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}, "fact-690": { "value": "1. General Information and basis of preparation 1.1. General information SSE plc (the Company) is a company domiciled in Scotland. The address of the registered office is given on the back cover. The Group\u2019s operations and its principal activities are set out in the Strategic Report. The consolidated financial statements for the year ended 31 March 2023 comprise those of the Company and its subsidiaries (together referred to as the Group). The Company financial statements present information about the Company as a separate entity and not about the Group, these can be seen on pages 314 to 325 . 1.2. Basis of preparation Statement of compliance The financial statements were authorised for issue by the directors on 23 May 2023. The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019). Going concern The Directors consider that the Group has adequate resources to continue in operational existence for the period to 31 December 2024. The financial statements are therefore prepared on a going concern basis. In addition, further details of the Group\u2019s liquidity position and going concern review are provided at note 21 and in A6 Accompanying Information to the Financial Statements on page 276 . Basis of measurement The financial statements of the Group are prepared on the historical cost basis except for certain gas inventory, derivative financial instruments, financial instruments designated at fair value through profit or loss or other comprehensive income on initial recognition, assets of the Group pension schemes, all of which are measured at their fair value, and liabilities of the Group pension schemes which are measured using the projected unit credit method. The directors believe the financial statements present a true and fair view. The financial statements of the Group are presented in pounds sterling. The basis for including operations and transactions conducted in currencies other than pounds sterling is provided in A1 Accompanying Information to the Financial Statements on page 276 . Use of estimates and judgements The preparation of financial statements conforming with adopted IFRS requires the use of certain accounting estimates. It also requires management to exercise judgement in the process of applying the accounting policies. The areas involving a higher level of judgement or estimation are summarised at pages 212 to 214 . Changes to presentation and prior year adjustments There have been no material changes to presentation of the financial statements in the current or prior year. The prior year comparatives at 31 March 2022 have been restated following the adoption of the amendment to IAS 16 Proceeds Before Intended Use, as disclosed in the section below 2.1. Changes to estimates There have been no changes to the basis of accounting estimates during the current and prior year. ", "dimensions": { "concept": "sseplc:DisclosureOfGeneralInformationAndBasisOfPreparation", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-688": { "value": "1. General Information and basis of preparation 1.1. General information SSE plc (the Company) is a company domiciled in Scotland. The address of the registered office is given on the back cover. The Group\u2019s operations and its principal activities are set out in the Strategic Report. The consolidated financial statements for the year ended 31 March 2023 comprise those of the Company and its subsidiaries (together referred to as the Group). The Company financial statements present information about the Company as a separate entity and not about the Group, these can be seen on pages 314 to 325 . 1.2. Basis of preparation Statement of compliance The financial statements were authorised for issue by the directors on 23 May 2023. The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019). Going concern The Directors consider that the Group has adequate resources to continue in operational existence for the period to 31 December 2024. The financial statements are therefore prepared on a going concern basis. In addition, further details of the Group\u2019s liquidity position and going concern review are provided at note 21 and in A6 Accompanying Information to the Financial Statements on page 276 . Basis of measurement The financial statements of the Group are prepared on the historical cost basis except for certain gas inventory, derivative financial instruments, financial instruments designated at fair value through profit or loss or other comprehensive income on initial recognition, assets of the Group pension schemes, all of which are measured at their fair value, and liabilities of the Group pension schemes which are measured using the projected unit credit method. The directors believe the financial statements present a true and fair view. The financial statements of the Group are presented in pounds sterling. The basis for including operations and transactions conducted in currencies other than pounds sterling is provided in A1 Accompanying Information to the Financial Statements on page 276 . Use of estimates and judgements The preparation of financial statements conforming with adopted IFRS requires the use of certain accounting estimates. It also requires management to exercise judgement in the process of applying the accounting policies. The areas involving a higher level of judgement or estimation are summarised at pages 212 to 214 . Changes to presentation and prior year adjustments There have been no material changes to presentation of the financial statements in the current or prior year. The prior year comparatives at 31 March 2022 have been restated following the adoption of the amendment to IAS 16 Proceeds Before Intended Use, as disclosed in the section below 2.1. Changes to estimates There have been no changes to the basis of accounting estimates during the current and prior year. 2. New accounting policies and reporting changes The principal accounting policies applied in the preparation of these financial statements are set out below and in the A1 Accompanying Information to the Financial Statements on pages 276 to 286 . 2.1. New standards, amendments and interpretations effective or adopted by the Group The Group has retrospectively adopted the amendments to \u2018IAS 16 Property, Plant and Equipment \u2013 Proceeds Before Intended Use\u2019 from the earliest period presented in these financial statements, in line with the requirements of the standard. The Group had pre-commissioning activity in the year ended 31 March 2022 and therefore has restated the comparative information presented. The Group\u2019s Keadby 2 asset achieved its first fire in October 2021, commenced test operations in February 2022 and entered commercial operations on 15 March 2023. During the period from October 2021 to 15 March 2023 the Group received pre-commissioning revenue within the scope of the amendment to the standard which previously would have been recognised as a cost of the constructed asset. The impact of adoption of the amendment in the prior year was to increase revenue by \u00a389.0m, increase cost of sales by \u00a394.7m, increase operating costs by \u00a30.2m therefore decreasing profit before tax by \u00a35.9m, and decreasing profit after tax by \u00a34.4m. Additionally in the balance sheet, the Group\u2019s property, plant and equipment balance has been decreased by \u00a35.9m and deferred tax liability decreased by \u00a31.5m. In the current year ended 31 March 2023, the Group has recognised pre-commissioning revenue of \u00a3245.4m and pre-commissioning costs of \u00a3226.8m related to Keadby 2. In addition, the Group holds an equity investment in Seagreen Wind Energy Limited (\u2018Seagreen\u2019) which has been undertaking pre-commissioning testing activity during the construction of its offshore windfarm in the current financial year. The Group\u2019s share of profit recognised from joint ventures and associates in the current year includes \u00a328.9m of pre-commissioning operating costs from Seagreen. Notes to the consolidated financial statements For the year ended 31 March 2023
2. New accounting policies and reporting changes continued
2.1. New standards, amendments and interpretations effective or adopted by the Group continued
The Group has adopted the amendment to \u2018IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 in the current year. Adoption of the
amendment was reflected in the calculation of the onerous provision of \u00a321.7m recognised by the Group\u2019s Business Energy segment at
30 September 2022. This provision has been released in the second half of the financial year following decreases in wholesale energy
prices and therefore has no impact on amounts presented at 31 March 2023.
There were no other standards, amendments to standards or interpretations relevant to the Group\u2019s operations which were adopted
during the period.
2.2. New standards, amendments and interpretations issued, but not yet adopted by the Group
A number of standards, amendments and interpretations have been issued but not yet adopted by the Group within these financial
statements, because application is not yet mandatory or because UK adoption remains outstanding at the date the financial statements
were authorised for issue.
IFRS 17 \u2018Insurance contracts\u2019 is effective from 1 January 2023 (1 April 2023 for the Group) following UK endorsement on 16 May 2022.
Adoption of the standard is not anticipated to have a material impact on the consolidated financial statements of the Group, however
the Parent Company, SSE plc, enters into financial guarantee contracts to guarantee indebtedness of the other companies within the
Group and continues to provide guarantees in respect of the disposed Contracting and Rail and Gas Production businesses. The Group
is continuing to assess the impact of adoption of the standard for the Parent Company.
Amendments to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019 is effective from 1 January 2023 (1 April
2023 for the Group) following UK endorsement on 15 December 2022. Adoption of the amendment is expected to result in a gross up of
deferred tax assets and liabilities, but is not anticipated to have a material impact on the net deferred tax balances within the consolidated
financial statements of the Group.
There are a number of other interpretations and amendments issued but not yet effective at 31 March 2023. These are not anticipated
to have a material impact on the Group\u2019s consolidated financial statements.
3. Adjusted accounting measures
The Group applies the use of adjusted accounting measures or alternative performance measures (\u2018APMs\u2019) throughout the Annual Report
and Financial Statements. These measures enable the Directors to present the underlying performance of the Group and its segments to
the users of the statements in a consistent and meaningful manner. The adjustments applied and certain terms such as \u2018adjusted operating
profit\u2019, \u2018adjusted Earnings Per Share\u2019, \u2018adjusted EBITDA\u2019, \u2018adjusted investment and capital expenditure\u2019, \u2018adjusted investment, capital and
acquisition expenditure\u2019 and \u2018adjusted net debt and hybrid capital\u2019 that are not defined under IFRS and are explained in more detail below.
In addition, the section \u2018Alternative Performance Measures\u2019 at page 194 provides further context and explanation of these terms.
3.1 Adjusted measures
The Directors assess the performance of the Group and its reportable segments based on \u2018adjusted measures\u2019. These measures are used
for internal performance management and are believed to be appropriate for explaining underlying performance to users of the accounts.
These measures are also deemed to be the most useful for ordinary shareholders of the Company and for other stakeholders.
The performance of the reportable segments is reported based on adjusted profit before interest and tax (\u2018adjusted operating profit\u2019).
This is reconciled to reported profit before interest and tax by adding back exceptional items and certain re-measurements (see note 3.2
below), depreciation and amortisation expense on fair value uplifts, the share of operating profit attributable to non-controlling interests,
adjustments to the retained Gas Production decommissioning provision and after the removal of interest and taxation on profits from
equity-accounted joint ventures and associates.
The performance of the Group is reported based on adjusted profit before tax which excludes exceptional items and certain re-
measurements (see note 3.2 below), depreciation and amortisation expense on fair value uplifts, the share of profit before tax attributable
to non-controlling interests, the net interest costs associated with defined benefit schemes, adjustments to the retained Gas Production
decommissioning provision and taxation on profits from equity-accounted joint ventures and associates. The interest charges or credits
on defined benefit schemes removed are non-cash and are subject to variation based on actuarial valuations of scheme liabilities.
The Group also uses adjusted earnings before interest, taxation, depreciation and amortisation (\u2018adjusted EBITDA\u2019) as an alternative
operating performance measure which acts as a management proxy for cash generated from operating activities. This does not take into
account the rights and obligations that SSE has in relation to its equity-accounted joint ventures and associates. This measure excludes
exceptional items and certain re-measurements (see note 3.2 below), the depreciation charged on fair value uplifts, the share of EBITDA
attributable to non-controlling interests, adjustments to the retained Gas Production decommissioning provision, the net interest costs
associated with defined benefit schemes, depreciation and amortisation from equity-accounted joint ventures and associates and
interest and taxation on profits from equity-accounted joint ventures and associates. For the purpose of calculating the \u2018Net Debt to
EBITDA\u2019 metric referred at page 89 , \u2018adjusted EBITDA\u2019 is further adjusted to remove the proportion of adjusted EBITDA from equity-
accounted joint ventures relating to off-balance sheet debt (see note 5.1(v)).
The Group\u2019s key performance measure is adjusted Earnings Per Share (EPS), which is based on basic Earnings Per Share before exceptional
items and certain re-measurements (see note 3.2 below), depreciation and amortisation on fair value uplifts, adjustments to the retained
Gas Production decommissioning provision, the net interest costs/income associated with defined benefit schemes and after the removal
of deferred taxation and other taxation items. Deferred taxation is excluded from the Group\u2019s adjusted EPS because of the Group\u2019s
significant ongoing capital investment programme, which means that the deferred tax is unlikely to reverse. Adjusted profit after tax is
presented on a basis consistent with adjusted EPS except for the non-inclusion of payments to holders of hybrid equity.
The financial statements also include an \u2018adjusted net debt and hybrid capital\u2019 measure. This presents financing information on the basis
used for internal liquidity risk management. This measure excludes obligations due under lease arrangements and the share of net debt
attributable to non-controlling interests, and includes cash posted as collateral on commodity trading exchanges, and other short term
loans. The measure represents the capital owed to investors, lenders and equity holders other than the ordinary shareholders. As with
\u2018adjusted Earnings Per Share\u2019, this measure is considered to be of relevance to the ordinary shareholders of the Group as well as other
stakeholders and interested parties.
Finally, the financial statements include an \u2019adjusted investment and capital expenditure\u2019 and an \u2018adjusted investment, capital and
acquisition expenditure\u2019 measure. These metrics represent the capital invested by the Group in projects that are anticipated to provide a
return on investment over future years or which otherwise support Group operations and are consistent with internally applied metrics.
They therefore include capital additions to property, plant and equipment and intangible assets and also the Group\u2019s direct funding of joint
venture and associates capital projects. The Group has considered it appropriate to report these values both internally and externally in
this manner due to its use of equity-accounted investment vehicles to grow the Group\u2019s asset base and to highlight, where the Group is
providing funding to the vehicle through either loans or equity. The Group does not include project funded capital additions in these
metrics, nor does it include other capital invested in joint ventures and associates. Where initial capital funding of an equity accounted
joint venture is refunded, these refunds are deducted from the metrics in the year the refund is received. In addition, the Group excludes
from this metric additions to its property, plant and equipment funded by Customer Contributions and additions to intangible assets
associated with Allowances and Certificates. The Group also excludes the share of investment and capital expenditure attributable to
non-controlling interests in controlled but not wholly owned subsidiaries, disposed or impaired additions and refinancing proceeds and
refunds. The \u2018adjusted investment, capital and acquisition expenditure\u2019 measure also includes cash consideration paid by the Group in
business combinations which contribute to growth of the Group\u2019s capital asset base and is considered to be relevant metric in context
of the Group\u2019s Net Zero Acceleration Programme Plus. As with \u2018adjusted Earnings Per Share\u2019, these measures are considered to be of
relevance to management and to the ordinary shareholders of the Group as well as to other stakeholders and interested parties.
Reconciliations from reported measures to adjusted measures along with further description of the rationale for those adjustments are
included in the \u2018Adjusted Performance Measures\u2019 section at pages 194 to 201 .
APM
Where the Group have referred to an adjusted performance measure in the financial statements the following sign is presented to
denote this.
3.2 Exceptional items and certain re-measurements
Exceptional items are those charges or credits that are considered unusual by nature and/or scale and of such significance that separate
disclosure is required for the financial statements to be properly understood. The trigger points for recognition of items as exceptional
items will tend to be non-recurring although exceptional charges (or credits) may impact the same asset class or segment over time.
Market conditions that have deteriorated or improved significantly over time will only be captured to the extent observable at the balance
sheet date. Examples of items that may be considered exceptional include material asset or business impairment charges, reversals of historic
impairments, business restructuring costs and reorganisation costs, significant realised gains or losses on disposal, unrealised fair value
adjustments on part disposal of a subsidiary or on acquisition of an investment, and provisions in relation to significant disputes and claims.
The Group operates a policy framework for estimating whether items are considered to be exceptional. This framework, which is reviewed
annually, estimates the materiality of each broad set of potentially exceptional circumstances, after consideration of strategic impact and
likelihood of recurrence, by reference to the Group\u2019s key performance measure of adjusted Earnings Per Share. This framework estimates
that any qualifying item greater than \u00a340.0m will be considered exceptional, with lower thresholds applied to circumstances that are
considered to have a greater strategic impact and are less likely to recur. The \u00a340.0m threshold was increased during the year from the
previously applied limit of \u00a330.0m reflecting the increased profitability of the Group and the growth in the scale of its operations. The only
exception to this threshold is for gains or losses on disposal, or divestment of early-stage SSE Renewables international or offshore wind
farm development projects within SSE Renewables, which are considered non-exceptional in line with the Group\u2019s strategy to generate
recurring gains from developer divestments. Where a gain arises on a non-cash transaction, the gain is treated as exceptional.
Certain re-measurements are re-measurements arising on: certain commodity, interest rate and currency contracts which are accounted for
as held for trading or as fair value hedges in accordance with the Group\u2019s policy for such financial instruments; remeasurements on stocks of
commodities held at the balance sheet date; or movements in fair valuation of contracts for difference not designated as government grants.
The amount shown in the before exceptional items and certain re-measurements results for these contracts is the amount settled in the year
as disclosed in note 24.1.
This excludes commodity contracts not treated as financial instruments under IFRS 9 where held for the Group\u2019s own use requirements
which are not recorded until the underlying commodity is delivered.
The impact of changes in Corporation Tax rates on deferred tax balances are also included within certain remeasurements.
3.3 Other additional disclosures
As permitted by IAS 1 \u2018Presentation of financial statements\u2019, the Group\u2019s income statement discloses additional information in respect of
joint ventures and associates, exceptional items and certain re-measurements to aid understanding of the Group\u2019s financial performance
and to present results clearly and consistently.
4. Accounting judgements and estimation uncertainty
In the process of applying the Group\u2019s accounting policies, management is necessarily required to make judgements and estimates
that will have a significant effect on the amounts recognised in the financial statements. Changes in the assumptions underlying the estimates
could result in a significant impact to the financial statements. The Group\u2019s key accounting judgement and estimation areas are noted below,
with the most significant financial judgement areas as specifically considered by the Audit Committee being highlighted separately.
The Group has made no changes to its significant financial judgement areas since the financial year ended 31 March 2022, however
the level of judgement applied in the revenue recognition judgement (see 4.1 (iii) below) has increased as a result of the introduction
of customer support schemes during the year.
4.1 Significant financial judgements and estimation uncertainties
The preparation of these financial statements has specifically considered the following significant financial judgements, some of which
are also areas of estimation uncertainty as noted below.
(i) Impairment testing and valuation of certain non-current assets \u2013 financial judgement and estimation uncertainty
The Group reviews the carrying amounts of its goodwill, other intangible assets, specific property, plant and equipment and investment
assets to determine whether any impairments or reversal of impairments to the carrying value of those assets requires to be recorded.
Where an indicator of impairment or impairment reversal exists, the recoverable amount of those assets is determined by reference
to value in use calculations or fair value less cost to sell assessments, if more appropriate. As well as its goodwill balances, the specific
assets under review in the year ended 31 March 2023 are intangible development assets and specific property, plant and equipment
assets related to gas storage and thermal power generation. In addition, the Group performed an impairment review over the carrying
value of its equity investments in Neos Networks Limited and Triton Power Holdings Limited.
In conducting its reviews, the Group makes judgements and estimates in considering both the level of cash generating unit (CGU)
at which common assets such as goodwill are assessed against, as well as the estimates and assumptions behind the calculation of
recoverable amount of the respective assets or CGUs.
Changes to the estimates and assumptions on factors such as regulation and legislation changes (including the Electricity Generator
Levy and climate change related regulation), power, gas, carbon and other commodity prices, volatility of gas prices, plant running
regimes and load factors, discount rates and other inputs could impact the assessed recoverable value of assets and CGUs and
consequently impact the Group\u2019s income statement and balance sheet.
Further detail of the calculation basis and key assumptions used in the impairment review, the resulting impairment and the sensitivity of
this assessment to key assumptions is disclosed at note 15. Detail on the accounting policies applied is included in the Accompanying
Information section A1 .
(ii) Retirement benefit obligations \u2013 estimation uncertainty
The assumptions in relation to the cost of providing post-retirement benefits during the year are based on the Group\u2019s best estimates and
are set after consultation with qualified actuaries. While these assumptions are believed to be appropriate, a change in these assumptions
would impact the level of the retirement benefit obligation recorded and the cost to the Group of administering the schemes.
Further detail of the calculation basis and key assumptions used, the resulting movements in obligations and the sensitivity of key
assumptions to the obligation is disclosed at note 23.
(iii) Revenue recognition \u2013 Customers unbilled supply of energy \u2013 financial judgement and estimation uncertainty
Revenue from energy supply activities undertaken by the GB Business Energy and Airtricity businesses includes an estimate of the value
of electricity or gas supplied to customers between the date of the last meter reading and the year end. This estimation comprises both
billed revenue and unbilled revenue and is calculated based on applying the tariffs and contract rates applicable to customers against
estimated customer consumption, taking account of various factors including usage patterns, tariff changes, changes to the proportion
of customers on different contract types, levels of unread meters, weather trends and externally notified aggregated volumes supplied
to customers from national settlements bodies. During the year both of the Group\u2019s Supply businesses have administered government
backed customer support schemes, where the Group provides discounts to customers based on estimated usage and recovers amounts
from government based on actual customer usage. The administration of these support schemes has increased the complexity and
level of estimation uncertainty of the Group\u2019s unbilled calculations. The most material support scheme administered by the Group in the
year was the Energy Bills Relief Scheme (\u2018EBRS\u2019) within the GB Business Energy business. The accounting policy for customer support
schemes and the balances claimed from government is explained at A1.2 .
This unbilled estimation is subject to an internal corroboration process which compares calculated unbilled volumes to a theoretical
\u2018perfect billing\u2019 benchmark measure of unbilled volumes (in GWh and millions of therms) derived from historical weather-adjusted
consumption patterns and aggregated metering data used in industry reconciliation processes. Furthermore, actual meter readings and
billings continue to be compared to unbilled estimates between the balance sheet date and the finalisation of the financial statements.
The estimation of the government receivable included within the Group\u2019s unbilled revenue accrual is based on claimed and unclaimed
values based on the same customer consumption detail and derived from consideration of tariffs applied to customers, metered and
estimated volumes and other factors. The EBRS claims submitted by SSE will be audited by the UK government and are subject to
volumetric risk as estimated consumption data is replaced by actual metered data over the 14 month electricity industry reconciliation
period. The value of outstanding EBRS claims recognised at 31 March 2023 was \u00a3326.6m, which includes a risk provision of \u00a315.1m related
to amounts where the Group has provided the discount to the customer but has assessed that it will be unable to recover the amount
from the government during the open claim window.
Given the non-routine process, the number and the extent of differing inputs and the requirement of management to apply judgement
noted above, the estimated revenue is considered a significant estimate made by management in preparing the financial statements.
A change in the assumptions underpinning the unbilled calculation would have an impact on the amount of revenue recognised in any
given period. The sensitivity associated with this judgement factor is disclosed at note 18.
(iv) Valuation of other receivables \u2013 financial judgement and estimation uncertainty
The Group holds a \u00a3100m loan note due from Ovo Energy Limited following the disposal of SSE Energy Services on 15 January 2020.
The loan is repayable in full by 31 December 2029, carries interest at 13.25% and is presented cumulative of accrued interest payments,
discounted at 13.25%. At 31 March 2023, the carrying value (net of expected credit loss provision of \u00a31.5m (2022: \u00a31.8m)) is \u00a3149.5m
(2022: \u00a3131.0m).
The Group has assessed recoverability of the loan note receivable and has recognised a provision for expected credit loss in accordance
with the requirements of IFRS 9. Due to previous energy supplier failures and recent market volatility, the Group\u2019s assessment of the
recoverability of the loan note is considered a significant financial judgement. The Group has taken appropriate steps to assess all
available information in respect of the recoverability of the loan note. Procedures included reviewing recent financial information
of Ovo Energy Limited, including the 31 December 2021 statutory financial statements; considering available Government support
schemes; and discussions with Ovo management. While the carrying value is considered to be appropriate, changes in economic
conditions could lead to a change in the expected credit loss incurred by the Group in future periods.
(v) Impact of climate change and the transition to net zero \u2013 financial judgement and estimation uncertainty
Climate change and the transition to net zero have been considered in the preparation of these financial statements. Where relevant
assumptions have been applied that are consistent to a Paris-aligned 1.5\u00b0C 2050 net zero pathway. The Group has a clearly articulated
Net Zero Acceleration Programme Plus (\u2018NZAP Plus\u2019) set out on pages 16 to 17 to lead in the UK\u2019s transition to net zero and aligns its
investment plans and business activities to that strategy. These plans are supported by the Group\u2019s Green Bond framework under which
the fifth green bond was issued in July 2022 (see note 21). The proceeds of the fifth green bond were allocated to fund Renewables\u2019
wind projects.
The impact of future climate change regulation could have a material impact on the currently reported amounts of the Group\u2019s assets
and liabilities. In preparing these financial statements, the following climate change related risks have been considered:
Valuation of property, plant and equipment, and impairment assessment of goodwill
In the medium term, the transition to net zero may result in regulation restricting electricity generation from unabated gas fired power
stations. The Group\u2019s view is that flexible generation capacity, such as the Group\u2019s fleet of CCGT power stations, will be an essential part
of the net zero transition in order to provide security of supply to a market which is increasingly dependent upon renewable sources,
which are inherently intermittent. The majority of the Group\u2019s GB CCGT fleet is nearing the end of its economic life and it is not currently
expected that regulation to require abatement would be introduced before the planned closure of most of those power stations. Of the
net book value held at 31 March 2023, only four assets are forecast to continue to operate beyond 2030 being: Great Island; Keadby 2;
Marchwood (which is operated by SSE under a lease); and Saltend Power Station within the Triton joint venture. The Group\u2019s view is that
Great Island will continue to be essential to providing security of supply in the Irish electricity market. Keadby 2 commenced commercial
operation on 15 March 2023 and has an efficiency of around 63% making it the most efficient plant of its type in the UK and Europe.
Work is also underway to explore how to decarbonise Keadby 2 further with the potential to blend hydrogen into the plant. Marchwood
is a 50% equity accounted joint venture and is considered one of the most efficient CCGTs in the UK. Saltend was acquired as part of
Triton Power 50% equity accounted joint venture and supports the long-term decarbonisation of the UK\u2019s power system, and also
contributes to security of supply and grid stability. Initial steps are underway at Saltend, targeting abatement by 2027 through blending
up to 30% of low-carbon hydrogen. Therefore, the Group considers that other assets operating in the market would be more likely to
close before Keadby 2, Marchwood and Saltend and the plants will continue to be required to balance the UK electricity market beyond
2030. As a result, the useful economic life of the four assets have not been shortened when preparing the 31 March 2023 financial
statements. The Group assesses the useful economic life of its property, plant and equipment assets annually. In the short term, the
economic return from the activity provided by the Group\u2019s Great Island CCGT asset has increased, resulting in the reversal of historic
impairments at 31 March 2023 (see note 15.2).
A significant increase in renewable generation capacity in the Group\u2019s core markets in the UK and Ireland could potentially result in an
oversupply of renewable electricity at a point in the future, which would lead to a consequential decrease in the power price achievable
for the Group\u2019s wind generation assets. The Group has not assessed that this constitutes an indicator of impairment at 31 March 2023
as the Group\u2019s baseline investment case models assume a centrally approved volume of new build in these markets over the life of the
existing assets. The Group\u2019s policy is to test the goodwill balances associated with its wind generation portfolio for impairment on an
annual basis in line with the requirements of IAS 36. Through this impairment assessment (see note 15.1), a sensitivity to power price,
which may arise in a market with significant new build, was modelled. This scenario indicated that, despite a modelled 10% reduction
in power price, there remained significant headroom on the carrying value in the Group\u2019s wind generation assets.
Changes to weather patterns resulting from global warming have also been considered as a potential risk to future returns from the
Group\u2019s wind and hydro assets. Changes to weather patterns could result in calmer, drier weather patterns, which would reduce volumes
achievable for the Group\u2019s wind and hydro generation assets (although noting that this would likely lead to capacity constraints and hence
higher prices). This has not been assessed as an indicator of impairment for operating assets in the UK and Ireland at 31 March 2023,
as there is no currently observable evidence to support that scenario directly. The Group has performed a sensitivity to its impairment
modelling and has assessed that an 8% reduction in achievable volume would result in significant headroom on the carrying value of the
UK and Ireland assets at 31 March 2023 (see note 15.1). The TCFD physical risk scenarios modelled a 4% to 8% change in average mean
wind speeds in the longer term across the wind portfolio, consistent with the impairment sensitivity performed.
4. Accounting judgements and estimation uncertainty continued
4.1 Significant financial judgements and estimation uncertainties continued
(v) Impact of climate change and the transition to net zero \u2013 financial judgement and estimation uncertainty continued
Valuations of decommissioning provisions
The Group holds decommissioning provisions for its Renewable and Thermal generation assets and has retained a 60% share for the
decommissioning of its disposed Gas Production business. As noted above, the Group\u2019s view at 31 March 2023 is that climate change
regulation will not bring forward the closure dates of its CCGT fleet, many of which are expected to close before 2030. Similarly, it is
expected that fundamental changes to weather patterns, or the impact of new wind generation capacity will not bring forward the
decommissioning of the Group\u2019s wind farm portfolio.
The discounted share of the Gas Production provision is \u00a3201.4m (2022: \u00a3249.4m). At 31 March 2023, the impact of discounting of this
retained provision is \u00a364.5m (2022: \u00a333.8m), which is expected to be incurred across the period to 31 March 2037. If the decommissioning
activity was accelerated due to changes in legislation, the costs of unwinding the discounting of the provision would be recognised earlier.
Defined Benefit scheme assets
The Group holds defined benefit pension scheme assets at the 31 March 2023 which could be impacted by climate-related risks. The
Trustees of the schemes have a long term investment strategy that seeks to reduce investment risk as and when appropriate and takes
into consideration the impact of climate-related risk.
Going concern and viability statement
The implications of near term climate-related risks have been considered in the Group\u2019s going concern assessment and viability
statement assessment.
4.2 Accounting judgements and estimation uncertainties \u2013 changes from prior year
The Group has made no changes to accounting judgements and estimation uncertainties from those presented in the Group\u2019s 2022
Annual Report .
4.3 Other areas of estimation uncertainty
(i) Tax provisioning
The Group has open tax disputes with the tax authorities in the UK. Where management makes a judgement that an outflow of funds
is probable, and a reliable estimate of the dispute can be made, provision is made for the best estimate of the most likely liability.
In estimating any such liability, the Group applies a risk-based approach, taking into account the specific circumstances of each dispute
based on management\u2019s interpretation of tax law and supported, where appropriate, by discussion and analysis by external tax advisors.
These estimates are inherently judgemental and could change substantially over time as disputes progress and new facts emerge.
Provisions are reviewed on an ongoing basis, however the resolution of tax issues can take a considerable period of time to conclude
and it is possible that amounts ultimately paid will be different from the amounts provided.
In the financial statements to 31 March 2023, the Group has no provision for uncertain tax positions included in current tax liabilities
(2022: \u00a327.9m). The provision held by the Group at 31 March 2022 related to the Group\u2019s case concerning the availability of capital
allowances on Glendoe Hydro Electric Station. This case was heard at the Supreme Court on 23 March 2023 and a final decision on the
case was released on 17 May 2023. This decision upheld SSE\u2019s position in relation to the dispute and accordingly the provision held has
been released as an adjusting post balance sheet event and a related deferred tax liability of \u00a323.4m in relation to the associated capital
allowances has been recognised. The Group has no other open tax positions against which a provision has required to be recognised.
(ii) Decommissioning costs
The calculation of the Group\u2019s decommissioning provisions involves the estimation of quantum and timing of cash flows to settle the
obligation. The Group engages independent valuation experts to estimate the cost of decommissioning its Renewable, Thermal and
Gas Storage assets every three years based on current technology and prices. The last independent assessment for the majority of the
Group\u2019s Renewable and Thermal generation assets was performed in the year to 31 March 2022. A formal assessment for Gas Storage
assets was performed in the year to 31 March 2023. Retained decommissioning costs in relation to the disposed Gas Production business
are periodically agreed with the field operators and reflect the latest expected economic production lives of the fields.
The dates for settlement of future decommissioning costs are uncertain, particularly for the disposed gas exploration and production
business where reassessment of gas and liquids reserves and fluctuations in commodity prices can lengthen or shorten the field life.
During the year, the carrying value of the Group\u2019s decommissioning provisions have decreased by \u00a3228m due to provision reassessments,
increases in discount rate and decreases in inflation assumptions since 31 March 2022. With the exception of the decrease of \u00a348.1m to
the provision relating to Gas Production activities, movements on which are recorded in the income statement, all revaluation movements
have been matched by an offsetting adjustment to an associated decommissioning asset.
Further detail on the assumptions applied, including expected decommissioning dates, and movement in decommissioning costs during
the year are disclosed at note 20.
5. Segmental information
There have been no changes to the Group\u2019s core operating segments during the year. These segments are used internally by the Board
to run the business and make strategic decisions. The Group\u2019s \u2018Corporate unallocated\u2019 segment is the Group\u2019s residual corporate central
costs which cannot be allocated to individual segments, and also includes the Group\u2019s joint venture investment in Neos Networks Limited.
The types of products and services from which each reportable segment derives its revenues are:
Business Area Reported Segments Description
Continuing operations
Transmission
SSEN
Transmission
The economically regulated high voltage transmission of electricity from generating plant to the
distribution network in the North of Scotland. Revenue earned from constructing, maintaining and
renovating our transmission network is determined in accordance with the regulatory licence, based
on an Ofgem approved revenue model and is recognised as charged to National Grid. The revenue
earned from other transmission services such as generator plant connections is recognised in line
with delivery of that service over the expected contractual period and at the contracted rate. On
25 November 2022 the Group sold a 25.0% non-controlling interest in this business to the Ontario
Teachers\u2019 Pension Plan.
Distribution
SSEN Distribution The economically regulated lower voltage distribution of electricity to customer premises in the North
of Scotland and the South of England. Revenue earned from delivery of electricity supply to customers
is recognised based on the volume of electricity distributed to those customers and the set customer
tariff. The revenue earned from other distribution services such as domestic customer connections
is recognised in line with delivery of that service over the expected contractual period and at the
contracted rate.
Renewables
SSE Renewables The generation of electricity from renewable sources, such as onshore and offshore windfarms and
run of river and pumped storage hydro assets in the UK and Ireland, the development of similar wind
assets in Japan and Southern Europe and the development of wind, solar and battery opportunities.
Revenue from physical generation of electricity in Great Britain is sold to SSE EPM and in Ireland is
sold to Airtricity and is recognised as generated, based on the contracted or spot price at the time
of delivery. Revenue from national support schemes (such as Renewable Obligation Certificates
or the Capacity Market in Great Britain or REFIT in Ireland) may either be recognised in line with
electricity being physically generated or over the contractual period, depending on the underlying
performance obligation.
With effect from 18 April 2023, Renewables has taken responsibility for the development, delivery
and operation for battery storage and solar assets in Great Britain from Distributed Energy, aligning
that activity with its international operations. The impact of applying this change is not considered
material. This realignment of segmental reporting will be applied in the interim financial statements
for the period to 30 September 2023.
Thermal
SSE Thermal The generation of electricity from thermal plant and the Group\u2019s interests in multifuel assets in the
UK and Ireland. Revenue from physical generation of electricity in Great Britain and Ireland is sold to
SSE EPM and is recognised as generated, based on the contract or spot price at the time of delivery.
Revenue from national support schemes (such as the Capacity Market) and ancillary generation
services may either be recognised in line with electricity being physically generated or over the
contractual period, depending on the underlying performance obligation.
Gas Storage The operation of gas storage facilities in Great Britain, utilising capacity to optimise trading
opportunity associated with the assets. Contribution arising from trading activities is recognised
as realised based on the executed trades or withdrawal of gas from caverns.
Energy
Customer
Solutions
Business Energy The supply of electricity and gas to business customers in Great Britain. Revenue earned from the
supply of energy is recognised in line with the volume delivered to the customer, based on actual
and estimated volumes, and reflecting the applicable customer tariff after deductions or discounts.
Airtricity The supply of electricity, gas and energy related services to residential and business customers in the
Republic of Ireland and Northern Ireland. Revenue earned from the supply of energy is recognised in
line with the volume delivered to the customer, based on actual and estimated volumes, and reflecting
the applicable customer tariff after deductions or discounts. Revenue earned from energy related
services may either be recognised over the expected contractual period or following performance
of the service, depending on the underlying performance obligation.
Distributed
Energy
Distributed
Energy
The provision of services to enable customers to optimise and manage low-carbon energy use;
development and management of battery storage and solar assets; distributed generation, independent
distribution, heat and cooling networks, smart buildings and EV charging activities. The results of
the Group\u2019s Contracting and Rail business was included within this segment until it was disposed on
30 June 2021. As noted above, with effect from 18 April 2023, the battery storage and solar assets
activity in Great Britain has been transferred to SSE Renewables.
Business Area Reported Segments Description EPM & I Energy Portfolio Management (EPM) The provision of a route to market for the Group\u2019s Renewable and Thermal generation businesses and commodity procurement for the Group\u2019s energy supply businesses in line with the Group\u2019s stated hedging policies. Revenue from physical sales of electricity, gas and other commodities produced by SSE is recognised as supplied to either the national settlements body or the customer, based on either the spot price at the time of delivery or trade price where that trade is eligible for \u2018own use\u2019 designation. The sale of commodity optimisation trades is presented net in cost of sales alongside purchase commodity optimisation trades. Discontinued operations EPM & I Gas Production The production and processing of gas and oil from North Sea fields. Revenue was recognised based on the production that had been delivered to the customer at the specified delivery point, at the applicable contractual market price. This business was disposed of in the financial year to 31 March 2022. SSE has retained an obligation for 60% of the decommissioning liabilities of the disposed business as part of the transaction. Gas Distribution SGN SSE\u2019s share of Scotia Gas Networks, which operates two economically regulated gas distribution networks in Scotland and the South of England. The revenue earned from transportation of natural gas to customers was recognised based on the volume of gas distributed to those customers and the set customer tariff. This investment was disposed of in the financial year to 31 March 2022 and accordingly is noted here in relation to the comparative information for that year. As referred to in note 3, the internal measure of profit used by the Board is \u2018adjusted profit before interest and tax\u2019 or \u2018adjusted operating profit\u2019 which is arrived at before exceptional items, the impact of financial instruments measured under IFRS 9, share of profits attributable to non-controlling interests, the net interest costs/income associated with defined benefit pension schemes, adjustments to the retained Gas Production decommissioning and after the removal of taxation and interest on profits from joint ventures and associates. Analysis of revenue, operating profit, assets and earnings before interest, taxation, depreciation and amortisation (\u2018EBITDA\u2019) by segment is provided on the following pages. All revenue and profit before taxation arise from operations within the UK and Ireland. 5.1 Segmental information disclosure (i) Revenue by segment Reported revenue 2023 \u00a3m Inter-segment revenue (i) 2023 \u00a3m Segment revenue 2023 \u00a3m Reported revenue (restated*) 2022 \u00a3m Inter-segment revenue (i) 2022 \u00a3m Segment revenue (restated*) 2022 \u00a3m Continuing operations SSEN Transmission 656.1 \u2013 656.1 589.7 \u2013 589.7 SSEN Distribution 1,102.7 81.0 1,183.7 954.6 78.6 1,033.2 SSE Renewables 334.8 602.7 937.5 357.4 418.8 776.2 SSE Thermal 740.4 3,863.8 4,604.2 933.2 285.0 1,218.2 Gas storage 12.2 5,147.5 5,159.7 8.7 2,471.1 2,479.8 Energy Customer Solutions Business Energy 3,313.5 59.4 3,372.9 2,289.0 34.5 2,323.5 SSE Airtricity 1,776.9 233.1 2,010.0 1,17 7.3 451.3 1,628.6 Distributed Energy 139.1 20.1 159.2 176.9 25.4 202.3 EPM: Gross trading 24,700.6 11,972.4 36,673.0 12,808.3 7,160.2 19,968.5 Optimisation trades (20,351.8) (937.3) (21,289.1) (10,667.6) (2,914.0) (13,581.6) EPM 4,348.8 11,035.1 15,383.9 2,140.7 4,246.2 6,386.9 Corporate unallocated 66.2 232.1 298.3 69.7 147.7 217.4 Total continuing operations 12,490.7 21,274.8 33,765.5 8,697.2 8,158.6 16,855.8 Discontinued operations Gas Production \u2013 \u2013 \u2013 8.1 133.9 142.0 Total discontinued operations \u2013 \u2013 \u2013 8.1 133.9 142.0 Total SSE Group 12,490.7 21,274.8 33,765.5 8,705.3 8,292.5 16,997.8 (i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal, Gas Storage and Distributed Energy to EPM; use of system income received by SSEN Distribution from Business Energy; Business Energy provides internal heat and light power supplies to other Group companies; EPM provides power, gas and other commodities to Business Energy and SSE Airtricity; Gas Production (discontinued) sold gas from producing upstream fields to EPM; and Corporate unallocated provides corporate and infrastructure services to all segments as well as third parties. All are provided at arm\u2019s length. * The comparative segment revenue has been restated. See note 2.1. 5. Segmental information continued
Disaggregation of revenue
Revenue from contracts with customers can be disaggregated by reported segment, by major service lines and by timing of revenue
recognition as follows:
Revenue from contracts with customers
Other
contract
revenue
2023
\u00a3m
Total
2023
\u00a3m
Goods or services transferred
over time
Goods or services transferred
at a point in time
Total
revenue
from
contracts
with
customers
2023
\u00a3m
Use of
electricity
networks
2023
\u00a3m
Supply of
energy and
ancillary
services
2023
\u00a3m
Construction
related
services
2023
\u00a3m
Other
contracted
services
2023
\u00a3m
Physical
energy
2023
\u00a3m
Gas
storage
2023
\u00a3m
Other
revenue
2023
\u00a3m
Continuing operations
SSEN Transmission 634.0 \u2013 \u2013 20.4 \u2013 \u2013 1.7 656.1 \u2013 656.1
SSEN Distribution 1,054.0 \u2013 \u2013 12.3 \u2013 \u2013 17.9 1,084.2 18.5 1,102.7
SSE Renewables \u2013 49.7 \u2013 87.5 184.3 \u2013 13.3 334.8 \u2013 334.8
SSE Thermal \u2013 736.9 \u2013 \u2013 \u2013 \u2013 3.5 740.4 \u2013 740.4
Gas Storage \u2013 \u2013 \u2013 \u2013 \u2013 12.2 \u2013 12.2 \u2013 12.2
Energy Customer
Solutions
Business Energy \u2013 3,313.5 \u2013 \u2013 \u2013 \u2013 \u2013 3,313.5 \u2013 3,313.5
SSE Airtricity \u2013 1,756.7 \u2013 \u2013 \u2013 \u2013 20.2 1,776.9 \u2013 1,776.9
Distributed Energy 16.4 29.5 14.4 \u2013 \u2013 \u2013 73.0 133.3 5.8 139.1
EPM \u2013 \u2013 \u2013 \u2013 4,158.7 \u2013 190.1 4,348.8 \u2013 4,348.8
Corporate unallocated \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 66.2 66.2 \u2013 66.2
Total SSE Group 1,704.4 5,886.3 14.4 120.2 4,343.0 12.2 385.9 12,466.4 24.3 12,490.7
5. Segmental information continued
5.1 Segmental information disclosure continued
(i) Revenue by segment continued
Disaggregation of revenue continued
(Restated*)
Other
contract
revenue
2022
\u00a3m
Total
2022
\u00a3m
Revenue from contracts with customers
Goods or services transferred
over time
Goods or services transferred
at a point in time
Total
revenue
from
contracts
with
customers
2022
\u00a3m
Use of
electricity
networks
2022
\u00a3m
Supply of
energy and
ancillary
services
2022
\u00a3m
Construction
related
services
2022
\u00a3m
Other
contracted
services
2022
\u00a3m
Physical
energy
2022
\u00a3m
Gas
storage
2022
\u00a3m
Other
revenue
2022
\u00a3m
Continuing operations
SSEN Transmission 570.8 \u2013 \u2013 16.5 \u2013 \u2013 2.4 589.7 \u2013 589.7
SSEN Distribution 903.3 \u2013 \u2013 10.5 \u2013 \u2013 22.8 936.6 18.0 954.6
SSE Renewables \u2013 79.7 \u2013 75.0 202.7 \u2013 \u2013 357.4 \u2013 357.4
SSE Thermal \u2013 929.1 \u2013 \u2013 \u2013 \u2013 4.1 933.2 \u2013 933.2
Gas Storage \u2013 \u2013 \u2013 \u2013 \u2013 8.7 \u2013 8.7 \u2013 8.7
Energy Customer
Solutions
Business Energy \u2013 2,289.0 \u2013 \u2013 \u2013 \u2013 \u2013 2,289.0 \u2013 2,289.0
SSE Airtricity \u2013 1,158.1 \u2013 19.2 \u2013 \u2013 \u2013 1,17 7.3 \u2013 1,17 7.3
Distributed Energy 11.9 15.8 77.7 3.9 2.9 \u2013 59.3 171.5 5.4 176.9
EPM \u2013 \u2013 \u2013 \u2013 1,920.9 \u2013 219.8 2,140.7 \u2013 2,140.7
Corporate unallocated \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 69.7 69.7 \u2013 69.7
Total continuing
operations 1,486.0 4,471.7 77.7 125.1 2,126.5 8.7 378.1 8,673.8 23.4 8,697. 2
Discontinued
operations
Gas Production \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 8.1 8.1 \u2013 8.1
Total discontinued
operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 8.1 8.1 \u2013 8.1
Total SSE Group 1,486.0 4,471.7 77.7 125.1 2,126.5 8.7 386.2 8,681.9 23.4 8,705.3
* The comparative disaggregated segment revenue has been restated. See note 2.1.
Included within trade and other receivables (note 18) is \u00a3666.1m (2022: \u00a3492.7m) of unbilled energy income. Included within trade and
other payables (note 19) is \u00a3215.4m (2022: \u00a3242.5m) of contract related liabilities. Contract related assets reflect the Group\u2019s right to
consideration in exchange for goods or services that have transferred to the customer, and contract related liabilities reflect the Group\u2019s
obligation to transfer future goods or services for which the Group has already received consideration. Contract related assets and
liabilities principally arose in the Distributed Energy reporting segment with changes during the periods reflecting ongoing contract
progress, offset by cash receipts or customer invoicing.
