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Hyder plc Announces Interim Results

CARDIFF, Wales, Nov. 22 /PRNewswire/ -- Hyder plc today announced consolidated interim results for the six months ended September 30, 1996.

HIGHLIGHTS

-- Profit before tax up 24.9 per cent to #100.7 million.

-- SWALEC already well integrated into the Hyder group and the directors are confident that SWALEC should be materially earnings enhancing on a full year basis.

-- Interim dividend of 14.6 pence per ordinary share.

-- Capital spend in Dwr Cymru and SWALEC on track.

-- The regulated businesses cost reduction plans are on target.

-- Unregulated businesses generate #13.1 million profit before interest.

-- The Infrastructure businesses profit before interest at #3.3 million is up from #0.6 million with Hyder Infrastructure Developments' profits continuing to improve.

-- Hyder Services, the merged services business, ahead of efficiency savings target.

-- Green Sea environmental program successfully launched.

COMMENT BY IAIN EVANS, CHAIRMAN

"By any objective measure these are excellent results for the first half year.

"At this stage last year we confirmed our interest in acquiring SWALEC. Our subsequent success with the bid is reinforced by these results. SWALEC is the sound business which we anticipated and in the light of these results we are confident that it should be materially earnings enhancing on a full year basis with costs falling according to our pre-acquisition assessment.

"The merging of our service activities into Hyder Services has already produced synergy savings ahead of target, which is most encouraging in such a short time.

"These results show again the underlying strength of Dwr Cymru Welsh Water, whilst successfully balancing stakeholder benefits.

"Our unregulated activities have produced encouraging profits confirming that our wider strategy has the potential to deliver the investment returns we believe are available."

CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996

The board of directors is pleased to announce the results for the Hyder group for the six months to September 30, 1996.

These results are most encouraging, demonstrating the benefit of our acquisition of SWALEC (on January 29 1996), the continuing underlying strength of Dwr Cymru Welsh Water and real incremental progress in our regulated/unregulated businesses and our wider infrastructure strategy.

Including the SWALEC acquisition, they show an increase in profit before interest of 61.3 per cent to #135.2 million (1995: #83.8 million). Profit before tax increased by 24.9 per cent to #100.7 million (1995: #80.6 million). Turnover increased to #547.7 million (1995: #269.5 million).

Profit before interest in Hyder's water and sewerage business, Dwr Cymru Welsh Water, was #84.1 million (1995: #84.7 million). This figure is influenced by the balance of benefit across a range of stakeholders. Underlying operating costs, after excluding depreciation and infrastructure charges, fell in real terms by 5 per cent prior to absorbing additional costs from the capital investment program. After taking these additional costs into account operating costs fell in real terms by 2.5 per cent. All of Dwr Cymru Welsh Water's domestic customers enjoyed a price reduction in real terms due to an annual #9 rebate per customer introduced on April 1, 1996. This initiative has reduced profit before interest in the half year by #5.4 million.

Profit before interest in Hyder's electricity distribution and supply business, SWALEC, was #41.7 million and the directors are confident that the acquisition should be materially earnings enhancing on a full year basis. Profits do not accrue evenly throughout the year in electricity distribution and supply. The winter months create greater power usage and a consequential larger proportion of earnings in the second half year. Operating costs have continued to fall in line with the cost reduction program announced prior to the acquisition, justifying our confidence in the business.

Our unregulated activities produced a combined profit of #13.1 million, a promising result at the half-year.

Profit before interest in Hyder Services was #8.6 million, with synergy savings encouragingly ahead of target. Hyder Services which commenced operations on April 1 1996, has merged information technology, property, transport, call centers and customer accounting activities from the two utility businesses.

Profit before interest in our Infrastructure businesses increased to #3.3 million (1995: #0.6 million). This represents a continuing turnaround in profits in Hyder Infrastructure Developments (formerly Acer Group) and increasing contributions from our investments in infrastructure projects. Profit from power generation activities was #1.5 million.

Net interest payable has increased to #34.5 million (1995: #3.2 million) due mainly to interest costs incurred in funding the SWALEC acquisition. Hyder's exposure to future interest rate increases has been reduced by the issue of #275 million Eurobonds at an average fixed term interest rate of 9.1 per cent per annum. This has reduced the SWALEC acquisition banking facility, arranged at floating interest rates linked to the London Inter Bank Offer Rate.

