TIDMINFI
RNS Number : 4204F
Infinis Energy plc
12 November 2015
Infinis Energy plc (Symbol: INFI)
Half Year Financial Results
For the six months ended 30 September 2015
Constructing capacity, delivering clean and affordable
energy
Infinis Energy plc (Infinis or the Group), the UK's leading
independent generator of renewable power, announces its results for
the half year ended 30 September 2015.
Eric Machiels, Chief Executive Officer of Infinis,
commented:
"This has been a resilient performance by the business against
the backdrop of softer commodity prices and regulatory changes. We
have delivered another excellent operating performance with high
levels of engine reliability and turbine availability. Revenue for
the six months to 30 September 2015 was slightly lower than for the
comparative period at GBP102.7 million (2014: GBP103.9 million)
reflecting in part the removal of the exemption from the Climate
Change Levy ("CCL") for renewable generation as of 1 August 2015.
In addition revenue was adversely affected by a GBP3.1 million
reduction in our estimate of ROC recycle income previously accrued
in respect of the prior financial year. EBITDA for the period was
GBP56.5 million, GBP1.8 million lower than the prior comparative
period reflecting the reduction in revenue.
We now have 135 MW of new wind power plants under construction
and these are on track in terms of time and budget. When fully
operational we anticipate these new plants will deliver around 345
GWh p.a. of new clean and affordable renewable energy.
On 22 October 2015 the board of directors of Monterey Capital II
S.à r.l. ("Monterey") and the Infinis independent directors
announced that they had reached agreement on the terms of a
recommended cash acquisition by which the entire issued and to be
issued ordinary share capital of Infinis that Monterey does not
already own, representing 31.5% of the share capital, will be
acquired by Monterey for GBP1.85 per share payable in cash. As a
consequence of the offer the Group will not be paying an interim
dividend for the six months to 30 September 2015. The acquisition
will be implemented by means of a Court-sanctioned scheme of
arrangement under Part 26 of the Companies Act to be concluded
within the coming months."
Six months to
Six months to 30 September Year ended
30 September 2014 31 March
2015 Restated(5) 2015
--------------------------------- ---------------- -------------- -------------
Revenue (GBPm) 102.7 103.9 236.0
EBITDA (GBPm)(1,2) 56.5 58.3 140.2
Adjusted net income (GBPm)(1,3) 10.0 10.2 36.3
Profit after tax (GBPm) 1.7 2.0 20.7
Net debt to EBITDA 4.2x 3.8x 3.7x
Net debt (GBPm)(1,4) 586.2 547.8 534.7
Dividend per share (pence) - 6.1 18.3
--------------------------------- ---------------- -------------- -------------
Highlights
-- Revenue and EBITDA of GBP102.7 million and GBP56.5 million
were lower than the prior period of GBP103.9 million and GBP58.3
million due to the following:
-- A lower contribution from LFG principally due to a downward
revision to estimated ROC recycle income in respect of the prior
year and the removal of the exemption from the Climate Change Levy
which was effective from 1 August 2015;
-- Offset by a higher contribution from the wind business driven by more favourable wind speeds;
-- Net debt to EBITDA increased to 4.2 times from 3.7 times at
31 March 2015, reflecting increased expenditure and borrowings to
fund growth capital expenditure;
-- Cash on the balance sheet of GBP56.9 million compared to
GBP75.4 million as at 31 March 2015;
-- Financial close achieved on three of our remaining four wind
construction sites; Galawhistle, Sisters and North Steads.
Outlook
-- Trading is expected to be in line with management
expectations after adjusting for the anticipated reduction in
EBITDA due to the removal of the exemption from the CCL, a
reduction in the current year's EBITDA due to a downward revision
in the estimate made in the prior year relating to payments from
the ROC recycle fund and assuming average wind speeds over the
period from 30 September 2015 to 31 March 2016.
-- Our onshore wind growth plans are progressing well with
A'Chruach wind farm (43 MW) at an advanced stage of commissioning
and on track for full operations by March 2016. Galawhistle wind
farm (66 MW), Sisters (8 MW) and North Steads (19 MW) are
progressing as planned.
Forward-looking statements
Certain statements made in this announcement are
forward-looking. These represent expectations for the Group's
business, and involve risks and uncertainties. The Group has based
these forward-looking statements on current expectations and
projections about future events. The Group believes that
expectations and assumptions with respect to these forward-looking
statements are reasonable. However, because they involve known and
unknown risks, uncertainties and other factors, which in some cases
are beyond the Group's control, actual results or performance may
differ materially from those expressed or implied by such
forward-looking statements.
(1) Non-GAAP measure
(2) EBITDA is earnings before interest, tax, depreciation and
amortisation
(3) Adjusted net income is net income after adjusting for
amortisation and impairment of intangible fixed assets, total
exceptional items and tax thereon
(4) Net debt is current and non-current interest bearing loans
and borrowings less cash and cash equivalents. Net debt excludes
financial derivatives
(5) In FY15 Hydro has been treated as a discontinued
operation
Investor Relations
Conference call
Management will host a call for analysts at 9:00 am (London)
The meeting can also be accessed via a conference call.
Details for the call are provided below:
UK Number: +44 (0) 1452 555566
Conference ID: 16151201
Investors and analysts: Will Cooper, Head of Investor Relations
Infinis Energy plc
Telephone: +44 (0) 1604 742338
Email: equityinvestors@infinis.com
Media: David Litterick
Brunswick LLP
Telephone: +44 (0) 20 7404 5959
Email: infinis@brunswickgroup.com
Chairman's Introduction
The Group has delivered another solid operational performance
with output of 1,137 GWh and revenue and EBITDA of GBP102.7 million
and GBP56.5 million respectively. This is slightly down on the
prior year but has been achieved during a period of continued
weakness across energy markets and the removal of Levy Exemption
Certificates ("LECs").
We have continued to make progress on our growth agenda and our
construction projects, totalling 135MW, are progressing according
to plan and we expect all of these new projects to be accredited
under the renewable obligation ("RO") regime and deliver around 345
GWh of additional renewable energy per annum.