The Group has not disclosed information related to the transaction price allocated to remaining performance obligations on the basis
that the Group\u2019s contracts either have an original expected duration of less than one year, or permit the Group to recognise revenue
as invoiced.
Revenue by geographical location on continuing operations is as follows:
2023
\u00a3m
2022
(restated*)
\u00a3m
UK 10,899.8 7, 381.1
Ireland 1,590.9 1,316.1
12,490.7 8,697. 2
(ii) Operating profit/(loss) by segment
2023
Adjusted
operating
profit
reported to
the Board
APM
\u00a3m
Depreciation
on fair value
uplifts
\u00a3m
JV/Associate
share of
interest and
tax
\u00a3m
Adjustments
to Gas
Production
decommissioning
provision
\u00a3m
Non-
controlling
interests
\u00a3m
Before
exceptional
items and
certain
re-
measurements
\u00a3m
Exceptional
items and
certain
re-
measurements
\u00a3m
Total
\u00a3m
Continuing operations
SSEN Transmission 372.7 \u2013 \u2013 \u2013 32.8 405.5 \u2013 405.5
SSEN Distribution 382.4 \u2013 \u2013 \u2013 \u2013 382.4 \u2013 382.4
SSE Renewables 580.0 (18.8) (103.0) \u2013 (1.9) 456.3 (10.0) 446.3
SSE Thermal 1,031.9 (10.0) (60.4) \u2013 \u2013 961.5 128.0 1,089.5
Gas Storage 212.5 \u2013 \u2013 \u2013 \u2013 212.5 36.7 249.2
Energy Customer
Solutions
Business Energy 17.9 \u2013 \u2013 \u2013 \u2013 17.9 \u2013 17.9
SSE Airtricity 5.6 \u2013 (0.4) \u2013 \u2013 5.2 \u2013 5.2
Distributed Energy (27.4) \u2013 \u2013 \u2013 \u2013 (27.4) (6.1) (33.5)
EPM 80.4 \u2013 \u2013 \u2013 \u2013 80.4 (2,706.4) (2,626.0)
Corporate
Corporate unallocated (87.0) \u2013 \u2013 50.5 \u2013 (36.5) 9.7 (26.8)
Neos (39.8) \u2013 (10.3) \u2013 \u2013 (50.1) (5.9) (56.0)
Total SSE Group 2,529.2 (28.8) (174.1) 50.5 30.9 2,407.7 (2,554.0) (146.3)
The adjusted operating profit of the Group is reported after removal of the Group\u2019s share of interest, fair value movements on financing
derivatives, the depreciation charged on fair value uplifts and tax from joint ventures and associates, Gas production decommissioning
costs, operating profit from non-controlling interests and after adjusting for exceptional items and certain re-measurements (note 7).
The Group\u2019s share of operating profit from joint ventures and associates has been recognised in the SSE Renewables, SSE Thermal, SSE
Airtricity and Corporate segments.
5.1 Segmental information disclosure continued
(ii) Operating profit/(loss) by segment continued
2022
(restated*)
Adjusted
operating
profit
reported to
the Board
APM
\u00a3m
Depreciation
on fair value
uplifts
\u00a3m
JV/Associate
share of
interest and
tax
\u00a3m
Adjustments
to Gas
Production
decommissioning
provision
\u00a3m
Before
exceptional
items and
certain
re-
measurements
\u00a3m
Exceptional
items and
certain
re-
measurements
\u00a3m
Total
\u00a3m
Continuing operations
SSEN Transmission 380.5 \u2013 \u2013 \u2013 380.5 \u2013 380.5
SSEN Distribution 351.8 \u2013 \u2013 \u2013 351.8 \u2013 351.8
SSE Renewables 568.1 (18.8) (92.9) \u2013 456.4 (28.6) 427.8
SSE Thermal 300.4 \u2013 (9.5) \u2013 290.9 333.3 624.2
Gas Storage 30.7 \u2013 \u2013 \u2013 30.7 94.7 125.4
Energy Customer Solutions
Business Energy (21.5) \u2013 \u2013 \u2013 (21.5) \u2013 (21.5)
SSE Airtricity 60.4 \u2013 \u2013 \u2013 60.4 \u2013 60.4
Distributed Energy (10.9) \u2013 \u2013 \u2013 (10.9) (18.3) (29.2)
EPM (16.8) \u2013 \u2013 \u2013 (16.8) 2,100.4 2,083.6
Corporate
Corporate unallocated (95.7) \u2013 (4.7) (13.1) (113.5) \u2013 (113.5)
Neos (16.1) (1.8) (7.0) \u2013 (24.9) (115.1) (140.0)
Total continuing operations 1,530.9 (20.6) (114.1) (13.1) 1,383.1 2,366.4 3,749.5
Discontinued operations
Gas Production 101.4 \u2013 \u2013 \u2013 101.4 (120.8) (19.4)
SGN
(i)
21.0 \u2013 (12.8) \u2013 8.2 (89.3) (81.1)
Total discontinued
operations 122.4 \u2013 (12.8) \u2013 109.6 (210.1) (100.5)
Total SSE Group 1,653.3 (20.6) (126.9) (13.1) 1,492.7 2,156.3 3,649.0
* The comparative operating profit by segment information has been restated. See note 2.1.
(i) In the table above total operating profit from SGN has been restated to remove the \u00a3576.5m gain recognised on disposal of SGN. There has been no change to the
presentation of this gain in the income statement and note 12.
For the year ended 31 March 2022, the share of SGN interest included loan stock interest payable to the consortium shareholders. The Group
has accounted for its 33% share of this, \u00a36.8m as discontinued finance income.
(iii) Capital expenditure by segment
Capital
additions to
intangible assets
2023
\u00a3m
Capital
additions to
property,
plant and
equipment
2023
\u00a3m
Capital
additions to
intangible assets
2022
\u00a3m
Capital
additions to
property,
plant and
equipment
2022
(restated*)
\u00a3m
Continuing operations
SSEN Transmission 7.2 536.6 5.8 608.6
SSEN Distribution 15.2 486.8 15.6 440.5
SSE Renewables 685.7 311.3 265.2 193.2
SSE Thermal 20.8 44.5 9.5 59.2
Gas Storage \u2013 6.3 \u2013 2.1
Energy Customer Solutions
Business Energy 38.9 \u2013 4.6 30.6
SSE Airtricity 10.5 \u2013 \u2013 4.6
Distributed Energy 62.0 66.6 8.7 17.9
EPM 809.9 \u2013 545.3 1.6
Corporate unallocated 38.4 48.0 65.8 21.2
Total continuing operations 1,688.6 1,500.1 920.5 1,379.5
Discontinued operations
Gas Production \u2013 \u2013 \u2013 13.9
Total discontinued operations \u2013 \u2013 \u2013 13.9
Total SSE Group 1,688.6 1,500.1 920.5 1,393.4
Increase in prepayments related to capital expenditure \u2013 6.8 \u2013 (2.0)
Increase in trade payables related to capital expenditure (31.8) 132.2 \u2013 59.2
IFRS 15 adjustment \u2013 (80.9) \u2013 (91.3)
Lease asset additions \u2013 (78.5) \u2013 (85.7)
Less non-cash items:
Allowances and certificates (208.4) \u2013 (193.7) \u2013
Assets acquired through acquisitions (515.2) \u2013 (197.8) \u2013
Net cash outflow 933.2 1,479.7 529.0 1,273.6
* The comparatives have been restated. See note 2.1.
Capital additions do not include assets acquired in acquisitions or assets acquired under leases. Capital additions to intangible assets
includes the cash purchase of emissions allowances and certificates (2023: \u00a3596.8m; 2022: \u00a3350.8m). These purchases are presented
in the cash flow statement within operating activities since they relate to the obligation to surrender the allowances and certificates in
line with operating volumes of emissions. Other non-cash additions comprise self-generated renewable obligation certificates.
No segmental analysis of assets requires to be disclosed as this information is not presented to the Board.
5. Segmental information continued
5.1 Segmental information disclosure continued
(iii) Capital expenditure by segment continued
At 31 March 2023
Capital
additions
to
intangible
assets
2023
\u00a3m
Capital
additions
to
property,
plant and
equipment
2023
\u00a3m
Capital
Investment
relating to
Joint
Ventures and
Associates
(i)
\u00a3m
Allowances
and
certificate
(ii)
\u00a3m
Customer
funded
additions
(iii)
\u00a3m
Acquired
through
business
combinations
(iv)
\u00a3m
Lease asset
additions
(v)
\u00a3m
Share of
on-controlling
interests
(vi)
\u00a3m
Adjusted
Investment
and Capital
Expenditure
2023
APM
\u00a3m
Continuing operations
SSEN Transmission 7.2 536.6 \u2013 \u2013 \u2013 \u2013 (1.6) (46.7) 495.5
SSEN Distribution 15.2 486.8 \u2013 \u2013 (80.9) \u2013 (0.1) \u2013 421.0
SSE Renewables 685.7 311.3 391.8 \u2013 \u2013 (515.2) (36.1) \u2013 837.5
SSE Thermal 20.8 44.5 87.9 \u2013 \u2013 \u2013 \u2013 \u2013 153.2
Gas Storage \u2013 6.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6.3
Energy Customer Solutions
Business Energy 38.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 38.9
SSE Airtricity 10.5 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 10.5
Distributed Energy 62.0 66.6 \u2013 \u2013 \u2013 \u2013 (3.9) \u2013 124.7
EPM 809.9 \u2013 \u2013 (805.2) \u2013 \u2013 \u2013 \u2013 4.7
Corporate unallocated 38.4 48.0 18.7 \u2013 \u2013 \u2013 (36.8) \u2013 68.3
Total SSE Group 1,688.6 1,500.1 498.4 (805.2) (80.9) (515.2) (78.5) (46.7) 2,160.6
(i) Represents equity or debt funding provided to joint ventures or associates in relation to capital expenditure projects.
(ii) Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs) and are not
included in the Group\u2019s Capital Expenditure and Investment alternative performance measure.
(iii) Represents removal of additions to electricity and other networks funded by customer contributions.
(iv) Represents removal of additions achieved through business combinations; for Renewables additions of \u00a3515.2m refer to note 12. Note that the Group\u2019s Adjusted
Investment, Capital and Acquisitions metric includes the \u00a3642.7m cash consideration paid for Business Combinations and totals \u00a32,803.3m.
(v) Represents removal of additions in respect of right of use assets recognised on the commencement date of a lease arrangement.
(vi) Represents the share of capital additions attributable to non-controlling interests.
At 31 March 2022
Capital
additions
to
intangible
assets
2022
\u00a3m
Capital
additions
to
property,
plant and
equipment
2022
(restated*)
\u00a3m
Capital
Investment
relating to
Joint
Ventures
and
Associates
(i)
\u00a3m
Allowances
and
certificates
(ii)
\u00a3m
Customer
funded
additions
(iii)
\u00a3m
Acquired
through
business
combinations
(iv)
\u00a3m
Lease asset
additions
(v)
\u00a3m
Additions
subsequently
impaired/
disposed
(vi)
\u00a3m
Refinancing
proceeds
(vii)
\u00a3m
Adjusted
Investment
and Capital
Expenditure
2022
(restated*)
APM
\u00a3m
Continuing
operations
SSEN
Transmission 5.8 608.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 614.4
SSEN
Distribution 15.6 440.5 \u2013 \u2013 (91.3) \u2013 \u2013 \u2013 \u2013 364.8
SSE Renewables 265.2 193.2 588.8 \u2013 \u2013 (197.8) (38.4) \u2013 (136.7) 674.3
SSE Thermal 9.5 59.2 54.7 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 123.4
Gas Storage \u2013 2.1 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.1
Energy
Customer
Solutions
Business
Energy 4.6 30.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 35.2
SSE Airtricity \u2013 4.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4.6
Distributed
Energy 8.7 17.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 26.6
EPM 545.3 1.6 \u2013 (544.5) \u2013 \u2013 \u2013 \u2013 \u2013 2.4
Corporate
unallocated 65.8 21.2 39.0 \u2013 \u2013 \u2013 (47.3) \u2013 \u2013 78.7
Total continuing
operations 920.5 1,379.5 682.5 (544.5) (91.3) (197.8) (85.7) \u2013 (136.7) 1,926.5
Discontinued
operations
Gas Production 0.5 13.4 \u2013 \u2013 \u2013 \u2013 \u2013 (13.9) \u2013 \u2013
Total
discontinued
operations 0.5 13.4 \u2013 \u2013 \u2013 \u2013 \u2013 (13.9) \u2013 \u2013
Total SSE Group 921.0 1,392.9 682.5 (544.5) (91.3) (197.8) (85.7) (13.9) (136.7) 1,926.5
* The comparatives have been restated. See note 2.1.
(i) Represents equity or debt funding provided to joint ventures or associates in relation to capital expenditure projects.
(ii) Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs) and are not
included in the Group\u2019s Capital Expenditure and Investment alternative performance measure.
(iii) Represents removal of additions to electricity and other networks funded by customer contributions.
(iv) Represents removal of additions achieved through business combination; for Renewables additions of \u00a3197.8m refer to note 12. Note that the Group\u2019s Adjusted
Investment, Capital and Acquisitions metric includes the \u00a3141.3m cash consideration paid for Business Combinations and totals \u00a32,067.8m.
(v) Represents removal of right of use assets recognised on the commencement date of a lease arrangement.
(vi) On 14 October 2021, the Group disposed of its Gas Production business but retained a 60% share of the decommissioning obligation of the business.
(vii) Represents the refunding of equity or debt funding provided by the Group (predominately to joint ventures); as the funding is included at (i) above, when there is
a refinancing and SSE receives a repayment, those proceeds are excluded from its adjusted capex measure. In the year to 31 March 2022, Doggerbank windfarm
reimbursed SSE for previous funding of \u00a3136.7m.
5. Segmental information continued
5.1 Segmental information disclosure continued
(iv) Items included in operating profit/(loss) by segment
Depreciation/impairment on property,
plant and equipment
Amortisation/impairment
of intangible assets
Before
exceptional
charges
2023
\u00a3m
Impairment
charges/
(credits)
2023
\u00a3m
Total
2023
\u00a3m
Before
exceptional
charges
2023
\u00a3m
Impairment
charges/
(credits)
2023
\u00a3m
Total
2023
\u00a3m
Continuing operations
SSEN Transmission 109.4 \u2013 109.4 4.7 \u2013 4.7
SSEN Distribution 172.0 \u2013 172.0 10.2 \u2013 10.2
SSE Renewables 161.1 12.5 173.6 2.0 4.2 6.2
SSE Thermal 103.3 (7.2) 96.1 0.6 \u2013 0.6
Gas Storage 16.5 (45.7) (29.2) \u2013 \u2013 \u2013
Energy Customer Solutions
Business Energy 0.2 \u2013 0.2 4.5 \u2013 4.5
SSE Airtricity 0.1 \u2013 0.1 6.8 \u2013 6.8
Distributed Energy 4.7 0.4 5.1 1.7 \u2013 1.7
EPM \u2013 \u2013 \u2013 6.0 \u2013 6.0
Corporate unallocated 38.4 1.6 40.0 18.1 14.6 32.7
Total SSE Group 605.7 (38.4) 567.3 54.6 18.8 73.4
Depreciation/impairment on property,
plant and equipment
Amortisation/impairment
of intangible assets
Before
exceptional
charges
2022
\u00a3m
Impairment
charges/
(credits)
2022
\u00a3m
Total
2022
\u00a3m
Before
exceptional
charges
2022
\u00a3m
Impairment
charges/
(credits)
2022
\u00a3m
Total
2022
\u00a3m
Continuing operations
SSEN Transmission 99.6 \u2013 99.6 3.6 \u2013 3.6
SSEN Distribution 165.8 20.7 186.5 9.4 \u2013 9.4
SSE Renewables 160.1 \u2013 160.1 0.8 \u2013 0.8
SSE Thermal 69.8 (331.6) (261.8) 0.4 \u2013 0.4
Gas Storage 0.8 (97.3) (96.5) \u2013 \u2013 \u2013
Energy Customer Solutions
Business Energy 5.1 \u2013 5.1 6.2 \u2013 6.2
SSE Airtricity 0.2 \u2013 0.2 1.5 \u2013 1.5
Distributed Energy 5.6 (1.6) 4.0 2.3 0.5 2.8
EPM \u2013 \u2013 \u2013 4.5 \u2013 4.5
Corporate unallocated 38.4 \u2013 38.4 16.7 1.0 17.7
Total continuing operations 545.4 (409.8) 135.6 45.4 1.5 46.9
Discontinued operations
Gas Production \u2013 120.8 120.8 \u2013 \u2013 \u2013
Total discontinued operations \u2013 120.8 120.8 \u2013 \u2013 \u2013
Total SSE Group 545.4 (289.0) 256.4 45.4 1.5 46.9
The Group\u2019s share of SGN depreciation in the year ended 31 March 2022 (\u00a310.4m) and amortisation (\u00a30.7m) is not included within
operating costs.
(v) Earnings before interest, taxation, depreciation and amortisation (\u2018EBITDA\u2019)
Adjusted
operating profit
reported to the
Board
(note 5.1(ii))
APM
2023
\u00a3m
Depreciation
on fair
value uplifts
2023
\u00a3m
Depreciation/
Impairment/
amortisation
before
exceptional
charges
(note 5.1(iv))
2023
\u00a3m
JV/Associate
share of
depreciation
and
amortisation
(note 16.4)
2023
\u00a3m
Release of
deferred income
(note 6)
2023
\u00a3m
Share of
non-controlling
interest
depreciation
and
amortisation
2023
\u00a3m
Adjusted
EBITDA
APM
2023
\u00a3m
Continuing operations
SSEN Transmission 372.7 \u2013 114.1 \u2013 (2.1) (9.7) 475.0
SSEN Distribution 382.4 \u2013 182.2 \u2013 (10.6) \u2013 554.0
SSE Renewables 580.0 (18.8) 179.8 92.8 (0.1) \u2013 833.7
SSE Thermal 1,031.9 (10.0) 114.5 60.8 \u2013 \u2013 1 ,197.2
Gas Storage 212.5 \u2013 16.5 \u2013 \u2013 \u2013 229.0
\u2013
Energy Customer Solutions
Business Energy 17.9 \u2013 4.7 \u2013 \u2013 \u2013 22.6
SSE Airtricity 5.6 \u2013 6.9 \u2013 \u2013 \u2013 12.5
Distributed Energy (27.4) \u2013 6.8 \u2013 (0.2) \u2013 (20.8)
EPM 80.4 \u2013 6.0 \u2013 \u2013 \u2013 86.4
Corporate
Corporate unallocated (87.0) \u2013 72.7 \u2013 (0.9) \u2013 (15.2)
Neos (39.8) \u2013 \u2013 47.5 \u2013 \u2013 7.7
Total SSE Group 2,529.2 (28.8) 704.2 201.1 (13.9) (9.7) 3,382.1
Note that the Group\u2019s \u2018Net Debt to EBITDA\u2019 metric is derived after removing the proportionate EBITDA from the following debt-financed
Beatrice and Seagreen joint ventures. This adjustment is \u00a3146.9m (2022: \u00a3125.4m) resulting in EBITDA on continuing operations for
inclusion in the Debt to EBITDA metric of \u00a33,235.2m (2022: \u00a32,125.3m restated).
For 31 March 2023 the \u00a3704.2m combined depreciation, impairment and amortisation charges included non-exceptional impairments
totalling \u00a343.9m.
5. Segmental information continued
5.1 Segmental information disclosure continued
(v) Earnings before interest, taxation, depreciation and amortisation (\u2018EBITDA\u2019) continued
(restated*)
Adjusted
operating profit
reported to
the Board
(note 5.1(ii))
APM
2022
\u00a3m
Depreciation
on fair
value uplifts
2022
\u00a3m
Depreciation/
Impairment/
amortisation
before
exceptional
charges
(note 5.1(iv))
2022
\u00a3m
JV/Associate
share of
depreciation
and
amortisation
(note 16.4)
2022
\u00a3m
Release of
deferred
income
(note 6)
2022
\u00a3m
Adjusted
EBITDA
APM
2022
\u00a3m
Continuing operations
SSEN Transmission 380.5 \u2013 103.2 \u2013 (3.8) 479.9
SSEN Distribution 351.8 \u2013 195.9 \u2013 (11.6) 536.1
SSE Renewables 568.1 (18.8) 160.9 85.4 \u2013 795.6
SSE Thermal 300.4 \u2013 70.2 19.0 \u2013 389.6
Gas Storage 30.7 \u2013 0.8 \u2013 \u2013 31.5
Energy Customer Solutions
Business Energy (21.5) \u2013 11.3 \u2013 \u2013 (10.2)
SSE Airtricity 60.4 \u2013 1.7 \u2013 \u2013 62.1
Distributed Energy (10.9) \u2013 7.4 \u2013 (1.3) (4.8)
EPM (16.8) \u2013 4.5 \u2013 \u2013 (12.3)
Corporate
Corporate unallocated (95.7) \u2013 56.1 \u2013 (0.9) (40.5)
Neos (16.1) (1.8) \u2013 42.2 \u2013 24.3
Total continuing operations 1,530.9 (20.6) 612.0 146.6 (17.6) 2,251.3
Discontinued operations
Gas Production 101.4 \u2013 \u2013 \u2013 \u2013 101.4
SGN 21.0 \u2013 \u2013 11.1 \u2013 32.1
Total discontinued operations 122.4 \u2013 \u2013 11.1 \u2013 133.5
Total SSE Group 1,653.3 (20.6) 612.0 157.7 (17.6) 2,384.8
* The comparative adjusted operating profit by segment information has been restated. See note 2.1.
For 31 March 2022 the \u00a3612.0m combined depreciation, impairment and amortisation charges included non-exceptional impairments
totalling \u00a321.2m.
6. Other operating income and cost
Group operating profit on continuing operations is stated after charging/(crediting) the following items:
2023
\u00a3m
2022
\u00a3m
Depreciation of property, plant and equipment on continuing operations
(i)
(note 14) 605.7 544.8
Net exceptional gains on disposal (note 7) (89.1) (4.3)
Exceptional charges/(credits) (continuing operations) (note 7) 230.4 (297.5)
Research costs 10.8 12.0
Lease charges
(ii)
11.7 11.0
Release of deferred income in relation to capital grants and historic customer contributions (13.9) (17.6)
Government grant income
(iii)
(1,012.6) \u2013
Gain on disposals (non-exceptional) (note 12) \u2013 (67.1)
Amortisation of other intangible assets 0.3 1.5
(i) Does not include exceptional impairment charges.
(ii) Represents the expense of leases with a duration of 12 months or less and leases for assets which are deemed \u2018low value\u2019 under the principles of IFRS 16. In
addition, variable lease payments, which are not included within the measurement of lease liabilities as they do not depend on an index or rate, of \u00a310.4m (2022:
\u00a37.8m) were charged in the current year.
(iii) During the year the Group received \u00a31,012.6m of income from government funded customer support schemes. All amounts received were passed to the Group\u2019s
energy customers in the United Kingdom and Republic of Ireland. Amounts received have been classed as other operating income in line with the Group\u2019s
accounting policies for government grants.
Auditor\u2019s remuneration
2023
\u00a3m
2022
\u00a3m
Audit of these financial statements 0.4 0.4
Amounts receivable by the Company\u2019s auditor and its associates in respect of:
Audit of financial statements of subsidiaries of the Company 3.2 3.1
Audit related assurance services 0.3 0.3
Other services fees 0.1 0.1
3.6 3.5
Total remuneration paid to auditor 4.0 3.9
Audit fees in the current year include scope changes and overruns of \u00a30.4m (2022: \u00a30.4m) related to the prior year audit. Assurance and Tax
service fees incurred in the year were \u00a30.5m (2022: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory
accounts and returns required by Ofgem and comfort letters in connection with funding and debt issuance. A description of the work of the
Audit Committee is set out on pages 150 to 159 and includes an explanation of how auditor objectivity and independence is safeguarded
when non-audit services are provided by the auditors.
7. Exceptional items and certain re-measurements
2023
\u00a3m
2022
\u00a3m
Continuing operations
Exceptional items (note 7.1)
Asset impairments and related (charges) and credits (233.6) 322.6
Net gains/(losses) on acquisitions/disposals of businesses and other assets 233.2 (17.6)
Total exceptional items (0.4) 305.0
Certain re-measurements
Movement on operating derivatives (note 24) (2,708.2) 2,100.4
Movement in fair value of commodity stocks (9.0) (2.6)
Movement on financing derivatives (note 24) 201.9 21.0
Share of movement on derivatives in jointly controlled entities (net of tax) 163.8 \u2013
Total certain re-measurements (2,351.5) 2,118.8
Exceptional items and certain re-measurements on continuing operations before taxation (2,351.9) 2,423.8
Taxation
Taxation on other exceptional items (34.1) (79.0)
Taxation on certain re-measurements 499.6 (408.0)
Effect of deferred tax rate change in wholly owned entities \u2013 (244.7)
Effect of deferred tax rate change in jointly controlled entities \u2013 (33.2)
Taxation 465.5 (764.9)
Total exceptional items and certain re-measurements on continuing operations after taxation (1,886.4) 1,658.9
Discontinued operations
Exceptional items and certain re-measurements
Gas production asset impairments and related credits/(charges) 35.0 (120.8)
Net gain on disposal of jointly controlled entities \u2013 576.5
Share of movement on derivatives in jointly controlled entities (net of tax) \u2013 (3.8)
Effect of deferred tax rate change in jointly controlled entities \u2013 (85.5)
Total exceptional items and certain re-measurements on discontinued operations after taxation 35.0 366.4
Exceptional items and certain remeasurements are disclosed across the following categories within the income statement:
2023
\u00a3m
2022
\u00a3m
Continuing operations
Cost of sales:
Movement on operating derivatives (note 24) (2,708.2) 2,100.4
Movement in fair value of commodity stocks (9.0) (2.6)
(2,717.2) 2,097.8
Operating costs:
Asset impairments and reversals (233.6) 322.6
Other exceptional provisions and charges 3.2 (25.1)
(230.4) 297.5
Operating income:
Net gains on disposals of businesses and other assets 89.1 4.3
89.1 4.3
Joint ventures and associates:
Net gains on acquisitions of a joint venture 140.7 \u2013
Share of movement on derivatives in jointly controlled entities (net of tax) 163.8 \u2013
Effect of deferred tax rate change in jointly controlled entities \u2013 (33.2)
304.5 (33.2)
Operating profit (2,554.0) 2,366.4
Finance income
Movement on financing derivatives (note 24) 201.9 21.0
Interest income on deferred consideration receipt 0.2 3.2
202.1 24.2
Profit before tax on continuing operations (2,351.9) 2,390.6
Discontinued operations
Gas Production asset impairments and related credits/(charges) 35.0 (120.8)
Joint ventures and associates:
Net gain on disposal of jointly controlled entities \u2013 576.5
Share of movement on derivatives in jointly controlled entities (net of tax) \u2013 (3.8)
Profit before tax on discontinued operations 35.0 451.9
7. Exceptional items and certain re-measurements continued
7.1 Exceptional items
Exceptional items in the year ended 31 March 2023
In the year to 31 March 2023, the Group recognised a net exceptional charge of \u00a30.4m arising from its continuing operations. The net
exceptional charge is primarily due to a net impairment of \u00a3150.9m in relation to the Group\u2019s 50% investment in Triton Power Holdings
Limited (see note 7.1.iv below for further analysis of amounts recognised in relation to Triton), offset by an exceptional gain of \u00a389.1m
from the sale of land at Fiddler\u2019s Ferry, an impairment reversal of \u00a345.7m related to the Group\u2019s Gas Storage operations at Aldbrough
and an impairment reversal of \u00a317.8m in relation to the Group\u2019s Great Island combine cycle gas turbine (\u2018CCGT\u2019) plant in Ireland.
In discontinued operations, the Group recognised an exceptional gain of \u00a335.0m relating to a provision release associated with the
disposal of its Gas Production assets, which completed on 14 October 2021.
The net exceptional charges/(credits) recognised can be summarised as follows:
Property, plant
and equipment
(note 14)
\u00a3m
Provisions and
other charges
\u00a3m
Investment in
joint ventures
\u00a3m
Cash and cash
equivalents
\u00a3m
Other
receivables
\u00a3m
Total charges/
(credits)
\u00a3m
Thermal Electricity Generation (i) (17.8) \u2013 \u2013 \u2013 \u2013 (17.8)
Gas storage (ii) (45.7) \u2013 \u2013 \u2013 \u2013 (45.7)
Fiddler\u2019s Ferry (iii) 24.1 (53.2) \u2013 (60.0) \u2013 (89.1)
Triton Power 50% joint venture (iv) \u2013 \u2013 150.9 \u2013 \u2013 150.9
Neos Networks (v) \u2013 \u2013 5.9 \u2013 \u2013 5.9
Other credits (vi) \u2013 (1.5) \u2013 (2.1) (0.2) (3.8)
Total exceptional items continuing
operations (39.4) (54.7) 156.8 (62.1) (0.2) 0.4
Gas Production (vii) \u2013 (35.0) \u2013 \u2013 \u2013 (35.0)
Total exceptional items discontinued
operations \u2013 (35.0) \u2013 \u2013 \u2013 (35.0)
Total exceptional items (39.4) (89.7) 156.8 (62.1) (0.2) (34.6)
(i) Thermal Electricity Generation \u2013 impairment reversal
At 31 March 2023, the Group has carried out a formal impairment review to reassess the carrying value of its GB CCGT power stations
and the Group\u2019s Great Island CCGT plant in Ireland (see note 15.2). As a result of the review, the Group has recognised an exceptional
impairment reversal of \u00a317.8m to the carrying value of the Group\u2019s Great Island CCGT plant.
(ii) Gas Storage \u2013 impairment reversal
At 30 September 2022, the Group recognised an impairment reversal of \u00a3201.1m reflecting future market price assumptions at that time.
The Group performed a formal impairment review at 31 March 2023 to reassess the carrying value of its Gas Storage operations at Atwick
and Aldbrough (see note 15.2). As a result of the assessment, the Group has recognised an exceptional impairment of \u00a3155.4m to the
carrying value of the assets at Aldbrough, resulting in a net impairment reversal of \u00a345.7m. The impairment previously recognised in
relation to Atwick was fully reversed in the year ended 31 March 2022, and no impairment is required for the current financial year.
(iii) Fiddler\u2019s Ferry land sale
On 30 June 2022, the Fiddlers Ferry site was sold to Peel NRE Developments Limited for cash consideration of \u00a360.0m. The Group
carried a decommissioning provision for the site of \u00a353.2m and a residual asset of \u00a324.1m, both of which were disposed of as part
of the sale. As a result, the Group has recognised an exceptional gain of \u00a389.1m on disposal.
(iv) Triton Power 50% joint venture acquisition and impairment
On 1 September 2022, the Group acquired 50% of the share capital of Triton Power Holdings Limited from Energy Capital Partners for
total consideration of \u00a3341.0m (see note 12). The purchase price of \u00a3341.0m was agreed based on prices prevalent in the market during
the summer, prior to completion of the transaction on 1 September 2022. The Group assessed that, due to movements in near term
market observable power prices between the transaction agreement date and the completion date, the fair value of the acquisition was
\u00a3140.7m greater than the acquisition price. This bargain purchase was recognised as an exceptional gain in the Group\u2019s half year results
to 30 September 2022. During the second half of the year, the Group realised a significant proportion of the acquired fair value of the
business through trading operations of the joint venture. As a result, the future recoverable value of the business is lower at 31 March 2023
than at 1 September 2022 and the Group has therefore recognised an impairment charge at 31 March 2023 of \u00a3291.6m (see note 15.2).
A summary of exceptional items recognised in relation to Triton since the 50% acquisition on 1 September 2022 is set out below:
Financial statement line item
charge/(credit) is included within
Exceptional items
and certain
re-measurements
\u00a3m
Recognition of bargain purchase Joint venture and associates share of profit (140.7)
Impairment of investment Operating costs 291.6
Total exceptional items 150.9
Mark-to-market movement on operating derivatives Joint venture and associates share of
movement on derivatives (213.9)
Share of tax on mark-to-market movement on operating derivatives Joint venture and associates share of tax 41.9
Total certain remeasurements (172.0)
Total exceptional items and certain remeasurements (21.1)
(v) Neos Networks \u2013 investment impairment and adjustments to consideration
At 31 March 2023, the Group has assessed that the recoverable amount of its investment in Neos Networks has been impaired by \u00a337.7m,
of which \u00a35.9m has been treated as exceptional. Under the Group\u2019s policy, an impairment charge of less than \u00a340m is not considered to
be an exceptional item. However, \u00a35.9m of the impairment relates to the fair value gain previously recognised on acquisition of the joint
venture investment in March 2019, which had been previously treated as an exceptional item. Therefore, for consistent presentation, this
reversal has been recognised separately. The balance of the impairment charge, being \u00a331.8m, has been recognised as part of adjusted
operating profit. See note 15 for further details of this impairment.
(vi) Other credits
At 31 March 2023, the Group recognised further exceptional credits of \u00a33.8m relating to reversal of previously recognised exceptional
charges or judgements. These included i) reassessment of separation cost provisions associated primarily with the disposals of SSE
Energy Services and SGN (credit of \u00a39.7m) ii) credit of \u00a30.2m in relation to the unwind of discounting on deferred consideration
recognised on the part disposal of SSE Slough Multifuel Limited in the year ending 31 March 2021, iii) reassessment of impairments
associated with Heat Networks assets credit of \u00a30.4m, partially offset by iv) \u00a36.5m charge recognised in relation to provisions in
connection with the sale of the Contracting and Rail business in June 2021.
Exceptional items within discontinued operations in the year ended 31 March 2023
(vii) Gas Production \u2013 gain on disposal
On 4 November 2022, RockRose Energy Limited received HMRC clearance in respect of tax treatment in relation to the Group\u2019s disposal
of its Gas Production business to Viaro Energy (through its subsidiary RockRose Energy Limited), which completed on 14 October 2021.
The Group had indemnified RockRose Energy Limited in relation to certain tax liabilities that it might suffer as a result of the transaction,
and this formed part of the provision which was recognised on the disposal of the Gas Production business. The HMRC clearance
indicated that no such tax liabilities arise for RockRose Energy Limited and as a result the Group has released \u00a335.0m of provision relating
to the indemnity as an adjustment to the loss on disposal recognised. The adjustment is recognised in discontinued operations in the
year ended 31 March 2023.
Exceptional items in the year ended 31 March 2022
In the year to 31 March 2022, the Group recognised a net exceptional credit of \u00a3305.0m arising from its continuing operations. The
net exceptional credit was primarily due to impairment reversals of \u00a3331.5m in relation to the Group\u2019s GB CCGT power stations and
the Group\u2019s Great Island CCGT plant in Ireland and impairment reversals of \u00a397.3m related to the Group\u2019s Gas Storage operations at
Atwick and Aldbrough. These credits were offset by an impairment loss of \u00a3106.9m recognised in relation to the Group\u2019s investment in
Neos Networks, a further \u00a318.9m loss was recognised on completion of the disposal of SSE Contracting on 30 June 2021 and \u00a36.2m
consideration adjustment associated with the disposal of the Group\u2019s 50% stake in Neos Networks, which completed in the year ended
31 March 2019.
In discontinued operations, the Group recognised an exceptional gain on the disposal of the Group\u2019s 33.3% investment in SGN of \u00a3576.5m,
offset by an exceptional charge of \u00a3120.8m associated with the disposal of its Gas Production assets, which completed on 14 October 2021.
7. Exceptional items and certain re-measurements continued
7.1 Exceptional items continued
Exceptional items in the year ended 31 March 2022 continued
The net exceptional charges/(credits) recognised can be summarised as follows:
Property, plant
and equipment
(note 14)
\u00a3m
Held for sale
\u00a3m
Provisions and
other charges
\u00a3m
Investment in
joint ventures
\u00a3m
Other
receivables
\u00a3m
Total charges/
(credits)
\u00a3m
Thermal Electricity Generation (i) (331.6) \u2013 \u2013 \u2013 \u2013 (331.6)
Gas storage (ii) (97.3) \u2013 \u2013 \u2013 \u2013 (97.3)
SSE Contracting (iii) \u2013 \u2013 18.9 \u2013 \u2013 18.9
Neos Networks (iv) \u2013 \u2013 6.2 106.9 \u2013 113.1
Other credits (v) (0.6) \u2013 \u2013 \u2013 (7.5) (8.1)
Total exceptional items continuing
operations (429.5) \u2013 25.1 106.9 (7.5) (305.0)
SGN disposal gain (vi) \u2013 \u2013 \u2013 \u2013 (576.5) (576.5)
Gas Production (vii) \u2013 120.8 \u2013 \u2013 \u2013 120.8
Total exceptional items discontinued
operations \u2013 120.8 \u2013 \u2013 (576.5) (455.7)
Total exceptional items (429.5) 120.8 25.1 106.9 (584.0) (760.7)
(i) Thermal Electricity Generation \u2013 impairment reversals
At 31 March 2022, the Group reversed \u00a3331.6m of historic impairments related to the Group\u2019s GB CCGT power stations and the Group\u2019s
Great Island CCGT plant in Ireland (see note 15.2). This represented a full impairment reversal for the CCGT plants at Peterhead,
Marchwood, Keadby and Medway and a partial reversal for Great Island.
(ii) Gas Storage \u2013 impairment reversals
At 31 March 2022, the Group reversed historic impairments of \u00a397.3m related to its Gas Storage operations at Atwick and Aldbrough
(see note 15.2).
(iii) SSE Contracting \u2013 loss on disposal
On 30 June 2021, the Group recorded a further impairment charge of \u00a318.9m following the completion of the sale of its Contracting
and Rail business to the Aurelius Group. This impairment was recognised in addition to the exceptional impairment loss of \u00a351.2m
recognised during the year ended 31 March 2021.
(iv) Neos Networks \u2013 investment impairment and adjustments to consideration
At 31 March 2022, the Group assessed that the value of its investment in Neos Networks was impaired by \u00a3106.9m (see note 15.2). In
the year ended 31 March 2022, the Group also reassessed its position relating to the original disposal of a 50% stake in the business on
31 March 2019 with the net impact being the recognition of an exceptional charge of \u00a36.2m.
(v) Other credits
At 31 March 2022, the Group recognised further exceptional credits of \u00a38.1m relating to reversal of previously recognised exceptional
charges or judgements. These included (i) reassessment of impairments associated with Heat Networks assets credit of \u00a30.6m, (ii) credit
of \u00a33.2m in relation the unwind of discounting on deferred consideration recognised on the part disposal of SSE Slough Multifuel Limited
in the year ending 31 March 2021, (iii) credit of \u00a34.3m in relation to a gain on disposal of historically impaired land at Seabank.
Exceptional items within discontinued operations in the year ended 31 March 2022
(vi) SGN disposal gain
On 2 August 2021, the Group announced it had agreed to sell its 33.3% investment in SGN to a consortium comprising existing SGN
shareholders Ontario Teachers\u2019 Pension Plan Board and Brookfield Super-Core Infrastructure Partners for cash consideration of \u00a31,225m.
The transaction completed on 22 March 2022, with the Group recognising an exceptional gain on disposal of \u00a3576.5m. See note 12.2 for
further information.
(vii) Gas Production \u2013 impairment loss
The Group recorded an exceptional impairment of \u00a3120.8m prior to the sale of its Gas Production assets and liabilities to RockRose
Energy Limited on 14 October 2021. The impairment was recognised to reduce the carrying value of the assets and liabilities to their fair
value less costs to sell.
Exceptional items in the year ended 31 March 2021
In the year to 31 March 2021, the Group recognised a net exceptional credit of \u00a3850.3m in its continuing operations. The net exceptional
credit was primarily due to gains on disposal of the Group\u2019s stakes in Ferrybridge Multifuel (\u00a3669.9m), Walney offshore windfarm (\u00a3188.7m)
and Maple SmartMeterCo (\u00a370.4m) investments. In addition, the Group reversed \u00a326.1m of prior year exceptional provisions for bad debt
arising from coronavirus and recorded exceptional gains following the fair value uplift of its retained stakes in SSE Slough Multifuel Limited
(\u00a321.3m) and Seagreen Holdco 1 Limited (\u00a325.7m). These exceptional credits were offset by an impairment to the Group\u2019s Great Island
Thermal CCGT plant of \u00a358.1m and a write down of \u00a351.2m to SSE Contracting, which represented the fair value less costs to sell. Finally,
the Group incurred \u00a324.2m of further charges related to the disposal of SSE Energy Services which was completed in 2020 and reduced
the overall gain on disposal, completed in the year ended 31 March 2019, of Neos Networks Limited by \u00a321.8m.
The net exceptional charges/(credits) recognised can be summarised as follows:
Property, plant
and equipment
\u00a3m
Intangible assets
\u00a3m
Provisions and
other charges
\u00a3m
Trade
receivables
\u00a3m
Other
receivables
\u00a3m
Total charges/
(credits)
\u00a3m
Thermal Electricity Generation 58.1 \u2013 \u2013 \u2013 \u2013 58.1
Customer bad debt provisioning \u2013 \u2013 \u2013 (26.1) \u2013 (26.1)
SSE Contracting \u2013 \u2013 51.2 \u2013 \u2013 51.2
SSE Energy Services disposal costs 15.1 5.2 3.9 \u2013 \u2013 24.2
Neos Networks \u2013 \u2013 20.2 \u2013 1.6 21.8
Other charges (1.9) \u2013 \u2013 \u2013 (1.6) (3.5)
Disposal gains \u2013 \u2013 \u2013 \u2013 (976.0) (976.0)
Total exceptional items 71.3 5.2 75.3 (26.1) (976.0) (850.3)
7.2 Certain re-measurements
The Group, through its EPM business, enters into forward commodity purchase (and sales) contracts to meet the future demand
requirements of its Business Energy and SSE Airtricity supply businesses, to optimise the value of its SSE Renewables and SSE Thermal
power generation assets or to conduct other trading subject to the value at risk limits set out by the Energy Markets Risk Committee.
Certain of these contracts (predominately electricity, gas and other commodity purchase contracts) are determined to be derivative
financial instruments under IFRS 9 \u2018Financial Instruments\u2019 and as such are required to be recorded at their fair value. Conversely,
commodity contracts that are not financial instruments under IFRS 9 (predominately electricity sales contracts) are accounted for
as \u2018own use\u2019 contracts and are not recorded at their fair value. Inventory purchased to utilise excess capacity ahead of an optimised
sale in the market by the Gas Storage business is held as trading inventory at fair value with changes in value recognised within \u2018certain
re-measurements\u2019. In addition, the mark-to-market valuation movements on the Group\u2019s contracts for difference contracts entered into
by SSE Renewables that are not designated as government grants and which are measured as Level 3 fair value financial instruments are
also included within \u2018certain re-measurements\u2019.
Changes in the fair value of those commodity contracts designated as financial instruments and trading inventory are therefore reflected
in the income statement. The Group shows the change in the fair value of these forward contracts and trading inventory separately as
\u2018certain re-measurements\u2019, as the Group does not believe this mark-to-market movement is relevant to the underlying performance of
its businesses.
At 31 March 2023, volatility in global commodity markets and changes in SSE\u2019s contractual positions have resulted in a significantly
adverse mark-to-market remeasurement on commodity contracts (predominately power purchases) designated as financial instruments
and trading inventory of \u00a32,717.2m (2022: \u00a32,097.8m gain). It should be noted that the net IFRS 9 position on operating derivatives at
31 March 2023 is a liability of \u00a3386.9m (2022: \u00a32,301.8m asset).
In addition, the Group has executory \u2018own use\u2019 designated commodity contracts which, if classified as financial instruments and
remeasured at fair value in accordance with IFRS 9, would significantly increase the total fair value remeasurement and closing liability
value. These predominately relate to financial hedges entered into on behalf of the SSE Renewables and SSE Thermal businesses
for future sales which were entered into before the subsequent increase in market prices. A significant proportion of \u2018in the money\u2019
mark-to-market contracts recorded at 31 March 2023 and unvalued \u2018own use\u2019 designated commodity contracts are expected to reverse
in the next financial year as the relevant commodity is delivered. The remaining settlement of these contracts will predominately be
within the subsequent 12 to 24 months. The mark-to-market loss in the year has resulted in a deferred tax credit of \u00a3499.6m (2022:
\u00a3408.0m), which has also been classified as exceptional. In addition, the Group has recognised gains of \u00a3201.9m (2022: \u00a321.0m) on the
remeasurement of the certain interest rate and foreign exchange contracts through the income statement, gains on the remeasurement
of cash flow hedge accounted contracts of \u00a343.3m (2022: \u00a322.9m) in other comprehensive income and gains on the equity share of the
remeasurement of cash flow hedge accounted contracts in joint ventures of \u00a3342.4m (2022: \u00a3181.4m).
