Investor Presentaiton
Historical financial performance
Tideway published its first annual report in July 2016 and half-year results to
September 2016 were published in December 2016.
Costs
Tideway capitalises costs for assets under construction and revenue is reported
as deferred income during the construction phase. At 30 September 2016, costs
of £325.0m were capitalised within the asset under construction on the
statement of financial position. This represents £163.8m of costs during the
period and £161.2m for the prior period to 31 March 2016.
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Main works costs
Main works costs are split between the three regional contracts West,
Central and East for the design and construction of the main tunnel, the
system integrator contract and the Volker Stevin marine contract.
The costs incurred in the period include contractors' staff, design,
consents and preliminary costs to support mobilisation, site preparation
activities at key sites across the project and also to support the "Right
Start" readiness programme.
Other direct costs
Third party costs for the management, monitoring and mitigation of the
impact of construction on third parties and safety training costs.
Indirect costs
The largest indirect costs are resource costs of £29.9m; other indirect
costs include information systems, premises and insurance.
Excluded costs
Excluded costs to 30 September 2016 are £17.1m which largely reflects
financing costs.
Analysis of costs
and cash outflows
Costs
£m
Timing
difference
£m
Cash
outflows
£m
104.1
(3.6)
100.5
42.6
1.2
43.8
Direct costs
Indirect costs
Total allowable costs
146.7
(2.4)
144.3
Total excluded costs
17.1
14.7
31.8
Total
163.8
12.3
176.1
Cum as of 31/03/16
161.2
Total
325.0
Allowable costs
£m
Main works costs
100.9
Other direct costs
3.2
Direct costs
104.1
Resources
29.9
Other indirect costs
12.7
Indirect costs
Total
42.6
146.7
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