The regulatory changes that have been announced this year have
created uncertainty in the renewable energy sector at a time when
companies, like ourselves, should be investing more in future
capacity that will help deliver the clean and affordable energy
needs of the UK. The changes have served only to reduce investor
confidence and business confidence in delivering energy
infrastructure projects in the UK renewable sector.
One such change was the removal of the exemption from the
Climate Change Levy for electricity sourced from renewable
generators, effective from 1 August 2015. This change, announced in
the Budget on 8 July 2015, was a complete surprise to the industry
as a whole. The removal of this exemption will have a detrimental
impact on our results over the coming years.
There are two further items to update on. Firstly, Monterey, our
major shareholder, announced on 22 October 2015 its proposed
acquisition of all the share capital of Infinis that Monterey does
not already own for GBP1.85 per share in cash. The independent
directors of Infinis recommended this proposed acquisition having
taken due consideration of alternative offers and the associated
risks attached to them. We believe that the Monterey offer provides
the best outcome for both the company and all shareholders given
the softness in commodity markets and the high degree of regulatory
uncertainty.
Secondly, Gordon Boyd, who has been CFO of Infinis since March
2012, will retire from the Board, as previously announced, on 12
November 2015 following the announcement of our interim results. I
wish to thank Gordon for his valuable input to the Board since the
Company listed. I take this opportunity to welcome Tom Hinton as
Infinis' new CFO.
Ian Marchant
Chairman
Infinis Energy plc
Chief Executive's statement
Overview
We have delivered another good operational performance during
the period. We have maintained high levels of wind availability at
96% (2014: 97%) and engine reliability of 96% (2014: 95%) on our
operational wind portfolio and LFG business, respectively. In the
six months to 30 September 2015 we exported 1.14 TWh of electricity
compared to 1.13 TWh in the comparative period(1) . I am pleased to
report that our RIDDOR, the measure of our health and safety
performance, remained low at 0.3 as at 30 September 2015 (31 March
2015: 0.2).
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November 12, 2015 02:00 ET (07:00 GMT)
Revenue for the 6 month period was GBP102.7m which was GBP1.2
million lower than the comparative period (2014: GBP103.9 million),
driven by a lower contribution from LFG partly offset by more
favourable wind speeds. EBITDA of GBP56.5 million was lower than
the comparative period by GBP1.8 million. Our results for the 6
month period were adversely affected by a reduction in our estimate
for ROC recycle income relating to the prior year and the loss of
LEC income from 1 August 2015 following the Government's
announcement earlier this year to remove the exemption from the
Climate Change Levy (CCL) for renewable generation. More details
are provided in the Operating and Financial review on page 7.
Future developments
Growth plans: focus on onshore wind
We are making excellent progress on the construction of our four
wind farms. When completed, we will own and operate over 400 MW of
onshore wind in a renewable energy generation portfolio totalling
700 MW.
The most advanced of our construction projects is A'Chruach (43
MW) where almost all 21 turbines have been installed and
commissioning is progressing well. Full commercial operation
remains on schedule for March 2016.
Galawhistle (66 MW), which will be our largest wind farm when
complete, is also progressing according to budget and timetable.
Access and spine roads are being constructed and the foundations
for the turbine locations are well underway and they are due to be
completed in February 2016. The sub-station platform and extension
is complete and turbine erection is due to start in July 2016. The
site is expected to be fully operational by February 2017.
We have secured financing for both Sisters (8 MW) and the
adjacent site North Steads (19 MW) in North East England.
Construction has commenced on both sites and, due to their
proximity to each other, we have identified synergies throughout
both construction and operation. Both of these sites are expected
to be fully operational by September 2016.
Regulatory outlook
The last six months has seen a high degree of regulatory change.
Firstly with the announcement of the early closure of the RO regime
for onshore wind, secondly with the removal of the exemption for
renewable energy generation from the Climate Change Levy and
finally with the ongoing uncertainty introduced by the delay in
announcing the second round of Contract for Difference ("CfD")
auctions.
Early closure of the RO regime
The legislative process for closing the RO regime for new
onshore wind power plants by 31 March 2016 continues. The policy
document that outlined the grace period criteria was finally
published on 8 October 2015, having been first announced in June
2015, and the content was in line with our expectations. We remain
highly confident that our construction projects meet the proposed
grace period criteria and will therefore qualify as RO
projects.
CfD auctions
DECC announced in July 2015 that the second round of CfD
auctions would be postponed and an update would be provided in the
autumn of this year. We continue to invest modest sums in our wind
development pipeline until the Government provides clarity on its
intentions regarding future auction rounds.
Climate Change Levy judicial review
In July 2015 the Government announced its intention to remove
with effect from 1 August 2015 the exemption from the Climate
Change Levy (CCL) which had previously benefitted renewable
generation. In response Infinis and Drax Group sought application
for a judicial review of this withdrawal without advance notice,
consultation or proportionate justification and a hearing is
expected to take place early in 2016.
Market outlook
The Group continues to lock in power prices through forward
contracts in the LFG business in line with our forward contracting
strategy. Our contracted position as at 31 October 2015 is
summarised in the table below. Winter 15 corresponds to the six
month period ending 31 March 2016. Summer 16 and Winter 16
correspond with our financial year ending 31 March 2017.
Contracted position Winter 15 Summer 16 Winter 16
(LFG)
-------------------------- --------------------------- ---------------------------- ---------------------------
% of expected ASP % of expected ASP % of expected ASP
output (GBP/MWh) output (GBP/MWh) output (GBP/MWh)
-------------------------- -------------- ----------- -------------- ------------ -------------- -----------
NFFO sales (fixed price) 5% GBP43.82 1% GBP45.41(1) 1% GBP45.79
-------------------------- -------------- ----------- -------------- ------------ -------------- -----------
RO sales (power only)
-------------------------- -------------- ----------- -------------- ------------ -------------- -----------
- contracted at fixed
prices 92% GBP50.99 67% GBP47.72 31% GBP46.73
-------------------------- -------------- ----------- -------------- ------------ -------------- -----------
- contracted at prices
yet to fix 3% - 23% - 48% -
-------------------------- -------------- ----------- -------------- ------------ -------------- -----------
- uncontracted - - 9% - 20% -
-------------------------- -------------- ----------- -------------- ------------ -------------- -----------
Total(2) 100% - 100% - 100% -
-------------------------- -------------- ----------- -------------- ------------ -------------- -----------
(1) NFFO prices for Summer 16 and Winter 16 will be set for each
contract using a formula that incorporates the October 2015 RPI
value. This index value is due to be published by the Office for
National Statistics around mid-November. For the purposes of this
report we have assumed that RPI increases by 1%.
