long-term creditor),
increased to #166.2m compared to #140.8m at 31 March 2005. The increase in net
debt reflects the #21.5m advanced to BWG and the additional contribution to the
pension scheme.
Additional long-term index linked debt of #57m was successfully raised through
the Artesian programmes arranged by The Royal Bank of Scotland. #21.5m was used
to provide an intercompany loan to BWG and #7m to make a special contribution to
the defined benefit pension scheme. The remainder will be used to finance
capital expenditure and debt maturities over the next two years. This
'pre-funding' is reflected in the relatively high cash at bank and on deposit of
#40.5m at 31 March 2006.
BWG used the #21.5m loan plus other cash balances to finance a return of
approximately #30m to shareholders, which was completed during July 2005.
At the year-end the net debt excluding the 8.75% irredeemable cumulative
preference shares of #166.2m represented approximately 71% of Regulatory Capital
Value (RCV). We anticipate that the company will be able to maintain this ratio
in the range of 75% to 80% over the remainder of the five-year regulatory period
to 2009/10.
Dividends
The company policy is to pay an annual level of ordinary dividends comprising:
*A base level of dividend reflecting the cost of capital allowed by Ofwat
in the determination of price limits, adjusted to reflect actual gearing
levels and where appropriate actual performance relative to Ofwat's
assumptions.
*An amount equal to the post-tax interest receivable from Bristol Water
Group plc in respect of intercompany loans.
Interim dividends totalling #8.4m have been declared in respect of the year. The
Board does not propose a final dividend.
Pensions
The company has a defined contribution pension scheme which was closed to new
entrants a number of years ago and all new employees are offered stakeholder
pension arrangements.
At 31 March 2006 the gross surplus of the scheme, under FRS17, included within
the company's balance sheet, was #4.4m. This represents a #16.3m improvement
from the #11.9m deficit at 31 March 2005 reflecting the additional contribution
of #7m made during the year and favourable net investment performance and
actuarial movements.
Board changes
After 37 years service to the company, Roger Wyatt (Managing Director) retired
at the end of March 2006. His contribution to the company has been enormous and
we wish him a long and happy retirement. Peter Knowlson, HR Director, retired at
30 September 2005 and we also wish him well for the future.
I was appointed as a director and Chairman at the last Annual General Meeting.
This has allowed separation of the roles of Chief Executive and Chairman in line
with good Corporate Governance.
Following the Agbar acquisition, Juan Antonio Guijarro Ferrer, Manual Navarro
Agullo and Manuel Cermeron were appointed to the board on 19 June 2006. Manual
Navarro Agullo will take the role of Chief Executive, and Alan Parsons becomes
Managing Director. We welcome the new members to the board.
Conclusions
The company is well placed for the future and it looks forward to being a member
of the Agbar group.
Moger Woolley
Chairman
13 July 2006
PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2006
2006 2005
Restated
Note #m #m
Turnover 81.9 70.6
Operating costs (57.0) (52.2)
Exceptional operating costs - (1.3)
--------------------------------------------------------------------------------
Total operating costs 2 (57.0) (53.5)
--------------------------------------------------------------------------------
Operating profit 24.9 17.1
Net interest payable and similar charges (6.3) (6.1)
Dividends on 8.75% irredeemable cumulative
preference (1.1) (1.1)
shares
Net finance income in respect of retirement benefit
obligations 0.9 0.8
--------------------------------------------------------------------------------
Profit on ordinary activities before taxation 18.4 10.7
Taxation on profit on ordinary activities 3 (6.8) (1.6)
--------------------------------------------------------------------------------
Profit on ordinary activities after taxation 11.6 9.1
Dividends on ordinary shares 4 (10.2) (7.3)
--------------------------------------------------------------------------------
Retained profit for the financial year 1.4 1.8
================================================================================
Earnings per ordinary share 5 193.0p 151.9p
================================================================================
All of the turnover and operating costs relate to continuing operations.