The taxation charge amounted to #10.9 million (1995: #8.5 million), the effective rate being 10.8 per cent (1995: 10.5 per cent).

Earnings per ordinary share are 57.7 pence (1995: 57.4 pence). Earnings per ordinary share have been reduced by 5.7 pence (9 per cent) due to the #9 annual customer rebate and dividend on the July 1995 issue of #132 million preference shares.

The ordinary share dividends of #20.8 million (1995: #15.4 million) reflect the increase in the interim dividend (see below), the issue of 15.9 million ordinary shares in relation to the SWALEC acquisition together with 3.7 million ordinary shares issued under the scrip dividend alternative and employee share option and share save schemes.

The preference share dividends of #8.3 million (1995: #1.8 million) reflect the #132 million preference shares issued in July 1995 and the full six month impact of the additional #75m preference shares issued in relation to the SWALEC acquisition.

The balance sheet includes net borrowings of #880.2 million (1995: #16.1 million). The increase substantially relates to the acquisition of SWALEC, but in addition reflects the ongoing capital investment requirements of both utility businesses and infrastructure investments.

The assets and liabilities acquired on the SWALEC acquisition were included in the 1996 accounts at provisional values. We have continued to review the values which has resulted in a further reduction of #13.9 million in investments, an increase of #1.7 million in debtors and a reduction of #5.7 million in creditors. Goodwill arising from the acquisition has therefore increased by #6.5 million to #574.5 million.

DIVIDENDS

The board of directors is declaring an interim dividend for the year ending March 31 1997 of 14.6 pence per ordinary share. In the event of the interim: final dividend ratio being 1:2 the dividend would represent an annual increase of 13.5 per cent (11 per cent real).

The dividend will be paid on March 3 1997 to ordinary shareholders on the register at December 17 1996. A scrip dividend alternative will be available to shareholders. The shares will commence trading ex-dividend on December 9, 1996.

The dividend on the 7.875 per cent (net) preference shares for the six month period to January 31 1997 will be paid to preference shareholders on January 31, 1997.

REVIEW OF THE BUSINESS

Utility Businesses

SWALEC

The acquisition of SWALEC is now a demonstrable success and we are confident that it should be materially earnings enhancing on a full year basis. Profits in this half year were in line with our pre-acquisition expectations and the #45 million inherited cost savings program is being accelerated for completion ahead of schedule. The savings derived from corporate head office synergies were rapidly achieved producing some #4 million per annum.

Of equal importance has been the assimilation of SWALEC into the Hyder group. The new management team is rebuilding confidence which is evident from the improved performance of the workforce. The new group structure allows them to focus clearly on the core aspects of their business. This assures us that it will become an increasingly efficient business with attendant financial benefits. It also holds great promise for even greater efforts on the customer service front, the acknowledged cornerstone of Hyder's business approach.

We continue to seek out synergies over and above those we identified prior to the acquisition.

This approach together with our commitment to introduce a single, full service, customer services system, for the needs of our utility businesses, led us to the decision not to implement the Croeso system which SWALEC was developing with its partners. Following a thorough review we have concluded that the quickest, most cost effective and efficient route is by incorporating electricity customers into a system which is already in use for water customers in the Hyder group and, from January 1997, for gas services.

We are confident that by extending our existing system we will be able to meet all our regulatory and legal requirements arising from the deregulation of the electricity market in 1998 at a more effective and economic cost.

SWALEC is committing additional capital investment in order to strengthen and modernize its network system. Total spend this year will be approximately #67 million.

Dwr Cymru Welsh Water

Dwr Cymru Welsh Water continues to show the sustainability of its underlying strength. It was able to absorb additional costs agreed with OFWAT and reduce operating costs by 2.5 per cent in real terms, after excluding depreciation and infrastructure charges. Without these additional costs underlying operating costs would have reduced by 5 per cent in real terms. The manpower reduction plan announced in 1994 (some 400 jobs) was completed ahead of schedule. The new program of 200 jobs (announced in June 1996) is ahead of target with some 90 leavers by September 30, 1996. This has all been achieved maintaining our commitment to a voluntary approach.

Simultaneously all regulatory performance measures and service standards remain at very high levels. Significant progress has been made on a number of major sewage treatment projects, most notably at Swansea and Cardiff. Our "open book" approach with the Environment Agency has won their approval for the prioritization of our current and future capital expenditure program.

