Final Results -2 -15-
30 Marzo 2009 - 8:01AM
UK Regulatory
+---------------------------------------------+--+-----------+-----------+
| | | | |
+---------------------------------------------+--+-----------+-----------+
| Decrease/(increase) in receivables less | | 8,052 | (3,852) |
| interest | | | |
+---------------------------------------------+--+-----------+-----------+
| Increase in payables | | 6,455 | 6,730 |
+---------------------------------------------+--+-----------+-----------+
| | | | |
+---------------------------------------------+--+-----------+-----------+
| Cash generated by operations | | 62,749 | 33,573 |
+---------------------------------------------+--+-----------+-----------+
| | | | |
+---------------------------------------------+--+-----------+-----------+
| Income tax paid | | (755) | (1,251) |
+---------------------------------------------+--+-----------+-----------+
| Interest paid | | (54,184) | (23,628) |
+---------------------------------------------+--+-----------+-----------+
| | | | |
+---------------------------------------------+--+-----------+-----------+
| Net cash inflow from operating activities | | 7,810 | 8,694 |
+---------------------------------------------+--+-----------+-----------+
| | | | |
+---------------------------------------------+--+-----------+-----------+
Cash and cash equivalents held by the Group are short-term bank deposits with an
original maturity of three months or less. The carrying value of these assets
approximates their fair value.
36. Contingent liabilities
The Directors have not identified any contingent liabilities at the date of this
report with the exception of the item disclosed in note 28.
37. Events after the balance sheet date
Amber Management Limited (Amber), a new, independent company, has entered into a
conditional agreement with Babcock & Brown Limited (and certain other members of
the Babcock & Brown group) to acquire the rights to provide advice and
management services to the Company that were previously supplied by Babcock &
Brown Investment Management Limited (and certain other members of the Babcock &
Brown group). The agreement with Babcock & Brown Limited is conditional upon,
among other things, the approval of the Company and its shareholders to the
transfers and the Amber group acquiring all necessary regulatory approvals.
Further details of the new management structure, along with notice of the
General Meeting of the Company to consider the necessary shareholder
resolutions, will be contained in a circular expected to be distributed to
shareholders in the coming weeks.
38. Disclosure - service concession arrangements
The Group operates 21 service concession arrangements in the Accommodation,
Custodial and Transport sectors. The concessions vary on the nature of the asset
but typically require the construction and operation of an asset during the
concession period. The concession may require the acquisition or replacement of
an existing asset or the construction of a new asset. The operation of the
accommodation based assets normally includes the provision of facilities
management services like cleaning, catering, caretaking, security, maintenance,
and lifecycle. At the end of the concession period on the majority of the
concessions the assets are returned back to the concession provider. However on
four of the projects the Group has a right to retain the asset.
The rights of both the concession provider and concession operator are stated
within the specific Project Documentation. The standard rights of the provider
to terminate the project include poor performance and in the event of force
majeure. The operator's rights to terminate include the failure of the provider
to make payment under the agreement, a material breach of contract and relevant
changes of law which would render it impossible for the service company to
fulfil its requirements
The table overleaf sets out the Group's economic interests in PFI concessions.
All economic interests reflect an investment in the capital of the underlying
project.
+-----------------+------------------+--------------+-----------+--------+-----------+-------------------+
| | | | | | | |
+-----------------+------------------+--------------+-----------+--------+-----------+-------------------+
| Abingdon | Design, | 25 March | 09 | 30 | GBP6.9m | Development |
| Police | construct, | 2000 | March | Years | | value of |
| Station | finance and | | 2030 | | | approximately |
| | provision of | | | | | GBP8m. |
| | facilities | | | | | Retains an |
| | management to | | | | | insignificant |
| | a police | | | | | residual |
| | facility | | | | | value in |
| | including HQ, | | | | | buildings/land. |
| | station and | | | | | |
| | training base | | | | | |
| | for Thames | | | | | |
| | Valley Police | | | | | |
| | Authority. | | | | | |
+-----------------+------------------+--------------+-----------+--------+-----------+-------------------+
| Access | Design, | 30 | 30 | 30 | GBP98.0m | Concession |
| Justice | construction, | November | November | Years | | payment |
| Durham | financing and | 2009 | 2039 | | | basis is |
| | provision of | | | | | both |
| | services for | | | | | availability |
| | a new | | | | | and service |
| | courthouse | | | | |performance-based |
| | facility | | | | | |
| | in Durham, | | | | | |
| |Ontario, Canada. | | | | | |
+-----------------+------------------+--------------+-----------+--------+-----------+-------------------+
| Alberta | Design, | 15 | 30 | 32 | CAD490m | An |
| Schools | construction, | September |September | Years | | associated |
| | financing and | 2008 | 2040 | | | company of |
| | provision of | | | | | one member |
| | services for | | | | | of the |
| | 18 new | | | | | construction |
| | schools | | | | | JV is a 25% |
| | throughout | | | | | equity |
| | Edmonton and | | | | | holder in |
| | Calgary, | | | | | this |
| | Canada. | | | | | project. |
+-----------------+------------------+--------------+-----------+--------+-----------+-------------------+
|Amiens Hospital | Design, | 1 | 31 July | 19 | GBP7.1m | Concession |
| Project | construct, | January | 2026 | Years | | payment |
| | finance and | 2008 | | | | basis is |
| | operate an | | | | | both |
| | instrument | | | | | availability |
| | sterilization | | | | | and service |
| | facility at | | | | |performance-based |
| | Amiens, | | | | | |
| | France. | | | | | |
+-----------------+------------------+--------------+-----------+--------+-----------+-------------------+
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