(2) The Group also benefits from the sale of ROCs and income
from embedded benefits.
The onshore wind business continues to operate under long term
PPAs with power prices set predominantly at fixed discounts on a
day-ahead basis.
Eric Machiels
Chief Executive
Infinis Energy plc
Operating and financial performance
The Group exported 1.14 TWh in the six months to 30 September
2015, an increase of 10 GWh (1%) from 1.13 TWh in the comparative
period(1) . Group revenue and Group EBITDA were GBP102.7 million
and GBP56.5 million respectively compared to GBP103.9 million and
GBP58.3 million for the prior period. The decline in revenue period
on period is attributable to a reduction in our estimate of
recycled ROC income (GBP3.1 million) in relation to the prior year,
the cessation of LEC revenue from 1 August 2015 and a reduction in
LFG volume, partly offset by higher wind volumes.
Six months
Group income statement Six months ended Year ended
ended 30 September 31 March 2015
30 September 2014 GBPm
2015 Restated(2)
GBPm GBPm
------------------------------- --------------- -------------- ----------------
RO revenue 97.1 95.8 214.4
NFFO revenue 2.7 5.3 8.3
Other 2.9 2.8 13.3
------------------------------- --------------- -------------- ----------------
Revenue 102.7 103.9 236.0
Operating expenses (38.3) (37.7) (79.0)
Gross profit 64.4 66.2 157.0
Administrative expenses (7.9) (7.9) (16.7)
EBITDA(3,4) 56.5 58.3 140.2
Depreciation and amortisation (34.9) (36.9) (73.8)
Operating profit 21.6 21.4 66.5
Net finance costs (19.3) (18.9) (38.4)
Tax charge (0.6) (0.7) (8.6)
Discontinued operation - 0.1 1.2
------------------------------- --------------- -------------- ----------------
Profit for the period/year 1.7 1.9 20.7
Adjusted net income(3,5) 10.0 10.2 36.3
------------------------------- --------------- -------------- ----------------
Adjusted earnings pence
per share(3,6) 3.3 3.4 12.1
------------------------------- --------------- -------------- ----------------
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November 12, 2015 02:00 ET (07:00 GMT)
A key driver of our performance is our average selling price
(ASP) received from sales of electricity. The unadjusted ASP
includes amounts recognised from sales made under the RO and NFFO
schemes during the financial year. An element of RO income, known
as recycled ROC, is estimated during the current financial year but
the final value is not known until the following financial year
when Ofgem announce the value. Any difference between the estimate
and the final amount will give rise to an "out of period" variance.
The following table bridges our ASP and the divisional adjusted
ASPs are explained within the divisional commentaries:
Six months ended Six months ended
ASPs(7) (GBP per MWh) 30 September 2015 30 September 2014
------------------------------ ---------------------- ---------------------
LFG Wind LFG Wind
------------------------------ ---------- ---------- ---------- ---------
Unadjusted ASP 89.19 83.18 90.23 87.65
------------------------------ ---------- ---------- ---------- ---------
Recycled ROC adjustment(8) 2.56 3.12 (2.14) (3.58)
------------------------------ ---------- ---------- ---------- ---------
Adjusted ASP 91.75 86.30 88.09 84.07
------------------------------ ---------- ---------- ---------- ---------
The EBITDA margin for the six months to 30 September 2015 was
55.0% compared to 56.1%. The decrease in EBITDA margin has been
driven by a decline in margin in the LFG business.
Divisional Performance
Landfill gas
6 months ending 6 months ending Year ended
30 September 30 September 31 March
Summary LFG performance 2015 2014 2015
GBPm GBPm GBPm
--------------------------- ---------------- ---------------- -----------
RO revenue 75.1 78.1 159.4
NFFO revenue 2.7 5.3 8.3
Other 2.7 2.7 12.3
--------------------------- ---------------- ---------------- -----------
Total revenue 80.5 86.1 180.0
Operating expenses (32.1) (32.4) (66.5)
Divisional gross profit 48.4 53.7 113.5
--------------------------- ---------------- ---------------- -----------
Divisional gross profit
margin 60.1% 62.4% 63.1%
--------------------------- ---------------- ---------------- -----------
The LFG division delivered a solid performance in the first half
of this financial year, with LFG engine reliability of 96% (2014:
95%). The division exported 872 GWh (equivalent to 77% of total
Group exported power), compared to 924 GWh for the same period in
2014. The 5.6% reduction in output was due to a combination of
factors including the natural decline in landfill gas and planned
full grid outages at two of our larger sites (by installed
capacity), initiated by the local network operators, which lasted
11 days. Adjusting for the one-off outages, the decline in output
would have been 4.9%.
Revenue decreased to GBP80.5 million from GBP86.1 million in the
comparative period, a decrease of GBP5.6 million or 6.5%, driven by
the reduction in output, the cessation of LEC revenue (effective 1
August 2015) and a reduction in the estimate of recycled ROC income
in respect of the prior year, partially offset by increases in the
adjusted ASP. The adjusted ASP achieved in the first six months of
this financial year of GBP91.75/MWh was GBP3.66/MWh higher than the
comparative period largely as a result of the proportion of total
exported power under the RO regime, rather than the NFFO regime,
increasing to 93% (2014: 87%).
Divisional gross profit was GBP5.3m lower than the same period
last year resulting in a reduction in gross profit margin of 2.3%
to 60.1% for the six month period to 30 September 2015. The
reduction was principally caused by the reduction in revenue caused
by the downward revision of estimated recycled ROC income in
respect of the prior year (GBP2.2 million) and the loss of LEC
income from 1 August 2015.