Capital expenditure was #128 million (1995: #85 million). Investment during the first 18 months of the second Asset Management Plan period is fully in line with the plan, and has delivered all required outputs.

Our Green Sea environmental program was launched successfully and will improve, by a major factor, bathing waters around Wales, aiming for 50 Blue Flag beaches by the year 2000 from a starting position of 2 in 1994.

Our annual #9 customer rebate came into effect in this billing year, resulting in real price reductions for all our domestic customers for the first time in at least 15 years. The continuing sensitivity we demonstrate to customer needs is reflected in recent independent research and Dwr Cymru Welsh Water awaits the results of its application for the renewal of Chartermark which it gained three years ago.

Dwr Cymru Welsh Water agreed its dividend policy with OFWAT in May 1996. In line with the request of the Director General of Water Services we will outline the dividend relationship between Dwr Cymru Welsh Water and Hyder plc as part of this year's annual results announcement.

Non-regulated Businesses

The restructuring of the Hyder group following the SWALEC acquisition saw Hyder Services commence operations on April 1, 1996 by merging the common service activities of Dwr Cymru Welsh Water and SWALEC. The anticipated synergy savings are encouragingly ahead of target and it achieved profits before interest for the half year of #8.6 million.

Hyder Services has a pivotal role to play in the continuing development of our utility businesses, by allowing them to focus on their core operations. The utility businesses will expect exacting service standards and competitive prices from Hyder Services whose workforce is already imbued with the strong customer philosophies of its original parent companies, and the strong management team is eager to enhance this to demonstrate greater value to the Hyder group.

The enormous strides made in such a short time endorse our confidence that this added value will be forthcoming.

Our Infrastructure businesses made a marked improvement increasing profit before interest to #3.3 million from #0.6 million in 1995. The sustained turnaround in Hyder Infrastructure Developments (formerly Acer Group) is very encouraging with profits continuing to improve. The order book remains firm with improving margins. Major projects have been secured including the multi- million pound Buckinghamshire County Council Engineering Consultancy privatization.

Also it is pleasing to note progressive development within our broader infrastructure interests. In securing the M40 and Docklands Light Railway Private Finance Initiative concessions in conjunction with our fellow consortia shareholders, we have significantly advanced our portfolio. Importantly we have started to develop in-house expertise in the formulation of these kinds of bid which augurs well for the measured and orderly portfolio approach we have adopted. We have also been negotiating appropriate arrangements to secure shareholder value from investments inherited from SWALEC which did not employ our core skills. These include CableTel, property investment and some small non-core generation schemes.

Hyder Industrial has been extending carefully its geographic field of interest and continues to win projects for the provision of industrial water and industrial effluent treatment including a #3 million DBFO scheme at Dow Corning, South Wales. It is also involved in a number of renewable energy projects and is commissioning hydro power schemes at Llyn Brianne and Elan Valley and is active in 3 landfill gas sites which are currently being commissioned.

CONCLUSION AND PROSPECTS

The SWALEC acquisition has been a success and Dwr Cymru Welsh Water sustains its performance for all its stakeholders. Hyder Services is already living up to our expectations. Other non-regulated activities have improved this year with notable achievements in our infrastructure investment and consulting businesses.

We maintain our belief that a balanced approach to stakeholder interests, as demonstrated previously and in this first half year, will underpin the longer term success of our regulated businesses.

The board regards these results as promising for the full year performance. Our utility businesses, supported by Hyder Services, leave us well placed to promote and develop our wider infrastructure strategy which continues to show increasing signs of progress.
 Hyder plc
 Consolidated Profit and Loss Account
 Six months Six months Year
 ended 30 ended 30 ended 31
 Sept Sept March
 1996 1995 1996
 Unaudited Unaudited Audited
 Note #m #m #m


Turnover -
 Continuing operations 547.7 269.5 651.6
 Net operating costs (414.5) (186.2) (525.7)


Operating profit -
 Continuing operations 133.2 83.3 125.9
 Before exceptional items 133.2 83.3 180.9
 Exceptional items (B) -- -- (55.0)
 Total operating profit 133.2 83.3 125.9


Income from investments -
 Continuing operations 2.0 0.5 2.7


Profit on ordinary
 activities before interest 135.2 83.8 128.6
 Interest receivable 11.6 15.5 29.3
 Interest payable (46.1) (18.7) (45.0)


Profit on ordinary
 activities before taxation 100.7 80.6 112.9
 Taxation (C) (10.9) (8.5) (19.0)