The re-measurements arising from IFRS 9 and the associated deferred tax are disclosed separately to aid understanding of the underlying
performance of the Group.
7. Exceptional items and certain re-measurements continued
7.3 Change in UK corporation tax rates
The Government announced in the Budget on 3 March 2021 that the main rate of corporation tax will increase to 25% for the financial
year beginning 1 April 2023. Prior to this date, the rate of corporation tax will remain at 19%. The increase to 25% was substantively
enacted at 24 May 2021 and therefore the deferred tax balances were re-measured at 31 March 2022. The rate change resulted in an
income statement charge for continuing operations of \u00a3244.7m at 31 March 2022 and an increase to the Group\u203as deferred tax liabilities
(including the effect of equity accounted items) of \u00a3279.5m at 31 March 2022. The impact of the rate change on the Group\u2019s share of
profits of its equity accounted investments was a charge of \u00a333.2m at 31 March 2022 for continuing operations and a charge of \u00a385.5m
for discontinued operations at 31 March 2022.
Finance Bill 2021 also included draft legislation in respect of Capital Allowance \u2018Super-deductions\u2019 of 130% in respect of General Pool
plant and machinery, alongside First Year Allowances of 50% for Special Rate Pool plant and machinery for the two years commencing
1 April 2021. The Group expects these changes, which were substantively enacted on 24 May 2021, to significantly increase the deduction
for Capital Allowances in the financial years ending 31 March 2022 and 31 March 2023. An estimate of the super-deduction has been taken
into account when calculating the effective tax for the current year and prior year. Finance Bill 2023 introduced draft legislation, effective
from 1 April 2023 to 31 March 2026, to allow \u2018Full Expensing\u2019 of 100% General Pool plant and machinery, alongside 50% for Special Rate
Pool plant and machinery. The Group expects these changes to significantly increase the deductions for Capital Allowances in the
financial years ending 31 March 2024 to 31 March 2026.
Finance Bill 2023 also introduced draft legislation in respect of Multinational Top-up Tax in line with OECD BEPS pillar 2 principles. The
legislation is expected to be in force for the year ended 31 March 2025. Similar draft legislation has been introduced in the Republic of
Ireland and other EU jurisdictions. The Group is assessing the impact of the changes but does not expect a material impact to arise.
Taxation
The Group has separately recognised the tax effect of the exceptional items and certain re-measurements summarised above.
8. Directors and employees
8.1 Staff costs
2023
\u00a3m
2022
\u00a3m
Staff costs:
Wages and salaries 587.6 517.6
Social security costs 69.6 60.1
Share-based remuneration 20.6 17.6
Pension costs (note 23) 94.0 93.4
771.8 688.7
Less: capitalised as property, plant and equipment or intangible assets (179.6) (157.4)
592.2 531.3
The figures in the table above for 31 March 2022 included \u00a311.9m of staff costs related to the Group\u2019s Contracting and Rail business
which was sold on 30 June 2021 (2023: \u00a3nil).
8.2 Employee numbers
2023
Number
2022
Number
Numbers employed at 31 March 12,180 10,754
12,180 10,754
The average number of people employed by the Group (including Executive Directors) during the year was:
2023
Number
2022
Number
(restated*)
SSEN Transmission 1,136 819
SSEN Distribution 4,197 4,061
SSE Renewables 1,591 1,321
SSE Thermal 458 441
Gas Storage 84 83
Energy Customer Solutions
Business Energy 843 892
SSE Airtricity 845 751
Distributed Energy 855 1,182
EPM 256 227
Corporate Services 1,211 1,181
Total SSE Group 11,476 10,958
* The comparatives for the year ended 31 March 2022 have been restated to align the presentation with the current year, which reflects that certain employees, who
were previously reported within Corporate Services directly support the business units of the Group.
8.3 Remuneration of key management personnel
The remuneration of the key management personnel of the Group (excluding amounts equivalent to pension value increases as set out
in the Remuneration Report), is set out below in aggregate.
2023 2022
Executive
committee
members
\u00a3m
Executive
directors
\u00a3m
Total
\u00a3m
Executive
committee
members
\u00a3m
Executive
directors
\u00a3m
Total
\u00a3m
Salaries and short term employee benefits 4.0 5.2 9.2 2.2 4.9 7.1
Social security costs 0.9 1.0 1.9 0.4 0.9 1.3
Post-employment benefits 0.7 0.7 1.4 0.3 0.9 1.2
Share based benefits 1.7 4.4 6.1 1.2 4.3 5.5
7.3 11.3 18.6 4.1 11.0 15.1
Key management personnel are responsible for planning, directing and controlling the operations of the Group and are designated
Persons Discharging Management Responsibilities (\u2018PDMRs\u2019) in line with the market abuse regulation definition. The Group has three
(2022: three) Executive directors. Executive committee members included in the table above at 31 March 2023 are the Managing Director
of SSEN Distribution; the Managing Director of SSEN Transmission; the Managing Director of SSE Renewables; the Managing Director of
Thermal; the Director of Corporate Affairs and Strategy; the Director of Human Resources and the Group\u2019s General Counsel.
Further information about the remuneration of individual directors is provided in the audited part of the Remuneration Report.
Information regarding transactions with post-retirement benefit plans is included in note 23.
Non-executive directors were paid fees of \u00a31.3m during the current year (2022: \u00a31.2m).
9. Finance income and costs
Recognised in income statement
2023 2022
Before
exceptional
items and
certain
re-
measurements
\u00a3m
Exceptional
items and
certain
re-
measurements
\u00a3m
Total
\u00a3m
Before
exceptional
items and
certain
re-
measurements
\u00a3m
Exceptional
items and
certain
re-
measurements
\u00a3m
Total
\u00a3m
Finance income:
Interest income from short term deposits 17.5 \u2013 17.5 0.8 \u2013 0.8
Interest on pension scheme assets
(i)
16.2 \u2013 16.2 7.6 \u2013 7.6
Other interest receivable:
Joint ventures and associates 67.6 \u2013 67.6 46.8 \u2013 46.8
Other receivable 34.0 0.2 34.2 23.8 3.2 27.0
101.6 0.2 101.8 70.6 3.2 73.8
Total finance income 135.3 0.2 135.5 79.0 3.2 82.2
Finance costs:
Bank loans and overdrafts (50.1) \u2013 (50.1) (16.2) \u2013 (16.2)
Other loans and charges (339.1) \u2013 (339.1) (340.2) \u2013 (340.2)
Foreign exchange translation of monetary assets
and liabilities \u2013 \u2013 \u2013 (14.6) \u2013 (14.6)
Notional interest arising on discounted provisions (22.1) \u2013 (22.1) (5.7) \u2013 (5.7)
Lease charges (29.4) \u2013 (29.4) (30.4) \u2013 (30.4)
Less: interest capitalised
(ii)
44.0 \u2013 44.0 30.7 \u2013 30.7
Total finance costs (396.7) \u2013 (396.7) (376.4) \u2013 (376.4)
Changes in fair value of financing derivative assets
or liabilities at fair value through profit or loss \u2013 201.9 201.9 \u2013 21.0 21.0
Net finance costs (261.4) 202.1 (59.3) (297.4) 24.2 (273.2)
Presented as:
Finance income 135.3 202.1 337.4 79.0 24.2 103.2
Finance costs (396.7) \u2013 (396.7) (376.4) \u2013 (376.4)
Net finance costs (261.4) 202.1 (59.3) (297.4) 24.2 (273.2)
(i) The interest income on net pension assets for the year ended 31 March 2023 of \u00a316.2m (2022: \u00a37.6m) represents the interest earned under IAS 19.
(ii) The capitalisation rate applied in determining the amount of borrowing costs to capitalise in the year was 4.11% (2022: 3.86%).
Adjusted net finance costs are arrived at after the following adjustments:
2023
\u00a3m
2022
\u00a3m
Net finance costs (59.3) (273.2)
(add)/less:
Share of interest from joint ventures and associates (70.1) (67.8)
Interest on pension scheme liabilities (16.2) (7.6)
Movement on financing derivatives (note 24) (201.9) (21.0)
Exceptional item (0.2) (3.2)
Share of net finance cost attributable to non-controlling interests 2.1 \u2013
Adjusted net finance costs
APM
(345.6) (372.8)
Notional interest arising on discounted provisions 22.1 5.7
Lease charges 29.4 30.4
Hybrid coupon payment (note 22.5(iii) (38.8) (50.7)
Adjusted net finance costs for interest cover calculations
APM
(332.9) (387.4)
Recognised in other comprehensive income
2023
\u00a3m
2022
\u00a3m
Gain on effective portion of cash flow hedges (before tax) 43.3 22.9
Share of joint venture/associate gain on effective portion of cash flow hedges (before tax) 456.5 224.0
Total recognised in other comprehensive income 499.8 246.9
For 31 March 2022 other comprehensive income of \u00a3246.9m included \u00a328.6m (2023: \u00a3nil), which was realised on the disposal of SGN.
10. Taxation
10.1 Analysis of charge recognised in the income statement
2023
2022
(restated*)
Before
exceptional
items and
certain
re-
measurements
\u00a3m
Exceptional
items and
certain
re-
measurements
\u00a3m
Total
\u00a3m
Before
exceptional
items and
certain
re-
measurements
\u00a3m
Exceptional
items and
certain
re-
measurements
\u00a3m
Total
\u00a3m
Current tax
UK corporation tax 292.3 (20.9) 271.4 82.5 8.8 91.3
Adjustments in respect of previous years (22.0) 5.3 (16.7) (5.9) \u2013 (5.9)
Total current tax 270.3 (15.6) 254.7 76.6 8.8 85.4
Deferred tax
Current year 72.9 (444.6) (371.7) 75.2 478.2 553.4
Effect of change in tax rate \u2013 \u2013 \u2013 \u2013 244.7 244.7
Adjustments in respect of previous years 12.3 (5.3) 7.0 (2.2) \u2013 (2.2)
Total deferred tax 85.2 (449.9) (364.7) 73.0 722.9 795.9
Total taxation charge/(credit) 355.5 (465.5) (110.0) 149.6 731.7 881.3
The Group has separately recognised the tax effect of the exceptional items and certain re-measurements summarised above. The rate
change to 25% in respect of periods commencing after 1 April 2023 included in Finance Bill 2021 was recognised during the year ended
31 March 2022, as it was substantively enacted on 24 May 2021.
\u2018Adjustments in respect of previous years\u2019 primarily relate to the post balance sheet event in respect of Glendoe, referred to in note 26,
and adjustments relating to the submission of tax returns.
SSE continues to be accredited with the Fair Tax Mark. As a consequence, these financial statements include a number of areas of
enhanced disclosure which have been provided in order to develop stakeholder understanding of the tax the Group pays and the
reported total taxation charge along with additional commentary on the main reconciling items.
These can be seen at section A2 .
In 2022 SSE became the first UK-based multinational business to be accredited under Fair Tax Foundation\u2019s new Global Multinational
Standard.
The majority of the Group\u2019s profits are earned in the UK, with the standard rate of UK corporation tax being 19% for the year to 31 March
2023 (2022: 19%). The Group\u2019s disposed Gas Production business, which was included within discontinued operations for the year ended
31 March 2022, was taxed at a UK corporation tax rate of 30% plus a supplementary charge of 10% (combined 40%). Profits earned by the
Group in the Republic of Ireland are taxable at either 12.5% or 25%, depending upon the nature of the income.
10. Taxation continued
10.1 Analysis of charge recognised in the income statement continued
The \u2018adjusted current tax charge\u2019 and the \u2018adjusted effective rate of tax\u2019, which are presented in order to best represent underlying
performance by making similar adjustments to the \u2018adjusted profit before tax\u2019 measure, are arrived at after the following adjustments:
Continuing operations
2023
\u00a3m
2023
%
2022
\u00a3m
(restated*)
2022
%
(restated*)
Group tax (credit)/charge and effective rate (110.0) 12.7 881.3 25.4
Less: reported deferred tax charge and effective rate 364.7 (42.0) (795.9) (22.9)
Reported current tax charge and effective rate 254.7 (29.3) 85.4 2.5
Effect of adjusting items 41.0 4.8
Reported current tax charge and effective rate on adjusted basis 254.7 11.7 85.4 7.3
add:
Share of current tax from joint ventures and associates 89.6 4.1 30.6 2.6
less:
Current tax credit on exceptional items 15.6 0.7 (8.9) (0.7)
Share of current tax attributable to non-controlling interests (1.1) (0.1) \u2013 \u2013
Adjusted current tax charge and effective rate
APM
358.8 16.4 107.1 9.2
Tax (credit)/charge recognised in other comprehensive income/(loss):
2023
\u00a3m
2022
\u00a3m
Relating to:
Pension scheme actuarial movements (19.8) 72.6
Cash flow and net investment hedge movements 8.1 4.4
(11.7) 77.0
All tax recognised through other comprehensive income is deferred tax.
See further Taxation disclosures at A2 .
10.2 Current tax assets and liabilities
2023
\u00a3m
2022
\u00a3m
Corporation tax (assets)/liabilities (10.8) (8.8)
Uncertain tax positions
The Group invests heavily in infrastructure, on which significant amounts of capital allowances are potentially available. The extent to
which capital allowances are available on any single asset is, however, very much dependent upon the fact pattern for the asset involved,
and there will often be an element of uncertainty as to how capital allowances legislation applies in those circumstances. Therefore,
reaching agreement with tax authorities as to the amount of capital allowances available can take a number of years and sometimes
can only be resolved through a formal legal process.
The calculation of the Group\u2019s total tax charge therefore necessarily involves a degree of estimation and judgement in relation to certain
items for which the tax treatment cannot be finally determined until resolution has been reached with the tax authorities or, if required,
through a formal legal process. At 31 March 2023, the Group has not recognised provisions in respect of uncertain tax positions (2022:
\u00a327.9m).
On 23 March 2023, the Group\u2019s case concerning the availability of capital allowances on Glendoe Hydro Electric Station was heard at
the Supreme Court. On 17 Mary 2023, the Supreme Court released its decision, which rejected HMRC\u2019s appeal in full. The matter is now
concluded and is not subject to further appeal. Accordingly, the release of the Group\u2019s provision on its uncertain tax position of \u00a327.9m
and the associated recognition of \u00a323.4m deferred tax liabilities in relation to Glendoe\u2019s capital allowances is an adjusting post balance
sheet event (see note 26).
10.3 Deferred taxation The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting periods: Accelerated capital allowances \u00a3m Fair value gains/ (losses) on derivatives \u00a3m Retirement benefit obligations \u00a3m Other (restated*) \u00a3m Total (restated*) \u00a3m At 31 March 2021 733.8 (25.3) 67.8 (2.0) 774.3 Charge/(credit) to income statement on continuing operations 407.6 399.4 5.8 (16.9) 795.9 Charge to other comprehensive income/(loss) \u2013 4.4 72.6 \u2013 7 7.0 Credit to equity \u2013 \u2013 \u2013 (1.9) (1.9) Exchange adjustment 0.2 \u2013 \u2013 (1.4) (1.2) At 31 March 2022 1,141.6 378.5 146.2 (22.2) 1,644.1 Charge/(credit) to income statement 112.0 (476.7) 8.9 (8.9) (364.7) Charge/(credit) to other comprehensive income/(loss) \u2013 8.1 (19.8) \u2013 (11.7) Charge to equity \u2013 \u2013 \u2013 2.0 2.0 Recognised on acquisition (note 12) (0.1) \u2013 \u2013 27. 1 27.0 Exchange adjustment 1.6 \u2013 \u2013 0.8 2.4 At 31 March 2023 1,255.1 (90.1) 135.3 (1.2) 1,299.1 Certain deferred tax assets and liabilities have been offset, including the asset balances analysed in the tables above. The following is an analysis of the deferred tax balances (after offset) for financial reporting purposes: 2023 \u00a3m 2022 (restated*) \u00a3m Deferred tax liabilities 1,485.1 1,716.0 Deferred tax assets (186.0) (71.9) Net deferred tax liabilities/(assets) 1,299.1 1,644.1 In total there are \u00a36.1m (2022: \u00a36.0m) of unrecognised deferred tax assets. The Group has not recognised a deferred tax asset of \u00a35.6m on trading losses of \u00a344.8m (2022: \u00a347.6m) in the Republic of Ireland. The Group has not recognised deferred tax assets of \u00a30.5m (2022: \u00a3nil) in respect of losses of \u00a32.3m (2022: \u00a3nil) in Spain, France, Italy and Greece. These assets have not been recognised as the Group is uncertain that there will be sufficient future profits against which to utilise the assets. There is no time limit for expiry of the losses or allowances to which they relate. No deferred tax is recognised on the unremitted earnings of overseas subsidiaries, associates and joint ventures. As the earnings are continually reinvested by the Group, no tax is expected to be payable on them in the foreseeable future. Total unremitted earnings at 31 March 2023 were \u00a3468.8m (2022: \u00a3350.8m). * The comparatives have been restated. See note 2.1 . 11. Dividends and Earnings Per Share 11.1 Ordinary dividends 2023 Total \u00a3m Settled via scrip \u00a3m Pence per ordinary share 2022 Total \u00a3m Settled via scrip \u00a3m Pence per ordinary share Interim \u2013 year ended 31 March 2023 313.2 159.0 29.0 \u2013 \u2013 \u2013 Final \u2013 year ended 31 March 2022 642.6 322.5 60.2 \u2013 \u2013 \u2013 Interim \u2013 year ended 31 March 2022 \u2013 \u2013 \u2013 271.8 28.2 25.5 Final \u2013 year ended 31 March 2021 \u2013 \u2013 \u2013 590.5 327.5 56.6 955.8 481.5 862.3 355.7 The final dividend of 60.2p per ordinary share declared in respect of the financial year ended 31 March 2022 (2021: 56.6p) was approved at the Annual General Meeting on 21 July 2022 and was paid to shareholders on 22 September 2022. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the cash dividend under the terms of the Company\u2019s scrip dividend scheme. For dividends paid in relation to the financial year ended 31 March 2022 and in relation to the subsequent years to 31 March 2026, the Group\u2019s policy is to repurchase shares to reduce the scrip\u2019s dilutive effects, if the scrip take-up exceeds 25% of the full year dividend in any given year. The overall scrip dividend take-up for the financial year ended 31 March 2022 was 38.3%. Under the share buyback programme 6.9m of shares were repurchased and cancelled during the year ended 31 March 2023 for total consideration of \u00a3107.6m (including stamp duty and commission). An interim dividend of 29.0p per ordinary share (2022: 25.5p) was declared and paid on 9 March 2023 to those shareholders on the SSE plc share register on 13 January 2023. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the interim cash dividend under the terms of the Company\u2019s scrip dividend scheme.
11. Dividends and Earnings Per Share continued
11.1 Ordinary dividends continued
The proposed final dividend of 67.7p per ordinary share based on the number of issued ordinary shares at 31 March 2023 is subject to
approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. Based
on shares in issue at 31 March 2023, this would equate to a final dividend of \u00a3740.6m.
11.2 Basic and adjusted earnings/(losses) per share
The calculation of basic earnings/(losses) per ordinary share at 31 March 2023 is based on the net profit/(loss) attributable to ordinary
shareholders and a weighted average number of ordinary shares outstanding during the year ended 31 March 2023.
Adjusted earnings/(losses) per share has been calculated by excluding the charge for deferred tax, interest on net pension liabilities under
IAS 19, retained Gas Production decommissioning costs, the depreciation charged on fair value uplifts, the share or profit attributable to
non-controlling interests and the impact of exceptional items and certain re-measurements (note 7).
Continuing operations
2023
(Losses)/
earnings
\u00a3m
2023
(Losses)/
Earnings Per
Share
pence
2022
Earnings
\u00a3m
(restated*)
2022
Earnings Per
Share
pence
(restated*)
(Losses)/earnings attributable to ordinary shareholders (123.0) (11.4) 3,027.0 286.9
Less: earnings attributable to discontinued operations (35.0) (3.3) (482.7) (45.7)
Basic (losses)/earnings on continuing operations used to calculate
adjusted EPS (158.0) (14.7) 2,544.3 241.2
Exceptional items and certain re-measurements (note 7) 1,886.4 175.4 (1,658.9) (157.2)
Basic excluding exceptional items and certain re-measurements 1,728.4 160.7 885.4 84.0
Adjusted for:
Decommissioning Gas Production (50.5) (4.7) 13.1 1.2
Depreciation charge on fair value uplifts 28.8 2.7 20.6 2.0
Interest on net pension scheme assets/(liabilities) (note 9) (16.2) (1.5) (7.6) (0.7)
Deferred tax 85.2 7.9 73.0 6.8
Deferred tax from share of joint ventures and associates 14.4 1.3 15.8 1.5
Deferred tax on non-controlling interest (4.1) (0.4) \u2013 \u2013
Adjusted
APM
1,786.0 166.0 1,000.3 94.8
Basic (158.0) (14.7) 2,544.3 241.2
Dilutive effect of outstanding share options \u2013 \u2013 \u2013 (0.5)
Diluted (158.0) (14.7) 2,544.3 240.7
Reported (losses)/Earnings Per Share
2023
(Losses)/
earnings
\u00a3m
2023
(Losses)/
Earnings Per
Share
pence
2022
Earnings
\u00a3m
(restated*)
2022
Earnings Per
Share
pence
(restated*)
Basic
(Losses)/Earnings Per Share on continuing operations (158.0) (14.7) 2,544.3 241.2
Earnings Per Share on discontinued operations 35.0 3.3 482.7 45.7
(Losses)/Earnings Per Share attributable to ordinary shareholders (123.0) (11.4) 3,027.0 286.9
Diluted (losses)/Earnings Per Share on continuing operations (158.0) (14.7) 2,544.3 240.7
Diluted Earnings Per Share on discontinued operations 35.0 3.3 482.7 45.7
Diluted (losses)/Earnings Per Share attributable to ordinary shareholders (123.0) (11.4) 3,027.0 286.4
The weighted average number of shares used in each calculation is as follows:
31 March 2023
Number of
shares
(millions)
31 March 2022
Number of
shares
(millions)
For basic and adjusted Earnings Per Share 1,075.6 1,055.0
Effect of exercise of share options 1.7 2.0
For diluted Earnings Per Share 1,077. 3 1,057.0
11.3 Dividend cover
The Group\u2019s adjusted dividend cover metric is calculated by comparing adjusted Earnings Per Share on continuing operations to the
projected Dividend Per Share payable to ordinary shareholders.
2023
(Losses)/
Earnings
Per Share
(pence)
2023
Dividend
Per Share
(pence)
2023
Dividend
cover
(times)
2022
Earnings
Per Share
(pence)
(restated*)
2022
Dividend
Per Share
(pence)
2022
Dividend
cover
(times)
(restated*)
Reported (losses)/Earnings Per Share (continuing operations) (14.7) 96.7 (0.15) 241.2 85.7 2.81
Adjusted Earnings Per Share (continuing operations)
APM
166.0 96.7 1.72 94.8 85.7 1.11
* The comparatives have been restated. See note 2.1.
12. Acquisitions and disposals
12.1 Acquisitions
Current year acquisitions
European onshore renewables development platform
On 1 September 2022 the Group completed the 100% acquisition of a European onshore renewable energy development platform
from Siemens Gamesa Renewable Energy (\u2018SGRE\u2019) for cash consideration of \u00a3519.5m. The SGRE portfolio is mainly located in Spain
with the remainder across France, Italy and Greece. This acquisition is aligned to the Group\u2019s published strategy to pursue overseas
renewable opportunities.
Acquisition costs of \u00a36.0m were expensed to operating costs in the year. The acquired business contributed \u00a3nil to revenue and \u00a30.5m
of costs to operating profit of the Group for the year. Had the acquisition occurred on 1 April 2022, the acquired business would have
contributed nil to revenue and contributed an immaterial loss to operating profit. The intangible development assets acquired are
late-stage windfarm development costs. The goodwill recognised represents early-stage intangible development costs that do not
qualify for separate recognition as set out in the table below.
Fair value at
1 September
2022
\u00a3m
Assets acquired and liabilities assumed
Intangible development assets 104.4
Inventories 3.0
Trade and other receivables 20.3
Cash 11.5
Trade and other payables (3.5)
Deferred tax liability (note 10) (27.0)
Total net assets acquired 108.7
Goodwill 410.8
Cash consideration 519.5
Triton Power \u2013 50% joint venture acquisition
On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings
Limited from Energy Capital Partners for headline consideration of \u00a3341m shared equally. The headline consideration included \u00a396m of
loans which were settled on completion of the transaction and replaced with shareholder loans of \u00a348.0m each from SSE and Equinor.
The Group\u2019s share of the cash consideration paid for the equity investment was therefore \u00a3123.2m after completion adjustments. Triton
Power operates the 1.2GW Saltend Power Station in the Humber along with two smaller plants, Indian Queens Power Station, a 140MW
OCGT in Cornwall, and Deeside Power Station, a decommissioned CCGT in north Wales. The acquisition will strengthen SSE\u2019s existing
collaboration with Equinor and will support the long-term decarbonisation of the UK\u2019s power system and contribute to security of supply
and grid stability. An exceptional gain on acquisition of \u00a3140.7m was recognised at 30 September 2022 based on movements in the
underlying fair value of assets between agreeing and completing the transaction. During the second half of the financial year a fair value
exercise and impairment review have been completed which resulted in an impairment loss of \u00a3291.6m and a \u00a3172.0m gain on financial
instruments (net of tax) being recognised.
The joint venture contributed \u00a3210.2m to operating profit before exceptional items, but including \u00a310.0m charge for fair value
adjustments, in the year to 31 March 2023 on an equity accounted basis.
Other asset acquisitions
During the year ended 31 March 2023, the Group made other smaller asset acquisitions (of special purpose vehicles as opposed to
businesses) for cash consideration of \u00a319.8m and deferred consideration of \u00a334.9m (2022: \u00a34.0m cash consideration). The total cash
consideration for business combinations of \u00a3642.7m (2022: \u00a3141.3m) is included in the Group\u2019s Adjusted investment, capital and
acquisition metric.
12. Acquisitions and disposals continued
12.1 Acquisitions continued
Prior year acquisitions
Acquisition of 80% equity interest in Japanese offshore wind development platform
On 29 October 2021 the Group completed the acquisition of an 80% equity interest in an offshore wind development platform based in
Japan from Pacifico Energy and its affiliates for $193m USD upfront cash consideration and a further $30m USD deferred consideration
subject to a number of conditions.
Acquisition costs of \u00a37.2m were expensed to operating costs in the prior year. The subsidiaries acquired had nil revenue and contributed a
loss of \u00a30.1m to the consolidated result of the Group for the year ended 31 March 2022. The assets and liabilities acquired largely comprise
tangible and intangible assets, being windfarm site development costs and goodwill as set out in the table below. The non-controlling
interest acquired was measured at fair value, where fair value represented the non-controlling interest\u2019s proportionate share of the assets
and liabilities acquired through the transaction.
Fair value at
29 October 2021
\u00a3m
Assets acquired
Intangible development assets 20.5
Cash 4.3
Other assets 0.4
Total net assets acquired 25.2
Non-controlling interest (40.6)
Goodwill 176.7
161.3
Cash consideration 141.3
Deferred consideration 20.0
161.3
12.2 Disposals
(i) Significant disposals
Current year disposals
During the year the Group recognised a gain of \u00a3868.3m within equity from the sale of a 25% non-controlling equity stake in its SSEN
Transmission business (being the company Scottish Hydro Electric Transmission plc) and an exceptional income statement gain of
\u00a389.1m from the disposal of the Fiddlers Ferry site.
25% non-controlling equity stake in Scottish Hydro Electric Transmission plc: On 25 November 2022, the Group announced it had
agreed to sell a 25% non-controlling equity stake in Scottish Hydro Electric Transmission plc (\u2018SHET\u2019) to Ontario Teachers Pension Plan
(\u2018OTPP\u2019) for cash consideration of \u00a31,465.0m, less transactions costs of \u00a316.9m. The transaction completed on 30 November 2022, at
which time the consolidated carrying value of SHET\u2019s net assets was \u00a32,319.3m. Since the transaction did not result in a loss of control,
the Group recognised a gain of \u00a3868.3m within equity attributable to owners of the parent company. The Group considered the rights
and obligations and operating protocols arising from the disposal and has determined that the non-controlling interest in SHET has the
characteristics of equity and has classified the non-controlling interest as such.
30 November
2022
\u00a3m
Carrying value of non-controlling interests disposed (579.8)
Cash consideration paid by non-controlling interest holder 1,465.0
Transaction costs (16.9)
Excess of consideration received recognised in equity 868.3
Details regarding SHET\u2019s principal activity and country of incorporation are included in A3 .
SHET\u2019s summary financial information is as follows:
31 March
2023
\u00a3m
30 November
2022
\u00a3m
Non-current assets 4,907.1 4,717.0
Current assets 16.5 2.0
Current liabilities (370.3) (384.3)
Non-current liabilities (2,909.4) (2,795.4)
1,643.9 1,539.3
1 April 2022 to
25 November
2022
\u00a3m
26 November
2022 to
31 March 2023
\u00a3m
Total
\u00a3m
Revenue 435.4 220.4 655.8
Operating profit 274.5 131.0 405.5
Net finance costs (31.7) (14.9) (46.6)
Profit before taxation 242.8 116.1 358.9
Taxation (59.1) (19.6) (78.7)
Profit after taxation 183.7 96.5 280.2
The summary financial information provided above is presented without Group eliminations, including \u00a3780.0m of internal loans and
related interest of \u00a36.5m which have been eliminated to calculate the gain on partial disposal and the non-controlling interest for
adjusted profit.
26 November 2022
to 31 March 2023
\u00a3m
Net profit 96.5
add/(less):
Interest elimination 6.5
Current taxation on interest elimination (1.1)
Deferred taxation 16.5
118.4
Adjusted net profit attributable to 25% non-controlling interests 29.6
Fiddler\u2019s Ferry land sale: On 30 June 2022, the Fiddlers Ferry site was sold to Peel NRE Developments Limited for cash proceeds of
\u00a360m. The Group released decommissioning provision related to the site, which resulted in an exceptional gain on disposal of \u00a389.1m.
Prior year disposals
Sale of investment in SSE Contracting: On 30 June 2021, the Group completed the sale of its Contracting and Rail business to the
Aurelius Group for headline consideration of \u00a322.5m and \u00a35m of contingent consideration, based on earning targets within the business.
Due to working capital movements in the business subsequent to the transaction agreement, cash consideration received was \u00a30.2m.
The Group recorded an exceptional loss on disposal of \u00a318.9m in the year of completion, in addition to the exceptional impairment
loss of \u00a351.2m recognised during the year ended 31 March 2021. A further impairment of \u00a36.5m has been recognised in the year ended
31 March 2023 in relation to receivables previously recognised on disposal.
Sale of stake in Dogger Bank C: On 10 February 2022, SSE completed the sale of a 10% stake in Dogger Bank C to Eni for consideration
of \u00a370.0m and contingent consideration of up to \u00a340m, resulting in a non-exceptional gain on disposal of \u00a364.3m. The gain was
recognised within the adjusted profit of the Group in line with the Group\u2019s stated policy in relation to developer gains on disposal of
divestments in early-stage offshore windfarms (see note 3.2). After the sale the Group\u2019s shareholding in Dogger Bank C was 40%.
Other disposals: On 19 August 2021 the Group received a dividend of \u00a34.8m following the sale of Smarter Grid Solutions by the
Environmental Energies Fund Limited, resulting in a non-exceptional gain on sale of \u00a32.8m.
Sale of discontinued operations
Sale of investment in SGN: On 2 August 2021, the Group announced it had agreed to sell its 33.3% investment in SGN to a consortium
comprising existing SGN shareholders Ontario Teachers\u2019 Pension Plan Board and Brookfield Super-Core Infrastructure Partners for cash
consideration of \u00a31,225m. The agreement was conditional on certain regulatory approvals and completed on 22 March 2022, with an
exceptional gain on disposal of \u00a3576.5m recognised.
Sale of investment in Gas Production: On 14 October 2021, the Group completed the sale of its Gas Production business to Viaro Energy
through its subsidiary RockRose Energy Limited. In the period to 14 October 2021, the Gas Production business had an operating profit
(recognised in discontinued operations) of \u00a3101.4m. The Group recorded an impairment of \u00a3120.8m to reduce the carrying value of the
assets and liabilities to the fair value less costs to sell prior to completion of the disposal. The impairment charge of \u00a3120.8m included a
provision for indemnified tax liabilities of \u00a335.0m, which was released in the year to 31 March 2023 as noted at 7.1(vii).
12. Acquisitions and disposals continued
12.2 Disposals continued
(ii) Disposal reconciliation
The following table summarises disposals of subsidiaries, businesses and assets during the financial year, including other assets and
investments disposed of as part of the normal course of business but before recognition of impairment charges in the year, which are
noted in the relevant respective notes to the financial statements.
2023
\u00a3m
2022
\u00a3m
Net assets disposed:
Property, plant and equipment 24.1 105.1
Intangible and biological assets \u2013 28.4
Investments and loans \u2013 joint ventures \u2013 662.5
Other investments \u2013 2.0
Deferred tax asset \u2013 14.8
Inventories \u2013 6.9
Trade and other receivables \u2013 28.5
Trade and other payables \u2013 (33.2)
Provisions (88.2) (159.8)
Loans and borrowings \u2013 (0.8)
Net assets (64.1) 654.4
Proceeds of disposal:
Consideration 60.0 1,372.1
Provision recognised on disposal \u2013 (35.0)
Costs of disposal \u2013 (29.8)
Net proceeds 60.0 1, 307.3
Recycle of amounts recognised in hedge reserve \u2013 (28.2)
Gain on disposal 124.1 624.7
Presentation:
Continuing operations
Income statement exceptional gain/(loss) 89.1 (18.9)
Income statement non-exceptional credit \u2013 67.1
89.1 48.2
Discontinuing operations
Income statement exceptional credit 35.0 576.5
SSE Group 124.1 624.7
2023
\u00a3m
2022
\u00a3m
Net proceeds of disposal 60.0 1,279.1
Recycle of amounts recognised in hedge reserve \u2013 28.2
Provision recognised on disposal \u2013 35.0
Costs of disposal \u2013 29.8
Deferred consideration \u2013 (5.2)
Net cash proceeds 60.0 1,366.9
Plus net cash proceeds from sale of non-controlling interest in SHET 1,448.1 \u2013
Net cash proceeds 1,508.1 1,366.9
12.3 Discontinued operations
The discontinued operations represented the Group\u2019s investment in SGN, which was disposed on 22 March 2022 and the Group\u2019s
investment in Gas Production assets, which was sold on 14 October 2021. The profit/(loss) of the discontinued operation is as follows:
2023 2022
Before
exceptional
items and
certain
re-
measurements
\u00a3m
Exceptional
items and
certain
re-
measurements
\u00a3m
Total
\u00a3m
Before
exceptional
items and
certain
re-
measurements
\u00a3m
Exceptional
items and
certain
re-
measurements
\u00a3m
Total
\u00a3m
Revenue \u2013 \u2013 \u2013 142.0 \u2013 142.0
Cost of sales \u2013 \u2013 \u2013 (38.9) \u2013 (38.9)
Gross profit \u2013 \u2013 \u2013 103.1 \u2013 103.1
Operating costs \u2013 \u2013 \u2013 (1.7) (120.8) (122.5)
Operating profit/(loss) before joint ventures \u2013 \u2013 \u2013 101.4 (120.8) (19.4)
Joint ventures \u2013 \u2013 \u2013
Share of operating profit \u2013 \u2013 \u2013 21.0 \u2013 21.0
Share of interest \u2013 \u2013 \u2013 (11.1) \u2013 (11.1)
Share of movement on derivatives \u2013 \u2013 \u2013 \u2013 (4.6) (4.6)
Share of tax \u2013 \u2013 \u2013 (1.7) (84.7) (86.4)
Share of profit/(loss) on joint ventures \u2013 \u2013 \u2013 8.2 (89.3) (81.1)
Operating profit/(loss) \u2013 \u2013 \u2013 109.6 (210.1) (100.5)
Finance income \u2013 \u2013 \u2013 6.8 \u2013 6.8
Finance costs \u2013 \u2013 \u2013 (0.1) \u2013 (0.1)
Profit/(loss) for the year \u2013 \u2013 \u2013 116.3 (210.1) (93.8)
Profit on disposal of discontinued operations \u2013 35.0 35.0 \u2013 576.5 576.5
Profit from discontinued operations, net of tax \u2013 35.0 35.0 116.3 366.4 482.7
Other comprehensive income from discontinued operations
2023
\u00a3m
2022
\u00a3m
Items that will be reclassified subsequently to profit or loss:
Share of other comprehensive gain/(loss) of joint ventures and associates, net of taxation \u2013 0.5
Items that will not be reclassified to profit or loss:
Share of other comprehensive (loss)/income of joint ventures, net of taxation \u2013 (1.7)
Other comprehensive loss from discontinued operations \u2013 (1.2)
Cashflows from discontinued operations
2023
\u00a3m
2022
\u00a3m
Cashflows from operating activities \u2013 11.6
Cashflows from investing activities \u2013 (11.6)
Net (decrease)/increase in cash and cash equivalents in discontinued operations \u2013 \u2013
13. Intangible assets
Goodwill
\u00a3m
Allowances and
Certificates
\u00a3m
Development
assets
\u00a3m
Other
intangibles
\u00a3m
Software
Assets
\u00a3m
Total
\u00a3m
Cost:
At 31 March 2021 522.1 602.4 303.5 115.9 844.3 2,388.2
Additions \u2013 544.5 80.5 \u2013 97.7 722.7
Acquired through business combinations 176.7 \u2013 21.1 \u2013 \u2013 197.8
Transfer (to)/from property plant and
equipment (note 14) \u2013 \u2013 (40.4) \u2013 \u2013 (40.4)
Disposals/utilised \u2013 (459.8) (9.8) \u2013 (29.8) (499.4)
Exchange adjustments 6.1 (0.3) (0.5) \u2013 \u2013 5.3
At 31 March 2022 704.9 686.8 354.4 115.9 912.2 2,774.2
Additions \u2013 805.2 235.9 \u2013 132.3 1,173.4
Acquired through business combinations 410.8 \u2013 104.4 \u2013 \u2013 515.2
Transfer (to)/from property plant and
equipment (note 14) \u2013 \u2013 (2.6) \u2013 45.5 42.9
Disposals/utilised \u2013 (810.1) (18.4) \u2013 (6.4) (834.9)
Exchange adjustments 34.8 0.5 7.9 \u2013 \u2013 43.2
At 31 March 2023 1,150.5 682.4 681.6 115.9 1,083.6 3,714.0
Aggregate amortisation and impairment:
At 31 March 2021 (192.9) (227.5) (158.4) (113.1) (480.1) (1,172.0)
Charge for the year \u2013 \u2013 \u2013 (1.5) (43.9) (45.4)
Disposals/utilised \u2013 \u2013 5.1 \u2013 26.7 31.8
Non-exceptional impairment charge
(i)
\u2013 \u2013 \u2013 \u2013 (1.5) (1.5)
At 31 March 2022 (192.9) (227.5) (153.3) (114.6) (498.8) (1,187.1)
Charge for the year \u2013 \u2013 \u2013 (0.3) (54.3) (54.6)
Transfer from property plant and
equipment (note 14) \u2013 \u2013 \u2013 \u2013 (41.6) (41.6)
Disposals/utilised \u2013 \u2013 \u2013 \u2013 3.3 3.3
Non-exceptional impairment charge
(i)
\u2013 \u2013 (4.2) \u2013 (14.6) (18.8)
At 31 March 2023 (192.9) (227.5) (157.5) (114.9) (606.0) (1,298.8)
Carrying amount:
At 31 March 2023 957.6 454.9 524.1 1.0 477.6 2,415.2
At 31 March 2022 512.0 459.3 201.1 1.3 413.4 1,587.1
At 1 April 2021 329.2 374.9 145.1 2.8 364.2 1,216.2
(i) The non-exceptional impairments in both years relate to assets where future development became uncertain or untenable in the year. The impairment of these
items does not meet the Group\u2019s definition of an exceptional item, therefore they are included in the adjusted and reported results of the Group.
Intangible assets have been analysed as current and non-current as follows:
2023
\u00a3m
2022
\u00a3m
Current 454.9 459.3
Non-current 1,960.3 1,127.8
2,415.2 1,587.1
(i) Goodwill
At inception, goodwill arising from business combinations is allocated to cash-generating units (CGUs) or groups of CGUs for
impairment testing purposes. Certain goodwill valuations have changed in the current year following retranslation. Commentary on
the impairment testing of the related CGUs, with the exception of two historic balances totalling \u00a38.2m, is included in note 15.
A summary of the goodwill allocated to CGUs and the Group\u2019s operating segments is presented below:
CGU group Operating Segment
2023
\u00a3m
2022
\u00a3m
Great Britain and Ireland windfarms
1
SSE Renewables 292.3 286.2
SSE Pacifico
2
SSE Renewables 196.0 185.2
SSE Southern Europe
3
SSE Renewables 428.7 \u2013
Energy Solutions
4
GB Business Energy & Distributed Energy 32.4 32.4
Ireland Supply
5
SSE Airtricity 8.2 8.2
957.6 512.0
1 Following the acquisition of the SGRE platform (see note 12.1), the Group performed a review of the CGUs within its Renewables business and assessed that
\u2018Onshore windfarms\u2019 and \u2018Offshore windfarms\u2019 no longer represents the appropriate level of aggregation for the purposes of impairment testing. Following the
review, the \u2018Great Britain\u2019 and \u2018Ireland\u2019 CGUs now support the goodwill balance previously attributed to the Onshore and Offshore windfarm CGUs.
2 Relates to the acquisition of an 80% equity interest in an offshore wind development platform from Pacifico Energy.
3 SSE Southern Europe relates to the acquisition on 1 September 2022 of the SGRE renewable platform in Spain, France, Greece and Italy (see note 12.1). The Group
has assessed that the four CGUs support the carrying value of the goodwill related to the acquisition.
4 Energy Solutions includes goodwill balances arising from the historic acquisitions of The Energy Solutions Group Limited (TESGL) of \u00a331.7m (2022: \u00a331.7m and a
further \u00a30.7m (2022: \u00a30.7m) in relation to the acquisition of Fusion Heating Limited. The amount of goodwill associated with the historic businesses is not significant
in context of the aggregate carrying value of the business units or the aggregate value of goodwill held by the Group.
5 The value associated with the Ireland supply goodwill represents the difference between the fair value attributed to the Northern Ireland based Phoenix Energy
business acquired in 2012 and the book value of those assets. No impairment has been recognised during the year on this balance.
(ii) Allowances and certificates
Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations
certificates (ROCs). These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s
Thermal and GB Business Energy supply business and are therefore distinct from allowances and certificates held in excess of the
Group\u2019s environmental obligations which are recorded within inventories.
(iii) Development assets
Development costs primarily relate to the design, construction and testing of Thermal, Renewable and Solar and Battery assets,
which the Group believes will generate probable future economic benefits. Costs capitalised as development intangibles include
options over land rights, planning application costs, environmental impact studies and other costs incurred in bringing windfarms and
other development projects to the consented stage. These may be costs incurred directly or at a cost as part of the fair value attribution
on acquisition.
At the point the development reaches the consent stage and is approved for construction, the carrying value is transferred to property,
plant and equipment (note 14). At the point a project is no longer expected to reach the consented stage, the carrying amount of the
project is impaired.
(iv) Other intangible assets
Included within other intangible assets are brands, customer lists and contracts.
No exceptional or non-exceptional impairment charges have been recognised in the year (2022: \u00a3nil).
(v) Software assets
Software assets include application software license fees, software development work, software upgrades and purchased PC
software packages.