Wind
6 months ended 6 months ended Year ended
30 September 30 September 31 March
Summary wind performance 2015 2014 2015
GBPm GBPm GBPm
---------------------------- --------------- --------------- -----------
RO revenue 22.0 17.7 55.0
Other 0.2 0.1 1.0
---------------------------- --------------- --------------- -----------
Total revenue 22.2 17.8 56.0
Operating expenses (6.2) (5.3) (12.5)
Divisional gross profit 16.0 12.5 43.5
---------------------------- --------------- --------------- -----------
Divisional gross profit
margin 72.1% 70.2% 77.8%
---------------------------- --------------- --------------- -----------
Our wind business has continued to maintain high levels of
availability at 96% similar to the 97% in the comparative period.
The division contributed 23% of the Group's total exported power in
the first half of the financial year (2014: 18%), 265 GWh compared
to 203 GWh in the comparative period. This was a 31% increase, or
62 GWh, over the comparative period. On a rolling 12 month period
to 30 September 2015 wind output was in line with long term average
(P50) wind conditions. The adjusted wind ASP for the period was
GBP86.30 per MWh (2014: GBP84.07 per MWh) driven mostly by the
higher index-linked ROC price.
Revenue rose by GBP4.4 million to GBP22.2 million and EBITDA
rose by GBP3.5m to GBP16.0 million. As a result, the gross profit
margin of 72.1% is higher than the comparative period of 70.2%
reflecting the higher proportion of fixed costs associated with the
wind business.
Administrative expenses
Administrative expenses remained in line at GBP7.9 million for
the six months ending 30 September 2015.
Depreciation and amortisation
The combined charge for depreciation and amortisation was
GBP34.9 million, a decrease of GBP2.0 million on the prior year.
The decrease is attributable to accelerated depreciation booked in
the prior period following a review of asset lives at certain LFG
sites, which are now fully depreciated and an increase in fully
depreciated assets.
Net finance costs
Net finance costs were GBP19.3 million (2014: GBP18.9m).
Taxation
The tax charge of GBP0.6 million is based on an estimate of the
tax rate expected for the financial year to 31 March 2016. The
comparative period showed a half year tax charge of GBP0.7
million.
The Group's effective tax rate was 24.2%, higher than the
standard rate of corporation tax of 20% because not all of the
Group's income and capital expenditure qualifies for tax
relief.
Discontinued operation: Hydro
The Hydro business was disposed of during the year ended 31
March 2015. The results for the six months to 30 September 2014
have been restated to remove the results of Hydro. The Gross profit
margin on the hydro business was 53.8% for the six months to 30
September 2014 and EBITDA was GBP0.7 million.
Cash position and financing facilities
Cash and cash equivalents were GBP56.9 million at 30 September
2015 compared to GBP75.4 million at 31 March 2015. An analysis of
cash flows is set out below:
Six months Six months Year ended
to to 31 March
Summary cash flow statement 30 September 30 September 2015
2015 2014 GBPm
GBPm GBPm
------------------------------------- -------------- -------------- -----------
EBITDA 56.5 59.1 142.8
Decrease/(increase) in working
capital 12.9 3.0 (11.3)
Interest paid (18.2) (17.7) (35.9)
Tax paid (3.6) (9.4) (15.6)
------------------------------------- -------------- -------------- -----------
Net cash flow from operating
activities 47.6 35.0 80.0
Cash flow from investing activities
Purchase of property, plant
and equipment (50.7) (11.4) (41.0)
Other investing activities (10.4) (3.0) 14.2
------------------------------------- -------------- -------------- -----------
Net cash flow from investing
activities (61.1) (14.4) (26.8)
Cash flow from financing activities
Dividends paid (36.6) (19.9) (38.2)
Net proceeds/(repayments) from
borrowings 31.6 (4.6) (20.7)
------------------------------------- -------------- -------------- -----------
Net cash flow from financing
activities (5.0) (24.5) (58.9)
Net decrease in cash and cash
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November 12, 2015 02:00 ET (07:00 GMT)
equivalents (18.5) (3.9) (5.7)
Cash and cash equivalents at
beginning of the financial year 75.4 81.1 81.1
------------------------------------- -------------- -------------- -----------
Cash and cash equivalents at
period/year end 56.9 77.2 75.4
------------------------------------- -------------- -------------- -----------
Net cash flow from operating activities
Net cash inflows from operating activities were GBP47.6 million,
an increase of GBP12.6 million on the comparative period. The
increase in cash inflow relating to changes in working capital is
primarily due to a reduction in amounts receivable for accrued
income following the CP13 ROC recycle adjustment and the cessation
of LEC revenue together with a higher settlement of payables and
accruals in the prior period. The Group paid GBP3.6 million of
corporation tax during the first half of this financial year. In
the prior year cash tax paid of GBP9.4 million included payments of
GBP3.7 million relating to the loss of a temporary cash flow
benefit following the restructure of the Group prior to the IPO and
a balancing payment of GBP1.1 million relating to FY13. Excluding
these amounts the prior year cash tax would have been GBP4.6
million.
Net cash flow from investing activities
Net cash outflows from investing activities in the six months to
30 September 2015 were GBP61.1 million, GBP46.7 million higher than
the comparative period. Capital expenditure was GBP50.7 million
(2014: GBP11.4 million), higher than the comparative period
principally due to spend on the four wind farms currently under
construction. Spend on other investing activities (GBP10.4 million)
relates to wind usage rights acquired as a result of the purchase
of the North Steads wind farm project in June 2015 which was
acquired for a total consideration of GBP12.5 million. In the prior
financial year other investing activities totalled GBP14.2 million
comprising of Hydro proceeds (net of transaction costs) of GBP20.0
million and a payment of GBP6.0 million for the extension of LFG
rights on certain sites, GBP3.0 million of which was paid in the
half year to 30 September 2014.
Net cash flow from financing activities
Overall cash flow from financing activities for the six months
to 30 September 2015 was a net outflow of GBP5.0 million (2014:
GBP24.5 million outflow). Dividends paid to shareholders totalled
GBP36.6 million reflecting the final dividend paid of 12.2 pence
per share (2014: GBP19.9 million, 6.6 pence per share). Net
proceeds from borrowings totalled GBP31.6 million including GBP9.2
million of scheduled debt repayments offset by proceeds comprising
GBP25.4 million borrowed to fund new construction sites and GBP17
million drawn under the GBP50.0 million revolving credit facility
(RCF) to fund working capital. In the comparative period there was
a net repayment of GBP4.6 million on borrowings.