There is no difference between the profit on ordinary activities before taxation
and the retained profit for the financial year stated above and their historical
cost equivalents.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 31 March 2006
2006 2005
Restated
#m #m
Profit attributable to Bristol Water plc shareholders 11.6 9.1
Actuarial gains recognised in respect of retirement benefit
obligations 7.8 1.7
Attributable deferred taxation (2.1) (0.5)
Charged against operating profit for equity-settled
share-based payment 0.2 -
Attributable deferred taxation 0.6 -
--------------------------------------------------------------------------------
Total recognised gains for the year 18.1 10.3
--------------------------------------------------------------------------------
BALANCE SHEET
at 31 March 2006
2006 2005
Restated
Note #m #m
Fixed assets
Tangible fixed assets 6 197.0 195.6
Investments - Loans to Bristol Water Group plc 68.5 47.0
Current assets
Stocks 0.7 0.6
Debtors 19.1 18.5
Cash at bank and on deposit 7 40.5 12.0
--------------------------------------------------------------------------------
60.3 31.1
--------------------------------------------------------------------------------
Creditors: amounts falling due within one year
Short term borrowings and derivatives 7 (2.5) (4.2)
Other creditors (19.2) (17.7)
--------------------------------------------------------------------------------
(21.7) (21.9)
--------------------------------------------------------------------------------
Net current assets 38.6 9.2
--------------------------------------------------------------------------------
Total assets less current liabilities 304.1 251.8
Creditors: amounts falling due after more than one 7 (204.2) (148.6)
year
8.75% irredeemable cumulative preference shares 7 (12.5) (12.5)
Deferred income (9.6) (8.6)
Provisions for liabilities and charges 8 (18.8) (19.3)
Retirement benefit obligations 9 3.1 (8.6)
--------------------------------------------------------------------------------
Net assets 62.1 54.2
--------------------------------------------------------------------------------
Capital and reserves
Called up share capital 6.0 6.0
Share premium account 4.4 4.4
Share option reserve 0.8 -
Other reserves 5.8 5.8
Profit and loss account 45.1 38.0
--------------------------------------------------------------------------------
Equity shareholders' funds 10 62.1 54.2
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
for the year ended 31 March 2006
2006 2005
Restated
Note #m #m
Net cash inflow from operating activities 11(a) 35.1 34.1
--------------------------------------------------------------------------------
Returns on investments and servicing of finance
Interest received 5.3 3.6
Interest paid on term loans and debentures (8.4) (7.2)
Interest paid on finance leases (1.2) (1.1)
Dividends paid on 8.75% irredeemable cumulative
preference shares (1.1) (1.7)
Net costs of issue of new loans (1.1) -
--------------------------------------------------------------------------------
(6.5) (6.4)
--------------------------------------------------------------------------------
Taxation
Corporation tax paid (1.7) (1.9)
--------------------------------------------------------------------------------
Capital expenditure and investing activities
Purchase of tangible fixed assets (22.5) (20.1)
Contributions received 3.1 3.7
Loan advanced to Bristol Water Group plc (21.5) -
--------------------------------------------------------------------------------
(40.9) (16.4)
--------------------------------------------------------------------------------
Dividends paid on equity shares 4 (10.2) (7.3)
--------------------------------------------------------------------------------
Cash (outflow)/inflow before management of
liquid resources and financing (24.2) 2.1
Management of liquid resources
being (increase)/decrease in short term deposits (29.1) 5.4
--------------------------------------------------------------------------------
Financing
New term loans 57.0 -
Capital element of lease repayments (1.9) (1.6)
Loan repayments (1.8) (5.3)
Payments in respect of swap liability (0.6) (0.6)
--------------------------------------------------------------------------------
52.7 (7.5)
--------------------------------------------------------------------------------
Decrease in cash 11(b) (0.6) -
Cash, beginning of year 1.6 1.6
--------------------------------------------------------------------------------
Cash, end of year 1.0 1.6
--------------------------------------------------------------------------------
NOTES TO THE ACCOUNTS
1. BASIS OF PREPARATION AND CIRCULATION
These preliminary statements do not constitute the statutory accounts for
the year ended 31 March 2006. The statutory accounts have been reported on
by the auditors without qualification but have not yet been delivered to the
Registrar of Companies. The comparative figures for 2005 have been extracted
from the accounts of Bristol Water plc for the year ended 31 March 2005 upon
which the auditors' report was unqualified and which have been delivered to
the Registrar of Companies.
The Annual Report and Accounts will be posted to shareholders on or before 9
August 2006. Copies will be available to the public from the registered
office at PO Box 218, Bridgwater Road, Bristol BS99 7AU. The Annual General
Meeting will be held at the Bristol Water plc Head Office, Bridgwater Road,
Bristol, on Monday 11 September 2006 at 9.00 am.
