Business
Preliminary results for the year to 31 March 2019
Preliminary results for the year to 31 March 2019.
About this update from Sse Plc
[{"type":"text","content":"\n \nRNS Number : 7730Z SSE PLC 22 May 2019 \n\nSSE plc\nPreliminary results for the year ended 31 March 2019\n22 May 2019\nHeadlines\nFinancial performance in 2018/19 in line with Notification of Close Period Statement on 28 March:\n· Final dividend of 68.2 pence, making full-year dividend of 97.5 pence, in line with five-year dividend plan.\n· Headline results reflect £284.9m adjusted operating loss previously forecast in Energy Portfolio Management (EPM):\no Adjusted earnings per share* of 67.1 pence, down 32%; and\no Adjusted profit before tax* of £725.7m, down 38%.\n· Reported results reflect the EPM loss and the impact of £1,096.9m exceptional gains and fair value uplift from asset sales:\no Reported earnings per share* of 135.2 pence, up 110%; and\no Reported profit before tax* of £1,370.6m, up 59%.\n· Adjusted EBITDA# total for the core businesses of Electricity Networks and Renewables was over £1.5bn, 83% of SSE Group* total. \n· Value creating disposals in the year delivered:\no over £1bn of cash proceeds;\no £608.4m of exceptional gains on sale; and\no £488.5m of exceptional unrealised fair value uplift (reflecting revaluation of retained stakes).\n· Investment and capital expenditure of £1.42bn includes over £1bn investment in regulated electricity networks and renewable energy but excludes £195m investment in assets subsequently divested in the year.\n· Adjusted net debt and hybrid capital of £9.39bn.\n· Total GDP contribution to UK economy of £8.9bn and to Irish economy of €689m as a result of direct and supply chain activities. This supported an estimated 105,000 jobs across both countries.\nNote: percentage comparisons relate to year to 31 March 2018\n*Excludes SSE Energy Services, which remains held for disposal \n# EBITDA - adjusted earnings before interest, tax, depreciation and amortisation\n \nDelivery against strategic priorities continuing:\n· £1bn Caithness-Moray transmission link (SSE's first major HVDC project) completed on time and below budget, helping take Transmission RAV to over £3.25bn.\n· All 84 turbines at the 588MW Beatrice offshore wind farm commissione...