Balance sheet position
As at 30 September As at 30 September As at 31 March
Summary balance sheet 2015 2014 2015
GBPm GBPm GBPm
--------------------------- ------------------- ------------------- ---------------
Non-current assets 910.5 906.4 878.0
Cash and cash equivalents 56.9 77.2 75.4
Borrowings (653.2) (626.2) (621.3)
Deferred tax (67.4) (75.2) (67.2)
Other net assets 5.7 11.5 21.5
--------------------------- ------------------- ------------------- ---------------
Net assets 252.5 293.7 286.4
--------------------------- ------------------- ------------------- ---------------
Non-current assets were GBP910.5 million as at 30 September
2015, an increase of GBP32.5m from the year ended 31 March 2015.
Additions were GBP67.4 million, including wind usage rights
acquired of GBP10.4 million and depreciation and amortisation
charges were GBP34.9 million.
The Group's net deferred tax liability as at 30 September 2015
of GBP67.4 million comprised a deferred tax asset of GBP15.4
million relating to tax losses which we expect to utilise in the
future through the continued operation of the business, and
deferred tax liabilities of GBP82.8 million relating to the timing
differences arising on the recognition of non-current assets.
Liquidity and capital resources
As at the balance sheet date, net debt was GBP586.2 million
compared to GBP534.7 million at 31 March 2015 and the net debt to
EBITDA ratio for the 12 months to 30 September 2015 was 4.2 times
compared with 3.7 times at 31 March 2015. The increase in leverage
reflects the increase in growth capital expenditure.
The Group has three primary funding facilities:
-- The LFG business has a GBP350 million bond, secured on the
LFG assets, maturing in February 2019;
-- The operating wind business has total facilities secured on
the wind assets of approximately GBP325 million, comprising an
amortising term loan (of which GBP259.6 million was outstanding as
at 30 September 2015) and GBP33.3 million of ancillary facilities.
This facility matures in October 2020;
-- The Group has a GBP50 million RCF which matures in September
2017; GBP17 million was drawn as at 30 September 2015.
In addition, as at 30 September 2015 the Group had construction
facilities to fund A'Chruach, Galawhistle and Sisters wind farms.
All facilities are secured on the assets of the relevant project
companies. A'Chruach facilities total GBP51.0 million and mature in
September 2020. At 30 September 2015, GBP21.0 million was drawn
down. Galawhistle facilities total GBP81.9 million and mature in
June 2022. At 30 September 2015, GBP1.5 million was drawn down.
Sisters facilities total GBP18.0 million and mature in September
2022; the facility was undrawn at 30 September 2015.
Related party transactions
There were no changes in related party transactions from the
last Annual Report that could have had a material effect on the
financial position or performance of the Group in the six months
ended 30 September 2015.
Post balance sheet events
On 20 October 2015, Infinis signed the financing of the North
Steads wind farm project with facilities totalling GBP33.4 million
comprising a term loan of GBP29.8 million, VAT facility of GBP2.0
million and a debt service reserve facility of GBP1.6 million. The
facility is secured on the wind farm project and matures in October
2022.
On 22 October 2015, Monterey Capital II S.à r.l. announced its
proposed acquisition of the 31.5% of shares in Infinis Energy plc
which it does not already own at a price of GBP1.85 per share. The
all cash offer, which is intended to be implemented by means of a
scheme of arrangement of Infinis, is subject to the requisite
voting approvals of the Infinis shareholders other than
Monterey.
Risks and uncertainties
There are a number of potential risks which could have a
material impact on the Group's performance and cause actual results
to differ from both historic and expected results. In particular,
over the shorter term, the business is exposed to fluctuations in
wholesale power prices, mechanical failure and other equipment
shutdown, and the impact of weather conditions.
The key risks the business faces were discussed in detail on
pages 24 to 26 of the annual report for the financial year ended 31
March 2015.
The Board considers the operational risks to largely remain
unchanged from those reported in the annual report for the last
financial year. Since the release of the annual report regulatory
risk has increased as the Government seeks to close the RO scheme
earlier than anticipated, has removed the LEC scheme effective 1
August 2015 and has delayed the second round of CfD auctions.
The recent announcement by Monterey offering GBP1.85 per share
in cash to take the company private and an expectation that they
will seek to monetise their investment through business sales once
wholly-owned presents a risk that key personnel will leave the
business. To minimise this risk, it is expected that retention
packages will be put in place to try to secure key personnel.
Adoption of Financial Reporting Standard (FRS) 101 - Reduced
Disclosure Framework
Following the publication of FRS 100 'Application of Financial
Reporting Requirements' by the Financial Reporting Council, Infinis
Energy plc is required to change its accounting framework for its
entity financial statements, which is currently UK GAAP, for its
financial year ending 31 March 2016. The Board considers that it is
in the best interests of the Group for Infinis Energy plc to adopt
FRS 101 'Reduced Disclosure Framework'. No disclosures in the
current UK GAAP financial statements would be omitted on adoption
of FRS 101. A shareholder or shareholders holding in aggregate 5%
or more of the total allotted shares in Infinis Energy plc may
serve objections to the use of the disclosure exemptions on Infinis
Energy plc, in writing for the attention of the Company
Secretariat, to its registered office (500 Pavilion Drive,
Northampton, NN4 7YJ) not later than 31 January 2016.
Footnotes
(1) Exported generation excludes the Hydro contribution in
FY15
(2) In FY15 Hydro has been treated as a discontinued
operation
(3) The ASP is defined as RO and NFFO revenue recognised in the
period divided by exported power but excludes embedded benefit
income
(4) Adjusts the recycled RO revenue to the period to which it
relates
(5) Non-GAAP measure
(6) EBITDA: Earnings before interest, tax, depreciation,
amortisation and impairment
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(7) Adjusted net income: Profit before tax from operations
before the deduction of amortisation and impairment charges
relating to intangible assets, and total exceptional items, net of
tax thereon.