14. Property, plant and equipment
Thermal
power
generation
assets
(iii)
\u00a3m
Renewable
power
generation
assets
(iii)
\u00a3m
Distribution
network
assets
\u00a3m
Transmission
network assets
\u00a3m
Land and
buildings
\u00a3m
Assets under
construction
\u00a3m
Other
assets
(iii)
\u00a3m
Total
\u00a3m
Cost:
At 31 March 2021 restated
(i)
3,814.5 4,548.3 9,075.7 4,556.4 527.9 665.5 1,392.3 24,580.6
Additions
(ii)
\u2013 \u2013 76.3 3.6 41.1 1,214.3 44.2 1,379.5
Adjustment to decommissioning
asset
(i)
30.4 88.5 \u2013 \u2013 \u2013 \u2013 28.3 147.2
Transfer from intangible assets
(note 13) \u2013 \u2013 \u2013 \u2013 \u2013 40.4 \u2013 40.4
Transfer from assets under
construction 21.8 75.8 347.6 550.5 (0.9) (1,058.6) 63.8 \u2013
Disposals
(i)
\u2013 (18.5) \u2013 \u2013 (13.8) (7.8) (105.7) (145.8)
Exchange rate adjustments (3.6) (8.1) \u2013 \u2013 (0.2) (0.2) (0.6) (12.7)
At 31 March 2022 restated
(i)
3,863.1 4,686.0 9,499.6 5,110.5 554.1 853.6 1,422.3 25,989.2
Additions \u2013 \u2013 95.8 \u2013 45.4 1,323.5 35.4 1,500.1
Adjustment to decommissioning
asset (11.1) (89.5) \u2013 \u2013 \u2013 \u2013 (44.9) (145.5)
Transfer (to)/from intangible
assets (note 13)
(iv)
\u2013 \u2013 \u2013 \u2013 \u2013 2.6 (45.5) (42.9)
Transfer from assets under
construction 433.8 22.5 402.3 531.6 4.8 (1,412.5) 17.5 \u2013
Disposals (638.9) (4.8) \u2013 \u2013 (13.5) (0.1) (40.2) (697.5)
Exchange rate adjustments 24.6 38.5 \u2013 \u2013 0.6 1.6 2.7 68.0
At 31 March 2023 3,671.5 4,652.7 9,997.7 5,642.1 591.4 768.7 1,347.3 26,671.4
Depreciation:
At 31 March 2021 restated
(i)
(3,270.5) (1,776.2) (4,199.7) (681.3) (208.7) (18.3) (1,171.6) (11,326.3)
Charge for the year (65.3) (158.3) (156.4) (90.5) (17.2) \u2013 (57.7) (545.4)
Impairments reversals (note 7);
(v)
331.6 \u2013 \u2013 \u2013 \u2013 \u2013 97.9 429.5
Non-exceptional impairment
charges
(v)
\u2013 \u2013 (20.7) \u2013 \u2013 1.0 \u2013 (19.7)
Disposals \u2013 18.7 \u2013 \u2013 1.9 6.5 49.6 76.7
Exchange rate adjustments (0.2) 0.2 \u2013 \u2013 \u2013 \u2013 8.8 8.8
At 31 March 2022 restated
(i)
(3,004.4) (1,915.6) (4,376.8) (771.8) (224.0) (10.8) (1,073.0) (11,376.4)
Charge for the year (106.3) (153.9) (163.2) (97.7) (17.0) \u2013 (67.6) (605.7)
Impairment reversals (note 7)
(v)
17.8 \u2013 \u2013 \u2013 \u2013 \u2013 45.7 63.5
Non-exceptional
impairment charges
(v)
(10.6) (12.5) \u2013 \u2013 (1.0) (0.3) (0.7) (25.1)
Transfer to intangible assets
(note 13)
(iv)
\u2013 \u2013 2.3 \u2013 \u2013 6.0 33.3 41.6
Transfers 4.1 \u2013 \u2013 \u2013 \u2013 (4.1) \u2013 \u2013
Disposals 612.8 3.1 \u2013 \u2013 5.5 \u2013 35.6 657.0
Exchange rate adjustments (11.1) (16.4) \u2013 \u2013 (0.6) (0.2) (2.1) (30.4)
At 31 March 2023 (2,497.7) (2,095.3) (4,537.7) (869.5) (237.1) (9.4) (1,028.8) (11,275.5)
Net book value
At 31 March 2023 1,173.8 2 ,557.4 5,460.0 4,772.6 354.3 759.3 318.5 15,395.9
At 31 March 2022 restated
(i)
858.7 2,770.4 5,122.8 4,338.7 330.1 842.8 349.3 14,612.8
At 1 April 2021 restated
(i)
544.0 2,772.1 4,876.0 3,875.1 319.2 647.2 220.7 13,254.3
(i) In the financial statements to 31 March 2022 the primary categories of assets in the property, plant and equipment note were reclassified within the asset classes. In the
year ended 31 March 2023 the Group identified that the cost and accumulated depreciation of certain assets were not appropriately allocated as part of this reallocation.
As a consequence, the cost and accumulated depreciation of the affected asset classes as at 31 March 2021 and as at 31 March 2022 have been restated compared to
the amounts previously presented in the year ended 31 March 2022 financial statements. The Renewables power generation cost, accumulated depreciation and net
book value at 31 March 2021 and 31 March 2022 has been reduced by \u00a31,173.7m, \u00a31,012.0m and \u00a3161.7m respectively, offset by increases in Thermal power generation
of \u00a31,045.7m, \u00a31,012.0m and \u00a333.7m (2021: \u00a31,056.2m, \u00a31,012.0m and \u00a344.2m). Other assets cost has been increased by \u00a3128.0m (2021: \u00a3117.5m), accumulated
depreciation by nil (2021: nil) and net book value by \u00a3128.0m (2021: \u00a3117.5m). There is no impact on the Group\u2019s aggregate property, plant and equipment as at
31 March 2021 and 2022, and no impact on the depreciation charged during either year, as a result of these reclassifications.
(ii) As a result of the adoption of the amendment to IAS 16, the additions to assets under construction for the year ended 31 March 2022 have been reduced by \u00a35.9m.
(iii) Thermal and Renewable generation assets include generation plant and machinery and related land and buildings. The net book value of power generation assets,
renewables and thermal includes decommissioning costs with a net book value of \u00a389.6m and \u00a388.6m (2022: \u00a3183.5m and \u00a3127.0m) respectively. Additionally in
Other assets is \u00a355.5m in relation to decommissioning costs for Gas Storage assets (2022: \u00a3128.0m).
(iv) Represents the carrying value of development assets transferred from intangible assets (note 13) which have reached the consent stage and have been approved
for construction.
(v) Impairment reversals relate to exceptional impairment reversals of \u00a317.8m in relation to the Group\u2019s Great Island CCGT plant and \u00a345.7m relating to the Group\u2019s
gas storage operations at Aldbrough (see note 7) and non-exceptional impairments of \u00a325.1m. (2022: exceptional impairment reversals of \u00a3429.5m and
non-exceptional impairments of \u00a319.7m).
(vi) The disposals in the current year primarily relate to the decommissioning asset in relation Fiddlers Ferry land sale, see note 7 for details.
Included within property, plant and equipment are the following right of use assets for leased assets:
Thermal
power
generation
assets
\u00a3m
Land and
buildings
\u00a3m
Distribution
network assets
\u00a3m
Other
assets
\u00a3m
Total
\u00a3m
Cost
At 31 March 2021 369.6 171.2 12.2 118.4 671.4
Additions \u2013 40.6 \u2013 45.1 85.7
Disposals \u2013 (8.7) \u2013 (67.8) (76.5)
At 31 March 2022 369.6 203.1 12.2 95.7 680.6
Additions \u2013 45.4 \u2013 33.1 78.5
Disposals \u2013 (1.0) \u2013 (12.9) (13.9)
At 31 March 2023 369.6 247.5 12.2 115.9 745.2
Depreciation
At 31 March 2021 (272.5) (21.6) (2.6) (49.1) (345.8)
Charge for the year (15.1) (10.6) (2.2) (18.9) (46.8)
Disposals \u2013 1.1 \u2013 31.7 32.8
Impairment reversal 54.0 \u2013 \u2013 \u2013 54.0
At 31 March 2022 (233.6) (31.1) (4.8) (36.3) (305.8)
Charge for the year (18.5) (11.9) (7.4) (19.8) (57.6)
Disposals \u2013 0.3 \u2013 12.2 12.5
Impairment reversal \u2013 (0.5) \u2013 \u2013 (0.5)
At 31 March 2023 (252.1) (43.2) (12.2) (43.9) (351.4)
Net book value
At 31 March 2023 117.5 204.3 \u2013 72.0 393.8
At 31 March 2022 136.0 172.0 7.4 59.4 374.8
At 1 April 2021 97.1 149.6 9.6 69.3 325.6
15. Impairment testing
Goodwill and intangible assets that are not amortised are reviewed at least annually for impairment. Property, plant and equipment,
investments and other intangibles are assessed annually for impairment (or impairment reversal) triggers.
The Group\u2019s accounting policies and methodologies for impairment testing are described at Accompanying Information sections A1.2 .
The key operating and valuation assumptions, specific considerations and outcome of tests for all impairment reviews are noted in the
following sections. The discount rates used are pre-tax real, except where noted, and reflect specific risks attributable to the relevant
assets subject to impairment review. The discount rates applied in both 2023 and 2022 remain consistent across all CGUs, except where
noted, reflecting the Group\u2019s view of cost of capital and risk. The recoverable amounts derived from the VIU or FVLCS calculations are
compared to the carrying amount of each asset or CGU to determine whether an impairment charge requires to be recognised. The
reviews carried out for the 2023 financial statements were carried out in the fourth quarter of the year, which is consistent with previous
reviews. Note that the actual outcomes may differ from the assumptions included in the assessments at the balance sheet date.
15. Impairment testing continued
15.1 Goodwill impairment reviews \u2013 CGUs testing
Following the acquisition of the Southern Europe wind and solar platform from Siemens Gamesa Renewable Energy, the Group has
determined that it has three goodwill balances within its SSE Renewables business (GB and Ireland, SSE Southern Europe and SSE
Pacifico) that are subject to annual goodwill impairment reviews. In addition, the Group has a legacy goodwill balance within the SSE
Enterprise Energy Solutions business. The recoverable amounts of the CGUs supporting the goodwill balances are determined by
reference to value-in-use (\u2018VIU\u2019) calculations. The VIU calculations use, as a starting point, pre-tax cash flow projections based on the
Group\u2019s five year Corporate Model as approved by the Board. The Group\u2019s Corporate Model is based both on past experience and
reflects the Group\u2019s forward view of markets, prices, risks and its strategic objectives. Commodity prices used are based on observable
market data and, where this is not available, on internal estimates.
Assets/CGUs
Cash flow period
assumption Operating and other valuation assumptions Commentary and impairment conclusions
Great Britain
(GB) and
Ireland
windfarm
CGUs
Period to end of life
of portfolio assets
Modelling methodology and assumptions
The VIU assessment is used to test the
carrying value of \u00a3292.3m of goodwill
related to the Group\u2019s GB and Ireland
windfarm CGUs. The assessment is based on
the discounted pre-tax cash flows expected
to be generated by the specific wind farm
assets included in the CGU across the
remaining useful lives of those assets.
The GB and Ireland CGU includes cashflows
for operational assets only, being over 50
individual windfarms across Great Britain
and the Island of Ireland, given the risk and
uncertainty associated with projects in the
development stage. Significant developments
at Viking, Seagreen and Doggerbank are
currently under construction and continue
to be excluded from the analysis.
Cash inflows for the CGUs are based on the
expected average annual generation output
based on technical assessment and past
experience and are valued based on forward
power prices. These factors are subject to
management review on an annual basis. The
prices applied to projected outputs are based
either on observable market information
during that period, which is deemed to be 3
years, or on internal estimations beyond the
observable market period (a Level 3 basis as
defined by IFRS 13 Fair Value Measurement).
The projections are also dependent on the
UK and Irish government\u2019s continuing
support for existing qualifying wind assets
through CFD subsidies and ROCs or REFIT.
Cash outflows are based on planned and
expected maintenance profiles and other
capital or replacement costs.
The cash flow projections are based on UK
and Irish power prices between \u00a355 - \u00a3169
per MWh and have been discounted applying
a pre-tax real discount rate between 6.9%
for GB and 5.8% for Ireland (2022: between
5.1% and 6.0%) based on technology and
market risks.
Impairment conclusion
The recoverable amount of the GB and Ireland
CGUs at 31 March 2023 is significantly in excess
of the carrying value of the goodwill and tangible
and intangible assets attributed to the CGUs.
Therefore, no impairment has been recognised.
Sensitivity analysis
The principal assumptions impacting the valuation
model of the GB and Ireland CGU are discount
rate, generation volume and electricity price.
While cash flow projections are subject to inherent
uncertainty, a 10% power price decrease and a 15%
decrease in projected generation volumes were
modelled, both of which indicated significant
headroom on the carrying value of the assets.
The 8% volume sensitivity is based on the Group\u2019s
assessment of the climate related risk to future
volume reduction, as set out in the Group\u2019s TCFD
disclosures. A 0.5% increase in the pre-tax real
discount rate to 9.8% for GB and 8.74% for Ireland,
also indicated significant headroom on the
carrying value of the assets.
TCFD related sensitivity analysis
A significant increase in renewable generation
capacity in the Group\u2019s core markets could result
in an oversupply of renewable electricity at a point
in the future, which would lead to a consequential
decrease in the power price achievable for the
Group\u2019s GB and Ireland wind generation assets.
A downside power price sensitivity, which may
arise in a market with significant new build was
modelled. This scenario indicated that, despite
a modelled 15% reduction in forecast power
price, there remained significant headroom on
the carrying value in the Group\u2019s GB and Ireland
wind generation assets.
Changes to weather patterns resulting from global
warming could result in calmer weather patterns,
which would reduce volumes achievable for the
Group\u2019s GB and Ireland wind generation assets
(although noting that this would likely lead to
capacity constraints and hence higher prices).
Despite an 8% reduction in modelled projected
volume, there remained significant headroom on
the carrying value in the Group\u2019s GB and Ireland
wind generation assets. The TCFD Variable wind
generation risk scenario modelled the physical risk
of average wind speed changes of 4% to 8% over
the longer term, consistent with the impairment
sensitivity performed.
Assets/CGUs
Cash flow period
assumption Operating and other valuation assumptions Commentary and impairment conclusions
SSE Southern
Europe
Period to end of life
of portfolio assets
Modelling methodology and assumptions
The VIU assessment is used to test the
carrying value of \u00a3428.7m of goodwill and
\u00a3116.1m of intangible development assets
related to the Group\u2019s Southern Europe
windfarms for impairment. As the Southern
Europe platform is in early-stage
development, the assessment was based on
the discounted pre-tax cash flows from the
acquisition model updated to reflect changes
to specific project circumstances and wider
market developments since acquisition.
The Southern Europe CGU includes
cashflows for early-stage development
assets, being c65 individual windfarm
projects across Spain, France, Italy and
Greece. Due to the early stage nature of the
portfolio, each project has been attributed a
probability of development success.
Cashflows for the CGUs are based on the
expected average annual generation output
based on technical assessment valued using
forward power price projections. These
factors are subject to management review
on an annual basis. The prices applied to
projected outputs are based either on
observable market information during that
period, which is deemed to be 3 years, or on
internal estimations beyond the observable
market period (a Level 3 basis as defined by
IFRS 13 Fair Value Measurement). Assumptions
have also been made on the Spanish, French,
Italian and Greek government\u2019s support
for the development of wind projects and
expected governmental support under CFD
subsides. Cash outflows are based on planned
and expected maintenance profiles and other
capital or replacement costs.
The cash flow projections are based on
European power prices between \u20ac33-\u20ac209
per MWh and have been discounted applying
a pre-tax real discount rate between 8.5% and
9.5% based on technology and market risks.
Impairment conclusion
The recoverable amount of the Southern Europe
windfarm CGUs has been calculated at \u00a3591.7m
and exceeds the carrying value of the goodwill
and intangible development assets. Therefore, no
impairment has been recognised at 31 March 2023.
Sensitivity analysis
The principal assumptions impacting the valuation
model of the Southern Europe windfarm CGU are
discount rate, generation volume and development
probability of success.
While cash flow projections are subject to
inherent uncertainty, a 10% reduction in
generation volume was modelled which
indicated continued headroom.
A 5% reduction in the probability of success
attributed to the development projects would
result in marginal headroom on the carrying value.
A 0.5% increase in the pre-tax real respective
discount rates (Spain: 9.0% France: 9.4%, Italy:
9.5% and Greece: 9.9%) indicated an impairment
of \u00a388.8m. An impairment would be recognised
as a result of a 0.3% increase in the discount rate.
Within the base case model the Group has
assessed that many of the projects in the portfolio
will obtain a revenue support contract. If this
assumption were changed and the projects
were developed on a merchant basis, the price
assumptions applied in the model would increase
and therefore headroom on the base case
valuation would increase.
Assets/CGUs Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions SSE Pacifico Period to end of life of portfolio assets Modelling methodology and assumptions The VIU assessment is used to test the carrying value of \u00a3196m of goodwill and \u00a330.8m of intangible development assets related to SSE Pacifico. SSE Pacifico is an early-stage Japanese offshore wind portfolio acquired on 29 October 2021. The Group is continuing to progress with the development, however all projects remain at an early stage. Therefore, the assessment was based on the discounted pre-tax cash flows from the acquisition model, updated to reflect changes to specific project circumstances and wider market developments since acquisition. Cash inflows for the CGU are based on the Group\u2019s latest projections for expected average annual generation output based on technical modelling assessment and are valued based on the Group\u2019s internal projections of forward power prices under revenue support contracts available in Japan. The projections are dependent on the Japanese government\u2019s support for development of offshore wind projects. The Japanese government has published targets of 10GW of auctioned capacity by 2030 and 30GW to 45GW of auctioned capacity by 2040. Cash outflows are based on planned and expected maintenance profiles and other capital or replacement costs. For the purposes of the impairment test, the VIU model includes cashflows for four early-stage offshore wind projects out of a total of 11 acquired by the Group. The cash flow projections are based on Japanese power prices, per foundation type, between \u00a515 - \u00a528 per kWh and have been discounted applying a pre-tax real discount rate of 8.5% based on technology and market risks. The discount rate is based on assumptions of the capital cost of the project and the proportion of external project funding available in the local market. Impairment conclusion While the assessed VIU of \u00a3316.9m exceeds the carrying value at 31 March 2023, the early stage of the development investment means that the model is sensitive to changes in key assumptions. The Group\u2019s base case model, reflecting the Group\u2019s best estimate of observable inputs to the model, indicates headroom on the carrying value of the asset. Therefore, no impairment has been recognised at 31 March 2023. Sensitivity analysis As noted above, the value in use model is sensitive to changes in key input assumptions. The principal assumptions impacting the valuation model of the SSE Pacifico CGU are: revenue support contract price; generation volumes; the proportion of external funding achievable; discount rate; and project probability of success. A 10% decrease in forecast power price to between \u00a513 - \u00a525 per kWh under revenue support scheme results in an impairment of \u00a3179.1m. Similarly a 10% reduction to generation volume results in an impairment of \u00a3179.1m. Similarly a 10% reduction to generation volume results in an impairment of \u00a3179.1m. An impairment would be recognised as a result of a 3.3% decrease in the price or volume assumptions. A 5% decrease to the Group\u2019s assumption on external funding proportion decreases the headroom to a marginal amount. A 5% increase to the discount rate assumption on continues to result in headroom. If project probability is decreased by 20% for the projects currently valued, there continues to be headroom on the carrying value of the assets. Similarly, if the portfolio is reduced from four projects to three, there continues to be headroom on the carrying value of the assets. Enterprise Energy Solutions 5 years The Group has capitalised goodwill of \u00a331.7m in relation to the acquisition of the Energy Solutions Group in 2016. The business designs, installs and optimises building management technologies which deliver efficient operating environments for its customers. The VIU of the business CGU has been based on a 5.6% (2022: 5.6%) pre-tax real discount rate, which is consistent with the prior year. Conclusion At 31 March 2023, the impairment review indicates headroom on the carrying value. A decrease in forecast cashflows of 20% would result in a \u00a35.1m impairment. An increase in the discount rate of 4% would result in an impairment of \u00a310.4m. 15. Impairment testing continued 15.1 Goodwill impairment reviews \u2013 CGUs testing continued
15.2 Property, plant and equipment, other intangibles and investment impairment reviews \u2013 asset testing
Where an indicator of impairment exists, the recoverable amounts of the Group\u2019s property, plant and equipment, other intangible
assets and interests in joint ventures and associates are determined by reference to VIU or, where appropriate, fair value less costs to sell
calculations. The calculations use, as their starting point, pre-tax cash flow projections based on the Group\u2019s five year Corporate Model
as approved by the Board. The Group\u2019s Corporate Model is based on past experience and reflects the Group\u2019s forward view of markets,
prices, risks and its strategic objectives. Commodity prices used are based on observable market data and, where this is not available,
on internal estimates. Fair value less costs to sell valuations are derived from market analysis for similar transactions, adjusted to specific
circumstances of the Group\u2019s investment to reflect the amount the Group believes will be recoverable in a sale transaction.
Changes from prior year
The assets identified for impairment reviews in the prior year (being GB CCGTs and the Great Island CCGTs) remained subject to
impairment testing at 31 March 2023. In addition to these assets, the Group\u2019s Gas Storage asset at Aldbrough displayed indicators of
impairment reversal following improved financial performance during the year. This was mainly due to global gas price volatility during
the year, with the asset providing opportunities for the Group to trade within this volatility. At 31 March 2022 the Group fully reversed the
historic impairments previously recognised in relation to the Gas Storage asset at Atwick. Following its acquisition and revaluation in
September 2022 and a strong financial contribution in the period to March 2023, the Group\u2019s 50% joint venture investment in Triton
Power displayed indicators of impairment at March 2023. Finally, the Group\u2019s 50% joint venture investment in Neos Networks Limited
displayed indicators of impairment following the loss of a major contract, subsequent to increases in the Group\u2019s investment during the
year.
Assets
Cash flow period
assumption Operating and other valuation assumptions Commentary and impairment conclusions
GB CCGTs
(Keadby,
Medway,
Peterhead and
Marchwood
(PPA Right
of use lease
asset) power
stations)
Period to end
of life
Modelling methodology and assumptions
The VIU of the Group\u2019s GB combined cycle
gas turbine (\u2018CCGT\u2019) power stations were
based on pre-tax discounted cash flows
expected to be generated by each plant,
based on management\u2019s view of operating
prospects and operational flexibility within
the GB wholesale market, including capacity
market clearing prices. Cash flows are subject
to a pre-tax real discount rate between 10.0%
and 19.4% (2022: between 9.2% and 21.2%).
Changes from prior year
Certain assets within the Group\u2019s GB CCGT
fleet are nearing the end of their operational
life and are therefore more sensitive to
fluctuations in market assumptions.
During the year, UK and European commodity
markets have been volatile, resulting in an
increase in Gas and Carbon prices feeding
through to UK power prices. The UK market
has also experienced periods where available
generation capacity above demand has been
reduced, which has also resulted in increased
power prices. As a result, the observable spark
margins assumed for the GB CCGT assets
has increased and there has been strong
operational performance of the assets.
These factors were considered as a potential
indicator of impairment in the impairment
review at 31 March 2023.
Conclusion
At 31 March 2023 there were no historic impairments
of the Group\u2019s GB CCGT assets remaining to be
reversed. The Group\u2019s fair valuation exercise of the
assets indicated significant headroom on the carrying
value, therefore no impairment was recognised.
Sensitivity analysis
A 20% decrease in gross margin would continue
to result in significant headroom for each asset. A
sensitivity on non-contracted capacity mechanism
prices has not been performed as the assets subject to
impairment testing are contracted into future periods.
TCFD related sensitivity analysis \u2013 GB CCGTs
The future introduction of legislation restricting
power generation from unabated gas fired power
stations beyond 2030 has been identified as a
potential risk the Group could be exposed to as the
UK transitions to a net zero economy. However, this
has not been treated as an indicator of impairment
at 31 March 2023 as legislation has not been
introduced or enacted by the balance sheet date.
Most of the Group\u2019s GB CCGTs are nearing the end
of their economic life and are projected to cease
operations before 2030. Of the Group\u2019s GB CCGTs,
Keadby 2 and Marchwood are projected to operate
beyond this date. Keadby 2 and Marchwood are not
displaying indicators of impairment and so have not
been included in the impairment review above. If
legislation was introduced requiring the closure of
Keadby 2 and Marchwood by 2030, it would result
in no impairment at 31 March 2023. Under the TCFD
Accelerated Gas Closure risk scenario, the indicative
potential present value of the future economic
benefit lost from early closure of Keadby 2 and
Marchwood by 2030 was in the range of \u00a30.3bn
\u2013\u00a30.4bn.
Assets Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions Great Island CCGT Period to end of life Modelling methodology and assumptions The VIU of the Group\u2019s Great Island CCGT Power station was based on pre-tax discounted cash flows expected to be generated by the plant based on management\u2019s view of the plant\u2019s operating prospects. Cash flows are subject to a pre-tax real discount rate of 12.4% (2022: 11.0%) reflecting the specific risks in the Irish market. Conclusion The VIU assessment performed on the asset indicated an impairment of \u00a3nil, at 31 March 2023. The Group recorded an exceptional impairment reversal of \u00a317.8m at 30 September 2022 on its Great Island CCGT based on observable power prices at that date. This reversal represented a final full reversal of historical impairments. The carrying value of the Great Island asset at 31 March 2023 is \u00a3269.9m against an assessed recoverable value of \u00a3280.4m. Sensitivity analysis A 1% increase in the discount rate would result in an impairment of \u00a39.6m. A 20% decrease in gross margin would result in an impairment of \u00a377.8m. A \u20ac10/KW decrease in projected non-contracted capacity market prices would result in an impairment of \u00a313.8m. TCFD related sensitivity analysis \u2013 Great Island CCGTs The future introduction of legislation restricting power generation from unabated gas fired power stations beyond 2030 has been identified as a potential risk the Group could be exposed to as Ireland transitions to a net zero economy. However, this has not been treated as an indicator of impairment at 31 March 2023, as legislation has not been introduced or enacted by the balance sheet date. Great Island is projected to operate beyond this date, and so while legislation has not been introduced requiring the shortening of the economic life to this date, the Group has performed a sensitivity analysis to the impairment test noted above. If legislation was introduced requiring the closure of Great Island by 2030, it would result in an impairment of \u00a331.3m at 31 March 2023. Under the TCFD Accelerated Gas Closure risk scenario, the indicative potential present value of the future economic benefit lost from early closure of Great Island by 2030 was less than \u00a30.04bn. Gas Storage assets (Atwick and Aldbrough) Period to end of life The VIU of the Group\u2019s Gas Storage assets at Aldbrough and Atwick were based on pre-tax discounted cash flows expected to be generated by the storage assets based on management\u2019s view of the assets\u2019 operating prospects. Cash flows are subject to a pre-tax real discount rate of 18.8% for Atwick and 13.8% for Aldbrough reflecting risks specific to the assets. Conclusion The VIU assessment performed on the assets indicated a net impairment reversal of \u00a345.7m to Aldbrough. The Group\u2019s Atwick site, which has no remaining historic impairments, indicated significant headroom on the fair value exercise performed as at 31 March 2023. At 31 March 2023, the carrying value of Aldbrough is \u00a392.6m and the carrying value of Atwick is \u00a362.3m. Both carrying values represent the net book value of the storage assets and exclude the carrying value of cushion gas volumes. 15. Impairment testing continued 15.2 Property, plant and equipment, other intangibles and investment impairment reviews \u2013 asset testing continued
Assets
Cash flow period
assumption Operating and other valuation assumptions Commentary and impairment conclusions
Gas Storage
assets
(Atwick and
Aldbrough)
continued
The key assumptions applied in the valuation
of the assets are gas price volatility and the
mean reversion rate (\u2018MRR\u2019). The gas price
volatility assumption reflects management\u2019s
view of price fluctuations between periods
where the Group can purchase gas at a low
price, store it and sell during periods of peak
prices. The assumption is based on market
observed volatility in the last five years and
management\u2019s view on projected volatility in
future periods. MRR represents the time taken
for the market to return to average after a
period of increase or decline. The MRR
combined with the volatility rate derives
management\u2019s fair value of the assets.
The Group recorded an exceptional impairment
reversal of \u00a3201.1m at 30 September 2022 on
its Aldbrough asset based on observable gas
price volatility and the MRR at that date. In the
second half of the financial year, observable gas
prices (and projected gas price volatility) have
decreased, resulting in an impairment of
\u00a3155.4m in the second half of the year.
Sensitivity analysis \u2013 Atwick
Sensitivity analysis performed with high and low
MRR assumptions indicated significant headroom
on the carrying value of the asset. The low volatility
assumption indicated an impairment of \u00a346.6m.
The Group has not recognised any impairment
to the asset at 31 March 2023.
Sensitivity analysis \u2013 Aldbrough
A sensitivity performed with a high volatility
assumption would reduce the impairment recognised
at 31 March 2023 from \u00a3155.4m to \u00a369.1m (net
impairment reversal for the full year of \u00a3132.0m).
A low volatility assumption would increase the
impairment recognised at 31 March 2023 from
\u00a3155.4m to \u00a3265.9m (net impairment for the full
year of \u00a364.8m).
A high sensitivity of the MRR assumption (represents
an increase in the rate by 1.0) would reduce the
impairment recognised at 31 March 2023 from
\u00a3155.4m to \u00a3109.2m (net impairment reversal
for the full year of \u00a391.9m).
A low sensitivity of the MRR assumption (represents
a decrease in the rate by 1.0) would increase the
impairment recognised at 31 March 2023 from \u00a3155.4m
to \u00a3214.8m (net impairment for the full year of \u00a313.7m).
Investment in
Triton Power
Holdings
Limited
Period to end
of life
Modelling methodology and assumptions
The Group has valued its 50% joint venture
investment Triton Power Holdings Limited
(\u2018Triton\u2019) based on projected cashflows that
will be derived from the investment on a VIU
basis.
The VIU assessment of the Triton power
stations (Saltend, Indian Queens and Deeside)
were based on pre-tax discounted cash flows
expected to be generated by each plant, based
on management\u2019s view of operating prospects
and operational flexibility within the GB
wholesale market, including capacity market
clearing prices. Cash flows are subject to a
pre-tax real discount rate of 9.7% (blended).
Conclusion
The Group has assessed the investment for indicators
of impairment. At 31 March 2023 an exceptional
impairment of \u00a3291.6m has been recognised against
the carrying value of the Group\u2019s investment within
operating costs. This impairment has been calculated
following an exceptional gain on purchase of \u00a3140.7m
being recognised within share of operating profit
from joint ventures and associates, and the Group
recognising a share of the movement in derivatives of
\u00a3172.0m (net of tax) during the period (see note 7.1(iv)
for a reconciliation of amounts recognised related to
Triton Power). The post-tax contribution to SSE from
Triton in the period to March 2023 from the JV was
\u00a3210.2m, which was effectively the realisation of the
gain on acquisition.
Following the impairment, the Group\u2019s carrying value
of equity investment is \u00a3253.9m.
Sensitivity analysis
A 1% increase in the discount rate would increase
the impairment recognised at 31 March 2023 from
\u00a3291.6m to \u00a3300.4m. A 1% decrease in the discount
rate would reduce the impairment recognised from
\u00a3291.6m to \u00a3281.9m.
A 20% increase in gross margin would result in reduce
the impairment charge to \u00a3256.6m, and a 20%
decrease in gross margin would increase the
impairment to \u00a3326.8m.
A \u00a310/KW increase in non-contracted capacity
market price would decrease the impairment charge
to \u00a3273.1m and a \u00a310/KW decrease would increase
the impairment charge to \u00a3310.1m.
Assets Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions Investment in Triton Power Holdings Limited continued TCFD related sensitivity analysis \u2013 Triton The future introduction of legislation restricting power generation from unabated gas fired power stations beyond 2030 has been identified as a potential risk the Group could be exposed to as the UK transitions to a net zero economy. However, this has not been treated as an indicator of impairment at 31 March 2023, as legislation has not been introduced or enacted by the balance sheet date. Triton is projected to operate beyond this date, and so while legislation has not been introduced requiring the shortening of the economic life to this date, the Group has performed a sensitivity analysis to the impairment test noted above. If legislation was introduced requiring the closure of Triton by 2030, it would result in an impairment of \u00a376.5m at 31 March 2023. Under the TCFD Accelerated Gas Closure risk scenario, the indicative potential lost discounted EBIT from early closure of Saltend by 2030 was less than \u00a30.1bn. Investment in Neos Networks Limited n/a The Group has valued its 50% joint venture investment in Neos Networks Limited (\u2018NNL\u2019) based on projected valuations that could be achieved in a market transaction, using earnings multiples observable from recent similar transactions. Due to the nature of the valuation technique, which was performed to approximate an achievable fair value less costs to sell, a wide range of valuations were derived from this exercise. The Group has used a point estimate valuation within the range of possible valuations based on earnings targets and earning multiples that the Group believes are achievable. The Group has assessed that this is a level 3 valuation in the fair value hierarchy, with the key inputs being EBITDA and the transaction multiple. Conclusion The valuation exercise resulted in a wide range of reasonably probable valuations for the business from an impairment of \u00a374.9m to headroom of \u00a31.2m based on current contracts and probable contract wins. The business fundamentals remain strong and a change to the current client base would have an impact on this assessment. The Group has assessed that within this range of valuations, a point valuation resulting in an impairment of \u00a337.7m best represents the recoverable value of the investment. Following the impairment, the Group\u2019s carrying value of equity investment, shareholder loans and receivables due from NNL is \u00a3174.8m. Sensitivity analysis Sensitivity analysis was performed in relation to the EBITDA and the multiple applied in deriving the valuation. A 10% increase in the EBITDA assumption would reduce the impairment to \u00a320.2m, whereas a 12% decrease in the EBITDA assumption would result in an impairment of \u00a358.7m. A 10% decrease to the multiple assumption would result in an impairment of \u00a356.1m, whereas a 10% increase to the multiple assumption would result in an impairment of \u00a318.3m. 15. Impairment testing continued 15.2 Property, plant and equipment, other intangibles and investment impairment reviews \u2013 asset testing continued
16. Investments
16.1 Joint Ventures and associates
Share of net assets/cost
2023 2022
Equity
\u00a3m
Loans
\u00a3m
Total
\u00a3m
Equity
\u00a3m
Loans
\u00a3m
Total
\u00a3m
At 1 April 1,239.5 736.9 1,976.4 1,643.5 554.3 2,197.8
Additions 263.6 489.7 753.3 243.5 449.0 692.5
Repayment of shareholder loans \u2013 (61.4) (61.4) \u2013 (147.6) (147.6)
Dividends received (294.1) \u2013 (294.1) (177.0) \u2013 (177.0)
Share of profit/(loss) after tax
(i)
\u2013
continuing operations 663.6 \u2013 663.6 110.7 \u2013 110.7
Share of profit/(loss) after tax \u2013
discontinued operations \u2013 \u2013 \u2013 (81.1) \u2013 (81.1)
Share of other comprehensive income 342.4 \u2013 342.4 152.8 \u2013 152.8
Disposals (0.2) \u2013 (0.2) (545.7) (118.8) (664.5)
Transfer \u2013 Loans to Equity 50.0 (50.0) \u2013 \u2013 \u2013 \u2013
Impairments (329.3) \u2013 (329.3) (106.9) \u2013 (106.9)
Exchange rate adjustments 1.5 0.2 1.7 (0.3) \u2013 (0.3)
At 31 March 1,937.0 1,115.4 3,052.4 1,239.5 736.9 1,976.4
(i) Of the \u00a3663.6m (2022: \u00a3110.7m) share of profits from continuing operations, only \u00a3662.3m (2022: \u00a3109.8m) is recognised through the income statement. The
\u00a31.3m (2022: \u00a30.9m) difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on
consolidation.
(ii) Impairments of \u00a3329.3m include charges of \u00a3291.6m in relation to the Group\u2019s Triton joint venture, and \u00a337.7m in relation to the Group\u2019s investment in Neos
Networks, of which \u00a35.9m has been treated as exceptional and \u00a331.8m has been treated as non-exceptional, see note 7.
16.2 Additions and disposals of equity in the current year
Additions in the year
On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings
Limited from Energy Capital Partners for total consideration of \u00a3341.0m shared equally. Further detail on the Group\u2019s acquisitions in the
year is provided in note 12.1.
Additionally the Group has provided equity and loans to its existing joint venture investments of \u00a3141.4m and \u00a3441.7m respectively,
primarily in relation to Seagreen Wind Energy Limited, SSE Slough Multifuel Limited and Ossian Offshore Windfarm Limited.
Disposals of equity in the year
There were no significant disposals of equity in the current year.
16.3 Acquisitions and disposals of equity in the previous year
Additions in the previous year arising on loss on control
There were no significant additions of equity in the prior year.
Disposals of equity in the previous year
Sale of stake in Dogger Bank C: On 10 February 2022, SSE completed the sale of a 10% stake in Dogger Bank C to Eni for consideration of
\u00a370.0m and contingent consideration of up to \u00a340.0m, resulting in a non-exceptional gain on disposal of \u00a364.3m. The gain was recognised
within the adjusted profit of the Group in line with the Group\u2019s stated exceptional policy for gains on disposal of divestments in offshore
windfarms (see note 3.2). After the sale the Group\u2019s shareholding in Dogger Bank C is 40%.
Sale of investment in SGN: On 2 August 2021, the Group announced it had agreed to sell its 33.3% investment in SGN to a consortium
comprising existing SGN shareholders Ontario Teachers\u2019 Pension Plan Board and Brookfield Super-Core Infrastructure Partners for cash
consideration of \u00a31,225m. The agreement was conditional on certain regulatory approvals and completed on 22 March 2022, with the
Group recognising an exceptional gain on disposal of \u00a3576.5m.
16.4 Principal joint ventures and associates
Under IFRS 12 Disclosure of Interests in Other Entities, the Group has evaluated the key joint ventures and associates it holds with the
purpose of disclosing any which are materially significant in order to identify the impact on the Group\u2019s financial position, performance
and cash flows, whilst identifying the nature of the risks associated with these interests. A full listing of the Group\u2019s incorporated joint
ventures, joint operations, associates and investments are included in the Accompanying Information A3 .
16. Investments continued
16.4 Principal joint ventures and associates continued
Share of results of joint ventures and associates
2023
Windfarms
\u00a3m
2023
Thermal
Generation
\u00a3m
2023
Other
(i)
\u00a3m
2023
Total
\u00a3m
2022
Total
\u00a3m
Revenue 471.0 1,003.5 90.3 1,564.8 555.4
Other income 10.2 \u2013 \u2013 10.2 112.5
Depreciation and amortisation (92.8) (60.8) (47.5) (201.1) (146.6)
Other operating costs (111.4) (540.1) (48.5) (700.0) (263.3)
Operating profit 277.0 402.6 (5.7) 673.9 258.0
Interest expense (55.6) (4.2) (10.3) (70.1) (67.8)
Changes in fair value of derivatives (11.0) 213.9 \u2013 202.9 \u2013
Corporation tax (44.9) (98.0) (0.2) (143.1) (79.5)
Share of post taxation results 165.5 514.3 (16.2) 663.6 110.7
Recognised in other comprehensive income
Cashflow hedges
(ii)
453.4 3.1 \u2013 456.5 188.5
Taxation
(ii)
(113.3) (0.8) \u2013 (114.1) (35.7)
Total comprehensive income 505.6 516.6 (16.2) 1,006.0 263.5
(i) Other comprises the investments the Group holds in Neos Networks Limited and Marron Activ8 Energies Limited.
(ii) For the year ended 31 March 2022, other comprehensive income from net cashflow hedges of \u00a3181.4m included \u00a328.6m in relation to the disposal of SGN, which
was disclosed as a discontinued operation.
Share of joint ventures and associates\u2019 assets and liabilities
2023
Windfarms
\u00a3m
2023
Thermal
Generation
\u00a3m
2023
Other
(i)
\u00a3m
2023
Total
\u00a3m
2022
Total
\u00a3m
Non-current assets 5,379.4 396.7 316.9 6,093.0 4,475.5
Current assets 155.4 309.7 21.8 486.9 223.5
Cash and cash equivalents 187.6 63.6 12.1 263.3 230.6
Current liabilities (220.1) (191.5) (72.5) (484.1) (341.2)
Non-current liabilities (4,631.5) (205.3) (176.6) (5,013.4) (3,913.2)
870.8 373.2 101.7 1,345.7 675.2
Other adjustments 550.4 68.0 (27.1) 591.3 564.3
Share of net assets of joint ventures and associates 1,421.2 441.2 74.6 1,937.0 1,239.5
Shareholder loans 906.1 153.7 55.6 1,115.4 736.9
Interest in joint venture and associate 2,327. 3 594.9 130.2 3,052.4 1,976.4
Information on Group\u2019s investments in joint ventures and associates is provided at A3, A4 and A5 .
16.5 Joint operations
Listed are the incorporated joint operations that have a material impact on the financial position and financial results of the Group.
Principal activity
Country of
incorporation
Class of
shares held
Proportion
of shares
held (%)
Group
Interest (%) Year end
Greater Gabbard Offshore Winds Limited Offshore Windfarm UK Ordinary 50 50 31 March
The Group\u2019s interest in Greater Gabbard Offshore Winds Limited is that of a joint operation designed to provide output to the parties
sharing control. The liabilities of the arrangement are principally met by the parties through the contracts for the output of the windfarm.
The Group also has an unincorporated arrangement with Equinor under which it accounts for its 66.7% share of the Aldbrough gas
storage facility owned by SSE Hornsea Limited.
16.6 Other investments held at fair value through other comprehensive income
Total
\u00a3m
At 31 March 2021 3.6
Additions in year 5.4
Disposals in the year (0.4)
Fair value adjustment through other comprehensive income 0.1
At 31 March 2022 8.7
Additions in year 19.1
Fair value adjustment through other comprehensive income (0.4)
At 31 March 2023 27.4
The group has received \u00a32.4m in relation to other investments during the year ended 31 March 2023 (2022: \u00a3nil).
17. Inventories
2023
\u00a3m
2022
\u00a3m
Fuel and consumables 179.3 127.9
Renewables Obligation Certificates 125.4 171.3
Gas held in storage 142.2 1.0
Less: provisions held (52.0) (33.6)
394.9 266.6
Where Renewables Obligation Certificates (\u2018ROCs\u2019) are self-generated or purchased to fulfil the Group\u2019s environmental obligations, they
are recorded within intangible assets. ROCs held in excess of the Group\u2019s environmental obligations are recorded within inventories.
The Group has expensed inventories of \u00a3601.5m within cost of sales in the year (2022: \u00a3685.8m).
18. Trade and other receivables
2023
\u00a3m
2022
\u00a3m
Non-current assets
Loan note receivable 149.5 136.4
Current assets
Trade receivables 1,404.0 1,433.9
Unbilled energy income 666.1 492.7
Other receivables 226.0 109.8
Cash posted as collateral 316.3 83.8
Other prepayments and accrued income 632.7 90.8
3,245.1 2,211.0
Total trade and other receivables 3,394.6 2,347.4
The non-current loan note receivable relates to \u00a3149.5m (2022: \u00a3131.2m) recognised on the disposal of SSE Energy Services on 15 January
2020 and payable by Ovo Energy by 2029. The Ovo loan note carries interest of 13.25% and is presented cumulative of accrued interest
repayments, discounted at 13.25%. Additionally in the prior year \u00a35.2m (2023: \u00a3nil) was recognised on the disposal of the Contracting and
Rail business to Aurelius Group on 1 April 2021.
Unbilled energy income represents an estimate of the value of electricity or gas supplied to customers between the date of the last meter
reading and the year end. Detail of the calculation applied to estimate this balance is included at note 4.1(iii). A 5% sensitivity on the unbilled
energy accrual would equate to an increase or decrease in the receivable balance of \u00a333.6m (2022: \u00a324.6m).
Included in other prepayments and accrued income is \u00a3347.3m (2022: \u00a3nil) in relation to government funded customer support schemes.
Cash posted as collateral relates to amounts deposited on commodity trading exchanges of \u00a3316.3m (2022: \u00a383.8m).
Trade receivables and other financial assets are part of the Group\u2019s financial exposure to credit risk as explained in accompanying
information note A6 .
19. Trade and other payables
2023
\u00a3m
2022
\u00a3m
Current liabilities
Trade payables 694.6 919.7
Contract related liabilities
(i)
54.1 46.3
Other creditors 560.8 330.2
Other accruals
(ii)
1,349.1 1,376.4
2,658.6 2,672.6
Non-current liabilities
Contract related liabilities
(i)
161.3 196.2
Deferred income and other accruals
(ii)
798.6 646.2
959.9 842.4
Total trade and other payables 3,618.5 3,515.0
(i) Current contract related liabilities includes customer contributions of \u00a314.5m (2022: \u00a315.0m) and non-current contract related liabilities includes customer
contributions of \u00a3161.3m (2022: \u00a3196.2m).
(ii) Non-current other accruals includes government grants of \u00a37.9m (2022: \u00a31.8m).