Profit on ordinary
 activities after taxation 89.8 72.1 93.9


Dividends on preference
 shares and appropriations (D) (8.3) (1.8) (7.8)


Profit attributable to
 ordinary shareholders 81.5 70.3 86.1


Dividends on ordinary
 shares (E) (20.8) (15.4) (52.3)


Retained profit for the
 period 60.7 54.9 33.8


Earnings per ordinary
 share (F) 57.7p 57.4p 68.8p


Earnings per ordinary

share before exceptional
 items (F) 57.7p 57.4p 112.7p


Dividend per ordinary
 share (E) 14.6p 12.6p 38.7p
 Hyder plc
 Consolidated Balance Sheet
 Six months Six months Year
 ended 30 ended 30 ended 31
 Sept Sept March
 1996 1995 1996
 Unaudited Unaudited Audited
 Note #m #m #m


Fixed assets
 Intangible fixed assets 0.6 0.6 0.6
 Tangible fixed assets 2125.8 1391.0 2008.1
 Investment properties 13.7 - 18.4
 Investments 96.8 9.1 99.7
 Total 2236.9 1400.7 2126.8


Current assets
 Stocks and work in progress 14.4 7.2 14.2
 Debtors 261.2 139.0 272.1
 Current asset investments 253.0 423.2 346.9
 Cash at bank and in hand 3.1 7.9 15.2
 Total 531.7 577.3 648.4


Current liabilities

Creditors: amounts
 falling due within one year (507.1) (237.6) (432.8)
 Net current assets 24.6 339.7 215.6


Total assets less current
 liabilities 2261.5 1740.4 2342.4


Creditors: amounts falling
 due after more than one year (1041.8) (432.2) (1167.9)


Provisions for liabilities
 and charges (179.9) (41.8) (193.0)
 Accruals and deferred income (135.0) (33.1) (133.4)
 Net assets 904.8 1233.3 848.1


Capital and reserves
 Called up share capital 376.8 278.0 375.7
 Share premium account 94.8 3.9 94.3
 Reserves 433.1 951.3 378.0
 Equity shareholders' funds 698.2 1102.2 641.5
 Non-equity shareholders' funds 206.5 131.0 206.5
 Total shareholders' funds 904.7 1233.2 848.0
 Equity minority interests -- 0.1 --
 Non-equity minority interests 0.1 -- 0.1
 Total 904.8 1233.3 848.1
 Hyder plc
 Consolidated Cashflow Statement
 Six months Six months Year
 ended 30 ended 30 ended 31
 Sept Sept March
 1996 1995 1996
 Unaudited Unaudited Audited
 #m #m #m


Net cash inflow from
 operating activities 130.6 83.1 189.8


Returns on investments

and servicing of finance
 Interest received 13.9 14.2 29.7
 Interest paid (22.4) (8.5) (40.7)


Interest element of finance
 leases (3.1) (4.9) (6.5)


Dividends received and other
 investment income 3.1 0.1 1.8
 Dividends paid (8.2) -- (56.7)


Distribution from
 associated undertakings 0.3 -- 0.3


Net cash (outflow)/inflow

from returns on investments
 and servicing of finance (16.4) 0.9 (72.1)


Taxation
 UK corporation tax repaid/(paid) 7.2 (2.8) (13.2)
 Overseas tax paid (0.2) (0.1) (0.4)
 Tax repaid/(paid) 7.0 (2.9) (13.6)


Investing activities

Purchase of tangible fixed
 assets (163.1) (97.0) (220.8)
 Sale of tangible fixed assets 7.4 0.6 1.5


Purchase of fixed asset
 investments (12.2) (6.1) (31.6)
 Sale of fixed asset investments 3.8 -- 31.3
 Grants and contributions received 6.4 5.4 15.2
 Purchase of minority interests -- (0.6) (0.6)
 Purchase of associated undertakings -- -- (13.6)


Purchase of subsidiary undertakings

(net of cash and cash equivalents
 acquired) (35.5) -- (706.7)


Net cash outflow from investing
 activities (193.2) (97.7) (925.3)


Net cash outflow before

financing and treasury
 activities (72.0) (16.6) (821.2)
 Hyder plc
 Consolidated Cashflow Statement (Continued)
 Six months Six months Year
 ended 30 ended 30 ended 31
 Sept Sept March
 1996 1995 1996
 Unaudited Unaudited Audited
 #m #m #m


