AA PLC AA Intermediate Co Limited results (2145J)
June 27 2017 - 6:00AM
UK Regulatory
TIDMAA.
RNS Number : 2145J
AA PLC
27 June 2017
AA PLC
AA Intermediate Co Limited results for the year ended 31 January
2017
In compliance with the requirements of AA Intermediate Co
Limited's ('AA Intermediate Co') Class A and Class B notes, full
year results for AA Intermediate Co have been issued to the Irish
Stock Exchange. The results are also available on the AA plc
website at www.theaaplc.com.
AA Intermediate Co Limited is the parent company of the
companies that provide security and guarantees under the Whole
Business Securitisation ('WBS') financing arrangements entered into
by the AA on 2 July 2013.
AA Intermediate Co Limited's results differ from the results of
AA plc that were announced on 28 March 2017.
The material differences relate to the consolidated assets and
liabilities as follows:
1. Inter-company balances, which were GBP1,214m lower for AA plc
than for AA Intermediate Co as all non-trading balances were
eliminated in AA plc as part of the 2013 financing transaction;
2. Cash balances, which were GBP75m higher for AA plc than for
AA Intermediate Co as GBP15m of restricted cash was held at AA plc
level for the AA plc group's Insurance Underwriting activities and
GBP60m of available cash was held mainly as the result of a
dividend of GBP60m, paid from AA Intermediate Co to AA plc for the
payment of external dividends to shareholders.
3. Additional working capital balances are held at AA plc level
for the AA plc group's Insurance Underwriting activities. These
balances are disclosed in 22 of the AA plc 31 January 2017 year-end
financial statements.
AA plc's Insurance Underwriting activities sit outside the AA
Intermediate Co group. Other than these activities there are only
immaterial differences between Trading Revenue and Trading EBITDA
for the two groups. The remaining trading performance is therefore
substantially comparable.
Enquiries
IR
Jill Sherratt, Head of Investor Relations +442073957301
Media
Francesca Tuckett, Headland +442038054822
This information is provided by RNS
The company news service from the London Stock Exchange
END
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