During this year the company has adopted the following new Financial
Reporting Standards (FRS) in its financial statements, insofar as they are
applicable to the affairs of the company:
FRS17 - Retirement benefits
FRS20 - Share based payments
FRS21 - Events after the balance sheet date
FRS22 - Earnings per share
FRS25 - Financial Instruments: Disclosure and presentation
FRS26 - Financial Instruments: Measurement
FRS28 - Corresponding amounts
All comparative data have been restated accordingly. The main effects of
these changes on the reported results of the company are as follows:
FRS17: Full recognition is made in these accounts for the surplus arising in
the company's section of the Water Companies' Pension Scheme (WCPS).
The effect of the change in accounting policy is
* to increase profit after tax by #0.4m (year ended 31 March
2005: #1.0m)
* to increase total recognised gains and losses for the year
by #5.9m (year ended 31 March 2005: #2.2m)
* to increase/(decrease) net assets as at 31 March 2006 by
#4.3m (as at 31 March 2005: #(7.0)m)
FRS20: Provision is made for the notional expense arising on the grant of
share options under the terms of the Bristol Water Group Savings
Related Share Option Scheme. No restatement of the previous year is
necessary as the effect on both the current and prior years is not
material. The effect of the change in accounting policy is
* to decrease profit after tax by #0.1m (year ended 31 March
2005: Nil)
* to decrease total recognised gains and losses for the year
by #0.1m (year ended 31 March 2005: Nil)
* to increase net assets as at 31 March 2006 by #0.6m (as at
31 March 2005: Nil)
FRS21: Dividends and other distributions to shareholders are reflected in
financial statements when approved by shareholders in a general
meeting, except for interim dividends which are included in financial
statements when paid by the company. Accordingly, proposed dividends
are not included as a liability in the financial statements.
This reduces retained profit for the year ended 31 March 2006 by
#1.8m (at 31 March 2005: increased by #0.8m). It increases net assets
at 31 March 2006 by #3.5m (at 31 March 2005: by #5.3m).
FRS25: The company's 8.75% irredeemable cumulative preference shares have been
reclassified from equity to long-term creditors. The associated
dividends have been reclassified as interest expense. The effect of
the change in accounting policy is
* to decrease profit after tax by #1.1m (year ended 31 March
2005: #1.1m)
* to leave total recognised gains and losses for both years
unchanged
* to decrease net assets as at 31 March 2006 by #12.5m (as at 31
March 2005: #12.5m)
FRS26: The company has an interest rate swap, which matures on 26 September
2006, which is now measured at fair value. The effect of the change in
accounting policy is
* to increase profit after tax by #0.3m (year ended 31 March
2005: #0.4m)
* to increase total recognised gains and losses for the year by
#0.3m (year ended 31 March 2005: #0.4m)
* to decrease net assets as at 31 March 2006 by #0.2m (31 March
2005: #0.5m).
As outlined in the company's Annual Report and Accounts for the year ended 31
March 2005, the company has not adopted IFRS for its financial statements for
the year ended 31 March 2006, and has no current plans to do so until UKGAAP and
IFRS are fully harmonised.
As a result of changes made in The Water Act 2003, revenue deficit contributions
received on or after 1 April 2005 are credited to deferred income and amortised
over a three-year period.
2. OPERATING COSTS
Operating costs
comprise -
Operating Operating
costs costs
before Exceptional after
Operating exceptional operating exceptional
Costs items costs* items
2006 2005 2005 2005
Restated Restated Restated
#m #m #m #m
Net payroll cost 11.5 11.1 1.1 12.2
Total other
operating costs 27.6 26.5 0.2 26.7
Net depreciation** 17.9 14.6 - 14.6
--------------------------------------------------------------------------------
Total operating costs 57.0 52.2 1.3 53.5
--------------------------------------------------------------------------------
*Exceptional operating costs - Restructuring
During the year ended 31 March 2005 the Board instigated a restructuring
programme to improve the operating efficiency of the company. This involved a
number of redundancies and related pension funding payments, asset write-downs
and incidental expenses. Accordingly the restructuring costs were recognised
in the profit and loss account for the year ended 31 March 2005. There were no
exceptional operating costs in 2006.
**Depreciation
The depreciation charge for the year is stated after charging #1.0m
accelerated depreciation in respect of plant planned to be taken out of
service before it is fully depreciated as part of a capital project to meet
quality obligations and streamlining of treatment processes (2005 - #Nil).