(8) Adjusted earnings per share: Basic earnings per share
calculated using adjusted net income as the numerator rather than
profit for the period/year
Infinis Energy plc
Interim Financial Statements
For the six months ended
30 September 2015
Contents
Directors' responsibility statement 15
Independent review report to Infinis Energy plc 16
Consolidated statement of comprehensive income 17
Consolidated statement of financial position 18
Consolidated statement of changes in equity 19
Consolidated cash flow statement 20
Notes forming part of the interim financial statements 21 -
26
Directors' responsibility statement
We confirm that, to the best of our knowledge:
1. the condensed set of financial statements have been prepared
in accordance with IAS 34 Interim Financial Reporting as adopted by
the European Union ("EU");
2. the interim management report includes a fair review of the
information required by the Disclosure & Transparency Rules
(DTR), specifically:
(a) DTR 4.2.7R, being an indication of important events that
have occurred during the first six months of the financial year and
their impact on the condensed set of financial statements; and a
description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R, being related party transactions that have taken
place in the first six months of the current financial year and
that have materially affected the financial position or performance
of the entity during that period; and any changes in the related
party transactions described in the last annual report that could
do so.
Directors of Infinis Energy plc
Executive:
Eric Machiels
Gordon Boyd
Non-Executive:
Ian Marchant
Alan Bryce
Christopher Cole
Ray King
Mike Kinski
Baroness Sally Morgan
Approved by the Board and signed on its behalf by:
Gordon Boyd
Executive Director and Chief Financial Officer
11 November 2015
INDEPENDENT REVIEW REPORT TO INFINIS ENERGY PLC
Introduction
We have been engaged by the Company to review the condensed set
of consolidated financial statements in the half-yearly financial
report for the six months ended 30 September 2015, which comprises
the condensed unaudited consolidated statement of comprehensive
income, the condensed unaudited consolidated statement of financial
position, the condensed unaudited consolidated statement of cash
flows, the condensed unaudited consolidated statement of changes in
shareholders' equity and the related explanatory notes. We have
read the other information contained in the half-yearly financial
report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the Company in accordance with the
terms of our engagement to assist the Company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR")
of the UK's Financial Conduct Authority ("the UK FCA"). Our review
has been undertaken so that we might state to the Company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company
for our review work, for this report, or for the conclusions we
have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA.
As disclosed in note 1, the annual audited financial statements
of the Group are prepared in accordance with IFRSs as adopted by
the EU. The condensed set of consolidated financial statements
included in this half-yearly financial report has been prepared in
accordance with IAS 34, Interim Financial Reporting as adopted by
the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of consolidated financial statements in the
half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of consolidated
financial statements in the half-yearly financial report for the
six months ended 30 September 2015 is not prepared, in all material
respects, in accordance with IAS 34 as adopted by the EU and the
DTR of the UK FCA.
Ian Griffiths:
(Senior Statutory Auditor) for and on behalf of KPMG LLP,
Statutory Auditor
Chartered Accountants
15 Canada Square, London, E14 5GL
11 November 2015
Consolidated statement of comprehensive income
for the six month period ended 30 September 2015
Note Six month
period ended
Six month 30 September
period ended 2014
30 September
2015
(unaudited) (restated Year ended
& unaudited)
31 March
2015
(audited)
GBP000 GBP000 GBP000
Revenue 2 102,685 103,923 235,981
Cost of sales (62,294) (63,548) (130,283)
Gross profit 40,391 40,375 105,698
Administrative expenses (18,833) (18,972) (39,200)
EBITDA 56,468 58,336 140,237
Depreciation of tangible fixed
assets 5 (24,528) (26,358) (52,495)
Amortisation of intangible fixed
assets 5 (10,382) (10,575) (21,244)
Operating profit 21,558 21,403 66,498
Finance costs (19,395) (18,972) (38,529)
Finance income 66 78 128
-------------- -------------- -----------
Net finance costs (19,329) (18,894) (38,401)
Profit before tax 2,229 2,509 28,097
Tax charge (540) (655) (8,630)
Adjusted net income 9,995 10,208 36,250
Amortisation of intangible fixed
assets and total exceptional items (10,382) (10,575) (21,244)
Tax thereon 2,076 2,221 4,461
Profit for the period/year from
continuing operations 1,689 1,854 19,467
-------------- -------------- -----------
Profit for the period/year from
discontinued operation, net of
tax - 105 1,196
-------------- -------------- -----------
Profit for the year 1,689 1,959 20,663
============== ============== ===========
Other comprehensive income/(expense)
Items that may be reclassified subsequently
to the profit or loss:
Net movement in effective cash
flow hedges net of taxation 880 (1,823) (11,710)
Related tax (287) 366 2,460
-------------- -------------- -----------
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Total comprehensive income for
the period/year 2,282 502 11,413
============== ============== ===========
Basic earnings per share (pence) 4 0.6 0.6 6.5
Diluted earnings per share (pence) 4 0.6 0.6 6.5
Adjusted earnings per share (pence) 4 3.3 3.4 12.1
Diluted adjusted earnings per
share (pence) 4 3.3 3.4 12.0
============== ============== ===========
Consolidated statement of financial position
at 30 September 2015
Note At At
30 September 30 September At 31 March
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 5 454,940 428,430 422,453
Goodwill 5 149,581 149,581 149,581
Other intangible assets 5 305,912 328,355 305,940
Investments 57 57 57
910,490 906,423 878,031
============= ============= ============
Current assets
Inventories 3,181 3,140 3,345
Trade and other receivables 56,172 62,688 75,250
Cash and cash equivalents 56,864 77,239 75,431
------------- ------------- ------------
116,217 143,067 154,026
============= ============= ============
Total assets 1,026,707 1,049,490 1,032,057
============= ============= ============
Non-current liabilities
Interest-bearing loans and borrowings 6 613,222 604,077 601,891
Deferred tax 67,386 75,155 67,156
Provisions 2,995 2,907 2,892
------------- ------------- ------------
683,603 682,139 671,939
============= ============= ============
Current liabilities
Interest-bearing loans and borrowings 6 39,994 22,107 19,389
Trade and other payables 50,663 51,532 54,361
90,657 73,639 73,750
------------- ------------- ------------
