Final Results -2 -12-
30 Marzo 2009 - 8:01AM
UK Regulatory
* Interest rate swaps are measured at the present value of future cash flows
estimated and discounted based on the applicable yield curves derived from
quoted interest rates.
* The fair value of non-derivative financial assets and financial liabilities with
standard terms and conditions and traded on active liquid markets are determined
with reference to quoted market prices. Financial assets in this category
include equity shares.
* The fair value of other non-derivative financial assets and financial
liabilities are determined in accordance with generally accepted pricing models
based on discounted cash flow analysis using current market data.
Except as detailed in the following table, the carrying amounts of financial
assets and financial liabilities recorded at amortised cost in the financial
statements approximate their fair values:
+------------------------------------------------+----------+----------+----------+----------+
| | Carrying amount | Fair value |
+------------------------------------------------+---------------------+---------------------+
| | 31 Dec | 31 Dec | 31 Dec | 31 Dec |
| | 2008 | 2007 | 2008 | 2007 |
| | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
+------------------------------------------------+----------+----------+----------+----------+
| | | | | |
+------------------------------------------------+----------+----------+----------+----------+
| Financial | | | | |
| assets | | | | |
+------------------------------------------------+----------+----------+----------+----------+
| Loans | 494,339 | 509,050 | 580,847 | 541,159 |
| and | | | | |
| receivables | | | | |
+------------------------------------------------+----------+----------+----------+----------+
| | | | | |
+------------------------------------------------+----------+----------+----------+----------+
| Financial | | | | |
| liabilities | | | | |
+------------------------------------------------+----------+----------+----------+----------+
| Bank | 302,587 | 154,168 | 376,755 | 150,968 |
| loans | | | | |
| at | | | | |
| fixed | | | | |
| interest | | | | |
| rates | | | | |
+------------------------------------------------+----------+----------+----------+----------+
| | | | | |
+------------------------------------------------+----------+----------+----------+----------+
Assumptions used in determining fair value of financial assets and liabilities
The fair value of the Group's loans and receivables has been determined using
discounted cash flow methodology. In determining the discount rate,
consideration is given to a number of market factors including but not limited
to the prevailing risk free rate, an appropriate project specific risk premium
and recent transactions that have similar characteristics.
At 31 December 2008 for project debt (which is non recourse to the group)
covenants are in respect of historic and future interest cover ratios in the
range of 1.01 times historic interest cover ratio and 1.75 times future interest
cover ratio.
The fair value of the fixed rate bank loans has been calculated using discounted
cash flow methodology. The discount rate used reflects changes in the LIBOR
rates and lending margins.
At 31 December 2008, the weighted average range of discount rates applied was
2.7% to 5.2% (2007: 5.0% to 8.4%).
30. Share capital
+-------------------------------------------+---+------------+------------+
| | | 31 Dec | 31 Dec |
| | | 2008 | 2007 |
| | | GBP'000s | GBP'000s |
+-------------------------------------------+---+------------+------------+
| | | | |
+-------------------------------------------+---+------------+------------+
| Authorised: | | | |
+-------------------------------------------+---+------------+------------+
| 1,000 million | | 100 | 100 |
| unclassified shares of | | | |
| 0.01pence each | | | |
+-------------------------------------------+---+------------+------------+
| | | | |
+-------------------------------------------+---+------------+------------+
| Issued and fully paid: | | | |
+-------------------------------------------+---+------------+------------+
| 374,714,645 (2007: 300 | | 37 | 30 |
| million) Ordinary Shares | | | |
| of 0.01 pence each | | | |
+-------------------------------------------+---+------------+------------+
| | | | |
+-------------------------------------------+---+------------+------------+
At present, the Company has one class of Ordinary Shares which carry no right to
fixed income.
Two Ordinary Shares of 0.01 pence each were issued on incorporation at par
value. Following the listing of the Company on the London Stock Exchange, the
Company issued 300 million Ordinary Shares of 0.01pence (including the
previously issued Ordinary Shares) at a premium of 99.99 pence per Ordinary
Share.
On 17 April 2008 the Group raised an additional GBP84 million of equity through
a C Share issue. These shares were listed on the London Stock Exchange on 22
April 2008 at an issue price of 100.00 pence per share. The C Shares were
converted to Ordinary Shares on 30 June 2008 at a conversion rate of 0.8928
Ordinary Shares for every 1 C Share.
The total number of Ordinary Shares in issue at 31 December 2008 was
374,714,645.
31. Share premium account
+--------------------------------------------+---+------------+------------+
| | | 31 Dec | 31 Dec |
| | | 2008 | 2007 |
| | | GBP'000s | GBP'000s |
+--------------------------------------------+---+------------+------------+
| | | | |
+--------------------------------------------+---+------------+------------+
| Opening balance | | - | 293,601 |
+--------------------------------------------+---+------------+------------+
| Premium arising on issue of equity | | 83,678 | - |
| shares | | | |
+--------------------------------------------+---+------------+------------+
| Expenses on issue of Ordinary Shares | | (1,920) | (95) |
+--------------------------------------------+---+------------+------------+
| Transfer to other distributable reserve | | - | (293,506) |
+--------------------------------------------+---+------------+------------+
| | | | |
+--------------------------------------------+---+------------+------------+
| Balance at 31 December | | 81,758 | - |
+--------------------------------------------+---+------------+------------+
| | | | |
+--------------------------------------------+---+------------+------------+
On 19 January 2007, the Company applied to the Royal Court of Guernsey,
following the placing of the shares, to reduce its share premium account in
order to provide a distributable reserve to repurchase its shares if and when it
is considered beneficial to do so by the directors. Following court
approval, the share premium account was reduced by GBP293.56 million and a
distributable reserve created for this amount.
The balance at 31 December 2008 represents the premium arising on the C Share
issue.
32. Other distributable reserve
+----------------------------------------------+------------+------------+
| | 31 Dec | 31 Dec |
| | 2008 | 2007 |
| | GBP'000s | GBP'000s |
+----------------------------------------------+------------+------------+
| | | |
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