3. TAXATION ON PROFIT ON ORDINARY ACTIVITIES
2006 2005
Restated
#m #m
Analysis of charge for the year, all arising in the
United Kingdom:
Current tax:
Corporation tax at 30% (2005 - 30%) 2.1 1.0
Advance Corporation Tax written back - (1.5)
Adjustment to prior periods (0.1) 1.6
Receipts in respect of group relief 1.3 1.0
--------------------------------------------------------------------------------
3.3 2.1
--------------------------------------------------------------------------------
Deferred tax:
Current year movement 2.8 1.4
Adjustment to prior periods 0.1 (1.8)
Effect of discounting 0.6 (0.1)
--------------------------------------------------------------------------------
3.5 (0.5)
--------------------------------------------------------------------------------
Tax on profit on ordinary activities 6.8 1.6
--------------------------------------------------------------------------------
The adjustment to prior periods in 2005 primarily relates to the effect of
the company reducing its capital allowance claim for the year ended 31
March 2003. This amendment enabled the company to write back Advance
Corporation Tax (ACT) to be utilised against the resulting increased
taxable profits.
The ACT written back was not recognised as a deferred tax asset in the
previous year.
Factors that may affect future tax charges
ACT is recognised as an asset to the extent that it is foreseen to be
recoverable in the next 12 months. There is a further #3.4m (2005 - #3.4m)
of unrecognised ACT carried forward at 31 March 2006.
4. DIVIDENDS
2006 2005
Restated
#m #m
Ordinary Shares
* Dividend in respect of 2003/04:
Final dividend of 74.27 pence per share,
approved at the Annual General Meeting on 19 July 2004 - 4.5
* Dividend in respect of 2004/05:
Interim dividend of 47.15 pence per share,
approved by the Board on 7 December 2004 - 2.8
Final dividend of 88.00 pence per share,
approved at the Annual General Meeting on 18 July 2005 5.3 -
* Dividend in respect of 2005/06:
First interim dividend of 19.62 pence per share,
approved by the Board on 29 September 2005 1.2 -
Second interim dividend of 38.68 pence per share,
approved by the Board on 8 December 2005 2.3 -
Third interim dividend of 23.53 pence per share,
approved by the Board on 28 March 2006 1.4 -
--------------------------------------------------------------------------------
10.2 7.3
--------------------------------------------------------------------------------
On 16 May 2006 the Board declared a fourth interim dividend of 58.02 pence
per share, totalling #3.5m, in respect of the year ended 31 March 2006. In
accordance with FRS21 this dividend is not recognised in these accounts as a
liability. The Board does not propose a final dividend.
5. EARNINGS PER ORDINARY SHARE
2006 2005
Restated
m m
Earnings per ordinary share have been calculated as
follows -
On average number of ordinary shares in issue during
the year -
Earnings attributable to ordinary shares #11.6 #9.1
Weighted average number of ordinary shares 6.0 6.0
As the company has no obligation to issue further shares, disclosure of
earnings per share on a fully diluted basis is not required.
6. TANGIBLE FIXED ASSETS
2006 2005
#m #m
Net book value, beginning of year 195.6 193.8
Additions 22.6 20.3
Disposals (0.2) 0.1
Grants and contributions (2.4) (3.7)
Depreciation (18.6) (14.9)
--------------------------------------------------------------------------------
Net book value, end of year 197.0 195.6
--------------------------------------------------------------------------------
7. NET BORROWINGS
2006 2005
Restated
#m #m
Cash and short term deposits 40.5 12.0
Debt due within one year (2.5) (4.2)
Debt due after one year (204.2) (148.6)
--------------------------------------------------------------------------------
Net borrowings excluding 8.75% irredeemable (166.2) (140.8)
cumulative preference shares
8.75% irredeemable cumulative preference shares (12.5) (12.5)
--------------------------------------------------------------------------------
Net borrowings including 8.75% irredeemable (178.7) (153.3)
cumulative preference shares
--------------------------------------------------------------------------------
8. PROVISIONS FOR LIABILITIES AND CHARGES
2006 2005
Restated
#m #m
Restructuring costs (see note 2) - 0.9
Deferred tax (excluding deferred tax on retirement 18.8 18.4
benefit obligations)
--------------------------------------------------------------------------------
18.8 19.3
--------------------------------------------------------------------------------
Provision for deferred tax comprises -
Accelerated capital allowances and capital element of 36.7 35.3
finance leases
Deferred income (2.5) (2.6)
Short term timing differences (1.7) (0.5)
Arising on equity-settled share based payments (0.6) -
Retirement benefit obligations 1.3 (3.6)
--------------------------------------------------------------------------------
33.2 28.6
--------------------------------------------------------------------------------
Effect of discounting:
Retirement benefit obligations - 0.3
Other (13.1) (13.8)
--------------------------------------------------------------------------------
(13.1) (13.5)
--------------------------------------------------------------------------------
Net provision, including deferred tax on retirement 20.1 15.1
benefit obligations
Less, attributable to retirement benefit obligations (1.3) 3.3
--------------------------------------------------------------------------------
Net provision, excluding deferred tax on retirement 18.8 18.4
benefit obligations
--------------------------------------------------------------------------------
9. PENSIONS
Asset distribution and expected return
The following table sets out the key assumptions used for the valuation of
the company's section of WCPS. The table also sets out as at the accounting
date the fair value of the assets, a breakdown of the assets into the main
asset classes, the present value of the section liabilities, and the
resulting surplus / (deficit).
