Credit Investor Presentation
Return on regulated equity (RORE) for 2020/21
Reported RoRE of 4.3%; underlying¹ RoRE of 4.8%
Reported 2020/21
RORE is 4.3%
1.2% financing performance; 2.5% effective interest rate
0.3% customer ODI performance representing net £21m reward
3.9% base return including 0.11% fast track reward
-0.3%% totex performance representing £33m additional investment fully remunerated for
-0.3%% retail performance representing £13m additional Covid costs
-0.5%% tax performance representing reversal of planned reduction in rate (recovered through
tax sharing mechanism) and tax impact of financing outperformance
RORE is presented on a real, blended CPIH/RPI basis
1 Underlying RORE adjusts for the tax impact that will be recovered through the tax sharing mechanism and the additional totex that drives better outcomes against future customer ODIS
United Utilities
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Credit Investor presentation
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