Total liabilities 774,260 755,778 745,689
============= ============= ============
Net assets 252,447 293,712 286,368
============= ============= ============
Equity attributable to equity
holders
Share capital 3,000 3,000 3,000
Share premium 22,691 22,616 22,640
Hedging reserve (8,140) (940) (8,733)
Merger reserve 12,760 12,760 12,760
Other distributable reserves (22,783) (22,783) (22,783)
Retained earnings 244,919 279,059 279,484
------------- ------------- ------------
Total equity 252,447 293,712 286,368
============= ============= ============
Consolidated statement of changes in equity
Six month period ended 30 September 2015 (unaudited)
Other
Share Share Hedging Merger distributable Retained
capital premium reserve reserve reserves earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
April 2015 3,000 22,640 (8,733) 12,760 (22,783) 279,484 286,368
Profit for the
period - - - - - 1,689 1,689
Effective portion
of changes in
fair value of
cash flow hedges - - 880 - - - 880
Tax on movement
in cash flow
hedge - - (287) - - - (287)
Dividends - - - - - (36,605) (36,605)
Other movements - 51 - - - 351 402
Balance at 30
September 2015 3,000 22,691 (8,140) 12,760 (22,783) 244,919 252,447
========= ========= ========= ========= =============== ========== =========
Six month period ended 30 September 2014 (unaudited)
Other
Share Share Hedging Merger distributable Retained
capital premium reserve reserve reserves earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
April 2014 3,000 22,616 517 12,760 (22,783) 296,791 312,901
Profit for the
period - - - - - 1,959 1,959
Effective portion
of changes in
fair value of
cash flow hedges - - (1,823) - - - (1,823)
Tax on movement
in cash flow
hedge - - 366 - - - 366
Dividends - - - - - (19,890) (19,890)
Other movements - - - - - 199 199
Balance at 30
September 2014 3,000 22,616 (940) 12,760 (22,783) 279,059 293,712
========= ========= ========= ========= =============== ========== =========
Year ended 31 March 2015 (audited)
Share Share Hedging Merger Other distributable Retained
capital premium reserve reserve reserves earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
April 2014 3,000 22,616 517 12,760 (22,783) 296,791 312,901
Profit for the
year - - - - - 20,663 20,663
Effective portion
of changes in
fair value of
cash flow hedges - - (11,710) - - - (11,710)
Tax on movement
in cash flow
hedge - - 2,460 - - - 2,460
Dividends - - - - - (38,190) (38,190)
Other movements - 24 - - - 220 244
--------- --------- ---------- --------- -------------------- ---------- ----------
Balance at 31
March 2015 3,000 22,640 (8,733) 12,760 (22,783) 279,484 286,368
========= ========= ========== ========= ==================== ========== ==========
Consolidated cash flow statement
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For the six month period ended 30 September 2015
At At
30 September 30 September At 31 March
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Cash flows from operating activities
Profit for the period/year 1,689 1,959 20,663
Adjustments for:
Depreciation of tangible fixed assets 24,528 26,668 52,953
Amortisation of intangible fixed
assets 10,382 10,844 21,694
Finance costs 19,395 18,972 38,529
Finance income (66) (78) (128)
Loss on disposal of discontinued
operation, net of tax - - 159
Taxation 540 686 8,888
------------- ------------- --------------
Operating cash flow before changes
in working capital and provisions 56,468 59,051 142,758
Decrease in trade and other receivables 19,078 13,878 1,316
Decrease/(increase) in inventories 164 (186) (391)
Decrease in trade and other payables (6,421) (10,249) (11,658)
Increase/(decrease) in provisions 103 (440) (455)
------------- ------------- --------------
69,392 62,054 131,570
Interest paid (18,194) (17,663) (35,928)
Tax paid (3,606) (9,352) (15,621)
------------- ------------- --------------
Net cash inflow from operating activities 47,592 35,039 80,021
Cash flows used in investing activities
Interest received 66 78 128
Disposal of discontinued operation,
net of costs incurred - - 20,005
Purchase of intangibles (10,354) (3,000) (6,000)
Purchase of property, plant and
equipment (50,815) (11,486) (40,977)
------------- ------------- ------------
Net cash outflow from investing
activities (61,103) (14,408) (26,844)
Cash flows used in financing activities
Proceeds from issue of share capital 51 - 24
Proceeds from other borrowings 50,909 6,000 15,000
Repayment of other borrowings (18,158) (10,621) (34,911)
Arrangement fees on new loans (1,253) - (788)
Dividends paid (36,605) (19,890) (38,190)
Net cash used in financing activities (5,056) (24,511) (58,865)
Net decrease in cash and cash equivalents (18,567) (3,880) (5,688)
============= ============= ============
Cash and cash equivalents at the
beginning of the period/year 75,431 81,119 81,119
------------- ------------- ------------
Cash and cash equivalents at the
end of the period/year 56,864 77,239 75,431
============= ============= ============
Notes forming part of the interim financial statements
1 Basis of preparation
Infinis Energy plc ("Infinis Energy" or the "Company") is a
public limited liability company. These consolidated financial
statements comprise the Company and its subsidiaries (together the
"Group").
On 3 February 2015, the Group completed its sale of its entire
hydro segment, and consequently the hydro segment was classified as
a discontinued operation in the financial statements. It was not
previously classified as discontinued and the comparative period
(consolidated statement of comprehensive income and associated
notes) has been restated to show the discontinued operation
separately from continuing operations.
(a) Statement of compliance
This condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by
the EU.
The annual financial statements of the Group are prepared in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the EU. As required by the Disclosure and
Transparency Rules of the Financial Conduct Authority, the
condensed set of financial statements has been prepared applying
the accounting policies and presentation that were applied in the
preparation of the published consolidated financial statements of
Infinis Energy plc for the year ended 31 March 2015.
(b) Significant accounting policies
The accounting policies applied in these interim financial
statements are the same as those applied in the Group's
consolidated financial statements as at, and for the year ended, 31
March 2015.
(c) Judgments and estimates
In preparing these interim financial statements, management
necessarily makes judgments and estimates that have a significant
effect on the values recognised in the financial statements.
Changes in the assumptions underlying these judgments and estimates
could result in a significant impact to the financial
statements.
The significant judgments made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty are the same as those applied to the consolidated
financial statements as at and for the year ended 31 March
2015.