20. Provisions
Decommissioning
\u00a3m
Legal and
restructuring
\u00a3m
Employee
related
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 31 March 2021 768.0 48.7 36.6 19.3 872.6
Charged in the year \u2013 74.1 3.0 20.6 97.7
Increase in decommissioning provision 178.7 \u2013 \u2013 \u2013 178.7
Unwind of discount 5.7 \u2013 \u2013 \u2013 5.7
Released during the year \u2013 (1.6) \u2013 \u2013 (1.6)
Utilised during the year (11.1) (27.2) (0.1) (2.3) (40.7)
Exchange rate adjustments (1.2) \u2013 \u2013 \u2013 (1.2)
At 31 March 2022 940.1 94.0 39.5 37.6 1,111.2
Charged in the year 6.8 16.9 4.5 21.7 49.9
Decrease in decommissioning provision (196.0) \u2013 \u2013 (196.0)
Unwind of discount 22.1 \u2013 \u2013 \u2013 22.1
Released during the year \u2013 (45.2) (11.0) (43.2) (99.4)
Disposed during the year (56.7) \u2013 \u2013 \u2013 (56.7)
Utilised during the year (12.2) (51.0) (2.0) \u2013 (65.2)
Transfers 1.8 5.6 (10.1) 2.7 \u2013
Exchange rate adjustments 6.2 \u2013 \u2013 \u2013 6.2
At 31 March 2023 712.1 20.3 20.9 18.8 772.1
At 31 March 2023
Non-current 686.0 19.9 18.6 18.2 742.7
Current 26.1 0.4 2.3 0.6 29.4
712.1 20.3 20.9 18.8 772.1
At 31 March 2022
Non-current 912.2 57.4 39.5 8.8 1,017.9
Current 27.9 36.6 \u2013 28.8 93.3
940.1 94.0 39.5 37.6 1,111.2
Decommissioning provisions
Provision has been made for the estimated net present value of decommissioning the Group\u2019s Thermal and Renewable power generation
assets, Gas Storage facilities and the retained 60% share of decommissioning costs of the disposed Gas Production business. Cost
estimates are based on the forecast remediation or clean-up costs based on current technology and prices for Renewable, Thermal and
Gas Storage assets and are reviewed by independent valuation experts every three years. In the intervening years, management update
cost estimates based on factors arising since the last formal valuation date. Retained decommissioning costs in relation to the disposed
Gas Production business are periodically agreed with the field operators. The cost estimates include a risk adjustment and are inflated to
the projected decommissioning date using a market observable inflation rate. This projection is discounted using a risk-free discount rate
based on UK gilt rates with maturity date similar to the expected decommissioning date.
There is a wide range of assumed decommissioning dates across the obligation due to the number of assets and their varying ages,
which is summarised in the table. Decommissioning dates are based on the useful economic lives of the individual assets based on
technology and price forecasts at the balance sheet date. It is possible that the forecast decommissioning dates will change due to
technology advances or decisions to repower wind farms when the current turbines reach the end of their respective lives. The date
of decommissioning of the Gas Production business can vary based on hydrocarbon reserve estimates and market commodity prices,
which can shorten or lengthen the economic life of the field.
Business Unit
Value of
Provision
31 March 2023
\u00a3m
Number of
decommissioning
sites
Forecast
decommissioning
dates
Renewables 218.5 55 2025 \u2013 2049
Thermal 165.0 14 2023 \u2013 2051
Gas Storage 119.4 18
1
2023 \u2013 2050
Gas Production 201.4 4
2
2023 \u2013 2038
Distributed Energy 7.8 1 2027
Total 712.1
1 The Group has two Gas Storage assets at Aldbrough and Atwick. In total there are 18 caverns with varying economic lives, therefore the number of sites has been
disclosed to more accurately reflect the scale and expected timing of decommissioning activities.
2 The Group has retained a 60% share of the decommissioning obligation for four Gas Production fields, though each field has multiple wells and shared
infrastructure that the Group retains an obligation to remediate.
The Group\u2019s decommissioning provision has decreased during the year from \u00a3940.1m to \u00a3712.1m, primarily due to the financial assumptions
applied in calculating the obligation. A decrease in the long term inflation rate to 3.2% (2022: 3.8%) has not been offset by the increase in the
risk free discount rates applied of between 3.5%-3.8% (2022: 1.6%-1.8%) which has had a significant impact on the closing provision. Of the
\u00a3196.0m reduction of provision based on revaluation, \u00a3145.5m has been recognised as an opposing reduction to decommissioning assets
and \u00a350.5m was recognised in the income statement in relation to the Group\u2019s share of gas production decommissioning liabilities. During
the year, the Group incurred \u00a312.2m of decommissioning spend, primarily related to the Fiddlers Ferry and Ferrybridge sites, included within
Thermal above. Based on work completed to date, provisions accrued for the decommissioning of these power stations are expected to be
sufficient for the final cost of the works. The disposed provision in the year related to the Fiddler\u2019s Ferry land site.
Impact of climate change on the Group\u2019s decommissioning provisions
The Group has assessed that the most likely impact of climate change on its decommissioning provisions would be the enactment of
legislation that would result in the earlier closure of its unabated gas fired power stations. The decommissioning provision included in the
table above for these assets is based on forecast closure dates under legislation enacted at the balance sheet date and therefore forecast
closure dates have not been accelerated. In the sensitivity analysis below, a scenario has been included assuming legislation is enacted
that would result in closure of these assets from 2030.
Sensitivity analysis
Sensitivity analysis reflecting reasonably probable fluctuations to the main assumptions used in the calculation of the decommissioning
provisions is set out below:
Estimated decommissioning provision including:
2023
\u00a3m
2022
\u00a3m
Increasing the projected cost estimate by 10% 781.4 1,027.8
Increasing the inflation rate by 1.0% 793.2 1,051.2
Decreasing the discount rate by 0.5% 747.1 992.1
Closure of unabated gas CCGTs from 2030 714.5 931.7
Legal and restructuring provisions
Provision had been made for costs associated with the restructure of the Group, including the disposal of SSE Energy Services, Neos
Networks Limited and the Group\u2019s Contracting business. These provisions were utilised or released in the year. In the year the Group
released provisions in total of \u00a345.2m, of which \u00a335.0m for a tax indemnity provided to RockRose Energy Limited (\u2018RRE\u2019) following the
disposal of SSE E&P Limited on 14 October 2021 (see note 7.1) was released. The Group settled provisions relating to restructuring and
disposals totalling \u00a351.0m in the year. Legal and restructuring provision utilisation during the year primarily relates to separation costs in
relation to the disposals of SSE Energy Services, SGN and the Group\u2019s 50% investment in Neos Networks.
Provisions have been made for ongoing legal and regulatory disputes. Where outcomes are unknown, a range of possible scenarios is
calculated, with the most likely being reflected in the provision. The timing of settlement for legal provisions is more uncertain as it is
dependent upon legal resolution being achieved.
Employee related provisions
Employee related provisions include the Group\u2019s employer financed retirement benefit provision for certain directors and former directors
and employees, which is valued in accordance with IAS 19 using assumptions consistent with the Scottish Hydro Electric Pension Scheme
(see note 23 for assumptions applied). In addition, the Group has legal obligations arising from severance payments due to employees, which
are measured based on length of service. At 31 March 2023, the provisions for severance are related to the closure of Tarbert Power Station.
Other provisions
Other provisions include onerous contract provisions, mutualisation obligations and other contractual obligations and are calculated
based on a best estimate basis. The timing of settlement of these provisions varies by obligation between 2023 and 2028.
21. Sources of finance
21.1 Capital management
The Board\u2019s policy is to maintain a strong balance sheet and credit rating to support investor, counterparty and market confidence in the
Group and to underpin future development of the business. The Group\u2019s credit ratings are also important in maintaining an efficient cost
of capital and in determining collateral requirements throughout the Group. As at 31 March 2023, the Group\u2019s long-term credit rating
was BBB+ positive outlook for Standard & Poor\u2019s and Baa1 stable outlook for Moody\u2019s.
The maintenance of a medium-term corporate model is a key control in monitoring the development of the Group\u2019s capital structure
and allows for detailed scenarios and sensitivity testing. Key ratios drawn from this analysis underpin regular updates to the Board and
include the ratios used by the rating agencies in assessing the Group\u2019s credit ratings.
The Group\u2019s debt requirements are principally met through issuing bonds denominated in Sterling and Euros as well as private placements
and medium-term bank loans including those with the European Investment Bank. On 1 August 2022 SSE plc issued a 7 year \u20ac650m
Eurobond at a coupon of 2.875% under the Group\u2019s Green Bond Framework and additionally, SSE Group (through Scottish Hydro Electric
Transmission plc) also received \u00a3350m of proceeds, on 30 June 2022, from the private placement that was priced and committed to in
March 2022. In April 2022 SSE plc issued a \u20ac1bn NC6 equity accounted Hybrid bond at 4% to re-finance the dual tranche debt accounted
Hybrid bonds whose first call date occurred on 16 September 2022 with SSE taking advantage of the 3 month par call option on these
Hybrid bonds meaning the bonds were repaid on 16 June 2022. Senior debt redeemed in the financial year included $255m (\u00a3162.7m) US
Private Placement in April 2022, a \u00a3300m Eurobond in September 2022 and a \u00a3150m loan from the European Investment Bank to Scottish
Hydro Electric Transmission plc in October 2022.
SSE\u2019s adjusted net debt and hybrid capital was \u00a38.9bn at 31 March 2023, compared with \u00a38.6bn at 31 March 2022.
Adjusted net debt and hybrid capital is stated after removing lease obligations, external debt attributed to non-controlling interests and
cash posted as collateral in line with the Group\u2019s presentation basis which is explained at note 3(i). Cash posted as collateral refers to
amounts deposited on commodity trading exchanges which are reported within \u2018Trade and other receivables\u2019 on the face of the balance
sheet. The adjustment related to the non-controlling interest share of Scottish Hydro Electric Transmission plc external net debt is
\u00a3434.2m and relates to 25% of external loans of \u00a31,744.8m net of cash and cash equivalents of \u00a37.8m.
The Group has an established \u20ac1.5bn Euro commercial paper programme (paper can be issued in a range of currencies and swapped
into Sterling) and as at 31 March 2023 there was \u00a3919m commercial paper outstanding (2022: \u00a3507m). The Group also has \u00a33.5bn of
revolving credit facilities which includes \u00a3750m relating to Scottish Hydro Electric Transmission plc (2022: \u00a31.5bn) (see note 21.3). As at
31 March 2023 there was \u00a3100m of drawings against these committed facilities being less than 3% utilisation (2022: undrawn).
The Group capital comprises:
2023
\u00a3m
2022
\u00a3m
(restated*)
Total borrowings (excluding lease obligations) 8,654.0 8,671.2
Less: Cash and cash equivalents (891.8) (1,049.3)
Net debt (excluding hybrid equity) 7,762.2 7,621.9
Hybrid equity 1,882.4 1,051.0
External debt attributable to non-controlling interests (434.2) \u2013
Cash (posted)/held as collateral and other short term loans (316.3) (74.7)
Adjusted net debt and hybrid capital
APM
8,894.1 8,598.2
Equity attributable to shareholders of the parent 8,583.9 8,077.8
Total capital excluding lease obligations 17,478.0 16,676.0
* The comparative has been restated. See note 2.1.
Under the terms of its major borrowing facilities, the Group is required to comply with the following financial covenant:
\u2022 Interest Cover Ratio: The Group shall procure that the ratio of Operating Profit to Net Interest Payable for any relevant period is not
less than 2.5 to 1.
The following definitions apply in the calculation of these financial covenants:
\u2022 \u2018Operating Profit\u2019 means, in relation to a relevant period, the profit on ordinary activities before taxation (after adding back Net
Interest Payable) of the Group for that relevant period but after adjusting this amount to exclude any exceptional profits (or losses)
and, for the avoidance of doubt, before taking account of any exceptional profits (or losses) and excluding the effect of IFRS 9
remeasurements.
\u2022 \u2018Net Interest Payable\u2019 means, in respect of any relevant period, interest payable during that relevant period less interest receivable
during that relevant period.
In summary, the Group\u2019s intent is to balance returns to shareholders between current returns through dividends and long-term capital
investment for growth. In doing so, the Group will maintain its capital discipline and will continue to operate within the current economic
environment prudently. There were no changes to the Group\u2019s capital management approach during the year.
Under the SSE plc\u2019s articles of association, the borrowings of the Company are limited so as to ensure that the aggregate amount of all
borrowings by the Group outstanding at any time is not more than three times the capital and reserves of the Group.
21.2 Loans and other borrowings
Current
2023
\u00a3m
2022
\u00a3m
Short-term loans 1,738.5 1,118.7
Lease obligations 82.1 72.1
1,820.6 1,190.8
Non-current
Loans 6,915.5 7,552.5
Lease obligations 323.8 321.4
7,239. 3 7,873.9
Total loans and borrowings 9,059.9 9,064.7
Cash and cash equivalents (891.8) (1,049.3)
Unadjusted net debt 8,168.1 8,015.4
Add/(less):
Hybrid equity 1,882.4 1,051.0
External net debt attributable to non-controlling interests (434.2) \u2013
Lease obligations (405.9) (393.5)
Cash (posted)/held as collateral and other short term loans (316.3) (74.7)
Adjusted net debt and hybrid capital
APM
8,894.1 8,598.2
Cash and cash equivalents (which are presented as a single class of asset on the face of the balance sheet) comprise cash at bank and
short term highly liquid investments with a maturity of three months or less. The cash and cash equivalents are lower year on year due
to a lower surplus cash position at March 2023, with no large divestment proceeds received in March 2023 compared to March 2022.
21.3 Borrowing facilities
The Group has an established \u20ac1.5bn Euro commercial paper programme (paper can be issued in a range of currencies and swapped
into Sterling) and as at 31 March 2023 there was \u00a3919m commercial paper outstanding (2022: \u00a3507m).
The Group also has \u00a33.5bn of revolving credit facilities (2022: \u00a31.5bn). As at 31 March 2023 there was \u00a3100m of drawings against these
committed facilities being less than 3% utilisation (2022: undrawn). The details of the five committed facilities as at 31 March 2023 are:
\u2022 a \u00a31.3bn revolving credit facility for SSE plc maturing March 2026 (2022: \u00a31.3bn);
\u2022 a \u00a30.2bn bilateral facility for SSE plc maturing October 2026 (2022: \u00a30.2bn);
\u2022 a new \u00a30.75bn facility for Scottish Hydro Electric Transmission plc maturing November 2025 (2022: \u00a3nil);
\u2022 a new \u00a30.25bn facility for Scottish Hydro Electric Distribution plc and Southern Electric Power Distribution plc maturing November
2025 (2022: \u00a3nil); and
\u2022 a new \u00a31.0bn committed facility for SSE plc maturing February 2024 (2022: \u00a3nil).
The \u00a31.3bn revolving credit facility and \u00a30.2bn bilateral facility are both in place to provide back-up to the commercial paper programme
and support the Group\u2019s capital expenditure plans. The Transmission and Distribution related facilities, both of which have 1 year extension
options at the borrower\u2019s discretion, were entered into to help cover the capital expenditure and working capital of those businesses as
they look to become financially independent of the Group as part of the 25% divestment process. The new \u00a31bn committed facility at SSE
plc has a 1 year extension option at the lender\u2019s discretion and was entered into to provide cover for potential cash collateral requirements,
if periods of extreme volatility return to the commodity markets. The only facility that was drawn at 31 March 2023 was the \u00a3750m
Transmission facility, with \u00a3100m drawn to cover capital expenditure requirements.
During the year to 31 March 2023 SSE plc issued a 7 year \u20ac650m Eurobond at a coupon of 2.875% with an all-in cost of funding rate of
just below 3% once fees and cost of pre-hedging have been included. The bond will be left in Euros as part of the Group\u2019s net investment
hedge of Euro denominated businesses. SSE Group (through Scottish Hydro Electric Transmission plc) also received the proceeds from
the private placement that was priced and committed to in March 2022. This comprised of a \u00a3350m dual tranche US Private Placement
with Pricora Capital being a \u00a3175m 10-year tranche at 3.13% and a \u00a3175m 15-year tranche at 3.24% giving an all-in average rate of 3.185%
across both tranches.
In April 2022 SSE plc issued a \u20ac1bn NC6 equity accounted Hybrid bond at 4% to re-finance the dual tranche debt accounted Hybrid
bonds whose first call date occurred on 16 September 2022, with SSE taking advantage of the 3 month par call option on these Hybrid
bonds meaning the bonds were repaid on 16 June 2022. The \u20ac1bn equity accounted Hybrid bond was left in Euros with the proceeds
used to cover the portion of the maturing Hybrid that was swapped to Euros and a portion of the costs associated with the acquisition
of the Southern European onshore renewables development platform from Siemens Gamesa Renewables Energy.
21. Sources of finance continued
21.3 Borrowing facilities continued
Analysis of borrowings
2023
Weighted
average
interest
rate
(iv)
2023
Face
value
\u00a3m
2023
Fair
value
\u00a3m
2023
Carrying
amount
\u00a3m
2022
Weighted
average
interest
rate
(iv)
2022
Face
value
\u00a3m
2022
Fair
value
\u00a3m
2022
Carrying
amount
\u00a3m
Current
Bank Loans \u2013 non-amortising
(i)
2.6% 50.0 49.4 50.0 3.0% 150.0 151.1 150.0
Other Short term loans \u2013 non-amortising
(ii)
4.5% 1,029.4 1,033.5 1,019.2 0.8% 507.1 507.5 506.1
US Private Placement 16 April 2022 \u2013 \u2013 \u2013 \u2013 4.3% 162.7 197.8 162.7
5.875% Eurobond Repayable 22 September 2022 \u2013 \u2013 \u2013 \u2013 5.9% 300.0 306.1 299.9
US Private Placement 28 April 2023 2.8% 35.0 35.3 35.0 \u2013 \u2013 \u2013 \u2013
US Private Placement 6 September 2023 2.9% 120.0 118.8 119.8 \u2013 \u2013 \u2013 \u2013
1.75% \u20ac700m Eurobond repayable 8 September 2023
(v)
1.8% 514.6 510.8 514.5 \u2013 \u2013 \u2013 \u2013
Total current borrowings 1,749.0 1,747.8 1,738.5 1,119.8 1,162.5 1,118.7
Non-Current
Bank loans \u2013 non-amortising
(i)
3.4% 500.0 479.5 499.9 2.2% 350.0 344.3 349.9
US Private Placement 28 April 2023 \u2013 \u2013 \u2013 \u2013 2.8% 35.0 35.4 34.9
US Private Placement 6 September 2023 \u2013 \u2013 \u2013 \u2013 2.9% 120.0 120.1 119.4
1.75% \u20ac700m Eurobond repayable 8 September 2023
(v)
\u2013 \u2013 \u2013 \u2013 1.8% 514.6 524.0 514.3
US Private Placement 16 April 2024 4.4% 204.1 259.6 204.1 4.4% 204.1 250.6 204.0
1.250% Eurobond Repayable 16 April 2025
(viii)
1.3% 531.4 508.3 531.4 1.3% 531.4 533.4 531.4
0.875% \u20ac600m Eurobond Repayable
8 September 2025
(x)
0.9% 527.5 495.3 526.2 0.9% 510.9 504.3 504.2
US Private Placement 8 June 2026 3.1% 64.0 59.9 63.5 3.1% 64.0 63.8 63.3
US Private Placement 6 September 2026 3.2% 247.1 257.4 245.0 3.2% 247.1 258.7 244.3
US Private Placement 6 September 2027 3.2% 35.0 31.7 34.7 \u2013 \u2013 \u2013 \u2013
1.375% \u20ac650m Eurobond repayable
4 September 2027
(vi)(x)
1.4% 591.4 545.8 590.5 \u2013 \u2013 \u2013 \u2013
1.50% Eurobond Repayable 24 March 2028 1.5% 250.0 212.8 249.1 \u2013 \u2013 \u2013 \u2013
Between two and five years 2,950.5 2,850.3 2,944.4 2,577.1 2,634.6 2,565.7
Bank loans \u2013 non-amortising
(i)
\u2013 \u2013 \u2013 \u2013 0.8% 200.0 200.7 200.0
US Private Placement 6 September 2027 \u2013 \u2013 \u2013 \u2013 3.2% 35.0 34.8 34.6
1.375% \u20ac650m Eurobond repayable
4 September 2027
(vi)
\u2013 \u2013 \u2013 \u2013 1.4% 591.4 588.7 590.2
1.50% Eurobond Repayable 24 March 2028
(x)
\u2013 \u2013 \u2013 \u2013 1.5% 250.0 232.9 249.0
8.375% Eurobond repayable on 20 November 2028 8.4% 500.0 575.0 497.6 8.4% 500.0 659.0 497.2
2.875% Eurobond Repayable 1 August 2029
(x)
2.9% 571.5 548.3 569.8
1.750% Eurobond Repayable 16 April 2030
(ix)
1.8% 442.9 388.1 442.9 1.8% 442.9 439.6 442.9
5.50% Eurobond repayable on 7 June 2032 5.5% 350.0 364.1 350.1 5.5% 350.0 428.6 350.1
Private Placement 30 June 2032 3.1% 175.0 152.8 175.0
2.25% Eurobond repayable 27 September 2035
(x)
2.3% 350.0 255.9 347.4 2.3% 350.0 314.1 347. 2
2.125% Eurobond Repayable 24 March 2036
(x)
2.1% 250.0 177.7 248.4 2.1% 250.0 220.7 248.3
4.625% Eurobond repayable on 20 February 2037 4.6% 325.0 301.2 324.2 4.6% 325.0 375.4 324.1
Private Placement 3.2% 175.0 142.2 175.0
6.25% Eurobond repayable on 27 August 2038 6.3% 350.0 372.0 347.5 6.3% 350.0 473.3 347.5
4.454% Index linked loan repayable on
27 February 2044 4.5% 165.9 190.4 165.5 4.5% 148.5 250.8 145.1
1.429% Index linked bond repayable on
20 October 2056 2.0% 173.1 140.4 173.1 2.0% 153.9 251.2 154.2
4.75% $900m NC5.5 Hybrid debt maturing
16 September 2077
(vii)
\u2013 \u2013 \u2013 \u2013 4.8% 725.4 727.6 725.0
3.625% NC5.5 Hybrid maturing 16 September 2077
(vii)
\u2013 \u2013 \u2013 \u2013 3.6% 300.0 301.6 299.8
Over five years 3,828.4 3,608.1 3,816.5 4,972.1 5,499.0 4,955.2
Fair value adjustment
(iii)
154.6 31.6
Total non-current borrowings 6,778.9 6,458.4 6,915.5 7,549.2 8,133.6 7, 552.5
Total borrowings 8,527.9 8,206.2 8,654.0 8,669.0 9,296.1 8,671.2
Note: The Sterling-equivalent fair value reflects the fair value of non-Sterling denominated borrowings, post the impact of the hedges noted below.
(i) Balances include term loans and EIB debt and is a mixture of fixed and floating rate debt.
(ii) Balances include Commercial Paper and facility advances (\u00a3919m of Commercial Paper and \u00a3100m of facility advances outstanding at 31 March 2023).
(iii) The fair value adjustment relates to the change in the carrying amount of the borrowings as a result of fair value hedges that are in place. The movement in the fair
value adjustment is recognised in the income statement with a corresponding movement on the hedging instrument also being recognised in the income statement.
(iv) The weighted average interest rates (including the effect of interest rate swaps) for the year ended 31 March 2023 was 3.35% (2022: 3.29%).
(v) The 1.75% \u20ac700m Eurobond maturing 8 September 2023 has been swapped to Sterling giving an effective interest rate of 3.16%.
(vi) The 1.375% \u20ac650m Eurobond maturing 4 September 2027 has been swapped to Sterling giving an effective interest rate of 2.56%.
(vii) The 4.75% $900m NC5.5 Hybrid maturing 16 September 2077 has been swapped to Euros ($605m) and Sterling ($295m) giving an effective interest rate of 2.25%
and 3.29% respectively. This and the 3.625% NC5.5 Hybrid maturing 16 September 2077 were the Group\u2019s debt-accounted Hybrids (see (ii) below), both were
redeemed on 16 June 2022 using a 3 month par call option.
(viii) The 1.250% \u20ac600m Eurobond maturing 16 April 2025 has been swapped to Sterling giving an effective interest rate of 2.43%
(ix) The 1.750% \u20ac500m Eurobond maturing 16 April 2030 has been swapped to Sterling giving an effective interest rate of 2.89%
(x) Bonds have been issued under the Group\u2019s Green Bond Framework
(i) Lease liabilities
Amounts charged under lease arrangements are detailed within note 6, and right of use assets recognised under lease arrangements are
detailed within note 14.
\u00a3m
At 31 March 2021 421.0
Additions during the year 82.7
Disposals during the year (46.8)
Unwind of discount 31.7
Repayment in the year (95.1)
At 31 March 2022 393.5
Additions during the year 79.9
Disposals during the year (1.4)
Unwind of discount 28.3
Repayment in the year (94.4)
At 31 March 2023 405.9
The weighted average incremental borrowing rate applied to lease liabilities during the year was 5.02% (2022: 4.92%). Incremental
borrowing rates applied to individual lease additions in the year ranged between 4.03% to 5.06% (2022: 4.81% to 5.06%).
The Group has additional committed payments under short term and low value leases at 31 March 2023 of \u00a311.7m (2022: \u00a311.3m).
The maturity of future lease liabilities are as follows:
2023
\u00a3m
2022
\u00a3m
Within one year 94.5 88.7
Between one and five years 202.4 223.7
After five years 316.1 268.9
613.0 581.3
Less: future finance charge (207.1) (187.8)
Present value of lease obligations 405.9 393.5
(ii) Hybrid debt
On 16 March 2017, the Group issued \u00a31.0bn of hybrid debt securities. Due to these hybrid instruments having a fixed redemption date, they
were accounted for as a debt item and were included within Loans and Other Borrowings in note 21.2. Following the issue of a new \u20ac1bn
equity accounted hybrid in April 2022, the Group took advantage of the 3 month par call option on the debt accounted hybrids to fully
redeem these hybrids on 16 June 2022. Therefore included within loans and borrowings at 31 March 2023 is \u00a3nil hybrid debt securities,
compared to \u00a31.0bn of hybrid debt securities at 31 March 2022.
21.4 Reconciliation of net increase in cash and cash equivalents to movement in adjusted net debt and hybrid capital
2023
\u00a3m
2022
\u00a3m
Decrease in cash and cash equivalents (157.5) (550.9)
Add/(less):
New borrowing proceeds (1,914.7) (506.1)
New hybrid equity proceeds (831.4) \u2013
Repayment of borrowings 2,148.1 865.0
Repayment of hybrid equity \u2013 421.4
Non-cash movement on borrowings (216.2) (40.5)
External debt attributable to non-controlling interests 434.2 \u2013
Increase in cash posted as collateral and other short term loans 241.6 111.8
(Increase)/decrease in adjusted net debt and hybrid capital
APM
(295.9) 300.7
Cash posted/held as collateral refers to amounts deposited on commodity trading exchanges and loans provided with a less than three
month maturity which are reported within trade and other receivables on the face of the balance sheet.
21. Sources of finance continued
21.5 Reconciliation of movements in financing liabilities
At
31 March
2022
\u00a3m
Financing cash flows Non-cash movements
At
31 March
2023
\u00a3m
New
borrowings
\u00a3m
Disposal of
borrowings
\u00a3m
Repayment
of
borrowings
\u00a3m
Repayment
of lease
creditor
\u00a3m
Fair
value
movements
\u00a3m
Foreign
exchange
movements
\u00a3m
Lease
liabilities
\u00a3m
Re-
classification
\u00a3m
Other
\u00a3m
Financing
Liabilities
Bank loans 549.8 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (50.0) 0.1 499.9
Private
placement 784.5 350.0 \u2013 \u2013 \u2013 (3.2) \u2013 \u2013 (154.8) 1.6 978.1
Fixed rate
Eurobonds 4,945.0 545.5 \u2013 \u2013 \u2013 75.1 47.4 \u2013 (514.5) 0.4 5,098.9
Index linked
loans 299.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 39.3 338.6
Hybrid debt 973.9 \u2013 \u2013 (1,029.4) \u2013 51.1 4.1 \u2013 \u2013 0.3 \u2013
Total long
term
borrowings 7,552.5 895.5 \u2013 (1,029.4) \u2013 123.0 51.5 \u2013 (719.3) 41.7 6,915.5
Bank loans 150.0 \u2013 \u2013 (150.0) \u2013 \u2013 \u2013 \u2013 50.0 \u2013 50.0
Fixed rate
Eurobonds 299.9 \u2013 \u2013 (299.9) \u2013 \u2013 \u2013 \u2013 514.5 \u2013 514.5
Other short
term loans
\u2013 non-
amortising 506.1 1,019.2 \u2013 (506.1) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,019.2
US private
placement 162.7 \u2013 \u2013 (162.7) \u2013 \u2013 \u2013 \u2013 154.8 \u2013 154.8
Total short
term
borrowings 1,118.7 1,019.2 \u2013 (1,118.7) \u2013 \u2013 \u2013 \u2013 719.3 \u2013 1,738.5
8,671.2 1,914.7 \u2013 (2,148.1) \u2013 123.0 51.5 \u2013 \u2013 41.7 8,654.0
Lease
liabilities 393.5 \u2013 \u2013 \u2013 (94.4) \u2013 \u2013 106.8 \u2013 \u2013 405.9
Total loans
and
borrowings 9,064.7 1,914.7 \u2013 (2,148.1) (94.4) 123.0 51.5 106.8 \u2013 41.7 9,059.9
Assets held
to hedge
long term
borrowings 242.1 \u2013 \u2013 \u2013 \u2013 (371.4) \u2013 \u2013 \u2013 \u2013 (129.3)
9,306.8 1,914.7 \u2013 (2,148.1) (94.4) (248.4) 51.5 106.8 \u2013 41.7 8,930.6
At
31 March
2021
\u00a3m
Financing cash flows Non-cash movements
At
31 March
2022
\u00a3m
New
borrowings
\u00a3m
Disposal of
borrowings
\u00a3m
Repayment
of
borrowings
\u00a3m
Repayment
of lease
creditor
\u00a3m
Fair
value
movements
\u00a3m
Foreign
exchange
movements
\u00a3m
Lease
liabilities
\u00a3m
Re-
classification
\u00a3m
Other
\u00a3m
Financing
Liabilities
Bank loans 699.7 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (150.0) 0.1 549.8
Private
placement 915.9 \u2013 \u2013 \u2013 \u2013 29.8 \u2013 \u2013 (162.7) 1.5 784.5
Fixed rate
Eurobonds 5,278.1 \u2013 \u2013 \u2013 \u2013 (30.7) (4.8) \u2013 (299.9) 2.3 4,945.0
Index linked
loans 283.0 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 16.3 299.3
Hybrid debt 950.8 \u2013 \u2013 \u2013 \u2013 26.7 (4.7) \u2013 \u2013 1.1 973.9
Total long
term
borrowings 8,127.5 \u2013 \u2013 \u2013 25.8 (9.5) \u2013 (612.6) 21.3 7,552.5
Bank loans 150.0 \u2013 \u2013 (150.0) \u2013 \u2013 \u2013 \u2013 150.0 \u2013 150.0
Fixed rate
Eurobonds 712.1 \u2013 \u2013 (715.0) \u2013 2.6 \u2013 \u2013 299.9 0.3 299.9
Other short
term loans
\u2013 non-
amortising \u2013 506.1 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 506.1
US private
placement \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 162.7 \u2013 162.7
Total short
term
borrowings 862.1 506.1 \u2013 (865.0) \u2013 2.6 \u2013 \u2013 612.6 0.3 1,118.7
8,989.6 506.1 \u2013 (865.0) \u2013 28.4 (9.5) \u2013 \u2013 21.6 8,671.2
Lease
liabilities 421.0 \u2013 \u2013 \u2013 (95.1) \u2013 \u2013 67.6 \u2013 \u2013 393.5
Total loans
and
borrowings 9,410.6 506.1 \u2013 (865.0) (95.1) 28.4 (9.5) 67.6 \u2013 21.6 9,064.7
Assets held to
hedge long
term
borrowings 315.4 \u2013 \u2013 \u2013 \u2013 (73.3) \u2013 \u2013 \u2013 \u2013 242.1
9,726.0 506.1 \u2013 (865.0) (95.1) (44.9) (9.5) 67.6 \u2013 21.6 9,306.8
22. Equity
22.1 Share capital
Number
(millions) \u00a3m
Allotted, called up and fully paid:
At 1 April 2021 1,049.1 524.5
Issue of shares
(i)
24.0 12.0
At 31 March 2022 1,073.1 536.5
Issue of shares
(i)
27.7 13.9
Shares repurchased
(ii)
(6.9) (3.4)
At 31 March 2023 1,093.9 547.0
The Company has one class of ordinary share which carries no right to fixed income. The holders of ordinary shares are entitled to
receive dividends as declared and are entitled to one vote per share at meetings of the Company.
(i) Shareholders were able to elect to receive ordinary shares in place of the final dividend of 60.2p per ordinary share (in relation to year ended 31 March 2022) and
the interim dividend of 29.0p (in relation to the current year) under the terms of the Company\u2019s scrip dividend scheme. This resulted in the issue of 18,241,941 and
9,413,103 new fully paid ordinary shares respectively (2022: 22,201,443 and 1,782,473). In addition, the Company issued 1.9m (2022: 0.6m) shares during the year
under the savings-related share option schemes (all of which were settled by shares held in Treasury) for a consideration of \u00a318.0m (2022: \u00a36.3m).
(ii) Under the share buyback programme announced on 28 September 2022 6.9m of shares were repurchased and cancelled in the year to 31 March 2023 for a total
consideration of \u00a3107.6m (including stamp duty and commission). The nominal value of share capital repurchased and cancelled is transferred out of share capital
and into the capital redemption reserve.
Of the 1,093.9m shares in issue, 3.6m are held as treasury shares. These shares will be held by the Group and used to award shares to
employees under the Sharesave scheme in the UK.
During the year, on behalf of the Company, the employee share trust purchased 1.4m shares for a total consideration of \u00a323.4m (2022:
0.9m shares, consideration of \u00a314.1m) to be held in trust for the benefit of employee share schemes. At 31 March 2023, the trust held
6.5m shares (2022: 6.3m) which had a market value of \u00a3118.0m (2022: \u00a3110.0m).
22.2 Capital redemption reserve
The capital redemption reserve comprises the value of shares redeemed or purchased by the Company from distributable profits.
22.3 Hedge reserve
The hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedge derivative
instruments related to hedged transactions that have not yet occurred.
22.4 Translation reserve
Comprises exchange translation differences on foreign currency net investments offset by exchange translation differences on
borrowings and derivatives classified as net investment hedges under IAS 39.
22.5 Hybrid Equity
2023
\u00a3m
2022
\u00a3m
GBP 600m 3.74% perpetual subordinated capital securities
(i)
598.0 598.0
EUR 500m 3.125% perpetual subordinated capital securities
(i)
453.0 453.0
EUR 1,000m 4.00% perpetual subordinated capital securities
(ii)
831.4 \u2013
1,882.4 1,051.0
(i) 2 July 2020 \u00a3600m and \u20ac500m Hybrid Capital Bonds
The hybrid capital bonds issued in July 2020 have no fixed redemption date, but the Company may, at its sole discretion, redeem all but
not part of the capital securities at their principal amount. The date for the first potential discretionary redemption of the \u00a3600m hybrid
bond is 14 April 2026 and then every 5 years thereafter. The date for the first potential discretionary redemption of the \u20ac500m hybrid
capital bond is 14 July 2027 and then every 5 years thereafter. For the \u00a3600m Hybrid the discretionary coupon payments are made
annually on 14 April and for the \u20ac500m Hybrid the coupon payments are made annually on 14 July.
(ii) 12 April 2022 \u20ac1,000m Hybrid Capital Bonds
The hybrid capital bond issued in April 2022 has no fixed redemption date, but the Company may, at its sole discretion, redeem all but
not part of the capital securities at their principal amount. The date for the first potential discretionary redemption is 21 April 2028 and
then every 5 years thereafter. The discretionary hybrid coupon payments are made annually on 21 April.
(iii) Coupon Payments
In relation to the \u00a3600m hybrid equity bond a discretionary coupon payment of \u00a322.4m (2022: \u00a316.8m) was made on 14 April 2022 and
for the \u20ac500m hybrid equity bond a discretionary coupon payment of \u00a316.4m (2022: \u00a316.4m) was made on 14 July 2022. Additionally,
in relation to the \u20ac600m hybrid equity bond (redeemed on 1 April 2021), the final discretionary coupon payment of \u00a317.5m was made
on 1 April 2021. The first discretionary coupon payment on the new \u20ac1bn hybrid equity bond will occur on 21 April 2023.
The coupon payments in the year to 31 March 2023 consequently totalled \u00a338.8m (2022: \u00a350.7m).
The Company has the option to defer coupon payments on the bonds on any relevant payment date, as long as a dividend on the
ordinary shares has not been declared. Deferred coupons shall be satisfied only on redemption; or on a dividend payment on ordinary
shares, both of which occur at the sole option of the Company. Interest will accrue on any deferred coupon.
22.6 Equity attributable to non-controlling interests
Equity attributable to non-wholly owned but controlled subsidiaries which are consolidated within the financial statements of the Group
under IFRS. At 31 March 2023 the amount attributable to non-controlling interests is \u00a3649.1m (2022: \u00a340.6m), which relates to SHET of
\u00a3606.5m (2022: \u00a3nil) and SSE Pacifico \u00a342.6m (2022: \u00a340.6m). The SHET\u2019s summarised financial information is included in note 12.2(i).
The profit and loss attributable to non-controlling interests for the year ended 31 March 2023 is \u00a323.6m gain (2022: \u00a3nil), which relates to
SHET \u00a325.5m gain (2022: \u00a3nil) and SSE Pacifico \u00a31.9m loss (2022: \u00a3nil).
23. Retirement benefit obligations
Defined benefit schemes
The Group has two funded final salary pension schemes which provide defined benefits based on final pensionable pay. The schemes
are subject to independent valuations at least every three years. The future benefit obligations are valued by actuarial methods on the
basis of an appropriate assessment of the relevant parameters.
The Group also has an Employer Financed Retirement Benefit scheme and a defined contribution scheme, SSE Pensions+ under a
master trust with Aviva. The Group matches employee contributions up to a specified limit, in most circumstances this is set at 6%.
The Group may also provide additional contributions of 3% after five years and a further 3% after ten years continuous Group service.
The Group presents its pension scheme valuations under two different measurement bases, an actuarial valuation and an IAS 19
valuation as required by accounting standards. The IAS 19 valuation is used to determine the assets and obligations recognised in the
Group\u2019s consolidated balance sheet and is calculated annually by scheme actuaries, whereas the formal actuarial valuation is used to
determine the contributions the Group makes to each scheme. The actuarial valuation is recalculated for each scheme every three years.
Actuarial valuations
The individual pension scheme details based on the latest formal actuarial valuations are as follows:
Scottish Hydro Electric SSE Southern
Latest formal actuarial valuation 31 March 2021 31 March 2022
Valuation carried out by Hymans Robertson Aon Hewitt
Value of assets based on valuation \u00a32,050.5m \u00a32,395.6m
Value of liabilities based on valuation \u00a31,782.2m \u00a32,475.2m
Valuation method adopted Projected Unit Projected Unit
Average salary increase RPI+0.5% RPI+0.25%
Average pension increase RPI RPI
Value of fund assets/accrued benefits 115.1% 96.8%
Future contributions
Scottish Hydro Electric Pension Scheme
The last triennial actuarial valuation of the scheme was carried out at 31 March 2021 and showed a surplus of \u00a3268.3m on a projected
unit basis. Following this valuation, the Group agreed to a new schedule of contributions which does not require contributions to be paid
to the scheme, unless there is a deficit on the valuation basis for two successive quarterly valuations. Consequently, the Group has not
made contributions to the scheme in the year ending 31 March 2023.
The next triennial funding valuation will be carried out as at 31 March 2024.
SSE Southern Group of the Electricity Supply Pension Scheme
The last triennial actuarial valuation of the Scheme as at 31 March 2022 was finalised in April 2023, and showed a deficit of \u00a379.6m on a
projected unit basis. Following this valuation, the Group agreed to a new schedule of contributions which, along with investment returns
from return-seeking assets, are expected to make good this shortfall by 31 March 2027. The next funding valuation will be carried out at
31 March 2025. The Group also pays contributions in respect of current accrual. Total contributions of approximately \u00a329.0m are expected
to be paid by the Company during the year ending on 31 March 2024, including deficit repair contributions of \u00a314.2m. The deficit repair
contribution will be made annually until March 2027, increasing in line with inflation each year.
During the year ending 31 March 2023 the Group continued to pay deficit contributions of \u00a338.0m.
23. Retirement benefit obligations continued
Pension summary as measured under IAS 19:
Scheme type
Net actuarial (loss)/gain recognised in
respect of the pension asset in the
statement of comprehensive income
Net pension asset
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Scottish Hydro Electric Defined benefit (152.0) (24.6) 366.6 517.5
SSE Southern Defined benefit 72.8 221.9 174.5 67.4
Net actuarial (loss)/gain (79.2) 197.3 541.1 584.9
IFRC 14 surplus restrictions
The value of Scottish Hydro Electric Pension Scheme assets recognised was previously impacted by the asset ceiling test which restricts
the surplus that can be recognised to assets that can be recovered through future refunds or reductions in future contributions to the
schemes, and may increase the value of scheme liabilities where there are minimum funding liabilities in relation to agreed contributions.
IFRIC 14 \u2018IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019 clarifies that future refunds
may be recognised if the sponsoring entity has an unconditional right to a refund in certain circumstances.
In 2016/17 the Group agreed with the trustees to the Scottish Hydro Electric Pension Scheme an amendment to the scheme rules to
clarify that the Company has a clear right to any surplus upon final winding up of the scheme. This amendment removes the previous
restriction on recognition of any surplus and as such the previously applied restriction is no longer recognised. The net pension asset of
the Scottish Hydro Electric Scheme at 31 March 2023 was equal to \u00a3366.6m (2022: \u00a3517.5m).
At 31 March 2023, the SSE Southern Pension Scheme has a net surplus of \u00a3174.5m (2022: \u00a367.4m), and unrecognised future contributions
of \u00a350.9m (2022: \u00a3195.7m), subject to increases in line with inflation. The Group has assessed that it has the right to recognise the current
and any future surpluses on the scheme, therefore has not recognised a liability for future unrecoverable contributions.
23.1 Pension scheme assumptions
Both schemes have been updated to 31 March 2023 by qualified independent actuaries. The valuations have been prepared for the
purposes of meeting the requirements of IAS 19. The major assumptions used by the actuaries in both schemes were:
At 31 March
2023
At 31 March
2022
Rate of increase in pensionable salaries 3.5% 4.2%
Rate of increase in pension payments 3.2% 3.7%
Discount rate 4.8% 2.7%
Inflation rate 3.2% 3.7%
The assumptions relating to longevity underlying the pension liabilities at 31 March 2023 are based on standard actuarial mortality tables,
and include an allowance for future improvements in longevity. The assumptions, equivalent to future longevity for members in normal
health at age 65, are as follows:
Scottish Hydro Electric
At 31 March 2023 At 31 March 2022
Male Female Male Female
Currently aged 65 22 24 22 24
Currently aged 45 24 26 24 27
SSE Southern
At 31 March 2023 At 31 March 2022
Male Female Male Female
Currently aged 65 22 24 23 25
Currently aged 45 24 26 24 26
23.2 Sensitivity analysis
The impact on the schemes\u2019 liabilities of changing certain of the major assumptions is as follows:
Scottish Hydro Electric
At 31 March 2023 At 31 March 2022
Increase/
decrease in
assumption
Effect on
scheme\u2019s
liabilities
Increase/
decrease in
assumption
Effect on
scheme\u2019s
liabilities
Rate of increase in pensionable salaries 0.1% +/-0.1% 0.1% +/-0.1%
Rate of increase in pension payments 0.1% +/-0.7% 0.1% +/-0.9%
Discount rate 0.1% +/-0.7% 0.1% +/-1.0%
Longevity 1 year +/-1.9% 1 year +/-2.0%
SSE Southern
At 31 March 2023 At 31 March 2022
Increase/
decrease in
assumption
Effect on
scheme\u2019s
liabilities
Increase/
decrease in
assumption
Effect on
scheme\u2019s
liabilities
Rate of increase in pensionable salaries 0.1% +/-0.1% 0.1% +/-0.2%
Rate of increase in pension payments 0.1% +/-1.2% 0.1% +/-1.5%
Discount rate 0.1% +/-1.3% 0.1% +/-1.5%
Longevity 1 year +/-3.3% 1 year +/-5.8%
23.3 Valuation of combined Pension Schemes
Quoted
\u00a3m
Unquoted
\u00a3m
Value at
31 March
2023
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Value at
31 March
2022
\u00a3m
Equities 94.3 \u2013 94.3 511.5 \u2013 511.5
Government bonds 1,381.6 \u2013 1,381.6 1,332.7 \u2013 1,332.7
Corporate bonds 122.8 \u2013 122.8 167.6 \u2013 167.6
Insurance contracts
(i)
\u2013 532.4 532.4 \u2013 713.5 713.5
Other investments 1,057.5 \u2013 1 ,057.5 1,585.9 \u2013 1,585.9
Total fair value of plan assets 3,188.6 4,311.2
Present value of defined benefit obligation (2,647.5) (3,726.3)
Surplus in the schemes 541.1 584.9
Deferred tax thereon
(ii)
(135.3) (146.2)
Net pension asset 405.8 438.7
(i) See details of valuations of insurance contracts in note 23.7 (ii).
(ii) Deferred tax rate of 25% applied to net pension surplus position (2022: 25%).