Expected long term Market values of
rate of return section assets
2006 2005 2004 2006 2005 2004
restated
#m #m #m
Equities 7.4% 7.7% 7.9% 78.8 63.2 71.5
Bonds 4.3% 4.7% 4.7% 47.0 35.0 18.4
--------------------------------------------------------------------------------
Market value of section 125.8 98.2 89.9
assets
Present value of (121.4) (110.1) (103.4)
liabilities
--------------------------------------------------------------------------------
Surplus/(deficit) in 4.4 (11.9) (13.5)
the section
Deferred taxation (1.3) 3.3 4.1
--------------------------------------------------------------------------------
Net pension asset/ 3.1 (8.6) (9.4)
(liability)
--------------------------------------------------------------------------------
10. MOVEMENT IN SHAREHOLDERS' FUNDS
Total Total
2006 2005
Restated
#m #m
Beginning of year as previously reported 68.9 69.3
Effect of adoption of FRS17 (7.0) (9.2)
Effect of adoption of FRS21 5.3 4.5
Effect of adoption of FRS25 (12.5) (12.5)
Effect of adoption of FRS26 (0.5) (0.9)
--------------------------------------------------------------------------------
At beginning of year as restated 54.2 51.2
Profit for year 11.6 9.1
Actuarial gains recognised in respect of retirement 7.8 1.7
benefit obligations
Attributable deferred taxation (2.1) (0.5)
Charged against operating profit for equity-settled 0.2 -
share based payment
Attributable deferred taxation 0.6 -
Dividends (10.2) (7.3)
--------------------------------------------------------------------------------
End of year 62.1 54.2
--------------------------------------------------------------------------------
11. ADDITIONAL INFORMATION TO THE CASH FLOW STATEMENT
(a) Reconciliation of operating profit to net cash inflow from operating
activities -
2006 2005
Restated
#m #m
Operating profit 24.9 17.1
Depreciation, net 17.9 14.6
Difference between pension charges and normal 0.6 0.6
contributions
Equity-settled share based payments 0.2 -
--------------------------------------------------------------------------------
Cash flow from operations 43.6 32.3
Working capital movements -
Stocks (0.1) 0.1
Debtors (0.5) 1.2
Creditors and provisions 0.6 0.5
Additional contributions to pension scheme, (8.5) -
including payments in respect of restructuring
--------------------------------------------------------------------------------
Net cash inflow from operating activities 35.1 34.1
--------------------------------------------------------------------------------
(b) Reconciliation of net cash flow to movement in net borrowings -
2006 2005
Restated
#m #m
Decrease in net cash in year (0.6) -
Cash used to repay borrowings 4.3 7.5
Cash from new borrowings (57.0) -
Net costs of issue of loans 1.1 -
Cash from increase/(decrease) in short term deposits 29.1 (5.4)
--------------------------------------------------------------------------------
(23.1) 2.1
New debt increase not affecting cash flow (2.3) (1.3)
Net borrowings at beginning of year including 8.75% (153.3) (154.1)
irredeemable cumulative preference shares
--------------------------------------------------------------------------------
Net borrowings at end of year including 8.75% (178.7) (153.3)
irredeemable cumulative preference shares
--------------------------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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