Credit Investor Presentation
Profit before tax reconciliation
Year ended 31 March
£m
Operating profit
Investment income and finance expense
Share of profits/(losses) of joint ventures
Profit on disposal of joint ventures
Reported profit before tax
Re-presented
As reported
2021
2020
2020
602.1
630.3
630.3
(78.5)
(289.0)
(289.0)
(9.3)
(38.1)
(38.1)
36.7
551.0
303.2
303.2
Adjustments:
Bioresources asset write down
82.6
82.6
COVID-19
56.2
56.2
Restructuring costs
11.8
Fair value (gains)/losses on debt and derivative instruments, excluding interest on derivatives
and debt under fair value option
(54.3)
92.8
Net fair value losses on debt and derivative instruments
76.3
Interest on swaps and debt under fair value option
16.5
Net pension interest income
Capitalised borrowing costs
Profit on disposal of Tallinn joint venture
Underlying profit before tax
Underlying measures reflect the adoption of new definitions for alternative performance measures (APMs) with prior
year numbers re-presented for comparative purposes and also showing prior year as reported.
(14.0)
(40.6)
(36.7)
460.0
534.8
492.0
United Utilities
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