AA PLC Differences AA plc v Intermediate Jan 19 (9759D)
July 01 2019 - 2:07AM
UK Regulatory
TIDMAA.
RNS Number : 9759D
AA PLC
01 July 2019
AA PLC
AA Intermediate Co Limited results for the year ended 31 January
2019
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 3 April 2019.
The material differences relate to the consolidated assets and
liabilities as follows:
1. Net Inter-company debtor balances were GBP1,180m for AA
Intermediate Co and nil for AA plc as all non-trading balances were
eliminated in AA plc as part of the 2013 financing transaction;
2. Cash balances, which were GBP96m higher for AA plc than for
AA Intermediate Co as GBP28m of restricted cash was held at AA plc
level for the AA plc group's Insurance Underwriting activities and
GBP68m of available cash was held which can be used for the payment
of external dividends to shareholders, the working capital of the
Insurance Underwriting activities and other strategic
requirements.
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 note 22 of the AA plc 31 January 2019
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 +44 207 395 7303
Zeeshan Maqbool, Investor Relations and Corporate Finance
Media (Finsbury) +44 207 251 3801 AA@finsbury.com
Jenny Davey
Philip Walters
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END
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