Financing and treasury

activities
 New long term loans and Eurobonds 275.0 -- 569.2
 Long term loans repaid (327.8) (2.6) (3.1)
 New finance leases 26.2 -- --


Capital payments under
 finance leases (0.1) (0.1) (0.2)


Proceeds from the issue
 of ordinary shares 1.7 0.9 18.3


Proceeds from the issue of
 preference shares -- -- 76.8
 Expenses of issuing ordinary shares -- -- (2.8)


Expenses of issuing preference
 shares -- (1.2) (2.5)
 Expenses of issuing Eurobonds (2.6) -- --


Decrease in deposits and other
 money market investments 86.1 11.9 217.8


Net cash inflow from
 financing and treasury activities 58.5 8.9 873.5


(Decrease)/increase in cash and cash
 equivalents (13.5) (7.7) 52.3
 Hyder plc
 Statement of Total Recognized Gains and Losses
 Six months Six months Year
 ended 30 ended 30 ended 31
 Sept Sept March
 1996 1995 1996
 Unaudited Unaudited Audited
 #m #m #m


Profit for the financial

period attributable to
 shareholders 89.8 72.1 93.9


Currency translation differences

on foreign currency net
 investments (1.2) (0.1) 1.8
 Total recognized gains and losses 88.6 72.0 95.7
 Reconciliation of Movements in Shareholders' Funds
 Six months Six months Year
 ended 30 ended 30 ended 31
 Sept Sept March
 1996 1995 1996
 Unaudited Unaudited Audited
 #m #m #m
 Total recognized gains and losses 88.6 72.0 95.7
 Ordinary dividends (20.8) (15.4) (52.3)
 Preference dividends (8.3) (1.8) (7.8)
 New ordinary share capital issued 1.1 0.3 20.9
 New preference share capital issued -- -- 75.0


Premium on ordinary share capital
 issued 0.6 0.6 94.5


Premium on preference share
 capital issued -- -- 1.8
 Ordinary shares to be allotted -- -- 0.9


Premium on ordinary shares
 to be allotted -- -- 4.5
 Cost of issuing ordinary shares -- -- (2.8)
 Cost of issuing preference shares -- (1.2) (2.5)


Capital reserve arising on
 acquisition of subsidiary -- -- 9.6


Scrip dividend issued in lieu
 of cash dividend 2.0 -- --
 Goodwill written off (6.5) (2.1)(570.3)


Net increase/(decrease)
 in shareholders' funds 56.7 52.4 (332.8)
 At beginning of the period 848.0 1180.8 1180.8
 At end of the period 904.7 1233.2 848.0
 Hyder plc
 Segmental Analysis by Class of Business
 Six months Six months Year
 ended 30 ended 30 ended 31
 Sept Sept March
 1996 1995 1996
 Unaudited Unaudited Audited
 Restated


Restated
 #m #m #m


Total turnover

Continuing operations:

Regulated water and sewerage
 activities 211.9 210.9 422.9


Regulated electricity

distribution and supply
 activities 321.2 -- 131.6
 Infrastructure activities 73.7 67.0 138.1
 Common services activities 64.0 18.9 44.1
 Other activities 37.4 5.7 20.6
 Total 708.2 302.5 757.3


Intra segment turnover

Continuing operations:

Regulated electricity

distribution and supply
 activities 72.1 -- 29.2
 Infrastructure activities 0.5 0.4 1.7
 Common services activities 7.3 0.3 1.5
 Other activities 0.7 -- 0.1
 Total 80.6 0.7 32.5


Inter segment turnover

Continuing operations:

Regulated water and sewerage
 activities 0.4 1.3 2.5


Regulated electricity

distribution and supply
 activities 9.6 -- 0.1
 Infrastructure activities 14.4 12.7 27.7
 Common services activities 53.6 17.6 40.3
 Other activities 1.9 0.7 2.6
 Total 79.9 32.3 73.2


External turnover

Continuing operations:

Regulated water and sewerage
 activities 211.5 209.6 420.4


Regulated electricity

distribution and supply
 activities 239.5 -- 102.3
 Infrastructure activities 58.8 53.9 108.7
 Common services activities 3.1 1.0 2.3
 Other activities 34.8 5.0 17.9
 Total 547.7 269.5 651.6


The comparatives for the six months ended September 30, 1995 have been restated as Engineering and environmental activities and some Other activities are now classified as Infrastructure activities. In addition some other activities are now classified as Common services activities.