23. Retirement benefit obligations continued
23.4 Movements in the combined defined benefit asset obligations and assets during the year:
2023 2022
Assets
\u00a3m
Obligations
\u00a3m Total
Assets
\u00a3m
Obligations
\u00a3m Total
At 1 April 4,311.2 (3,726.3) 584.9 4,312.1 (3,955.1) 357.0
Included in Income Statement
Current service cost \u2013 (28.2) (28.2) \u2013 (31.0) (31.0)
Past service cost \u2013 (5.7) (5.7) \u2013 (5.1) (5.1)
Settlements and curtailments \u2013 \u2013 \u2013 (2.5) 2.6 0.1
Interest income/(cost) 114.8 (98.6) 16.2 85.2 (77.6) 7.6
114.8 (132.5) (17.7) 82.7 (111.1) (28.4)
Included in Other
Comprehensive Income
Actuarial gain/(loss) arising from:
Demographic assumptions \u2013 71.7 71.7 \u2013 16.8 16.8
Financial assumptions \u2013 1,099.8 1,099.8 \u2013 195.6 195.6
Experience assumptions \u2013 (135.1) (135.1) \u2013 (41.5) (41.5)
Return on plan assets excluding interest
income (1,115.6) \u2013 (1,115.6) 26.4 \u2013 26.4
(1,115.6) 1,036.4 (79.2) 26.4 170.9 197.3
Other
Contributions paid by the employer 53.1 \u2013 53.1 59.0 \u2013 59.0
Scheme participant\u2019s contributions 0.1 (0.1) \u2013 0.1 (0.1) \u2013
Benefits paid (175.0) 175.0 \u2013 (169.1) 169.1 \u2013
(121.8) 174.9 53.1 (110.0) 169.0 59.0
Balance at 31 March 3,188.6 (2,647.5) 541.1 4,311.2 (3,726.3) 584.9
23.5 Pension scheme contributions and costs
Charges/(credits) recognised:
2023
\u00a3m
2022
\u00a3m
Service costs (charged to operating profit) 33.9 36.1
Settlements and curtailment gains \u2013 (0.1)
33.9 36.0
(Credited)/charged to finance costs:
Interest from pension scheme assets (114.8) (85.2)
Interest on pension scheme liabilities 98.6 7 7.6
(16.2) (7.6)
The return on pension scheme assets is as follows:
2023
\u00a3m
2022
\u00a3m
Return on pension scheme assets (1,000.8) 111.6
Defined contribution scheme
The total contribution paid by the Group to defined contribution pension schemes was \u00a358.7m (2022: \u00a357.3m).
Employer financed retirement benefit (EFRB) pension costs
The decrease in the year in relation to EFRB was \u00a38.9m (2022: decrease of \u00a31.1m). This is included in Employee related provisions (note 20).
Staff costs analysis
The pension costs in note 8 can be analysed as follows:
2023
\u00a3m
2022
\u00a3m
Service costs 33.9 36.1
Defined contribution scheme payments 60.1 57.3
94.0 93.4
23.6 Pension scheme risk assessment and mitigation
Risks to which the Pension Schemes exposes the Group
The nature of the Group\u2019s defined benefit pension schemes expose the Group to the risk of paying unanticipated additional contributions
to the schemes in times of adverse experience. The most financially significant risks are likely to be:
(i) Asset volatility
The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this
will create a deficit. The schemes hold a proportion of growth assets (equities, diversified growth fund and global absolute return fund)
which, though expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. The allocation
to growth assets is monitored to ensure it remains appropriate given the schemes\u2019 long term objectives. The SHEPS has a much lower
proportion of growth assets than the SSE Southern Pension Scheme reflecting the maturity of each scheme.
(ii) Changes in bond yields
A decrease in corporate bond yields will increase the value placed on the schemes\u2019 liabilities for accounting purposes. However, this will
be partially offset by an increase in the value of the schemes\u2019 bond holdings and its interest rate hedging in both schemes.
(iii) Inflation risk
The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most
cases, caps on the level of inflationary increases are in place to protect against extreme inflation). The majority of the assets are either
unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit, although this is
further limited by the inflation hedging in both schemes.
(iv) Life expectancy
The majority of the schemes\u2019 obligations are to provide benefits for the life of the members, so an increase in the life expectancy will
result in an increase in the liabilities. The sensitivity analysis disclosed is intended to provide an indication of the impact on the value of
the schemes\u2019 liabilities of the risks highlighted.
(v) Liability versus asset risk
The risk that movement in the value of the schemes\u2019 liabilities are not met by corresponding movements in the value of the schemes\u2019
assets will expose the Group to movements in the overall funding surplus.
23.7 Risk mitigation
(i) De-risking
The Trustees have taken a number of steps to control the level of investment risk including reducing the Schemes\u2019 exposures to higher
risk assets and increasing the level of protection against adverse movements in interest rates and inflation. The Trustees of both schemes
continue to review the risk exposures in light of the longer term objectives of the respective schemes, including consideration of the
impact of climate-related risk. Detailed below are further details on the hedging of pensioner longevity risk.
(ii) Asset buy-in
On 1 October 2019, the Scottish Hydro Electric Pension Scheme entered into an asset buy-in, transferring the risk of volatility in the
assumptions used to calculate the obligation for 1,800 pensioners and 567 dependants (covering c.\u00a3800m of the scheme\u2019s liabilities) to
a third party. The asset buy-in is valued under the accounting principles of IFRS 13 and is considered a Level 3 instrument in the fair value
hierarchy. This is in addition to a previous buy-in completed during the year ended 31 March 2018 when c.\u00a3250m of the scheme\u2019s assets
and liabilities related to 617 pensioners and 190 dependants were transferred to a third party. The Group has now insured against volatility
in obligations related to pensioners who retired before 1 October 2019 to third parties (insurer PIC) and is now only exposed to valuation
fluctuations related to active and deferred members and any members who retired after 1 October 2019.
(iii) Asset-liability matching strategies used by the Scheme
The Company and trustees of the schemes have agreed a long term investment strategy that seeks to reduce investment risk as and when
appropriate. The asset-liability matching strategy is part of this approach which aims to reduce the volatility of the funding level of the
pension schemes by investing in assets which perform in line with the liabilities of the schemes so as to protect against inflation being
higher than expected. This has been adopted for a proportion of the schemes\u2019 assets, which is designed to provide partial protection
against adverse movements in interest rates and inflation. The trustees of the respective schemes review the schemes\u2019 asset allocation
on an ongoing basis in light of changes in the funding position and market opportunities.
23.8 Risk assessment
(i) Maturity profile of the defined benefit obligations
The weighted average duration of the defined benefit obligation is 17 years (2022: 17 years) for the Scottish Hydro Electric Pension
Scheme and 14 years (2022: 16 years) for the SSE Southern Pension Scheme.
23. Retirement benefit obligations continued
23.8 Risk assessment continued
(ii) Information about the defined benefit obligations
Status of members is weighted by the liabilities of each scheme
Scottish Hydro
Electric
SSE
Southern
Active members 23% 18%
Deferred members 14% 8%
Pensioners 63% 74%
100% 100%
23.9 Pension scheme policies
(i) Recognition of gains and losses
The Group recognises actuarial gains and losses in the Statement of Other Comprehensive Income following the re-measurement of the
net defined benefit liabilities of the schemes.
(ii) Methods and assumptions used in preparing the sensitivity analyses
The sensitivities disclosed are calculated using approximate methods taking into account the duration of the schemes\u2019 liabilities. While
these have been calculated consistently with the previous financial year, the method applied may change over time with financial
conditions and assumptions.
(iii) Asset recognition
The Group has recognised net pension assets in relation to the Scottish Hydro Electric and SSE Southern pension schemes due to a surplus
existing under IAS 19 accounting. The Group will only recognise a surplus should it have rights to that surplus under the rules of the pension
scheme. The company no longer applies the \u2018asset ceiling\u2019 restriction mandated by IFRIC 14. Details on this key accounting consideration
are provided above.
(iv) Fair value assessment of scheme assets
The Group seeks to assess whether there is a quotable market value (referenced as \u2018quotable\u2019 above) in relation to pension scheme
assets held. This assessment is based on regular reviews conducted in conjunction with the trustees of the schemes. For assets where no
quotable market value exists, these assets will be valued based on a set methodology agreed by trustees and scheme advisors and then
regularly assessed.
Currently only one unquotable value exists within the two pension schemes of the Group, this being insurance contracts (or \u2018buy-in\u2019)
held by the Scottish Hydro Electric Pension Scheme. These assets are currently valued consistently with the scheme\u2019s liabilities with the
expected return on these assets being set equal to the discount rate.
24. Financial instruments
For financial reporting purposes, the Group has classified derivative financial instruments into two categories, operating derivatives and
financing derivatives. Operating derivatives include all qualifying commodity contracts including those for electricity, gas, oil, and carbon
and the post-day 1 fair value movements on non-government backed contracts for difference in SSE Renewables. Financing derivatives
include all fair value and cash flow interest rate hedges, non-hedge accounted (mark-to-market) interest rate derivatives, cash flow
foreign exchange hedges and non-hedge accounted foreign exchange contracts. Non-hedge accounted contracts are treated as held
for trading.
24.1 Financial instruments \u2013 income statement
2023
\u00a3m
2022
\u00a3m
Operating derivatives
Total result on operating derivatives
(i)
(2,980.2) 3,527.2
Less: Amounts settled
(ii)
272.0 (1,426.8)
Movement in unrealised derivatives (2,708.2) 2,100.4
Financing derivatives (and hedged items)
Total result on financing derivatives
(i)
81.3 (43.3)
Less: Amounts settled
(ii)
120.6 64.3
Movement in unrealised derivatives 201.9 21.0
Net income statement impact (2,506.3) 2,121.4
(i) Total result on derivatives in the income statement represents the total amounts (charged) or credited to the income statement in respect of operating and
financial derivatives.
(ii) Amounts settled in the year represent the result on derivatives transacted which have matured or been delivered and have been included within the total result on
derivatives.
The movement in unrealised operating derivative excludes \u00a316.6m of gains on proprietary trades, which has been recognised in the
underlying profit of the Group.
24.2 Financial instruments \u2013 balance sheet
The derivative financial assets and (liabilities) are represented as follows:
Derivative financial assets
2023
\u00a3m
2022
\u00a3m
Non-current 246.0 371.7
Current 759.2 2,941.8
Total derivative assets 1,005.2 3,313.5
Derivative liabilities
Non-current (1,021.0) (549.6)
Current (243.3) (701.5)
Total derivative liabilities (1,264.3) (1,251.1)
Net liability (259.1) 2,062.4
Information on the Group\u2019s financial risk management and the fair value of financial instruments is available at A6 and A7 .
25. Commitments and contingencies
25.1 Capital commitments
2023
\u00a3m
2022
\u00a3m
Capital expenditure:
Contracted for but not provided 1,035.6 985.9
Contracted for but not provided capital commitments include the fixed contracted costs of the Group\u2019s major capital projects. In practice
contractual variations may arise on the final settlement of these contractual costs.
25.2 Contingent assets and liabilities
The Group has unrecognised contingent assets in relation to the part disposal transactions of Neos Networks Limited, SSE Slough Multifuel
Limited, Seagreen and Doggerbank C. In total, contingent consideration receivable is up to \u00a3149.1m (2022: \u00a3187.1m), for which the Group
has recognised a net receivable of \u00a34.1m (2022: \u00a34.1m). The payments of the remaining \u00a3145.0m (2022: \u00a3183.0m) are subject to various
earn outs or contract and planning milestones, some of which the Group has assessed are unachievable or are out of the Group\u2019s control.
At 31 March 2023, the Group has assessed that there is neither the required certainty of receipt, nor the ability to accurately assess the
amounts receivable for recognition of these amounts.
Contingent liabilities for the Group solely relate to SSE plc, and have been disclosed within note 12 to the Company Financial Statements.
26. Post balance sheet events
26.1 Glendoe Hydro Electric Station announcement
On 23 March 2023, the Group\u2019s case concerning the availability of capital allowances on Glendoe Hydro Electric Station was heard at the
Supreme Court. On 17 May 2023, the Supreme Court released its decision, which rejected HMRC\u2019s appeal in full. The matter is now
concluded and is not subject to further appeal. Accordingly, the release of the Group\u2019s provision on its uncertain tax position of \u00a327.9m
and the associated recognition of \u00a323.4m deferred tax liabilities in relation to Glendoe\u2019s capital allowances is an adjusting post balance
sheet event.
A1. Basis of consolidation and significant accounting policies A1.1 Basis of consolidation The financial statements consolidate the results of the Company and its subsidiaries together with the Group\u2019s share of the results and net assets of its interests in joint arrangements and associates. Where necessary to ensure consistency, the accounting policies of the subsidiaries, joint arrangements or associates have been adjusted to align to the accounting policies of the Group. Intra-Group balances and any unrealised gains and losses or income and expenses arising from Intra-Group transactions are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising from transactions with joint arrangements and associates are eliminated to the extent of the Group\u2019s interest in the entity. Non-controlling interests represent the equity in subsidiaries that is not attributable, either directly or indirectly, to SSE plc shareholders. Subsidiaries (Accompanying Information A3) Subsidiaries are those entities controlled by the Group or the Company. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity in order to obtain variable returns from its activities. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries acquired are consolidated in the financial statements of the Group from the date that control commences until the date control ceases. Transactions with non-controlling interests that relate to their ownership interests and do not result in a loss of control are accounted for as equity transactions. Interests in joint arrangements and associates (note 16 and Accompanying Information A3) Joint arrangements, as defined by IFRS 11 \u2018Joint Arrangements\u2019, are those arrangements that convey to two or more parties \u2018joint control\u2019. Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement, are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019, being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and obligations over the assets and liabilities of the investee. Associates are those investments over which the Group has significant influence but neither control nor joint control. The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from the arrangement. The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post- acquisition results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted operations after tax and interest in the income statement. Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the functional currency of the parent. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured accordingly. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Any gain or loss arising on the restatement of such items is taken to the income statement as a finance cost, with the exception of exchange gains or losses on foreign currency borrowings that provide a hedge against a net investment in a foreign entity or exchange gains or losses incurred as part of a qualifying cash flow hedge. These exchange gains or losses are transferred to the translation reserve to the extent the hedge is effective. Non-monetary assets that are measured in terms of historical cost in a foreign currency are translated at the historic rate at the date of transaction. For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds sterling at the balance sheet closing rate. The results of these operations are translated at the average rate in the relevant period. Exchange differences on retranslation of the opening net assets and the results of foreign operations are transferred to the translation reserve and are reported in the consolidated statement of comprehensive income. The average and spot rates for the principal functional currencies that the Group\u2019s foreign operations are denominated in are shown in the table below. 2023 2022 Change EUR v GBP Year end spot rate 1.1374 1.1856 (4.1)% Average spot rate 1.1564 1.1750 (1.6)% US$ v GBP Year end spot rate 1.2337 1.3139 (6.1)% Average spot rate 1.2050 1.3616 (11.5)% JPY v GBP Year end spot rate 163.8230 159.7110 2.6% Average spot rate 163.2888 153.8007 6.2% Accompanying information
A1.2 Significant accounting policies
Revenue (notes 2 and 5)
Revenue from contracts with customers is recognised to the extent that it reflects the expected consideration for goods or services
provided to the customer under contract, over the performance obligations they are being provided. For each separable performance
obligation identified, the Group determines whether it is satisfied at a \u2018point in time\u2019 or \u2018over time\u2019 based upon an evaluation of the receipt
and consumption of benefits, control of assets and enforceable payment rights associated with that obligation. If the criteria required for
\u2018over time\u2019 recognition are not met, the performance obligation is deemed to be satisfied at a \u2018point in time\u2019.
Revenue principally arises as a result of the Group\u2019s activities in energy production, storage, transmission, distribution, supply and related
services in the energy markets in Great Britain and Ireland. The key policies applied by each Business Unit are as follows:
Transmission
Use of electricity transmission networks
Revenue from use of electricity transmission networks is derived from the allowed revenue as defined by the parameters in the relevant
electricity transmission licence, which informs the tariffs set.
Electricity transmission revenue is determined in accordance with the regulatory licence, based on an Ofgem approved revenue model
and is recognised \u2018over time\u2019 as charged to National Grid. Where this revenue differs from the allowed revenue, there may be an over-
or under-recovery of revenue which will be reflected in future financial years\u2019 allowed revenue as set out in the regulatory licence. No
accounting adjustments are made for over- or under-recoveries in the year that they arise as they are contingent on future events (being
the transmission of electricity in a future period). The over or under recovery adjustment is recognised in the subsequent period when
included within the tariffs that form allowed revenue under the regulatory agreement.
Transmission network contracted services
Where the Group has an ongoing obligation to provide contracted services (transmission network connections), revenues are recognised
\u2018over time\u2019 consistent with the customer receiving and consuming the benefits of that service across the expected contractual service
period. Any assets constructed in order to deliver the service are capitalised and depreciated over their useful life. Payments are typically
received from customers in advance of providing the contracted service and are deferred on balance sheet. No extended warranty
periods are offered.
Distribution
Use of electricity distribution networks
Revenue from use of electricity distribution networks is derived from the allowed revenue as defined by the parameters in the relevant
electricity distribution licence, which informs the tariffs set.
Electricity distribution revenue recognised is based on the volume of electricity distributed \u2018over time\u2019, as use of distribution service is
determined by the customer, and the set customer tariff. As with electricity transmission revenue, any over- or under-recovery of revenue
is reflected in future financial years\u2019 allowed revenue as set out in the regulatory licence. No accounting adjustments are made for over- or
under-recoveries in the year that they arise as they are contingent on future events (being the distribution of electricity in a future period).
The over or under recovery adjustment is recognised in the subsequent period when included within the tariffs that form allowed revenue
under the regulatory agreement.
The Distribution business is responsible for recovering industry charges for supplier failures from customers under Ofgem\u2019s Supplier of
Last Resort scheme. The Group\u2019s policy is to recognise revenue for recovered amounts when the Group is entitled to invoice customers
through its regulated use of system tariff. The Group recognises its obligation to pay amounts recovered to eligible suppliers when the
Group is entitled to invoice customers through its regulated use of system tariff.
Distribution network contracted services
Where the Group has an ongoing obligation to provide contracted services (such as for distribution network connections), revenues
are recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of that service across the expected
contractual service period. Any assets constructed in order to deliver the service are capitalised and depreciated over their useful life.
Payments are typically received from customers in advance of providing the contracted service and are deferred on balance sheet.
No extended warranty periods are offered.
Renewables
Electricity generation
Revenue from the physical generation of electricity is recognised \u2018point in time\u2019 as generated and supplied to the national settlements
body. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own
use\u2019 designation.
Renewables contracted services
Revenue from national support schemes, such as Renewable Obligation Certificates, is recognised at the point the performance
obligation has been met. This is typically considered to be either at the point electricity has been physically generated or over the
contractual period, depending on the underlying performance obligation. Revenue is measured either at the market rate at the point
of generation, or at the fixed contractual consideration, depending on the individual scheme mechanic.
Revenue from other ancillary generation services is recognised \u2018over time\u2019 consistent with the customer receiving and consuming the
benefits of those services across the expected contractual service period, and at the contracted consideration.
A1. Basis of consolidation and significant accounting policies continued
A1.2 Significant accounting policies continued
Thermal
Electricity generation
Revenue from the physical generation of electricity is recognised \u2018point in time\u2019 as generated and supplied to the national settlements body.
Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own use\u2019 designation.
Gas storage
Revenue from gas storage trading activities is recognised \u2018point in time\u2019 as injected back into the gas network. Revenue is measured at
either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own use\u2019 designation.
Thermal Generation contracted services
Revenue from national support schemes, such as the Capacity Market mechanism, is recognised at the point the performance obligation
has been met. This is typically considered to be either at the point electricity has been physically generated or over the contractual
period, depending on the underlying performance obligation. Revenue is measured either at the market rate at the point of generation,
or at the fixed contractual consideration, depending on the individual scheme mechanic.
Revenue from other ancillary generation services is recognised \u2018over time\u2019 consistent with the customer receiving and consuming the
benefits of those services across the expected contractual service period, and at the contracted consideration.
Customers
Supply of energy
Revenue on the supply of energy comprises sales to domestic (in Ireland) and business end-user customers (in GB and Ireland) based on
actual energy consumption including an estimate of the value of electricity and gas supplied to customers between the date of the last
meter reading and the year end. Revenue is recognised \u2018over time\u2019 consistent with the delivery of energy to the customer as we consider
the receipt and consumption of the benefits of the energy to be simultaneous. Revenue is measured based on the applicable customer
tariff rate and after deduction of any applicable contractual discounts.
Details of the judgements involved in the estimation process for the value of electricity and gas supplied to customers is given within note 4.1(iii).
Payments from customers may be received in advance of providing the contracted service and are deferred on balance sheet. Amounts
received from customers in relation to energy management services provided by Third Party Intermediaries (\u2018TPIs\u2019) are offset against
payments to those TPIs, reflecting the responsibility for providing the energy management service.
Energy related services
Where the Group has an ongoing obligation to provide contracted energy related services, revenues are recognised \u2018over time\u2019
consistent with the customer receiving and consuming the benefits of that service across the expected contractual service period at the
fixed contracted rate. Where the Group has an obligation to perform a specific service, revenues are recognised \u2018point in time\u2019, following
performance of the service at the fixed contracted consideration. No extended warranty periods are offered.
Distributed Energy
Construction related services
Construction related service revenue related to the Contracting and Rail business, which was disposed on 30 June 2021. For construction
related services, revenue was recognised for each identified performance obligation \u2018over time\u2019 by applying an input method to determine
the proportion of total contract revenue (being fixed price consideration plus the latest estimate of variable consideration) that should be
recognised. The input method applied was calculated by reference to the costs incurred to date on that performance obligation, relative
to the total expected costs to satisfy that performance obligation, provided the contract outcome can be assessed with reasonable
certainty. Revenue from non-contracted agreements or variations to contracted work was only recognised to the extent there is additional
supporting evidence to their recoverability and may be subject to constraints on recognition. Revenue on contracts in customer dispute
was recognised only to the extent it is considered to be highly probable that the revenue will be recovered.
Commissions in relation to acquisition of construction related contracts were expensed as incurred. No extended warranty periods were
offered. Payments from customers were based on agreed billing schedules, with payment milestones typically aligned with delivery of
performance obligations.
EPM & I
Commodity optimisation and other services
Income from sales commodity optimisation trading occurring in any business unit is presented net in cost of sales alongside purchase
commodity optimisation trades. Revenue on physical power and gas supplies recognised \u2018point in time\u2019 as delivered to the national
settlements body or third parties. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade
is eligible for \u2018own use\u2019 designation.
Revenue arising on commodities purchased in excess of the Group\u2019s requirements and recorded as inventory assets, such as Renewables
Obligation Certificates, is recognised \u2018point in time\u2019 on disposal of these inventory assets to third parties.
Revenue from other ancillary services is recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of
those services across the expected contractual service period, and at the contracted consideration.
Physical energy production
The Group\u2019s Gas production business was disposed on 14 October 2021 and was presented as a discontinued operation within the prior
year financial statements.
Revenue from the physical production of natural gas, crude oil and condensates arose from the Group\u2019s interest in various joint ventures
and associates and was based on the entitlement method; whereby the Group\u2019s share of interest and production sharing terms were
used to determine the allocation of production to each party in the arrangement. Revenue was recognised \u2018point in time\u2019 based on the
production delivered to the customer at the specified delivery point and measured based on the applicable market price as specified in
the customer contracts.
Aside from where specifically noted above, consideration is due when the performance obligation has been satisfied. As the period
between satisfaction of the performance obligation and receipt of consideration from the customer is expected to be less than a year,
the Group has applied the practical expedient not to adjust revenue for the effect of any financing components.
Revenue from sources other than the Group\u2019s contracts with customers principally comprise meter rental income within the Distributed
Energy business, and Contract for Difference income within certain Joint Venture arrangements.
Income on meter rental agreements, which are classified as operating leases, are presented as revenue where they relate to the core
operating activities of that business. Lease payments are recognised as income on a straight-line basis over the lease term.
Other operating income \u2013 Government Grants (note 6)
During the year ended 31 March 2023, the UK and Irish governments introduced customer support schemes under which licensed
energy suppliers are required to provide a discount on gas and electricity prices to customers. The level of discount applied to each
customer varied dependent upon energy tariff and support scheme applicable to each customer. Where SSE provided a discount to
customer through reduction of energy bill, the cost of applying these discounts was recovered from the Government. The amounts
reclaimed under this scheme are recognised as government grant income within Other Operating Income in the consolidated income
statement.
The most significant customer support scheme administered by the Group during the year was the Energy Bill Relief Scheme, applicable
to GB commercial gas and electricity customer usage during the period 1 October 2022 to 31 March 2023. This scheme impacts GB
Business Energy with discounts made to SSE\u2019s billings to customers and unbilled income accrual and a separate asset recognised in
respect of claimed or to-be-claimed receipts from the UK government.
Contract for Differences (\u2018CfD\u2019) are agreements between a low-carbon electricity generator and the Low Carbon Contracts Company
(\u2018LCCC\u2019), a UK Government owned entity responsible for delivering support mechanisms for low-carbon electricity generation. These
agreements are not considered to be contracts with a customer, as the LCCC does not receive any goods or services from the generator.
These arrangements are instead considered to be Government Grants, with income arising from these grants recognised in the income
statement in the period in which generation takes place. In the year, the Group recognised no income or expense related to Contracts
for Difference with the LCCC within its wholly owned subsidiaries. The Group\u2019s joint venture investment, Beatrice Offshore Windfarm
Limited, has a CfD with the LCCC which resulted in payments from the LCCC of \u00a325.6m in the year (SSE share of \u00a312.8m recognised
within share of profit). The Group\u2019s wholly owned Viking windfarm and joint venture investment Seagreen Wind Energy Limited also have
a CfD arrangements in place with LCCC, however these agreements have not yet commenced and no income or cost was recognised
during the year.
Where the CfD strike price falls below the spot price of generation and payments are made to the LCCC, these payments are expensed
as incurred within operating costs.
The Group has commercial CfD arrangements in place where the Group has agreed to provide a revenue support contract. Where the
Group has entered into these arrangements and there is no relationship with a government entity, the instruments are classified as
derivatives and accounted for under IFRS 9. The Group has assessed that due to the valuation complexity of these arrangements, they
are Level 3 financial instruments in the fair value hierarchy. On day 1, the Group recognises no gain or loss arising from the instrument,
but instead defers this gain or loss and recognises it progressively over the life of the instrument. At each balance sheet date the fair value
of the instrument is assessed with any movement in fair value recognised in the income statement in the period it arises. None of these
contracts were active at 31 March 2023.
Cost of sales (note 6)
Cost of sales includes fuel and energy purchases, direct employee benefits, and depreciation of property, plant and equipment.
The net result from sales and purchases of commodity optimisation trades \u2013 comprising both realised and unrealised gains and losses
arising from optimisation trading activities \u2013 is also presented within cost of sales, reflecting the underlying economic purpose of this
trading activity.
A1. Basis of consolidation and significant accounting policies continued A1.2 Significant accounting policies continued Finance income and costs (note 9) Interest income and costs are recognised in the income statement as they accrue, on an effective interest method. The issue costs and interest payable on bonds and all other interest payable and receivable is reflected in the income statement on the same basis. Interest on the funding attributable to major capital projects is capitalised during the period of construction and depreciated as part of the total cost over the useful life of the asset. The accounting policy for foreign exchange translation of monetary assets and liabilities is described on page 276 and for lease liability charges on page 283 . Taxation (note 10) Taxation on the profit for the year comprises current and deferred tax. Taxation is recognised in the income statement unless it relates to items recognised directly in equity, in which case it is recognised in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is calculated using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets or liabilities other than in business combinations that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset within the same tax authority and where the Group intends to either settle them on a net basis, or to realise the asset and settle the liability simultaneously. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. During the year ended 31 March 2023, the UK government announced draft legislation related to the Electricity Generator Levy (\u2018EGL\u2019), which is effective for periods from 1 January 2023 to 31 March 2028. The Group has assessed that the EGL has the characteristics of a levy rather than an income tax. While the legislation was not enacted by the balance sheet date, legislation was passing through Parliament and the Group expects no significant amendments will be made to the draft legislation through the enactment process. As a result, the Group has recognised an accrual of \u00a343.4m for the period 1 January 2023 to 31 March 2023 within cost of sales (\u00a333.6m) and share of operating profit from joint ventures and associates (\u00a39.8m) . Business Combinations (note 12) The acquisition of subsidiaries, and joint operations that meet the definition of a business, is accounted for under the acquisition method as defined by IFRS 3 \u2018Business Combinations\u2019. The cost of acquisition is measured as being the aggregate fair value of consideration to be transferred at the date control is obtained. Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling interests, less the net recognised amount (which is generally fair value) of the identifiable assets and liabilities assumed. Goodwill is subject to an annual review for impairment (or more frequently if necessary) in accordance with the Group\u2019s impairment accounting policy. Contingent consideration is classified as a liability and subsequently re-measured through the income statement. Acquisition costs are expensed as incurred. Changes in ownership that do not result in a change of control are accounted for as equity transactions. Held for sale assets and liabilities and discontinued operations (note 12) Non-current assets are classified as held for sale if their recoverable value is likely to be recovered via a sale or distribution as opposed to continued use by the Group. In order to be classified as assets held for sale, assets must meet all of the following conditions: the sale is highly probable; it is available for immediate sale; it is being actively marketed; and the sale is likely to occur within one year. Assets that qualify as held for sale and related liabilities are disclosed separately from other assets and liabilities in the balance sheet prospectively from the date of classification. Non-current assets determined as held for sale are measured at the lower of carrying value and fair value less costs to sell, no depreciation is charged in respect of these assets after classification as held for sale. Assets or groups of assets and related liabilities that qualify as held for sale are classified as discontinued operations when they represent a separate major line of business or geographical area, are part of a single plan to dispose of a separate major line of business or geographical area or are acquired exclusively with a view to resale. Income and expenses relating to these discontinued operations are disclosed in a single net amount after taxes in the income statement, with comparative amounts re-presented accordingly. Intra-Group balances and any unrealised gains and losses or income and expenses arising from trading between continuing and discontinued operations continue to be eliminated in preparing the consolidated financial statements.
Intangible assets (note 13)
Goodwill and impairment testing
Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of
the identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or joint venture at the date of acquisition. Following
initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment at least on
an annual basis.
For the purpose of impairment testing, goodwill is allocated on initial recognition to the cash-generating units (CGUs) or groups of CGUs
expected to benefit from the combination\u2019s synergies. The CGUs (or groups of CGUs) used for goodwill impairment testing purposes will
represent how goodwill was attributed but may not represent reportable business segments.
Goodwill may also arise upon investments in joint arrangements and associates. Goodwill arising on a joint operation is recorded as
a separate asset and any impairment loss is recognised in the income statement. Goodwill arising on a joint venture or associate is
recorded within the carrying amount of the Group\u2019s investment and any impairment loss is included within the share of result from joint
ventures and associates. On disposal or closure of a previously acquired investment or business, any attributed goodwill will be included
in determining the profit or loss on disposal.
Allowances and certificates
Allowances and certificates consist of purchased carbon emissions allowances and generated or purchased obligations certificates.
These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s Thermal and
Business Energy businesses.
The EU Emissions Trading Scheme (EU ETS) has been in operation since 1 January 2005, with the Group operating under the established
EU ETS carbon pricing system from that date. Since 1 January 2021, following Brexit, the UK Government has established a UK Emissions
Trading Scheme (UK ETS) to replace the EU ETS with the Group\u2019s UK generation assets now operating under the UK ETS carbon pricing
system. The Group continues to hold EU ETS certificates to settle obligations arising through the activities of its Irish Thermal generation
assets. Carbon allowances purchased are recorded at cost within intangible assets. Forward carbon contracts are measured at fair value
with gains or losses arising on re-measurement being recognised in the income statement. A liability is recognised based on the level of
emissions recorded. Up to the level of allowances held, including forward carbon contracts, the liability is measured at the cost of
purchase. When the carbon emission liability exceeds the carbon allowances held, the difference is measured at market value selling
price. Subsequent movements in market value are prospectively recognised in operating profit.
The carbon allowance intangible asset is surrendered at the end of the compliance period to the extent requested reflecting the
consumption of the economic benefit and is recorded as being utilised. As a result, no amortisation is booked but an impairment charge
may be recognised should the carrying value of allowances exceed market or fair value.
Under the Renewable Obligations Certificates (ROCs) scheme, certificates obtained from own generation are awarded by a third party,
Ofgem. ROCs can be traded with third parties and are ultimately used by suppliers to demonstrate to Ofgem that they have met their
obligation to source a set proportion of the electricity they supply from renewable sources. The value of a ROC to a supplier comprises
two elements: the \u2018buy-out\u2019 price which is set annually in advance of the compliance period by Ofgem; and the \u2018recycle\u2019 price which
is determined after the compliance period by Ofgem. The recycle price element is estimated at the balance sheet date based on
assumptions at that point in time around likely levels of renewable generation and supply over the remaining compliance period,
and is therefore subject to possible future variation.
Where ROCs are self-generated or purchased to fulfil the Group\u2019s liability under the renewable obligation, they are recorded at market
value at the point of generation or purchased within intangible assets. The Group can hold ROCs in excess of the Group\u2019s renewables
obligation, which, due to limited evidence of liquidity or net settlement for ROC trades, are recorded at the lower of cost or net realisable
value within inventories. Similarly, the fair value of any forward contracts entered into at the balance sheet date for the purchase or sale
of ROCs in future periods are not recognised, as there is insufficient liquidity for net settlement. The Group\u2019s liability under the renewable
obligation is recognised based on electricity supplied to customers, the obligation level set by Ofgem and the prevailing market price.
The intangible assets are surrendered at the end of the compliance period reflecting the consumption of economic benefit and release
of the associated liability. As a result, no amortisation is recorded during the period.
Research and development
Expenditure on research activities is charged to the income statement as incurred.
Expenditure on development activities is capitalised as intangible assets if the project or process is considered to be technically and
commercially feasible and the Group intends to complete the project or process for use or for sale. Development projects include wind
farm developments, battery storage and solar developments, thermal generation projects and other developments relating to proven
technologies. Costs incurred in bringing these projects to the consent stage include options over land rights, planning application costs
and environmental impact studies and may be costs incurred directly or part of the fair value exercise on acquisition of an interest in
a project. At the point that the project reaches the consent stage and is approved by the Board, the carrying value of the project is
transferred to property, plant and equipment as assets under construction. Revenue and costs incurred through pre-commissioning
testing activities are reflected in the income statement. Once in operation, depreciation will be charged over the expected useful life
of the asset. The asset is derecognised on disposal, or when no future economic benefits are expected to arise.
A1. Basis of consolidation and significant accounting policies continued
A1.2 Significant accounting policies continued
Intangible assets (note 13) continued
Other intangible assets
Other intangible assets that have been acquired separately by the Group are stated at cost less accumulated amortisation and
impairment losses. Expenditure on internally generated brands or customer lists are expensed as incurred. Expenditure on internally
developed software assets and application software licences includes contractors\u2019 fees and directly attributable labour and overheads.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful life of these assets. The amortisation
periods utilised are as follows:
Years
Brands 10
Customer lists Contract term
Developed software assets and application software licences 3 to 15
The useful lives of all the intangible assets are reviewed annually and amended, as required, on a prospective basis. Intangible assets are
derecognised on disposal, or when no future economic benefits are expected from their use.
Cloud computing arrangements
The Group has contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements. Where the
Group does not control the underlying assets in these arrangements, costs are expensed as incurred. Implementation costs in respect of
these contracts are capitalised when the definition and recognition criteria of an intangible asset under IAS 38 are met.
Property, plant and equipment (note 14)
Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation and impairments. The cost of self-constructed
assets includes the cost of materials, direct labour and other directly attributable costs. Where the asset is a qualifying asset, for which
a considerable period of time is required to prepare the asset for use or sale, borrowing costs will be capitalised as part of the asset\u2019s
cost. Where an item of property, plant and equipment comprises major components having different useful lives, the components
are accounted for as separate items of property, plant and equipment, and depreciated accordingly. An item of property, plant and
equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset.
Right of use assets
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement
of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Where a modification to a lease agreement
decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to
the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability
with a corresponding adjustment to the right of use asset.
Hydro civil assets
The Group is obliged under the Reservoirs Act 1975 to maintain its hydro infrastructure network, including its dams, tunnels and other
hydro civil engineering structures (hydro civil assets). All items of property, plant and equipment within hydro civil assets, with the
exception of land, are subject to depreciation.
In accordance with the transition provisions of IFRS 1 \u2018First-time Adoption of IFRS\u2019, the Group identified the carrying value of these assets
at privatisation and has treated this value as deemed cost. Following this assessment, the assets, and all subsequent enhancement and
replacement expenditure, has been subject to depreciation over a useful economic life of 75 years. All subsequent maintenance
expenditure is chargeable directly to the income statement.
Depreciation
Depreciation is charged to the income statement to write off cost, less residual values, on a straight line basis over their estimated useful
lives. Heritable and freehold land is not depreciated. Depreciation policy, useful lives and residual values are reviewed at least annually,
for all asset classes to ensure that the current method is the most appropriate. Depreciation commences following the asset
commissioning period and when the asset is available for commercial operation. The estimated useful lives for assets depreciated on
a straight line basis are as follows:
Years
Hydro civil assets (classified within Renewable power generation assets) 75 to 100
Thermal and hydro power stations including electrical and mechanical assets (classified within Thermal power
generation assets) 20 to 60
Onshore wind farms (classified within Renewable power generation assets) 20 to 25
Offshore wind farms (classified within Renewable power generation assets) 23 to 30
Gas storage facilities (classified within Other assets) 25 to 50
Overhead lines, underground cables and other network assets (classified within Distribution or
Transmission network assets) 5 to 80
Office buildings (classified within Land and buildings) 30 to 40
Fixtures, IT assets, vehicles and mobile plant (classified within Other assets) 3 to 15
Assets held under leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the
term of the relevant lease agreement.
Subsequent expenditure
It is the Group policy to capitalise qualifying replacement expenditure and depreciate it over the expected useful life of the replaced
asset. Replaced assets are derecognised at this point and the costs recorded as costs of disposal. Where an item of property, plant and
equipment is replaced and it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement
adjusted for inflation will be used as an approximation of the cost of the replaced part at the time it was acquired or constructed.
Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately is capitalised.
Other subsequent expenditure is capitalised only when it increases the future economic benefits of the item of property, plant and
equipment to which it relates. Maintenance and repair costs are expensed as incurred.
Derecognition
An item of property, plant or equipment is derecognised upon disposal or when no future economic benefits are expected to arise from
the continued use of the asset. Gains and losses on disposals are determined by comparing the proceeds received with the carrying
amount of the asset and are included in the income statement. Any gain or loss on derecognition of the asset is included in the income
statement in the period of derecognition.
Lease arrangements (note 21)
Lease arrangements are separately distinguished from service contracts based on whether the contract conveys the right to control the
use of an identified asset for a period of time in exchange for consideration. If the Group is deemed to control the use of an identified
asset, a right of use asset and a corresponding lease liability are recognised on the balance sheet.
Right of use assets are capitalised and held as part of property, plant and equipment. The accounting policy for such arrangements is
described on page 282 .
Lease liabilities are initially measured at the present value of the future lease payments discounted using the rate implicit in the lease if
that can be readily determined. If the interest rate implicit in the lease cannot be readily determined the incremental borrowing rate is
used. Where the interest rate implicit in the lease is not readily determinable, the Group has applied the intercompany borrowing rate
which is based on the Group\u2019s external medium-term borrowing rates with premia adjustments for any subsidiary specific risk factors.
In determining whether any break and/or extension clauses should be included within the lease term, the Group has considered that
where an internal decision has been made to break or extend the lease agreement, that decision shall be applied in determining the
appropriate lease term. Where an internal decision has not been made, and where the non-cancellable element of the lease term has
longer than five years remaining, it is considered that any clauses will not be triggered as any decision beyond that date is not reasonably
certain. For all leases with less than five years remaining, an assessment is made at each reporting period on a lease-by-lease basis on
whether the clause is reasonably certain to be triggered. Reassessment of break and/or extension judgements made in prior periods
could result in recalculation of the lease liability and adjustments to associated balances.
The lease liability is subsequently adjusted for the unwind of discounting, repayments and other modifications to the underlying
agreement. Lease modifications are accounted for as a separate lease where the scope of the lease increases through the right to use
one or more underlying assets and where the consideration of the lease increases by an amount that is equivalent to the standalone
price of the increase in scope. Where a modification decreases the scope of the lease, the carrying amount of the right of use asset is
adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications are accounted for
as a reassessment of the lease liability with a corresponding adjustment to the right of use asset.
Leases with a duration of 12 months or less and leases for assets which are deemed \u2018low value\u2019 are expensed to the income statement on
a straight-line basis over the lease term.
Impairment review (note 15)
The carrying amounts of the Group\u2019s property, plant and equipment and other intangible assets and the Group\u2019s investments in joint
ventures and associates, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable, or where there are indications that a previously recognised impairment loss has reduced. For property, plant
and equipment assets that have previously been identified as exhibiting indications of impairment, the review of impairment will be
performed annually until there is sufficient evidence to confirm that any potential impairment loss has been appropriately recognised, or
until previously recognised impairment losses have been fully written back. For goodwill and other intangible assets with an indefinite life
or which are not yet ready for use, the test for impairment is carried out annually. In addition, financial assets measured at amortised cost
are also reviewed for impairment annually.
A1. Basis of consolidation and significant accounting policies continued
A1.2 Significant accounting policies continued
Impairment review (note 15) continued
For assets subject to impairment testing, the asset\u2019s carrying value is compared to the asset\u2019s (or cash-generating unit\u2019s, in the case of
goodwill), recoverable amount. The recoverable amount is determined to be the higher of the fair value less costs to sell (\u2018FVLCS\u2019) and
the value-in-use (\u2018VIU\u2019) of the asset or cash-generating unit (\u2018CGU\u2019). For financial assets measured at amortised cost the impairment is
measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the
financial asset\u2019s original effective interest rate.
If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge will be recognised immediately in the
income statement. Reversals of previous impairment charges are recognised if the recoverable amount of the asset or CGU significantly
exceeds the carrying amount. Previous impairments of goodwill are not reversed.
Value in use (\u2018VIU\u2019) calculations require the estimation of future cash flows to be derived from the respective assets (or CGUs) and the
selection of an appropriate discount rate in order to calculate their present value. The VIU methodology is consistent with the approach
taken by management to evaluate economic value and is deemed to be the most appropriate for reviews of property, plant and equipment
assets and the Group\u2019s identified goodwill-related CGUs. The methodology is based on the pre-tax cash flows arising from the specific
assets, underlying assets or CGUs, and discounted using a pre-tax discount rate based on the Group\u2019s cost of funding and adjusted for any
specific risks. The estimation of the timing and value of underlying projected cash flows and the selection of appropriate discount rates
involves management judgement. Subsequent changes to these estimates or judgements may impact the carrying value of the assets.
The fair value less costs to sell methodology also uses a present value technique, unless there is a quoted price in an active market for
that asset. The methodology is based on the post-tax cash flows arising from the specific assets, underlying assets or CGUs, and
discounted using a post-tax discount rate determined in the same manner as the rates used in the VIU calculations, adjusted for the
relevant taxation rate.
Any impairment charge identified will initially be adjusted against the goodwill allocated to the cash-generating unit. Any excess charge
will be allocated against the remaining assets of the cash-generating unit. Reversals of previous impairment charges are allocated
against the carrying value of assets previously subject to an impairment charge.
Inventories (note 17)
Inventories \u2013 aside from inventory purchased by the Gas Storage business for trading activities \u2013 are valued at the lower of cost and net
realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion
and selling expenses.
Gas inventory purchased by the Gas Storage business for trading activities is held at fair value with reference to the forward month market
price. Gains and losses on remeasurement at fair value are recognised within the Income Statement, as a \u2018certain remeasurement\u2019 item.
Provisions (note 20)
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event,
it can be measured reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and, where appropriate, the risks specific to the liability.
Decommissioning
The Group engages independent experts to estimate the cost to decommission its Renewable, Thermal and Gas Storage assets every three
years. In the intervening years, management updates the external valuation based on factors arising since the last formal valuation date.
Provision is made for the net present value of the estimated cost of decommissioning gas storage facilities, wind farms and power stations
at the end of the useful life of the facilities. This includes development assets, where if a present obligation exists, a provision is recognised
during construction and prior to commencement of operations from the site. The estimates are based on technology and prices at the
balance sheet date and exclude any salvage value related to those assets. A corresponding decommissioning asset is recognised and is
included within property, plant and equipment when it gives access to future economic benefits, and is depreciated on a straight-line basis
over the expected useful life of the asset. Changes in these provisions are recognised prospectively. The unwind of discounting of the
provision is included in finance costs.
The Group retained a decommissioning obligation following the disposal of its Gas Production business. The decommissioning cost
estimates are updated periodically by field operators based on current technology and prices. Field operators also provide estimated end
of field life dates for each field, which can change based on market commodity prices.
Retirement benefit obligations (note 23)
Defined benefit pension schemes
The Group operates two defined benefit pension schemes, one of which is operated by the Company. Pension scheme assets are
measured using bid market values. Pension scheme liabilities are measured using the projected unit credit actuarial method and are
discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability.