(d) Non-IFRS measures
EBITDA is a non-IFRS measure defined as earnings before
interest, tax, depreciation and amortisation. Further, adjusted net
income is a non-IFRS measure defined as profit or loss for the
period/year before amortisation and impairment of intangible fixed
assets, total exceptional items and the tax thereon.
While the amounts included in EBITDA and adjusted net income are
derived from the Group's financial information, they are not
financial measures determined in accordance with adopted IFRS and
should not be considered as an alternative to net income or
operating income as a sole indication of the Group's performance or
as an alternative to cash flows as a measure of the Group's
liquidity. The Group currently uses EBITDA excluding exceptional
items and adjusted net income in its business operations to, among
others, evaluate the performance of its operations, develop budgets
and measure its performance against those budgets.
Notes forming part of the interim financial statements
(continued)
2 Segment information
LFG Wind Unallocated Total
Six months to 30 September 2015 (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
External revenues 80,480 22,205 - 102,685
Operating expenses((i) (32,073) (6,243) - (38,316)
Administrative expenses((ii) - - (7,901) (7,901)
---------- ---------- -------------- ----------
Divisional EBITDA 48,407 15,962 (7,901) 56,468
Depreciation and amortisation expense (34,910)
Net finance costs (19,329)
----------
Profit before tax 2,229
Tax charge (540)
----------
Profit after tax from continuing operations 1,689
==========
Property, plant and equipment additions 7,893 49,122 - 57,015
========== ========== ============== ==========
Six months to 30 September 2014 (restated & unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
External revenues 86,099 17,824 - 103,923
Operating expenses((i) (32,361) (5,357) - (37,718)
Administrative expenses((ii) - - (7,869) (7,869)
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---------- ---------- -------------- ----------
Divisional EBITDA 53,738 12,467 (7,869) 58,336
Depreciation and amortisation expense (36,933)
Net finance costs (18,894)
----------
Profit before tax 2,509
Tax charge (655)
----------
Profit after tax from continuing operations 1,854
==========
Property, plant and equipment additions 8,443 3,379 - 11,822
========== ========== ============== ==========
Year ended 31 March 2015 (audited) GBP'000 GBP'000 GBP'000 GBP'000
External revenues 180,042 55,939 - 235,981
Operating expenses((i) (66,489) (12,535) - (79,024)
Administrative expenses((ii) - - (16,720) (16,720)
---------- ---------- -------------- ----------
Divisional EBITDA 113,553 43,404 (16,720) 140,237
Depreciation and amortisation expense (73,739)
Net finance costs (38,401)
----------
Profit before tax 28,097
Tax charge (8,630)
----------
Profit after tax from continuing operations 19,467
==========
Property, plant and equipment additions 19,566 24,073 - 43,639
========== ========== ============== ==========
(i) Operating expenses represent cost of sales excluding
depreciation
(ii) Administrative expenses exclude operating exceptional
items, amortisation expense and the element of depreciation charged
on administrative assets
Notes forming part of the interim financial statements
(continued)
3 Acquisition
On 22 June 2015, the Group acquired 100% of the issued share
capital of North Steads Wind Farm Holdings Limited, the holding
company of North Steads Wind Farm Limited and in turn the owner of
a 18.5 MWh consented onshore wind farm project. The consideration
paid was GBP12.5 million gross of the settlement of intercompany
creditors of GBP2.5 million. As part of the transaction the Group
recognised intangible wind usage rights of GBP10.4 million. The
transaction has been accounted for as an asset acquisition and is
therefore outside the scope of IFRS 3.
4 Earnings per share
Six month period ended 30 Six month period ended 30
September 2015 September 2014
(unaudited) (restated & unaudited) Year ended 31 March 2015
(audited)
Profit for the period/year
(i) (GBP000) 1,689 1,854 19,467
Weighted average number of
shares in issue 300,042,400 300,000,000 300,002,941
Basic earnings per share
(pence) 0.6 0.6 6.5
Diluted average number of
shares 301,387,151 300,798,988 300,964,620
Diluted earnings per share
(pence) 0.6 0.6 6.5
Adjusted net income for the
period/year (GBP000) 9,995 10,208 36,250
Weighted average number of
shares in issue 300,042,400 300,000,000 300,002,941
Adjusted earnings per share
(pence) 3.3 3.4 12.1
Diluted average number of
shares 301,387,151 300,798,988 300,964,020
Diluted adjusted earnings
per share (pence) 3.3 3.4 12.0
============================ ============================ ============================
(i) Profit for the period/year relates to continuing operations
only
5 Non-current assets
Property, plant and equipment Goodwill Other intangibles
At 30 September 2015 (unaudited) GBP000 GBP000 GBP000
Net book value at 1 April 2015 422,453 149,581 305,940
Additions 57,015 - 10,354
Depreciation/amortisation for the period (24,528) - (10,382)
Net book value at 30 September 2015 454,940 149,581 305,912
================================ =========== ====================
Property, plant and equipment Goodwill Other intangibles
At 30 September 2014 (unaudited) GBP000 GBP000 GBP000
Net book value at 1 April 2014 443,276 149,581 333,199
Additions 11,822 - 6,000
Depreciation/amortisation for the period (26,668) - (10,844)
Net book value at 30 September 2014 428,430 149,581 328,355
================================ =========== ====================
Property, plant and equipment
Goodwill Other intangibles
At 31 March 2015 (audited) GBP000 GBP000 GBP000
Net book value at 1 April 2014 443,276 149,581 333,199
Additions 43,639 - 6,000
Disposals (11,509) - (11,565)
Depreciation/amortisation for the year (52,953) - (21,694)
Net book value at 31 March 2015 422,453 149,581 305,940
================================ =========== ====================
As at 30 September 2015 the Group had capital commitments of
GBP89.9 million (31 March 2015: GBP41.7 million).
Notes forming part of the interim financial statements
(continued)
6 Interest-bearing loans and borrowings
This note provides information about the contractual terms of
the Group's interest-bearing loans and borrowings, which are
measured at amortised cost.
Six month period ended 30 Six month period ended 30
September 2015 September 2014
(unaudited) (unaudited) Year ended 31 March 2015
(audited)
GBP000 GBP000 GBP000
Non-current
Secured loans 603,047 602,909 590,836
Derivative financial
liabilities 10,175 1,168 11,055
613,222 604,077 601,891
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