Investor Presentaiton
Historical financial performance (cont.)
Results
.
Tax
•
During the six month period ended 30 September 2016, Tideway reported a loss
of £30.3m. We do not consider the reported loss in the period is a reflection of the
performance of the business.
The loss reflects the movement in the fair value in the Holdco Group's financial
instruments that are recognised in the Income Statement because under IAS 23
these do not represent current borrowing costs and so, unlike our other
expenditure, cannot be capitalised.
A corporation tax charge of £nil was recognised in the period, which reflects the
position that the Holdco Group did not have any taxable profits.
Cash flow
Net cash
£m
Balance 31/03/16
130.4
(Net) Shareholder Loans
179.7
Equity
127.7
Revenue
Other
Cash Inflows
14.5
2.4
324.3
Construction of the asset
(163.8)
•
During the period, Tideway received equity and loans from its shareholders
totalling £319.2m, and collected £16.9m in revenue.
Working capital
(12.3)
•
In September 2016, £11.8m of principal was repaid.
Cash outflows
(176.1)
•
Cash outflows of £176.1m includes £163.8m of investment on the construction of
the tunnel and working capital outflows of £12.3m.
Balance 30/09/16
278.6
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