Any increase in the present value of liabilities within the Group\u2019s defined benefit pension schemes expected to arise from employee
service in the year is charged as service costs to operating profit.
Net interest costs are based on net scheme assets or liabilities, adjusted for minimum funding requirement and pension surplus restrictions
under IFRIC 14 \u2018IAS 19\u2014The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. Actuarial gains and
losses are recognised in full in the consolidated statement of comprehensive income. Pension scheme surpluses, to the extent that they
are considered recoverable, or deficits are recognised in full and presented on the face of the balance sheet.
Defined contribution pension schemes
The Group also operates a number of defined contribution pension schemes. The assets of the schemes are held separately from those
of the Group in independently administered funds. The amounts charged represent the contributions payable to the schemes in the year
and are charged directly to the income statement.
Equity and equity-related compensation benefits
The Group operates a number of employee share schemes as described in the Remuneration Report. These schemes enable Group
employees to acquire shares of the Company.
The exercise prices of the sharesave scheme are set at a discount to market price at the date of the grant. The fair value of the sharesave
scheme option granted is measured at the grant date by use of a Black-Scholes model. The fair value of the options granted is recognised
as an expense on a straight-line basis over the period that the scheme vests. Estimates are updated for non-market conditions at each
balance sheet date with any adjustment in respect of the current and prior years being recognised in the income statement. The costs
associated with the other main employee schemes are recognised over the period to which they relate. The charge related to the equity
shares in the Company awarded under the share schemes is treated as an increase in the cost of investment held by the Company in the
subsidiary companies of the Group. The disclosures on equity and equity-related compensation benefits have been removed on the
grounds of materiality in relation to the Group.
Financial instruments (note 24)
The Group uses a range of financial instruments to hedge exposures to financial risks, such as interest rate, foreign exchange and energy
price fluctuations in its normal course of business and in accordance with the Group\u2019s risk management policies. The Group\u2019s risk
management policies are further explained in A6 .
The Group\u2019s review of the IFRS 9 hedge accounting model concluded that, whilst adoption would not change the treatment of existing
hedging arrangements, the changes made would not result in any additional hedge designations either. As such, the existing hedge
accounting model under IAS 39 appropriately reflects the Group\u2019s risk management activities in the financial statements. Therefore, as
permitted by IFRS 9, the Group has elected to continue to apply the hedge accounting requirements of IAS 39. This policy choice will be
periodically reviewed to consider any changes in our risk management activities.
Interest rate and foreign exchange derivatives
Financial derivative instruments are used by the Group to hedge interest rate and currency exposures. All such derivatives are recognised
at fair value and are re-measured to fair value each reporting period. Certain derivative financial instruments are designated as being held
for hedging purposes. The designation of the hedge relationship is established at the inception of the hedge and procedures are applied
to ensure the derivative is highly effective in achieving its objective and that the effectiveness of the hedge can be reliably measured. The
treatment of gains and losses on re-measurement is dependent on the classification of the hedge and whether the hedge relationship is
designated as either a \u2018fair value\u2019 or \u2018cash flow\u2019 hedge. Derivatives that are not designated as hedges are treated as if held for trading, with
all fair value movements being recorded through the income statement.
A derivative classified as a \u2018fair value\u2019 hedge recognises gains and losses from re-measurement immediately in the income statement. Loans
and borrowings are measured at cost except where they form the underlying transaction in an effective fair value hedge relationship. In
such cases, the carrying value of the loan or borrowing is adjusted to reflect fair value movements with the gain or loss being reported in
the income statement.
A derivative classified as a \u2018cash flow\u2019 hedge recognises the portion of gains or losses on the derivative which are deemed to be effective
directly in equity in the hedge reserve. Any ineffective portion of the gains or losses is recognised in the consolidated income statement.
When hedged cash flows result in the recognition of a non-financial asset or liability, the associated gains or losses previously recognised in
equity are included in the initial measurement of the asset or liability. For all other cash flow hedges, the gains or losses that are recognised
in equity are transferred to the income statement in the same period in which the hedged cash flows affect the income statement.
A1. Basis of consolidation and significant accounting policies continued
A1.2 Significant accounting policies continued
Financial instruments (note 24) continued
Interest rate and foreign exchange derivatives continued
Hedge accounting is discontinued when the hedging instrument expires, or is sold, terminated or exercised, or no longer qualifies for
hedge accounting. At the point of discontinuation, any cumulative gain or loss on the hedging instrument recognised in equity remains
in equity until the forecast transaction affects profit or loss. On settlement, the cumulative gain or loss recognised in equity is recognised
in the income statement.
Commodity derivatives
Within its regular course of business, the Group routinely enters into sale and purchase derivative contracts for commodities such as
electricity, gas, carbon allowances and oil. Where the contract was entered into and continues to be held for the purpose of receipt or
delivery in accordance with the Group\u2019s expected sale, purchase or usage requirements, the contracts are designated as \u2018own use\u2019
contracts and are measured at cost. These contracts are not within the scope of IFRS 9.
Derivative commodity contracts which are not designated as own use contracts are accounted for as trading derivatives and are
recognised in the balance sheet at fair value. Where a hedge accounting relationship is designated and is proven to be effective,
the changes in fair value will be recognised in accordance with the rules noted above. There are currently no designated hedge
relationships in relation to commodity contracts.
Other commodity contracts, where own use is not established and a hedge accounting relationship is not designated, are measured at
fair value with gains and losses on re-measurement being recognised in the income statement in cost of sales.
Embedded derivatives
Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives where the characteristics
of the derivatives are not closely related to those of the host contracts.
Net investment hedges
Hedges of net investments in foreign operations are accounted in a manner similar to effective cash flow hedges. Any gain or loss on
the effective portion of the hedge is recognised in equity, in the translation reserve, and any gain or loss on the ineffective portion of the
hedge is recognised in the income statement. On disposal of the foreign operation, the cumulative value of any gains or losses recognised
directly in equity is transferred to the income statement.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral
part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of
cash flows.
Trade receivables
Trade receivables do not carry any interest and are measured at cost less an appropriate allowance for lifetime expected credit losses.
Interest-bearing loans and borrowings
All such loans and borrowings are initially recognised at fair value including transaction costs and are subsequently measured at
amortised cost, except where the loan or borrowing is the hedged item in an effective fair value hedge relationship.
Share capital
Ordinary shares are accounted for as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction from the proceeds received. Own equity instruments that are reacquired are deducted from equity. No gain or loss is recognised
in the Group Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.
Hybrid equity
Hybrid equity comprises issued bonds that qualify for recognition as equity. Accordingly, any coupon payments are accounted for as
dividends and are recognised directly in equity at the time the payment obligation arises. This is because the coupon payments are
discretionary and relate to equity. Coupon payments consequently do not have any impact on the income statement. Coupon payments
are recognised in the cash flow statement in the same way as dividends to ordinary shareholders. Tax credits in relation to the coupon
payments are linked to the past transactions or events that support the coupon payments and consequently the tax credits are reported
in the income statement.
Hybrid debt
Hybrid debt comprises issued bonds that have a fixed redemption date and are accounted within Loans and Borrowings. Coupon
payments are recognised within the income statement as a finance cost.
A2. Taxation
The Group\u2019s primary tax disclosures are included at note 10. The following tables represent enhanced disclosures adopted in order
to assist stakeholder understanding of the Group\u2019s tax position and policies as part of the Group\u2019s commitment to its Fair Tax Mark
accredited status.
Reconciliation of tax charge to adjusted underlying current tax
2023
\u00a3m
2023
%
2022
\u00a3m
(restated*)
2022
%
Group (loss)/profit before tax (205.6) 3,476.3
Less: share of results of associates and jointly controlled entities (662.3) (109.8)
(Loss)/profit before tax (867.9) 3,366.5
Tax on profit on ordinary activities at standard UK corporation tax rate of 19% (2022: 19%) (164.9) 19.0 639.6 19.0
Tax effect of:
Capital allowances less than depreciation (41.6) 4.8 (121.6) (3.6)
Movement in restructuring and settlement provisions (1.6) 0.2 1.1 \u2013
Non-taxable gain on sale of assets \u2013 \u2013 (14.8) (0.4)
Fair value movements on derivatives 448.8 (51.7) (393.3) (11.7)
Pension movements (6.7) 0.8 (5.8) (0.2)
Relief for capitalised interest and revenue costs (27.5) 3.2 (22.7) (0.7)
Hybrid equity coupon payments (7.4) 0.9 (9.7) (0.3)
Expenses not deductible for tax purposes 79.7 (9.3) 35.3 1.0
Utilisation of tax losses brought forward 0.1 \u2013 (6.2) (0.2)
Impact of foreign tax rates (0.1) \u2013 (6.2) (0.2)
Permanent benefit of super-deduction capital allowances (5.1) 0.6 (6.0) (0.2)
Adjustments to tax charge in respect of previous years (16.7) 1.9 (5.9) (0.2)
Other items (2.3) 0.3 1.6 \u2013
Reported current tax charge and effective rate 254.7 (29.3) 85.4 2.5
Depreciation in excess of capital allowances 34.3 (4.0) 129.4 3.8
Movement in provisions 1.6 (0.2) (1.1) \u2013
Fair value movements on derivatives (448.8) 51.7 393.3 11.7
Pension movements 6.7 (0.8) 5.8 0.2
Relief for capitalised interest and revenue costs 27.5 (3.2) 22.7 0.7
Impact of foreign tax rates (12.8) 1.5 0.1 \u2013
Adjustments to tax charge in respect of previous years 7.0 (0.8) (2.2) (0.1)
Change in rate of UK corporation tax 9.0 (1.0) 244.7 7.3
Tax losses utilised 1.9 (0.2) 6.0 0.2
Other items 8.9 (1.0) (2.8) (0.1)
Reported deferred tax credit and effective rate (364.7) 42.0 795.9 23.6
Group tax charge and effective rate (110.0) 12.7 881.3 26.2
Included within \u2018Expenses not deductible for tax purposes\u2019 is \u00a365m in respect of impairment of investments in joint ventures.
A2. Taxation continued
Reconciliation of tax charge to adjusted underlying current tax continued
As noted at note 3 to the accounts, the Group\u2019s results are reported on an \u2018adjusted\u2019 basis in order to allow focus on underlying business
performance. The following table explains the adjustments that are made in order to arrive at adjusted profit before tax. This is the measure
utilised in calculation of the Group\u2019s \u2018adjusted effective rate of tax\u2019.
2023
\u00a3m
2022
\u00a3m
(restated*)
(Loss)/profit before tax (205.6) 3,476.3
Add/(less):
Exceptional items and certain re-measurements 2,312.8 (2,390.6)
Share of tax from jointly controlled entities and associates before exceptional items and certain
re-measurements 143.1 46.3
Depreciation charge on fair value uplifts 28.8 20.6
Share of profit attributable to non-controlling interests (28.8) \u2013
Adjustment to Gas Production decommissioning provision (50.5) 13.1
Interest income on pension scheme assets/(liabilities) (16.2) (7.6)
Adjusted profit before tax
APM
2,183.6 1,158.1
The adjusted current tax charge can therefore be reconciled to the adjusted profit before tax as follows:
2023
\u00a3m
2023
%
2022
\u00a3m
(restated*)
2022
%
Adjusted profit before tax 2,183.6 1,158.1
Tax on profit on ordinary activities at standard UK corporation tax rate 414.9 19.0 220.0 19.0
Tax effect of:
Capital allowances in excess of depreciation (41.7) (1.9) (79.1) (6.8)
Non-taxable gain on sale of assets (0.6) \u2013 (9.5) (0.8)
Non-qualifying depreciation 5.7 0.2 12.0 1.0
Adjustment for profit on internal trading 6.3 0.3 1.7 0.1
Movement in restructuring and settlement provisions 6.0 0.3 1.1 0.1
Pension movements (3.6) (0.2) (5.8) (0.5)
Relief for capitalised interest and revenue costs (12.7) (0.6) (9.9) (0.9)
Hybrid equity coupon payments (7.4) (0.3) (9.7) (0.8)
Expenses not deductible for tax purposes 24.1 1.1 4.2 0.4
Permanent benefit of super-deduction capital allowances (7.0) (0.3) (6.1) (0.5)
Losses carried back to earlier years 3.9 0.2 (0.8) (0.1)
Adjustments to tax charge in respect of previous years (22.0) (1.1) (6.7) (0.6)
Impact of foreign tax rates (9.4) (0.4) (5.7) (0.5)
Other 2.3 0.1 1.4 0.1
Adjusted current tax charge and effective rate
APM
358.8 16.4 107.1 9.2
* The comparatives have been restated. See note 2.1.
The above reconciling adjustments differ from those analysed in the Group tax charge reconciliation above because they include SSE\u2019s
share of associates and joint ventures, and are based on adjusted profit before tax.
The majority of the Group\u2019s profits are earned in the UK, with the standard rate of UK corporation tax being 19% for the year to 31 March
2023 (2022: 19%). The Group\u2019s Gas Production business, which was presented as a discontinued operation in the prior year (until the
business was disposed on 14 October 2021) was taxed at a UK corporation tax rate of 30% plus a supplementary charge of 10% (combined
40%). Profits earned by the Group in the Republic of Ireland are taxable at either 12.5% or 25%, depending upon the nature of the income.
Capital allowances are tax reliefs provided in law for the expenditure the Group makes on property, plant and equipment. The rates are
determined by Parliament annually and spread the tax relief due over a number of years. This contrasts with the accounting treatment for
such spending, where the expenditure on property, plant and equipment is treated as an asset with the cost being depreciated over the
useful life of the asset, or impaired if the value of such assets is considered to have reduced materially.
The different accounting treatment of property, plant and equipment for tax and accounting purposes means that the taxable income
of the Group is not the same as the profit reported in the financial statements. The substantial reversals of impairments and impairments
undertaken in previous years in relation to certain property, plant and equipment assets, result in the depreciation or impairment charge
to profit for the year differing to the amount of capital allowances due to the Group.
Short term temporary differences arise on items such as provisions for restructuring costs and onerous contracts, and retirement benefit
obligations, because the treatment of such items is different for tax and accounting purposes. These differences usually reverse in the
year following that in which they arise, as is reflected in the deferred tax charge in these financial statements. Where interest charges
or other costs are capitalised in the accounts, tax relief is either given as the charges are incurred or when the costs are taken to the
income statement.
As explained at Accompanying Information A1 and A6 , the Group measures its operating and financing derivatives at fair value under
IFRS 9. As a result of the Group\u2019s subsidiaries applying the HMRC\u2019s \u2018disregard regulations\u2019, the re-measurement movements have no
current tax effect impacting only the deferred tax position.
As detailed at note 22 and explained in the Accompanying Information A1 , the Group has issued Hybrid equity securities which are
treated as a component of equity. While the coupon payments relating to these securities are treated as distributions to the holders of
the equity instruments, tax relief is allowed on the amount paid in the year. These tax credits are linked to the past transactions or events
that support the coupon payments and consequently the tax credits are reported in the income statement.
A3. Related undertakings
A3.1.1 Subsidiary undertakings
Details of the Group\u2019s subsidiary undertakings at 31 March are as follows:
Company Country of incorporation
Registered
address
(key)
2023
Holding
%
2022
Holding
% Principal activity
Aberarder Wind Farm (Scotland) Limited Scotland A
100.0
\u2013 Renewable Development
Aberarder Wind Farm LLP England and Wales B
100.0
\u2013 Renewable Development
Abernedd Power Company Limited England and Wales B
100.0
100.0 Holding Company
Aichi Offshore Wind Power No. 1 G.K. Japan Y
80.0
80.0 Renewable Development
Aichi Offshore Wind Power No. 2 G.K. Japan Y
80.0
80.0 Renewable Development
Airtricity Windfarm Finance Limited Ireland C
100.0
100.0 Holding Company
Arklow Offshore Phase II Company Limited Ireland C
100.0
100.0 Dormant
Beithe (HK) Limited Hong Kong V
100.0
100.0 Holding Company
Beithe AG Switzerland T
\u2013
100.0 Holding Company
Berwick Bank A Limited England and Wales B
100.0
100.0 Renewable Development
Berwick Bank B Limited England and Wales B
100.0
100.0 Renewable Development
Berwick Bank C Limited England and Wales B
100.0
100.0 Renewable Development
Berwick Bank Holdings A Limited England and Wales B
100.0
100.0 Holding Company
Berwick Bank Holdings B Limited England and Wales B
100.0
100.0 Holding Company
Berwick Bank Holdings C Limited England and Wales B
100.0
100.0 Holding Company
Berwick Bank Wind Farm Limited Scotland A
100.0
100.0 Renewable Development
Bhlaraidh Wind Farm Limited Scotland A
100.0
100.0 Power Generation
Bindoo Windfarm (ROI) Limited Ireland C
100.0
100.0 Power Generation
BOC1234 Limited (formerly Aberader Wind Farm
(Scotland) Limited
Scotland A
100.0
\u2013 Dormant
Brickmount Limited Ireland C
100.0
100.0 Power Generation
Building Automation Solutions Limited England and Wales D
100.0
100.0 Dormant
By-Pass Farm Solar Limited England and Wales B
100.0
\u2013 Power Generation
Coire Glas Hydro Pumped Storage Limited Scotland A
100.0
100.0 Power Generation
Comhlacht Gaoithe Teoranta Ireland C
100.0
100.0 Power Generation
Coomacheo Wind Farm Limited Ireland C
100.0
100.0 Power Generation
Coomatallin Windfarm (ROI) Limited Ireland C
100.0*
100.0* Power Generation
Curragh Mountain Windfarm Limited Ireland C
100.0
100.0 Power Generation
Dedondo Limited Ireland C
100.0
100.0 Power Generation
Dromada Windfarm (ROI) Limited Ireland C
100.0
100.0 Power Generation
Drumnahough Wind Farm Designated
Activity Company
Ireland C
100.0
100.0 Power Generation
Eastern Green Link 2 Limited England and Wales AI
75.0
\u2013 Power Transmissions
Enerfarm 3 Single Member SA Renewable Energy
Sources
Greece AB
100.0
\u2013 Renewable Development
Energia Levante S.r.l. Italy AC
100.0
\u2013 Renewable Development
Energiaki Kleidi Single Member S.A. Greece AB
100.0
\u2013 Renewable Development
Energiaki Mavrovouniou Single Member Private
Company
Greece AB
100.0*
\u2013 Renewable Development
Energiaki Mesovouniou Single Member S.A. Greece AB
100.0
\u2013 Renewable Development
Energiaki Platorrachis Single Member S.A. Greece AB
100.0*
\u2013 Renewable Development
Energiaki Velanidias Single Member S.A. Greece AB
100.0
\u2013 Renewable Development
Energiaki Voursana Single Member S.A. Greece AB
100.0
\u2013 Renewable Development
Enshunada Offshore Wind Power No. 1 G.K. Japan Y
80.0
80.0 Renewable Development
Fibre Fuel Limited England and Wales B
100.0
100.0 Dormant
Fibre Power (Slough) Limited England and Wales B
100.0
100.0 Power Generation
Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity Fusion Heating Limited Northern Ireland Q 100.0 100.0 Energy Related Services Galway Wind Park Phase 3 Designated Activity Company Ireland C 100.0 100.0 Renewable Development Ganderoy Limited Ireland C 100.0 100.0 Power Generation Gartnaneane Limited Ireland C 100.0* 100.0* Power Generation Glenora Wind Farm Designated Activity Company Ireland C 100.0 100.0 Renewable Development Goto-Fukue Offshore Wind Power G.K. Japan Y 80.0 80.0 Renewable Development Green Wind Energy (Wexford) Limited Ireland C 100.0* 100.0* Renewable Development Griffin Wind Farm Limited Scotland A 100.0 100.0 Power Generation Hadyard Hill Wind Farm Limited Scotland A 100.0 100.0 Dormant Hydro Electric Pension Scheme Trustees Limited Scotland A 100.0 100.0 Dormant Izu Islands Offshore Wind Power No. 1 G.K. Japan Y 80.0 80.0 Renewable Development Keadby Developments Limited England and Wales E 100.0 100.0 Dormant Keadby Generation Limited England and Wales E 100.0 100.0 Power Generation Keadby Wind Farm Limited England and Wales B 100.0 100.0 Power Generation Leanamore Wind Farm Limited Ireland C 100.0 100.0 Power Generation Limerick West Windfarm Limited Ireland C 100.0 100.0 Power Generation Littleton Pastures Solar Limited England and Wales B 100.0 100.0 Power Generation March Winds Limited Ireland C 100.0 100.0 Power Generation Medway Power Limited England and Wales B 100.0 100.0 Power Generation Meentycat Limited Ireland C 100.0 100.0 Power Generation Milane Holdings Limited Ireland C 100.0 100.0 Dormant Minami-Izu Offshore Wind Power No. 1 G.K. Japan Y 80.0 80.0 Renewable Development Mullananalt Wind Farm (ROI) Limited Ireland C 100.0 100.0 Power Generation Niigata Offshore Wind Power No.1 G.K. Japan Y 80.0 80.0 Renewable Development Oki Islands Offshore Wind Power G.K. Japan Y 80.0 80.0 Renewable Development Optimal Power Networks Limited England and Wales B 100.0 100.0 Construction of utility projects Platin Power Limited Ireland C 100.0 100.0 Dormant Power from Waste Limited England and Wales B 100.0 100.0 Dormant Richfield Windfarm (ROI) Limited Ireland C 100.0 100.0 Power Generation Scottish and Southern Energy Power Distribution Limited Scotland A 100.0 100.0 Holding Company Scottish Hydro Electric Power Distribution plc Scotland A 100.0 100.0 Power Distribution Scottish Hydro Electric Transmission plc Scotland A 75.0 100.0 Power Transmission Sheskin South Renewables Power Designated Activity Company Ireland C 100.0 100.0 Renewable Development Sistemas Energ\u00e9ticos \u00c1brego S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Ariel S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Boreas S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Carril S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos C\u00e9firo S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos del Sur S.A.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Eolo S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Erbania 1 S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Erbania 2 S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Gregal S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos J\u00fapiter S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Ladera Negra, S.A. U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Loma del Reposo S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Marte S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Mercurio S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Neptuno S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Terral S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Tomillo S.A. U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Urano S.L.U. Spain AD 100.0 \u2013 Renewable Development Slough Domestic Electricity Limited England and Wales B 100.0 100.0 Dormant A3. Related undertakings continued A3.1.1 Subsidiary undertakings continued Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity Slough Electricity Contracts Limited England and Wales B 100.0 100.0 Electricity Contracting Slough Energy Supplies Limited England and Wales B 100.0 100.0 Dormant Slough Heat & Power Limited England and Wales B 100.0 100.0 Power Generation Slough Utility Services Limited England and Wales B 100.0 100.0 Distribution of Electricity Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Broyes SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Chaintrix Bierges SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Champeaux SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Germainville SAS France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Belle Dame SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Brie des Etangs SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Monchot SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Pi\u00e8ce du Moulin SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la T\u00eate des Boucs SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Moulins du Puits SAS France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Pringy SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Saint Loup de Saintonge SAS France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Souvans SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Vernierfontaine SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Villiers aux Ch\u00eanes SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Fontaines SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Six Communes SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Voies de Bar SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien d\u2019Orchamps SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Mont \u00c9gar\u00e9 SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Vireaux SAS France AE 100.0 \u2013 Renewable Development Southern Electric Power Distribution plc England and Wales B 100.0 100.0 Power Distribution SPV Parco Eolico Libeccio S.r.l. Italy AC 100.0 \u2013 Renewable Development SPV Parco Eolico Maestrale S.r.l. Italy AC 100.0 \u2013 Renewable Development SPV Parco Eolico Tramontana S.r.l. Italy AC 100.0 \u2013 Renewable Development SSE Airtricity Distributed Energy Limited Ireland C 100.0 100.0 Power Distribution SSE Airtricity Energy Services Limited Ireland C 100.0 100.0 Energy Supply SSE Airtricity Energy Supply (NI) Limited Northern Ireland F 100.0 100.0 Energy Supply SSE Airtricity Gas Limited Ireland C \u2013 100.0 Energy Supply SSE Airtricity Gas Supply (NI) Limited Northern Ireland F 100.0 100.0 Energy Supply SSE Airtricity Limited Ireland C 100.0 100.0 Energy Supply SSE Battery Monk Fryston Limited (formerly UKPA EnergyMF Limited) England and Wales B 100.0 \u2013 Power Generation SSE Battery Salisbury Limited England and Wales B 100.0 100.0 Power Generation SSE Beatrice Offshore Windfarm Holdings Limited Scotland A 100.0 100.0 Holding Company SSE BTM HoldCo Limited England and Wales B 100.0 \u2013 Holding Company SSE Contracting Group Limited England and Wales B 100.0 100.0 Holding Company SSE Cumars\u00e1id Teoranta Ireland C 100.0 100.0 Telecommunications SSE DE Battery Holdco Limited England and Wales B 100.0 100.0 Holding Company SSE DE EV Holdco Limited England and Wales B 100.0 \u2013 Holding Company Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity SSE DE Solar Holdco Limited England and Wales B 100.0 \u2013 Holding Company SSE Digital Services Limited England and Wales B 100.0 \u2013 Holding Company SSE Energy Supply Limited England and Wales B 100.0 100.0 Energy Supply SSE Enterprise Limited England and Wales B 100.0 100.0 Corporate Services SSE EPM Limited England and Wales B 100.0 100.0 Energy Trading SSE EV M7 Limited England and Wales B 100.0 \u2013 Power Generation SSE EV Operational Assets Limited (formerly EV Operational Assets Limited) England and Wales B 100.0 \u2013 Power Generation SSE Ferrybridge Battery Limited England and Wales B 100.0 \u2013 Power Generation SSE Fiddlers Ferry Battery Limited England and Wales B 100.0 \u2013 Power Generation SSE Foxholes Solar Limited (formerly Foxholes Solar Limited) England and Wales B 100.0 \u2013 Power Generation SSE Galloper Offshore Windfarm Holdings Limited England and Wales B 100.0 100.0 Holding Company SSE Generation Ireland Limited Ireland C 100.0 100.0 Power Generation SSE Generation Limited England and Wales B 100.0 100.0 Power Generation SSE Group Limited Scotland A 100.0 100.0 Dormant SSE Heat Networks (Battersea) Limited England and Wales B 100.0 100.0 Dormant SSE Heat Networks Limited Scotland A 100.0 100.0 Utility Services SSE Hornsea Limited England and Wales B 100.0 100.0 Gas Storage SSE Imperial Park PN Limited England and Wales B 100.0 \u2013 Power Generation SSE Insurance Limited Isle of Man G 100.0 100.0 Insurance SSE Knapthorpe Solar Limited (formerly Knapthorpe Solar Limited) England and Wales B 100.0 \u2013 Power Generation SSE Maple Limited England and Wales B 100.0 100.0 Investment Holding SSE Medway Operations Limited England and Wales B 100.0 100.0 Holding Company SSE Micro Renewables Limited Scotland A 100.0 100.0 Energy Related Services SSE Multifuel Generation Holdings Limited England and Wales B 100.0 100.0 Holding Company SSE Muskham Solar Limited (formerly Muskham Solar Limited) England and Wales B 100.0 \u2013 Power Generation SSE OWS Glasgow Limited Scotland A 100.0 100.0 Property Holding SSE Pacifico K.K. Japan Y 80.0 80.0 Renewable Development SSE Production Services Limited England and Wales B 100.0 100.0 Maintenance Services SSE Renewables (Ireland) Limited Ireland C 100.0 100.0 Holding Company SSE Renewables (Netherlands) Holdings B.V. Netherlands AA 100.0 100.0 Holding Company SSE Renewables Developments (Germany) GmbH Germany AJ 100.0 100.0 Renewable Development SSE Renewables Generation Ireland Limited Ireland C 100.0 100.0 Power Generation SSE Renewables Holdings (Europe) Limited Ireland C 100.0 100.0 Holding Company SSE Renewables Holdings (UK) Limited Northern Ireland F 100.0 100.0 Holding Company SSE Renewables Holdings Germany GmbH Germany H 100.0 100.0 Dormant SSE Renewables Holdings Limited Ireland C 100.0 100.0 Holding Company SSE Renewables International Holdings Limited Scotland A 100.0 100.0 Holding Company SSE Renewables Limited Scotland A 100.0 100.0 Holding Company SSE Renewables North America Inc. United States W 100.0 100.0 Renewable Development SSE Renewables North America Offshore Wind LLC. United States W 100.0 100.0 Renewable Development SSE Renewables North America Services Inc United States W 100.0 \u2013 Renewable Development SSE Renewables Off Shore Limited Ireland C 100.0 100.0 Holding Company SSE Renewables Offshore Windfarm Holdings Limited Scotland A 100.0 100.0 Holding Company SSE Renewables Onshore Windfarm Holdings Limited Northern Ireland F 100.0 100.0 Holding Company SSE Renewables Poland Holdings Limited Scotland A 100.0 100.0 Holding Company SSE Renewables Poland sp z.o.o. (formerly Virtomille Investments sp z.o.o.) Poland X 100.0 100.0 Renewable Development SSE Renewables Services (UK) Limited Northern Ireland F 100.0 100.0 Renewable Development SSE Renewables UK Limited Northern Ireland F 100.0 100.0 Power Generation SSE Renewables Wind (Ireland) Holdings Limited Ireland C 100.0 100.0 Holding Company A3. Related undertakings continued A3.1.1 Subsidiary undertakings continued Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity SSE Renewables Wind Farms (Ireland) Limited Ireland C 100.0 100.0 Power Generation SSE Renewables Wind Farms (UK) Limited Scotland A 100.0 100.0 Power Generation SSE Retail Limited Scotland A 100.0 100.0 Energy Related Services SSE Seabank Investments Limited England and Wales B 100.0 100.0 Dormant SSE Seabank Land Investments Limited England and Wales B 100.0 100.0 Dormant SSE Services plc England and Wales B 100.0 100.0 Corporate Services SSE Southern Group Trustee Limited England and Wales B 100.0 100.0 Dormant SSE Staythorpe Battery Limited (formerly Staythorpe Battery Limited) England and Wales B 100.0 \u2013 Power Generation SSE Staythorpe Power Limited (formerly Staythorpe Power Limited) England and Wales B 100.0 \u2013 Power Generation SSE Staythorpe SGT Limited (formerly Staythorpe SGT Limited) England and Wales B 100.0 \u2013 Power Generation SSE Staythorpe Solar Limited (formerly Staythorpe Solar Limited) England and Wales B 100.0 \u2013 Power Generation SSE Stock Limited Scotland A 100.0 100.0 Stock Holding SSE Sunflower Offshore Wind Holdco B.V. Netherlands AA 100.0 100.0 Renewable Development SSE Sunflower Offshore Wind Limited Partner 1 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Sunflower Offshore Wind Limited Partner 2 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Sunflower Offshore Wind Limited Partner 3 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Thermal Energy Holdings Limited England and Wales B 100.0 100.0 Holding Company SSE Thermal Energy Operations Limited England and Wales B 100.0 100.0 Power Generation SSE Thermal Generation (Scotland) Limited Scotland A 100.0 100.0 Power Generation SSE Thermal Generation Holdings Limited England and Wales B 100.0 100.0 Holding Company SSE Toddleburn Limited Scotland A 100.0 100.0 Power Generation SSE Trading Limited England and Wales B 100.0 100.0 Energy Trading SSE Trustees Limited England and Wales B 100.0 100.0 Dormant SSE Tulip Offshore Wind Holdco B.V. Netherlands AA 100.0 100.0 Renewable Development SSE Tulip Offshore Wind Limited Partner 1 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Tulip Offshore Wind Limited Partner 2 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Tulip Offshore Wind Limited Partner 3 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Utility Services Limited England and Wales B \u2013 100.0 Dormant SSE Utility Solutions Limited England and Wales B 100.0 100.0 Utility Services SSE Venture Capital Limited Scotland A 100.0 100.0 Investment Holding SSE Viking Limited England and Wales B 100.0 100.0 Renewable Development SSE(SE) Quest Trustee Limited England and Wales B 100.0 100.0 Dormant SSEN Distribution Limited Scotland A 100.0 \u2013 Holding Company SSEPG (Operations) Limited England and Wales B 100.0 100.0 Power Generation Strathy Wind Farm Limited Scotland A 100.0 100.0 Power Generation Sure Partners Limited Ireland C 100.0 100.0 Renewable Development Tealing Solar Park Limited England and Wales B 100.0 100.0 Power Generation TESGL Limited England and Wales D 100.0 100.0 Building Energy Management The Energy Solutions Group Bidco Limited England and Wales D 100.0 100.0 Dormant The Energy Solutions Group Midco Limited England and Wales D 100.0 100.0 Dormant The Energy Solutions Group Topco Limited England and Wales D 100.0 100.0 Dormant Tournafulla Windfarm (ROI) Limited Ireland C 100.0 100.0 Power Generation Viking Energy (Scottish Partnership) Scotland I 100.0 100.0 Renewable Development Viking Energy Wind Farm LLP Scotland Z 100.0 100.0 Renewable Development Wakayama-West Offshore Wind Power No. 1 G.K. Japan Y 80.0 80.0 Renewable Development Wakayama-West Offshore Wind Power No.2 G.K. Japan Y 80.0 80.0 Renewable Development All shares in subsidiary companies are ordinary share capital, unless otherwise stated. * 100% of voting rights held. A3. Related undertakings continued A3.1.1 Subsidiary undertakings continued Statutory audit exemptions SSE plc parent company has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of the following companies, which are therefore exempt from audit under the requirements of s479A-479C of the Companies Act 2006. Company Registered number Aberarder Wind Farm LLP OC398487 Bhlaraidh Wind Farm Limited SC663027 Fibre Power (Slough) Limited 02902170 Fusion Heating Limited NI056373 Keadby Wind Farm Limited 06852112 Slough Utility Services Limited 03486590 SSE Beatrice Offshore Windfarm Holdings Limited SC436255 SSE DE Battery Holdco Limited 13561962 SSE DE EV Holdco Limited 14278443 SSE Enterprise Limited 10060563 SSE Imperial Park PN Limited 02631510 SSE Maple Limited 10604848 SSE Medway Operations Limited 02647585 SSE Micro Renewables Limited SC386017 SSE OWS Glasgow Limited SC228283 SSE Production Services Limited 02499702 SSE Renewables Holdings (UK) Limited NI043239 SSE Renewables Offshore Windfarm Holdings Limited SC436251 SSE Renewables Onshore Windfarm Holdings Limited NI049557 SSE Renewables Poland Holdings Limited SC723844 SSE Renewables UK Limited NI048447 SSE Renewables Wind Farms (UK) Limited SC654502 SSE Retail Limited SC213458 SSE Seabank Investments Limited 02631512 SSE Seabank Land Investments Limited 07877772 SSE Thermal Energy Holdings Limited 12650549 SSE Toddleburn Limited SC259104 SSE Viking Limited 06021053 SSEPG (Operations) Limited 02764438 Strathy Wind Farm Limited SC663103 Tealing Solar Park Limited 08783684 A3.1.2 Joint arrangements (incorporated) Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity AtlasConnect Limited Scotland A 50.0 50.0 Dormant Baglan Pipeline Limited England and Wales K 50.0 50.0 Dormant Beatrice Offshore Windfarm Holdco Limited Scotland A 40.0 40.0 Holding Company Beatrice Offshore Windfarm Limited Scotland A 40.0 40.0 Power Generation Cloosh Valley Wind Farm Designated Activity Company Ireland L 25.0 25.0 Power Generation Cloosh Valley Wind Farm Holdings Designated Activity Company Ireland L 25.0 25.0 Holding Company Clyde Windfarm (Scotland) Limited** Scotland A 50.1 50.1 Power Generation DB Operational Base Limited England and Wales J 40.0 40.0 Warehousing and storage facilities Deeside Power (UK) Limited England and Wales AF 50.0 \u2013 Power Generation Deeside Power Operation Limited England and Wales AF 50.0 \u2013 Power Generation Digital Reach Partners Limited Scotland A 50.0 50.0 Telecommunications Doggerbank Offshore Wind Farm Project 1 Holdco Limited England and Wales B 40.0 40.0 Holding Company Doggerbank Offshore Wind Farm Project 1 Projco Limited England and Wales B 40.0 40.0 Renewable Development Doggerbank Offshore Wind Farm Project 2 Holdco Limited England and Wales B 40.0 40.0 Holding Company Doggerbank Offshore Wind Farm Project 2 Projco Limited England and Wales B 40.0 40.0 Renewable Development Doggerbank Offshore Wind Farm Project 3 Holdco Limited England and Wales B 40.0 40.0 Holding Compan y
Company Country of incorporation
Registered
address (key)
2023
Holding
%
2022
Holding
% Principal activity
Doggerbank Offshore Wind Farm Project 3
Projco Limited
England and Wales B
40.0
40.0 Renewable Development
Dunmaglass Wind Farm Limited Scotland A
50.1
50.1 Power Generation
Everwind Limited Ireland S
49.0
49.0 Power Generation
Gatroben Offshore Developments 1 Limited England and Wales B
50.0
50.0 Renewable Development
Gatroben Offshore Developments 2 Limited England and Wales B
50.0
50.0 Renewable Development
Gatroben Offshore Developments 3 Limited England and Wales B
50.0
50.0 Renewable Development
Greater Gabbard Offshore Winds Limited*** England and Wales B
50.0
50.0 Power Generation
Green Energy Company Limited Ireland M
47.5
47.5 Dormant
Green H2 Developments Hold Co Limited England and Wales B
50.0
\u2013 Holding Company
Green H2 Developments Project Co Limited England and Wales B
50.0
\u2013 Renewable Development
Green Way Energy Limited Ireland M
50.0
50.0 Holding Company
Indian Queens Power Limited England and Wales AF
50.0
\u2013 Power Generation
Kerry Power Limited Ireland M
49.0
49.0 Power Generation
Lenalea Wind Farm Designated
Activity Company
Ireland C
50.0
100.0 Renewable Development
Marchwood Power Limited England and Wales N
50.0
50.0 Power Generation
Marron Activ8 Energies Limited Ireland R
50.0
50.0 Energy Related Services
Midas Energy Limited Ireland M
49.0
49.0 Power Generation
Neos Networks Limited Scotland A
50.0
50.0 Telecommunications
NNXYZ Limited England and Wales B
50.0
50.0 Telecommunications
North Falls Offshore Wind Farm
Holdco Limited***
England and Wales AG
50.0
50.0 Holding company
North Falls Offshore Wind Farm Limited*** England and Wales AG
50.0
50.0 Renewable Development
Ossian Offshore Wind Farm Holdings Limited
(formerly Scohoco 1 Limited)
Scotland A
40.0
40.0 Holding company
Ossian Offshore Wind Farm Limited
(formerly Scoprojco 1 Limited)
