united-utilities-annual-report-2015

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UNITED UTILITIES GROUP PLC ANNUAL REPORT AND FINANCIAL STATEMENTS 2015Stock Code: UU.unitedutilities.comConsolidated and company statementsof financial positionat 31 March2015£mRestated*Group2014£m2015£mCompanyNoteASSETSNon-current assetsProperty, plant and equipment 10 9,716.3 9,318.5 – –Intangible assets 11 144.9 110.2 – –Interests in joint ventures 12 31.7 35.6 – –Investments 13 8.6 6.9 6,326.8 5,600.0Trade and other receivables 15 2.5 2.4 – –Retirement benefit surplus 18 79.2 – – –Derivative financial instruments A3 681.6 456.0 – –10,664.8 9,929.6 6,326.8 5,600.0Current assetsInventories 14 40.5 39.8 – –Trade and other receivables 15 353.3 330.4 61.2 56.3Cash and short-term deposits 16 244.0 115.8 – –Derivative financial instruments A3 1.0 56.9 – –638.8 542.9 61.2 56.3Total assets 11,303.6 10,472.5 6,388.0 5,656.3LIABILITIESNon-current liabilitiesTrade and other payables 21 (480.0) (451.0) – –Borrowings 17 (6,067.3) (5,929.2) (1,609.4) –Retirement benefit obligations 18 – (177.4) – –Deferred tax liabilities 19 (1,123.8) (1,050.4) – –Derivative financial instruments A3 (196.6) (52.3) – –(7,867.7) (7,660.3) (1,609.4) –Current liabilitiesTrade and other payables 21 (381.2) (382.1) (10.8) (10.1)Borrowings 17 (578.1) (112.3) (0.4) (1,584.3)Current tax liabilities (21.1) (34.8) – –Provisions 20 (12.5) (16.3) – –Derivative financial instruments A3 (8.6) (50.8) – –(1,001.5) (596.3) (11.2) (1,594.4)Total liabilities (8,869.2) (8,256.6) (1,620.6) (1,594.4)Total net assets 2,434.4 2,215.9 4,767.4 4,061.9EQUITYCapital and reserves attributable to equity holders of the companyShare capital 22 499.8 499.8 499.8 499.8Share premium account 2.9 2.9 2.9 2.9Other reserve – 158.8 – –Cumulative exchange reserve (8.7) (5.6) – –Capital redemption reserve – – 1,033.3 1,033.3Merger reserve 329.7 329.7 – –Retained earnings 1,610.7 1,230.3 3,231.4 2,525.9Shareholders’ equity 2,434.4 2,215.9 4,767.4 4,061.9* The comparatives have been restated to reflect the requirements of IFRS 11 ‘Joint Arrangements’. See accounting policies page 124 for details.These financial statements for the group and United Utilities Group PLC (company number: 6559020) were approved by theboard of directors on 20 May 2015 and signed on its behalf by:2014£mSteve MogfordChief Executive OfficerRuss HouldenChief Financial Officer120
UNITED UTILITIES GROUP PLC ANNUAL REPORT AND FINANCIAL STATEMENTS 2015Stock Code: UU.unitedutilities.comConsolidated statement of changes in equityfor the year ended 31 MarchSharecapital£mSharepremiumaccount£mOtherreserve£mCumulativeexchangereserve£mMergerreserve£mRetainedearnings£mAt 1 April 2014 499.8 2.9 158.8 (5.6) 329.7 1,230.3 2,215.9Profit after taxation – – – – – 271.2 271.2Other comprehensive (expense)/incomeRemeasurement gains on defined benefit pensionschemes (see note 18) – – – – – 250.5 250.5Taxation on items taken directly to equity(see note 6) – – – – – (50.1) (50.1)Foreign exchange adjustments – – – (3.1) – – (3.1)Total comprehensive (expense)/income – – – (3.1) – 471.6 468.5Dividends (see note 9) – – – – – (249.4) (249.4)Transfer of other reserve – – (158.8) – – 158.8 –Equity-settled share-based payments (see note 2) – – – – – 2.9 2.9Exercise of share options – purchase of shares – – – – – (3.5) (3.5)At 31 March 2015 499.8 2.9 – (8.7) 329.7 1,610.7 2,434.4Sharecapital£mSharepremiumaccount£mOtherreserve£mCumulativeexchangereserve£mMergerreserve£mRetainedearnings£mAt 1 April 2013 499.8 2.9 158.8 (4.4) 329.7 885.1 1,871.9Profit after taxation – – – – – 739.4 739.4Other comprehensive (expense)/incomeRemeasurement losses on defined benefit pensionschemes (see note 18) – – – – – (200.8) (200.8)Taxation on items taken directly to equity(see note 6) – – – – – 40.9 40.9Foreign exchange adjustments – – – (1.2) – – (1.2)Total comprehensive (expense)/income – – – (1.2) – 579.5 578.3Dividends (see note 9) – – – – – (237.9) (237.9)Equity-settled share-based payments (see note 2) – – – – – 4.4 4.4Exercise of share options – purchase of shares – – – – – (0.8) (0.8)At 31 March 2014 499.8 2.9 158.8 (5.6) 329.7 1,230.3 2,215.9On the group’s transition to IFRS in the year ended 31 March 2006, the other reserve arose from the uplift to fair value ofthe infrastructure assets. This reserve is a component of retained earnings and, as such, has been transferred and presentedwithin retained earnings during the year.The merger reserve arose in the year ended 31 March 2009 on consolidation and represents the capital adjustment toreserves required to effect the reverse acquisition of United Utilities PLC by United Utilities Group PLC.Total£mTotal£mSTRATEGIC REPORTSHAREHOLDER INFORMATION FINANCIAL STATEMENTSGOVERNANCE121
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STRATEGICREPORTDetailing the past y
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GOVERNANCEThe corporate governance
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