The comparatives for the year ended March 31 1996 have been restated as some Other activities are now classified as Common services activities or Infrastructure activities.
 Hyder plc
 Segmental Analysis by Class of Business (Continued)
 Six months Six months Year
 ended 30 ended 30 ended 31
 Sept Sept March
 1996 1995 1996
 Unaudited Unaudited Audited
 Restated Restated
 #m #m #m


Operating profit

Continuing operations:

Regulated water and sewerage
 activities 84.1 84.7 147.3


Regulated electricity

distribution and supply
 activities 41.7 -- 12.2
 Infrastructure activities 0.2 0.1 0.6
 Common services activities 8.6 2.6 (10.4)
 Other activities 2.3 0.5 (9.1)
 Total 136.9 87.9 140.6


Business development costs
 and corporate overheads (2.3) (3.6) (13.2)


Elimination of intercompany
 operating profit capitalized (1.4) (1.0) (1.5)
 Total 133.2 83.3 125.9


Income from investments

Continuing operations:
 Infrastructure activities 3.1 0.5 2.1
 Other activities (1.1) -- 0.6


Profit on ordinary activities
 before interest 135.2 83.8 128.6
 Net interest payable (34.5) (3.2) (15.7)


Profit on ordinary activities
 before taxation 100.7 80.6 112.9


The comparatives for the six months ended September 30, 1995 have been restated as Engineering and environmental activities and some Other activities are now classified as Infrastructure activities. In addition some Other activities are now classified as Common services activities.

The comparatives for the year ended March 31, 1996 have been restated as some Other activities are now classified as Common services activities or Infrastructure activities.

Operating profits, as disclosed above, for the year ended March 31, 1996, are after deducting exceptional items (note 2) of #55.0m. The operating profits, prior to deducting the exceptional items, are set out below:

Regulated water and sewerage
 activities 84.1 84.7 167.4


Regulated electricity

distribution and supply
 activities 41.7 -- 20.5
 Infrastructure activities 0.2 0.1 0.6
 Common services activities 8.6 2.6 6.0
 Other activities 2.3 0.5 0.5
 Total 136.9 87.9 195.0


Business development costs
 and corporate overheads (2.3) (3.6) (12.6)


Elimination of intercompany
 operating profit capitalized (1.4) (1.0) (1.5)
 Operating profit 133.2 83.3 180.9
 Hyder plc
 Six months Six months Year
 ended 30 ended 30 ended 31
 Sept Sept March
 1996 1995 1996
 Unaudited Unaudited Audited
 #m #m #m


Net debt excluding

preference shares
 Current asset investments 253.0 423.2 346.9
 Cash at bank & in hand 3.1 7.9 15.2


Bank overdrafts (in creditors
 within one year) (2.7) (13.2) (8.9)
 Total 253.4 417.9 353.2


Long term debt:
 In creditors within one year (113.4) (4.5) (14.1)


In creditors after more than
 one year (1020.2) (429.5)(1148.2)
 Net debt (880.2) (16.1) (809.1)


Movement in net (debt)/cash

excluding preference shares
 At beginning of the period (809.1) 1.0 1.0


Net cash outflow before financing
 and treasury activities (72.0) (16.6) (821.2)


Currency translation differences
 on foreign currency net debt (0.2) (0.1) 1.8
 Eurobond issue costs (0.1) (0.1) (0.3)
 Issue of ordinary shares 1.7 0.9 18.3
 Issue of preference shares -- -- 76.8
 Cost of issue of ordinary shares -- -- (2.8)
 Cost of issue of preference shares -- (1.2) (2.5)


Debt acquired on acquisition of
 subsidiary -- -- (147.8)


Current asset investments acquired
 on acquisition of subsidiary -- -- 79.3


Loan notes issued for non-cash
 consideration (0.5) - (11.7)
 At end of the period (880.2) (16.1) (809.1)
 Hyder plc
 Six months Six months Year
 ended 30 ended 30 ended
 31
 Sept Sept March
 1996 1995 1996
 Unaudited Unaudited Audited
 Restated Restated
 #m #m #m


Investment expenditure

Tangible fixed asset additions:

Regulated water and sewerage
 activities 114.1 76.0 192.1


Regulated electricity distribution
 and supply activities 32.5 -- 19.0
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