Scotland A
40.0
40.0 Renewable Development
Saltend Cogeneration Company Limited England and Wales AF
50.0
\u2013 Power Generation
Saltend Operations Company Limited England and Wales AF
50.0
\u2013 Power Generation
SCCL Holdings Limited England and Wales AF
50.0
\u2013 Holding Company
Seabank Power Limited England and Wales O
50.0
50.0 Power Generation
Seagreen 1A (Holdco) Limited England and Wales B
49.0
49.0 Holding company
Seagreen 1A Limited England and Wales B
49.0
49.0 Renewable Development
Seagreen Alpha Wind Energy Limited England and Wales B
49.0
49.0 Renewable Development
Seagreen Bravo Wind Energy Limited England and Wales B
49.0
49.0 Renewable Development
Seagreen Holdco 1 Limited England and Wales B
49.0
49.0 Holding company
Seagreen Wind Energy Limited England and Wales B
49.0
49.0 Renewable Development
SSE Slough Multifuel Holdco Limited England and Wales B
50.0
50.0 Holding company
SSE Slough Multifuel Limited England and Wales B
50.0
50.0 Power Generation
Stronelairg Wind Farm Limited Scotland A
50.1
50.1 Power Generation
Sunflower Offshore Wind General Partner B.V. Netherlands AA
50.0
\u2013 Renewable Development
Sunflower Offshore Wind Projectco C.V. Netherlands AA
50.0
\u2013 Renewable Development
Triton Power Holdings Limited Jersey AH
50.0
\u2013 Holding company
Triton Power Intermediate Holdings Limited Jersey AH
50.0
\u2013 Holding company
Triton Power Limited Jersey AH
50.0
\u2013 Power Generation
Tulip Offshore Wind General Partner B.V. Netherlands AA
50.0
\u2013 Renewable Development
Tulip Offshore Wind Projectco C.V. Netherlands AA
50.0
\u2013 Renewable Development
** 50.1% of voting rights held.
*** Joint Operation.
A3.1.3 Associates
Company Country of incorporation
Registered
address (key)
2023
Holding
%
2022
Holding
% Principal activity
St Clements Services Limited England and Wales P 25.0 25.0 Utilities Software
A3. Related undertakings continued
A.3.1.4 Registered address key
Reference Company registered address
A Inveralmond House, 200 Dunkeld Road, Perth PH1 3AQ
B No 1 Forbury Place, 43 Forbury Road, Reading RG1 3JH
C Red Oak South, South County Business Park, Leopardstown, Dublin 18
D Ocean Court, Caspian Road, Atlantic Street, Altrincham, WA14 5HH
E Keadby Power Station, Trentside, Keadby, Scunthorpe, North Lincs DN17 3AZ
F 3rd Floor, Millennium House, 17-25 Great Victoria Street, Belfast, BT2 7AQ
G Tower House, Loch Promenade, Douglas, Isle of Man
H B\u00fcro M\u00fcnchen, Elektrastrasse 6, 81925, M\u00fcnchen, Germany
I The Gutters\u2019 Hut, North Ness Business Park, Lerwick, Shetland ZE1 0LZ
J One Kingdom Street, London, United Kingdom, W2 6BD
K 10 Fleet Place, London, EC4M 7QS
L 6th Floor, South Bank House, Barrow Street, Dublin 4
M Lissarda Industrial Park, Lissarda, Macroom, County Cork
N Oceanic Way, Marchwood Industrial Park, Marchwood, Southampton SO40 4BD
O Severn Road, Hallen, Bristol, BS10 7SP
P 4-6 Church Walk, Daventry, NN11 4BL
Q Unit 14 Maryland Industrial Estate, Ballygowan Road, Belfast
R Dunoge, Carrickmacross, Co. Monaghan, Ireland
S Gorthleahy, Macroom, Co. Cork, Ireland
T c/o Fiduservice SA, Route de Beaumont 20, 1701 Freiburg, Switzerland
U c/o CMS Hasche Sigle, Stadthausbr\u00fccke 1-3, 20355 Hamburg
V Rm 1901, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong
W 3411 Silverside Road, Tatnall Building #104, Wilmington, New Castle, Delaware, 19810
X Towarowa no.28, suite 00-839, Warsaw, Poland
Y Roppongi Grand Tower, 3-2-1 Roppongi, Minato-ku, Tokyo, Japan
Z Stewart Building Esplanade, Lerwick, Shetland, Scotland, ZE1 0LL
AA Hofplein 20, Rotterdam, 3032 AC, Netherlands
AB 16 Kifissias Ave, 11526, Athens, Greece
AC Viale Luca Gaurico, 9/11, 00143, Rome, Italy
AD Spain: calle Buenos Aires, 12, 48.001, Bilbao, Spain
AE 97 all\u00e9e Alexandre Borodine, Immeuble C\u00e8dre 3, 69800, Saint Priest, France
AF Saltend Power Station Saltend Chemicals Park, Hedon Road, Hull, East Riding of Yorkshire, England, HU12 8GA
AG Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, United Kingdom, SN5 6PB
AH 22 Grenville Street, St Helier, Jersey, JE4 SPX
AI Cannon Place, 78 Cannon Street, London, United Kingdom, EC4N 6AF
AJ c/o Bird & Bird LLP, Maximiliansplatz 22, Munich, 80333, Germany
A4. Joint ventures and associates
The Directors have assessed that the investments in the following equity accounted joint ventures and associates are of a sufficiently
material impact to warrant additional disclosure on an individual basis. Details of the financial position and financial results of the Group:
Company Principal activity
Country
of incorporation
Class of
shares held
Proportion
of shares
held %
Group
Interest
% Year end date
Consolidation
basis
Seabank Power Limited Power Generation UK Ordinary 50.0 50.0 31 December Equity
Marchwood Power Limited Power Generation UK Ordinary 50.0 50.0 31 December Equity
SSE Slough Multifuel Limited Power Generation UK Ordinary 50.0 50.0 31 March Equity
Clyde Windfarm (Scotland) Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity
Seagreen Wind Energy Limited Power Generation UK Ordinary 49.0 49.0 31 March Equity
Beatrice Offshore Windfarm Limited Power Generation UK Ordinary 40.0 40.0 31 March Equity
Dunmaglass Wind Farm Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity
Stronelairg Wind Farm Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity
Triton Power Holdings Limited Power Generation Jersey Ordinary 50.0 50.0 31 December Equity
Neos Networks Limited Telecoms UK Ordinary 50.0 50.0 31 March Equity
Summary information for material joint ventures and associates from unaudited financial statements is as follows:
Seabank
Power
Limited
2023
\u00a3m
Marchwood
Power
Limited
2023
\u00a3m
SSE
Slough
Multifuel
Limited
2023
\u00a3m
Clyde
Windfarm
(Scotland)
Limited
2023
\u00a3m
Seagreen
Wind
Energy
Limited
2023
\u00a3m
Beatrice
Offshore
Windfarm
Limited
2023
\u00a3m
Dunmaglass
Wind Farm
Limited
2023
\u00a3m
Stronelairg
Wind Farm
Limited
2023
\u00a3m
Triton
Power
Holdings
Limited
2023
\u00a3m
Neos
Networks
Limited
2023
\u00a3m
Other
2023
\u00a3m
Total
2023
\u00a3m
Revenue 274.5 103.8 \u2013 297.5 95.2 376.5 68.7 151.5 1,628.7 159.2 62.3 3, 217.9
Other income \u2013 \u2013 \u2013 \u2013 \u2013 25.5 \u2013 \u2013 \u2013 \u2013 \u2013 25.5
Depreciation and
amortisation (6.9) (30.7) \u2013 (29.1) (17.9) (89.6) (7.7) (13.7) (84.0) (95.0) (30.4) (405.0)
Other operating
costs (216.5) (21.0) \u2013 (56.8) (40.8) (94.8) (12.6) (28.0) (415.1) (80.3) (40.1) (1,006.0)
Operating profit 51.1 52.1 \u2013 211.6 36.5 217.6 48.4 109.8 1,129.6 (16.1) (8.2) 1,832.4
Interest expense (0.7) (5.2) \u2013 (18.4) (20.7) (65.4) (6.1) (12.1) (2.4) (20.7) (3.0) (154.7)
Profit before tax 50.4 46.9 \u2013 193.2 15.8 152.2 42.3 97.7 1,127. 2 (36.8) (11.2) 1,677.7
Corporation tax (10.6) (6.1) \u2013 (35.6) (3.8) (26.0) (8.1) (19.1) (179.2) \u2013 (4.2) (292.7)
Profit after tax 39.8 40.8 \u2013 157.6 12.0 126.2 34.2 78.6 948.0 (36.8) (15.4) 1,385.0
Recognised in other
comprehensive
income
Actuarial gain on
retirement benefit
schemes \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Cash flow hedges \u2013 \u2013 6.2 \u2013 141.0 152.4 \u2013 \u2013 \u2013 \u2013 807.6 1 , 107.2
Taxation \u2013 \u2013 (1.6) \u2013 (35.3) (38.1) \u2013 \u2013 \u2013 \u2013 (201.8) (276.8)
\u2013 \u2013 4.6 \u2013 105.7 114.3 \u2013 \u2013 \u2013 \u2013 605.8 830.4
Total comprehensive
income/(loss) 39.8 40.8 4.6 157.6 117.7 240.5 34.2 78.6 948.0 (36.8) 590.4 2,215.4
SSE share of profit
(based on %
equity) 19.9 20.4 \u2013 78.9 5.9 50.5 17.1 39.3 474.0 (18.4) (24.0) 663.6
Dividends paid to
shareholders 47.0 22.4 \u2013 169.1 \u2013 146.5 35.2 93.6 101.4 \u2013 2.0 617.2
Non-current assets 96.2 154.1 353.5 560.4 3,229.8 1,906.0 175.0 330.2 189.6 626.2 6,288.3 13,909.3
Current assets 48.8 53.5 10.0 119.0 19.4 50.5 27.5 58.2 507.0 41.9 59.9 995.7
Cash and cash
equivalents 69.3 32.8 8.4 83.4 86.4 91.3 19.0 48.3 16.7 23.3 86.1 565.0
Current liabilities (19.1) (38.3) (23.6) (20.4) (57. 2) (176.3) (4.6) (19.8) (301.7) (144.0) (246.8) (1,051.8)
Non-current
liabilities (61.6) (65.9) (265.2) (437.3) (2,870.7) (1,800.4) (139.3) (259.0) (18.0) (353.1) (5,241.9) (11,512.4)
Net assets 133.6 136.2 83.1 305.1 407.7 71.1 77.6 157.9 393.6 194.3 945.6 2,905.8
Group equity
interest 50% 50% 50% 50.1% 49% 40% 50.1% 50.1% 50% 50%
Net assets 133.6 136.2 83.1 305.1 407.7 71.1 77.6 157.9 393.6 194.3 945.6 2,905.8
Group\u2019s share of
ownership interest 66.8
68.1 41.5 152.8 199.8 28.4 38.8 79.1 196.8 97.2 376.4 1,345.7
Other adjustments (20.3) 0.3 30.9 27.2 141.8 (15.3) 68.1 214.7 57.1 (22.5) 109.3 591.3
Carrying value of
Group\u2019s equity
interest 46.5 68.4 72.4 180.0 341.6 13.1 106.9 293.8 253.9 74.7 485.7 1,937.0
A4. Joint ventures and associates continued
Seabank
Power
Limited
2022
\u00a3m
Marchwood
Power
Limited
2022
\u00a3m
SSE
Slough
Multifuel
Limited
2022
\u00a3m
Clyde
Windfarm
(Scotland)
Limited
2022
\u00a3m
Seagreen
Offshore
Windfarm
Limited
2022
\u00a3m
Beatrice
Offshore
Windfarm
Limited
2022
\u00a3m
Dunmaglass
Wind Farm
Limited
2022
\u00a3m
Stronelairg
Wind Farm
Limited
2022
\u00a3m
Neos
Networks
Limited
2022
\u00a3m
Other
2022
\u00a3m
Total
continuing
operations
2022
\u00a3m
SGN-
discontinued
operation
2022
\u00a3m
Revenue 260.9 97.6 \u2013 270.9 111.6 59.6 142.0 156.8 42.7 1,142.1 181.3
Other income \u2013 \u2013 \u2013 \u2013 \u2013 281.3 \u2013 \u2013 \u2013 281.3 \u2013
Depreciation
and
amortisation (5.7) (32.2) \u2013 (29.8) \u2013 (90.6) (8.0) (14.1) (84.0) (30.5) (294.9) (33.3)
Other
operating
costs (235.6) (21.2) \u2013 (48.9) \u2013 (84.3) (10.8) (25.3) (102.6) (16.5) (545.2) (85.0)
Operating
profit 19.6 44.2 \u2013 192.2 \u2013 218.0 40.8 102.6 (29.8) (4.3) 583.3 63.0
Interest
expense (0.1) (6.6) \u2013 (18.3) \u2013 (69.0) (6.2) (12.5) (24.0) (13.5) (150.2) (46.9)
Profit before
tax
19.5 37.6 \u2013 173.9 \u2013 149.0 34.6 90.1 (53.8) (17.8) 433.1 16.1
Corporation tax (9.8) (7.6) \u2013 (54.2) \u2013 (55.8) (13.8) (25.4) (4.0) \u2013 (170.6) (259.3)
Profit after tax 9.7 30.0 \u2013 119.7 \u2013 93.2 20.8 64.7 (57.8) (17.8) 262.5 (243.2)
Recognised
in other
compreh-
ensive
income
Actuarial gain
on retirement
benefit
schemes
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6.3
Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (7.1)
Cash flow
hedges \u2013 \u2013 7.2 \u2013 \u2013 131.9 \u2013 \u2013 \u2013 267.1 406.2 (1.9)
Taxation \u2013 \u2013 (1.4) \u2013 \u2013 (25.1) \u2013 \u2013 \u2013 (50.4) (76.9) 4.8
\u2013 \u2013 5.8 \u2013 \u2013 106.8 \u2013 \u2013 \u2013 216.7 329.3 2.1
Total
compreh-
ensive
income/(loss) 9.7 30.0 5.8 119.7 \u2013 200.0 20.8 64.7 (57.8) 198.9 591.8 (241.1)
SSE share of
profit (based
on % equity) 4.8 15.0 \u2013 60.0 \u2013 37.3 10.4 32.5 (29.0) (20.3) 110.7 (81.0)
Dividends paid
to
shareholders \u2013 29.2 \u2013 105.9 \u2013 183.2 21.7 47.5 4.4 \u2013 391.9 \u2013
Non-current
assets 105.8 194.2 17 7.3 599.5 2,253.8 2,018.7 186.3 350.1 445.5 3,716.5 10,047.7 \u2013
Current assets 58.0 39.7 4.6 110.8 6.1 44.0 23.7 52.6 79.4 41.4 460.3 \u2013
Cash and cash
equivalents 29.0 21.5 4.9 69.9 73.7 130.7 13.8 47.5 20.0 93.7 504.7 \u2013
Current
liabilities (4.4) (38.2) (7.2) (16.9) (151.1) (167.3) (4.2) (18.1) (145.0) (200.9) (753.3) \u2013
Non-current
liabilities (64.8) (100.4) (146.9) (429.2) (2,129.3) (1,892.8) (135.5) (253.5) (278.4) (3,402.9) (8,833.7) \u2013
Net assets 123.6 116.8 32.7 334.1 53.2 133.3 84.1 178.6 121.5 247.8 1,425.7 \u2013
Group equity
interest 50% 50% 50% 50.1% 49% 40% 50.1% 50.1% 50% \u2013 \u2013 \u2013
Net assets 123.6 116.8 32.7 334.1 53.2 133.3 84.1 178.6 121.5 247.8 1,425.7 \u2013
Group\u2019s share
of ownership
interest 61.8 58.4 16.4 167.4 26.1 53.4 42.1 89.5 60.7 99.4 675.2 \u2013
Other
adjustments (11.7) 0.8 56.5 25.2 220.2 (53.4) 69.2 224.4 (5.4) 38.5 564.3 \u2013
Carrying value
of Group\u2019s
equity interest 50.1 59.2 72.9 192.6 246.3 \u2013 111.3 313.9 55.3 1 37.9 1,239.5 \u2013
In addition to the above at 31 March 2023, the Group was owed the following loans from its principal joint ventures: Marchwood Power
Limited \u00a325.7m (2022: \u00a339.1m); Triton Power Holdings Limited \u00a3nil (2022: \u00a3nil); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2022:
\u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2022: \u00a346.5m); Stronelairg Wind Farm Limited \u00a388.7m (2022: \u00a388.2m) Neos Networks
Limited \u00a356.0m (2022: \u00a390.2m); Seagreen Offshore Windfarm Limited \u00a3593.1m (2022: \u00a3271.1m) and Slough Multifuel Limited \u00a3128.0m
(2022: \u00a362.5m).
This represents 96% (2022: 99%) of the loans provided to equity-accounted joint ventures and associates.
A5. Related party transactions
The immediate parent and ultimate controlling party of the Group is SSE plc (incorporated in Scotland). Balances and transactions between
the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in
this note. Details of transactions between the Group and other related parties are disclosed below.
Trading transactions
The following transactions took place during the year between the Group and entities which are related to the Group, but which are not
members of the Group. Related parties are defined as those in which the Group has control, joint control or significant influence over.
2023
Sale of
goods and
services
\u00a3m
2023
Purchase of
goods and
services
\u00a3m
2023
Amounts
owed from
\u00a3m
2023
Amounts
owed to
\u00a3m
2022
Sale of
goods and
services
\u00a3m
2022
Purchase of
goods and
services
\u00a3m
2022
Amounts
owed from
\u00a3m
2022
Amounts
owed to
\u00a3m
Joint ventures:
Seabank Power Limited \u2013 \u2013 \u2013 \u2013 51.9 (49.1) \u2013 \u2013
Marchwood Power Limited 122.4 (228.5) \u2013 (16.8) 104.3 (229.3) \u2013 (7.6)
Scotia Gas Networks Limited \u2013 \u2013 \u2013 \u2013 42.9 (10.1) \u2013 \u2013
Clyde Windfarm (Scotland) Limited 4.8 (280.5) 0.1 (49.5) 4.6 (259.3) 0.1 (74.2)
Beatrice Offshore Windfarm Limited 4.7 (176.5) 1.0 (8.7) 5.0 (163.7) 0.9 (20.6)
Stronelairg Windfarm Limited 2.4 (146.2) \u2013 (21.7) 2.1 (138.5) \u2013 (36.7)
Dunmaglass Windfarm Limited 1.1 (66.4) \u2013 (9.1) 1.0 (57.9) \u2013 (13.7)
Neos Networks Limited 3.8 (23.8) 46.2 (5.8) 31.2 (27.1) 52.2 (13.8)
Seagreen Wind Energy Limited 35.2 (44.4) 22.9 (7.5) 24.9 (0.4) 6.0 (0.3)
Doggerbank A, B and C 25.4 \u2013 7.6 \u2013 21.2 \u2013 8.5 \u2013
Triton Power Holdings Limited \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Other Joint Ventures 14.0 (219.2) 1.1 (50.8) 8.2 (195.9) 1.3 (23.6)
The transactions with Seabank Power Limited and Marchwood Power Limited relate to the contracts for the provision of energy or the
tolling of energy under power purchase arrangements.
Details of the Group\u2019s 15-year Affiliate Contract for Difference agreement with Seagreen Wind Energy Limited are included in note A7.2 .
On 22 March 2022 the Group completed its disposal of its interest in Scotia Gas Networks Limited (\u2018SGN\u2019). In the prior year, the table
above included the Group\u2019s gas supply activity which included gas distribution charges and services the Group provided to SGN in the
form of a management services agreement for corporate and shared services.
The amounts outstanding are trading balances, are unsecured and will be settled in cash. No guarantees have been given or received.
No provisions have been made for doubtful debts in respect of the amounts owed by related parties. Aggregate capital loans to joint
ventures and associates are shown in note 16.
A6. Financial risk management
This note presents information about the fair value of the Group\u2019s financial instruments, the Group\u2019s exposure to the risks associated with
those instruments, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of
capital. Further qualitative disclosures are included throughout these consolidated financial statements.
The Group has exposure to the following risks from its use of financial instruments:
\u2022 Credit risk
\u2022 Liquidity risk
\u2022 Commodity risk
\u2022 Currency risk
\u2022 Interest rate risk
The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s
policies for risk management are established to identify the risks faced by the Group, to set appropriate risk limits and controls, and to
monitor risks and adherence to limits. Exposure to commodity, currency and interest rate risks arise in the normal course of the Group\u2019s
business and derivative financial instruments are entered into to hedge exposure to these risks.
SSE has a Group wide Risk Committee reporting to the Group Executive Committee, which is responsible for reviewing the strategic,
market, credit, operational and liquidity risks and exposures that arise from the Group\u2019s operating activities. In addition, the Group has
two dedicated Energy Market risk committees reporting to the Group Executive Committee and Board respectively, with the Group
Executive Sub-committee chaired by the Group Finance Director (the \u2018Group Energy Markets Exposures Risk Committee\u2019) and the Board
Sub-committee chaired by non-Executive Director Tony Cocker (the \u2018Energy Markets Risk Committee (EMRC)\u2019). These Committees
oversee the Group\u2019s management of its energy market exposures, including its approach to hedging.
During the year ended 31 March 2023, the Group was exposed to exceptional volatility in energy markets impacting the primary
commodities to which it is exposed (Gas, Carbon and Power) due to the ongoing impacts from the war in Ukraine and other global
factors. The Group\u2019s approach to hedging, and the diversity of its energy portfolios (across Wind, Hydro, Thermal and Customers) has
provided significant certain mitigation of these exposures. Exceptional rises and volatility in commodity prices have created a particular
challenge in managing counter-party credit and collateral exposures and requirements. Market access to energy markets to enable
hedging and prompt optimisation has been maintained by a combination of three key actions. Firstly, bilateral counterparty limits have
been increased (subject to Executive Director authorisation) and SSE has continued to utilise market access provided by exchange
platforms and auctions. Secondly, the SSE Group Parent Company Guarantee has been increased appropriately to reflect the impact of
market volatility on counterparty exposures. Finally, since March 2022, SSE Treasury facilities have been increased by circa \u00a3730m with
relationship banks and insurance companies in order to facilitate letters of credit to be posted as collateral instead of cash to support the
route to market of the Group.
At 31 March, the Group\u2019s collateral position was as follows:
Note
2023
\u00a3m
2022
\u00a3m
Collateral posted included within trade and other receivables 18 316.3 74.7
Net collateral posted/(received) 316.3 74.7
Exposure to the commodity, currency and interest rate risks noted arise in the normal course of the Group\u2019s business and derivative
financial instruments are entered into to hedge exposure to these risks. The objectives and policies for holding or issuing financial
instruments and similar contracts, and the strategies for achieving those objectives that have been followed during the year are
explained below.
A6.1 Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations.
Credit risk arising from the Group\u2019s normal commercial operations is controlled by individual business units operating in accordance with
Group policies and procedures. Generally, for significant contracts, individual business units enter into contracts or agreements with
counterparties having investment grade credit ratings only, or where suitable collateral or other security has been provided. Counterparty
credit validation is undertaken prior to contractual commitment.
Credit risk management for the Group\u2019s SSEN Transmission and SSEN Distribution businesses is performed in accordance with industry
standards as set out by the Regulator and is financially controlled by the individual business units. The Group\u2019s greatest credit risks lie
with the operations of the Customers business, the wholesale procurement activities conducted by Energy Portfolio Management
(\u2018EPM\u2019) under a trust arrangement and the activities carried out by the Group\u2019s Treasury function. In all cases, specific credit risk controls
that match the risk profile of those activities are applied. Exposure to credit risk in the retail supply of electricity and gas to end user
customers arises from the potential of a customer defaulting on their invoiced payables. The Group exposure to retail supply customers
is limited to customers of the Group\u2019s Airtricity business. The creditworthiness of these customers is reviewed from a variety of internal
and external information. The financial strength and creditworthiness of business customers is assessed prior to commencing, and for
the duration of, their contract of supply.
Exposure to credit risk in the procurement of wholesale energy and fuel is managed by reference to agreed transaction credit limits
which are determined by whether the counterparty:
\u2022 holds an investment grade credit rating; or
\u2022 can be assessed as adequately creditworthy in accordance with internal credit rules using information from other external credit
agencies; or
\u2022 can provide a guarantee from an investment grade rated entity or post suitable collateral or provide other acceptable assurances in
accordance with group procedures where they have failed to meet the above conditions; or
\u2022 can be allocated a non-standard credit limit approved by the relevant authority as delegated by the Group Board.
Credit support clauses and Master Netting Agreements are typically included or entered into in order to mitigate the impact to the Group
against counterparty failure or non-delivery. As part of its normal activities, EPM transacts significant volumes of commodity derivative
products through cleared exchanges to mitigate credit risk. Such exchanges are subject to strict regulation by the UK Financial Conduct
Authority (FCA) and participants in these exchanges are obliged to meet rigorous capital adequacy requirements.
Individual counterparty credit exposures are monitored regularly and are subject to approved limits. At 31 March 2023, EPM had pledged
\u00a3443.6m (2022: \u00a3545.9m) of cash collateral and letters of credit and had received \u00a3110.8m (2022: \u00a395.8m) of cash collateral and letters
of credit principally to reduce exposures on credit risk.
Bank credit exposures, which are monitored and reported on daily, are calculated on a mark-to-market basis and adjusted for future
volatility and probability of default. Any issues relating to these credit exposures are presented for discussion and review by the Tax and
Treasury Committee.
Cash and cash equivalents comprise cash in hand and deposits which are readily convertible to cash. These are subject to insignificant
risk of change in value or credit risk.
Derivative financial instruments are entered into to cover the Group\u2019s market risks \u2013 commodity risk, interest rate risk, currency risk \u2013 and
are consequently covered elsewhere in this note.
Trade receivables represent the most significant exposure to credit risk and are stated after an allowance for impairment.
A6. Financial risk management continued
A6.2 Concentrations of risk
Trade receivables recorded by reported segment held at the 31 March were:
2023
\u00a3m
2022
\u00a3m
SSEN Transmission 8.0 7.9
SSEN Distribution 137.2 122.3
SSE Renewables 88.3 84.1
SSE Thermal 41.0 21.2
Gas Storage 1.5 1.4
Energy Customer Solutions
Business Energy 386.9 231.3
SSE Airtricity 125.1 231.6
Distributed Energy 31.8 38.4
EPM 567.5 679.3
Corporate Unallocated 16.7 16.4
Total SSE Group 1,404.0 1,433.9
Energy Customers Solution (Business Energy and SSE Airtricity) accounts for 36.5% (2022: 32.3%) of the Group\u2019s trade receivables from
continuing operations. Trade receivables associated with the Group\u2019s 1.2 million electricity and gas customers are recorded within this
business unit. The Group also has significant trade receivables associated with its EPM activities which are generally settled within two to
four weeks from invoicing. The Group\u2019s exposure to credit risk is therefore subject to diversification with no exposure to individual retail
customers totalling >10% of trade receivables. The largest customer balance, due from an EPM customer (also an EPM supplier), is 8%
(2022: 7%) of the total trade receivables.
The ageing of trade receivables at the reporting date was:
2023
\u00a3m
2022
\u00a3m
Not past due 1,229.0 1,167.7
Past due but not individually impaired:
0 \u2013 30 days 116.3 185.3
31 \u2013 90 days 65.6 60.8
Over 90 days 162.3 98.3
1,573.2 1,512.1
Less: allowance for impairment (169.2) (78.2)
Net trade receivables 1,404.0 1,433.9
The Group has past due debt which has not had an impairment allowance set aside to cover potential credit losses. The Group has certain
procedures to pursue customers in significant arrears and believes its impairment policy in relation to such balances is appropriate. The
increased ageing of the trade receivables results in an increase in provisions held in respect of them under the provision matrix approach
employed. The Group also considers various risk factors when assessing the level of provision to recognise. Trade receivables and contract
assets are written off when there is no reasonable expectation of recovery.
The Group has other receivables which are financial assets totalling \u00a312.8m (2022: \u00a34.9m).
The movement in the allowance for impairment of trade receivables (continuing operations only) was:
2023
\u00a3m
2022
\u00a3m
Balance at 1 April 78.2 7 7.1
Increase/(decrease) in allowance for impairment 116.8 (16.8)
Impairment losses recognised (25.8) 17.9
Balance at 31 March 169.2 78.2
At the end of each reporting period a review of the allowance for impairment of trade receivables (or bad debt provision) is performed
by the respective businesses. Trade receivables do not contain a significant financing element, and therefore expected credit losses are
measured using the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised on initial
recognition. A provision matrix is utilised to estimate the lifetime expected credit losses, based on the age, status and risk of each class
of receivable, which is updated periodically to include changes to both forward-looking and historical inputs.
A6.3 Liquidity risk and Going Concern
Liquidity risk, the risk that the Group will have insufficient funds to meet its liabilities, is managed by the Group\u2019s Treasury function. The
Group can be exposed to significant movements in its liquidity position due to changes in commodity prices, working capital requirements,
the impact of the seasonal nature of the business and phasing of its capital investment and recycling programmes.
Treasury is responsible for managing the banking and liquidity requirements of the Group, risk management relating to interest rate and
foreign exchange exposures, and for managing the credit risk relating to the banking counterparties with which it transacts. Short term
liquidity is reviewed daily by Treasury, while the longer-term liquidity position is reviewed on a regular basis by the Board. The department\u2019s
operations are governed by policies determined by the Board and any breaches of these policies are reported to the Tax and Treasury
Committee and Audit Committee.
In relation to the Group\u2019s liquidity risk, the Group\u2019s policy is to ensure, as far as possible, that it will always have sufficient liquidity to meet
its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
Group\u2019s reputation.
During the year, the Group\u2019s internal approach to managing liquidity was to seek to ensure that the Group had available committed
borrowings and facilities equal to at least 105% of forecast borrowings over a rolling 6 month period.
The Group uses cash flow forecasts to monitor its ongoing borrowing requirements. Typically, the Group will fund any short-term
borrowing positions by issuing commercial paper or borrowing from committed and uncommitted bank lines and will invest in money
market funds when it has a cash surplus. Details of the Group\u2019s borrowings are disclosed at note 21. In addition to the borrowing facilities
listed at note 21.3, the Group has \u00a350m of uncommitted bank lines and a \u00a315m overdraft facility.
The refinancing requirement in the 23/24 financial year is \u00a31.6bn, being the \u00a335m and \u00a3120m of US Private Placement maturing 28 April
2023 and 6 September 2023 respectively; \u00a3929m of short-term Commercial Paper that matures between April and June; \u20ac700m (\u00a3514m)
Eurobond maturing 8 September 2023; \u00a350m of EIB loans maturing in August 2023. The directors are confident in the ability of the Group
to maintain a funding level above 105% for the going concern assessment period based on the strong credit standing and borrowing
history of the Group for both fixed debt and commercial paper, as discussed more fully below.
Given the committed bank facilities of \u00a33.5bn, \u00a32.75bn excluding Scottish Hydro Electric Transmission plc facilities, maintained by the
Group and the current commercial paper market conditions, the Directors have concluded that both the Group and SSE plc as parent
company have sufficient headroom to continue as a going concern. In coming to this conclusion, the Directors have taken into account
the Group\u2019s credit rating and the successful issuance of \u00a314.4bn of medium to long term debt and Hybrid equity since February 2012,
including \u00a31.6bn of long term funding in the 22/23 financial year being a \u20ac1bn NC6 Hybrid at 4% in April 2022 to re-finance the $900m
and \u00a3300m Hybrids whose first call date was 16 September 2022, a 7 year \u20ac650m Eurobond at a coupon of 2.875% with an all-in cost of
funding rate of just below 3% once fees and cost of pre-hedging have been included and a \u00a3350m dual tranche US Private Placement
with Pricoa Capital being a \u00a3175m 10-year at 3.13% and a \u00a3175m 15-year at 3.24% giving an all-in average rate of 3.185% across both
tranches.
The Group\u2019s period of Going Concern assessment is performed to 31 December 2024, 21 months from the balance sheet date, which is
at least 12 months from the filing deadline of its subsidiary companies. As well as taking account of the factors noted, the Going Concern
conclusion is arrived at after applying stress testing sensitivities to the Group\u2019s cash flow and funding projections including removal of
proceeds from unconfirmed future divestments, negative and positive sensitivities on operating cash flows and uncommitted capex and
other adjustments. The Group has also considered its obligations under its debt covenants. There have been no breaches of covenant in
the year and the Group\u2019s projections support the expectation that there will be no breach of covenants over the period to 31 December
2024. The statement of going concern is included in the Audit Committee Report.
As at 31 March 2023, the value of outstanding cash collateral posted in respect of mark-to-market related margin calls on exchange
traded positions was \u00a3316.3m (2022: cash posted \u00a374.7m).
A6. Financial risk management continued
A6.3 Liquidity risk and Going Concern continued
The contractual cash flows shown in the following tables are the contractual undiscounted cashflows under the relevant financial
instruments. Where the contractual cashflows are variable based on a price, foreign exchange rate or index in the future, the contractual
cashflows in the following tables have been determined with reference to the relevant price, foreign exchange rate, interest rate or index
as at the balance sheet date. In determining the interest element of contractual cashflows in cases where the Group has a choice as to
the length of interest calculation periods and the interest rate that applies varies with the period selected, the contractual cashflows have
been calculated assuming the Group selects the shortest available interest calculation periods. Where the holder of an instrument has a
choice of when to redeem, the amounts in the following tables are on the assumption the holder redeems at the earliest opportunity.
The following are the undiscounted contractual maturities of financial liabilities, including interest and excluding the impact of
netting agreements:
Liquidity risk
2023
Carrying value
\u00a3m
2023
Contractual
cash flows
\u00a3m
2023
0-12 months
\u00a3m
2023
1-2 years
\u00a3m
2023
2-5 years
\u00a3m
2023
> 5 years
\u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances 1,019.2 (1,029.8) (1,029.8) \u2013 \u2013 \u2013
Loans \u2013 floating 200.0 (253.4) (10.7) (10.7) (232.0) \u2013
Loans \u2013 fixed 1,574.7 (2,064.5) (96.5) (194.3) (917.7) (856.0)
Unsecured bonds \u2013 fixed 5,705.5 (7,596.0) (182.8) (681.3) (2,040.7) (4,691.2)
Fair value adjustment 154.6 \u2013 \u2013 \u2013 \u2013 \u2013
8,654.0 (10,943.7) (1,319.8) (886.3) (3,190.4) (5,547. 2)
Lease liabilities 405.9 (613.0) (94.5) (55.8) (146.6) (316.1)
9,059.9 (11,556.7) (1,414.3) (942.1) (3,337.0) (5,863.3)
Derivative financial liabilities
Operating derivatives designated at fair value 1,152.8 (1,841.9) (1,770.2) (97.5) 1.0 24.8
Interest rate swaps used for hedging 37.4 (37.4) (8.5) (8.5) (17.2) (3.2)
Interest rate swaps designated at fair value 55.2 (55.2) (5.0) (4.9) (13.2) (32.1)
Forward exchange contracts held for hedging 11.5 (337.7) (292.0) (42.3) (3.4) \u2013
Forward exchange contracts designated
at fair value 7.4 2.0 (50.7) 66.4 (13.7) \u2013
1,264.3 (2,270.2) (2,126.4) (86.8) (46.5) (10.5)
Other financial liabilities
Trade payables 694.6 (694.6) (694.6) \u2013 \u2013 \u2013
694.6 (694.6) (694.6) \u2013 \u2013 \u2013
Total 11,018.8 (14,521.5) (4,235.3) (1,028.9) (3,383.5) (5,873.8)
Derivative financial assets
Financing derivatives (239.3) 638.9 518.2 82.1 37.0 1.6
Operating derivatives designated at fair value (765.9) 1,445.5 970.5 40.9 127.9 306.2
(1,005.2) 2,084.4 1,488.7 123.0 164.9 307.8
Net total
(i)
10,013.6 (12 ,437.1) (2,746.6) (905.9) (3,218.6) (5,566.0)
Liquidity Risk
2022
Carrying value
\u00a3m
2022
Contractual
cash flows
\u00a3m
2022
0-12 months
\u00a3m
2022
1-2 years
\u00a3m
2022
2-5 years
\u00a3m
2022
> 5 years
\u00a3m
Financial liabilities
Loans and borrowings
Commercial paper and cash advances 506.1 (507.1) (507.1) \u2013 \u2013 \u2013
Loans \u2013 floating 200.0 (209.7) (1.6) (1.6) (4.9) (201.6)
Loans \u2013 fixed 1,508.1 (1,913.7) (358.9) (240.5) (905.4) (408.9)
Unsecured bonds \u2013 fixed 6,425.4 (8,392.3) (1,529.7) (681.1) (1,985.5) (4,196.0)
Fair value adjustment 31.6 \u2013 \u2013 \u2013 \u2013 \u2013
8,671.2 (11,022.8) (2,397.3) (923.2) (2,895.8) (4,806.5)
Lease liabilities 393.5 (581.2) (88.7) (61.7) (162.0) (268.8)
9,064.7 (11,604.0) (2,486.0) (984.9) (3,057.8) (5,075.3)
Derivative financial liabilities
Operating derivatives designated at fair value 828.7 (3,079.0) (2,790.0) (178.0) (111.0) \u2013
Interest rate swaps used for hedging 129.2 (129.0) (55.3) (19.0) 43.3 (98.0)
Interest rate swaps designated at fair value 246.2 (246.2) (16.1) (15.6) (46.0) (168.5)
Forward exchange contracts held for hedging 43.4 (521.8) (347.9) (1 37.2) (36.7) \u2013
Forward exchange contracts designated
at fair value 3.6 (208.2) (194.4) (13.8) \u2013 \u2013
1,251.1 (4,184.2) (3,403.7) (363.6) (150.4) (266.5)
Other financial liabilities
Trade payables 919.7 (919.7) (919.7) \u2013 \u2013 \u2013
919.7 (919.7) (919.7) \u2013 \u2013 \u2013
Total 11,235.5 (16,707.9) (6,809.4) (1,348.5) (3,208.2) (5,341.8)
Derivative financial assets
Financing derivatives (182.9) 441.3 382.4 41.6 15.6 1.7
Operating derivatives designated at fair value (3,130.5) 3,057.3 2, 597.6 311.1 148.6 \u2013
(3,313.4) 3,498.6 2,980.0 352.7 164.2 1.7
Net total (i) 7,922.1 (13,209.3) (3,829.4) (995.8) (3,044.0) (5,340.1)
(i) The Group believes the liquidity risk associated with out-of-the-money operating derivative contracts needs to be considered in conjunction with the profile of
payments or receipts arising from derivative financial assets. It should be noted that cash flows associated with future energy sales and commodity contracts
which are not IFRS 9 financial instruments are not included in this analysis, which is prepared in accordance with IFRS 7 \u2018Financial Instruments: Disclosures\u2019.
A6.4 Commodity risk
The Group\u2019s Energy Portfolio Management (\u2018EPM\u2019) business implements the hedging policy through trading in the commodity markets
and manages the requirement for the delivery of the Group\u2019s physical commodity needs as part of its normal course of business. The risk
management activity carried out by EPM arises from the Group\u2019s requirement to source gas, electricity or other commodities such as
renewable obligation certificates for Business Energy and SSE Airtricity, and to procure fuel and other commodities and provide a
route-to-market for SSE Renewables, SSE Thermal, Gas Storage and the now disposed and discontinued Gas Production business.
A6. Financial risk management continued
A6.4 Commodity risk continued
Current hedging approach
The Group has traded in three principal commodities during the year, as well as the spreads between two or more commodity prices:
power (baseload and other products); gas; and carbon (emissions allowances). Each commodity has different liquidity characteristics,
which impacts on the degree of hedging possible. Similarly, each of the Group\u2019s assets carries different exposures to the commodity
market and thus requires a different approach to hedging. As such, the Group\u2019s current hedging approach varies by each class of asset
as follows:
Asset class Minimum Hedge Target Principal Commodity Exposures
GB Wind Target to hedge less than 100% of anticipated wind energy output for the coming
12 months, progressively establishing the hedge over the 36 months prior to delivery.
From May 2021, this has been around 90%.
Power, Gas, Carbon
Hydro 85% of forecast generation 12 months in advance of delivery, progressively established
over the 36 months prior to delivery.
Power, Gas, Carbon
GB Thermal 100% of expected output 6 months in advance of delivery, progressively established
over the 18 months prior to delivery.
Power, Gas, Carbon
Gas Storage The annual auction to offer gas storage capacity contracts from Atwick for the
2020/21 (and 21/22) financial year resulted in no third party contracts being secured.
The assets were commercially operated throughout the year and the business managed
its exposure to changes in the spread between summer and winter prices, market
volatility and plant availability.
Gas
Business Energy Sales to contract customers are 100% hedged: at point of sale for fixed, upon
instruction for flexi and on a rolling basis for tariff customers.
Power, Gas
However, there are three principal areas where significant variations in earnings cannot be fully mitigated through hedging:
\u2022 The impact of the weather on the volume of electricity produced from renewable sources;
\u2022 The impact of operational matters such as unplanned outages; and
\u2022 The ability of flexible thermal power stations to earn extrinsic income by providing services to the electricity system and by
responding to shorter-term electricity market conditions.
Hedging is carried out by each asset class trading internally with EPM to effect these hedges and EPM then trading onwards with external
counterparties and markets. EPM is only able to accept internal trades when there is sufficient liquidity to offset them in the external market
or they can be offset with internal trades from other asset classes. In this way, the commodity risks to which EPM is individually exposed,
are minimised.
The volumetric extent to which assets are hedged are reported monthly to the Group Energy Markets Exposures Risk Committee, and to
the Energy Markets Risk Committee (\u2018EMRC\u2019) on at least a quarterly basis. Variations to the hedging approach above will be required as
markets and other factors (such as asset disposals) change. The EMRC also receives reporting on credit risk, other risk measures, and
market liquidity in assessing whether any variations to the hedging approach are required.
The Group measures and manages the Commodity Risk associated with the financial and non-financial commodity contracts it is exposed
to. However, within the Group\u2019s financial statements only certain commodity contracts are designated as financial instruments under IFRS 9.
As a result, it is only the fair value of those IFRS 9 financial instruments which represents the exposure of the Group\u2019s commodity price risk
under IFRS 7. This is a consequence of the Group\u2019s accounting policy which stipulates that commodity contracts which are designated
as financial instruments under IFRS 9 should be accounted for on a fair value basis with changes in fair value reflected in profit or equity.
Conversely, commodity contracts that are not designated as financial instruments under IFRS 9 will be accounted for as \u2018own use\u2019 contracts.
As fair value changes in own use contracts are not reflected through profit or equity, these do not represent the IFRS 7 commodity price
risk. Furthermore, other physical contracts can be treated as the hedging instrument in documented cash flow hedging relationships where
the hedged item is the forecast future purchase requirement to meet production or customer demand. The accounting policies associated
with financial instruments are explained in the Accompanying Information section A1 .
Sensitivity analysis
The Group\u2019s exposure to commodity price risk according to IFRS 7 is measured by reference to the Group\u2019s IFRS 9 commodity contracts.
IFRS 7 requires disclosure of a sensitivity analysis for market risks that is intended to illustrate the sensitivity of the Group\u2019s financial
position and performance to changes in market variables impacting upon the fair value or cash flows associated with the Group\u2019s
financial instruments.
Therefore, the sensitivity analysis provided discloses the effect on profit or loss and equity at the balance sheet date assuming that a
reasonably possible change in the relevant commodity price had occurred and been applied to the risk exposures in existence at that
date. The reasonably possible changes in commodity prices used in the sensitivity analysis were determined based on calculated or
implied volatilities where available, or historical data.
The sensitivity analysis has been calculated on the basis that the proportion of commodity contracts that are IFRS 9 financial instruments remains consistent with those at that point. Excluded from this analysis are all commodity contracts that are not financial instruments under IFRS 9. 2023 2022 Base Price (i) Reasonably possible increase/ decrease in variable Base Price (i) Reasonably possible increase/ decrease in variable Commodity prices UK gas (p/therm) 113 +90/-71 313 +190/-190 UK power (\u00a3/MWh) 149 +89/-72 250 +119/-119 UK carbon (\u00a3/tonne) 74 +54/-39 76 +73/-73 EU emissions (\u20ac/tonne) 98 +69/-54 79 +76/-76 UK oil (US$/bbl) 597 +290/-244 260 +145/-145 IRL power (\u20ac/MWh) 172 +138/-108 310 +120/-120 (i) The base price represents the weighted average forward market price over the duration of the active market curve used to calculate the sensitivity analysis. The reasonably possible increase/decrease in market prices has been determined via SSE EPM price model simulations and the volatility assumptions of the model have been calibrated from a look-back analysis over the previous five year period. The impacts of reasonably possible changes in commodity prices on profit after taxation based on the rationale described are as follows: Incremental profit/(loss) 2023 Impact on profit and equity (\u00a3m) 2022 Impact on profit and equity (\u00a3m) Commodity prices combined \u2013 increase 399.3 2,349.8 Commodity prices combined \u2013 decrease (306.3) (2,349.8) The sensitivity analysis provided is hypothetical and is based on the exposure to energy-related commodities, and their corresponding valuation under IFRS 9, that the Group has at each period end. This analysis should be used with caution as the impacts disclosed are not necessarily indicative of the actual impacts that would be experienced given it does not consider all interrelationships, consequences and effects of such a change in those prices. A6.5 Currency risk The Group publishes its consolidated financial statements in Sterling but also conducts business in foreign currencies. As a result, it is subject to foreign currency exchange risk arising from exchange rate movements which will be reflected in the Group\u2019s transaction costs or in the underlying foreign currency assets of its foreign operations. The Group\u2019s policy is to use forward contracts, swaps and options to manage its exposures to foreign exchange risk. All such exposures are transactional in nature, and relate primarily to procurement contracts, commodity purchasing and related freight requirements, commodity hedging, long term plant servicing and maintenance agreements and the purchase and sale of carbon emission certificates. The policy is to seek to hedge 100% of its currency requirements arising under all committed contracts excepting commodity hedge transactions, the requirements for which are significantly less predictable. The policy for these latter transactions is to assess the Group\u2019s requirements on a rolling basis and to enter into cover contracts as appropriate. The Group has foreign operations with significant Euro-denominated and JPY-denominated net assets. The Group\u2019s policy is to hedge its net investment in its foreign operations by ensuring the net assets whose functional currency cash flows are denominated in foreign currencies are matched by borrowings in the same currency. For SSE Pacifico, whose functional currency is JPY but which presently has limited capital commitments, SSE has no JPY denominated borrowings and hence has no current net investment hedge. For the acquired net assets whose functional cash flows are in Sterling, the Group will ensure Sterling denominated borrowings are in place to minimise currency risk. Significant exposures are reported to, and discussed by, the Tax and Treasury Committee on an ongoing basis and additionally form part of the bi-annual Treasury report to the Audit Committee
A6. Financial risk management continued
A6.5 Currency risk continued
At the balance sheet date, the total nominal value of outstanding forward foreign exchange contracts that the Group has committed
to is:
2023
\u00a3m
2022
\u00a3m
Forward foreign exchange contracts 2,516.5 4,176.4
The Group\u2019s exposure to foreign currency risk was as follows:
2023 2022
SEK
(million)
$
(million)
\u20ac
(million)
CNH
(million)
SEK
(million)
$
(million)
\u20ac
(million)
CHF
(million)
Loans and borrowings \u2013 564.0 3,700.0 \u2013 \u2013 1,719.0 3,625.0 \u2013
Purchase and commodity contract
commitments 420.9 7.9 123.9 334.2 1,694.8 17.8 713.3 58.3
Gross exposure 420.9 571.9 3,823.9 334.2 1,694.8 1,736.8 4,338.3 58.3
Forward exchange/swap contracts 420.9 571.9 2,266.1 334.2 1,694.8 1,736.8 3,163.8 58.3
Net exposure (in currency) \u2013 \u2013 1,557.8 \u2013 \u2013 \u2013 1,174.5 \u2013
Net exposure (in \u00a3m) \u2013 \u2013 1,369.6 \u2013 \u2013 \u2013 990.7 \u2013
This represents the net exposure to foreign currencies, reported in pounds Sterling, and arising from all Group activities. All sensitivity
analysis has been prepared on the basis of the relative proportions of instruments in foreign currencies being consistent as at the balance
sheet date. This includes only monetary assets and liabilities denominated in a currency other than Sterling and excludes the translation
of the net assets of foreign operations but not the corresponding impact of the net investment hedge.
The sensitivity analysis is indicative only and it should be noted that the Group\u2019s exposure to such market rate changes is continually
changing. The calculations are based on linear extrapolations of rate changes which may not reflect the actual result which would
impact upon the Group.
A 10% change in foreign currency exchange rates would have had the following impact on profit after taxation, based on the
assumptions presented above:
Equity Income statement
At 31 March
2023
\u00a3m
At 31 March
2022
\u00a3m
At 31 March
2023
\u00a3m
At 31 March
2022
\u00a3m
US Dollars \u2013 \u2013 \u2013 \u2013
Euro 98.9 89.2 24.4 \u2013
SEK \u2013 \u2013 \u2013 \u2013
CHN \u2013 \u2013 \u2013 \u2013
CHF \u2013 \u2013 \u2013 \u2013
98.9 89.2 24.4 \u2013
The impact of a decrease in rates would be an identical reduction in the annual charge.
A6.6 Interest rate risk
Interest rate risk derives from the Group\u2019s exposure to changes in the value of an asset or liability or future cash flows through changes in
interest rates.
The Group\u2019s policy is to manage this risk by stipulating that a minimum of 50% of Group borrowings be subject to fixed rates of interest,
either directly through the debt instruments themselves or through the use of derivative financial instruments. The floating rate borrowings
are provided by banks including the European Investment Bank (EIB). Such instruments include interest rate swaps and options, forward rate
agreements and, in the case of debt raised in currencies other than Sterling, cross currency swaps. These practices serve to reduce the
volatility of the Group\u2019s financial performance.
Although interest rate derivatives are primarily used to hedge risk relating to current borrowings, under certain circumstances they may
also be used to hedge future borrowings. Any such pre-hedging is unwound at the time of pricing the underlying debt, either through
cash settlement on a net present value basis or by transacting offsetting trades. The floating rate borrowings mainly comprise cash
advances from the European Investment Bank (EIB), however the Group is currently carrying a surplus cash position of \u00a3891.8m.
The impact of a change in interest rates is dependent on the specific details of the financial asset or liability in question. Changes in fixed
rate financial assets and liabilities, which account for the majority of cash, loans and borrowings, are not measured at fair value through
the income statement. In addition to this, changes to fixed-to-floating hedging instruments which are recorded under cash flow hedge
accounting also do not impact the income statement. Changes in hedged items and hedging instruments recorded under fair value
hedge accounting are recorded through the income statement. The exposure measured is therefore based on variable rate debt and
instruments.
The net exposure to interest rates at the balance sheet date can be summarised thus:
2023
Carrying
amount
\u00a3m
2022
Carrying
amount
\u00a3m
Interest bearing/earning assets and liabilities:
\u2013 fixed (8,473.9) (8,543.6)
\u2013 floating 441.0 328.9
(8,032.9) (8,214.7)
Represented by:
Cash and cash equivalents 891.8 1,049.3
Derivative financial liabilities 135.2 (199.3)
Loans and borrowings (8,654.0) (8,671.2)
Lease liabilities (405.9) (393.5)
(8,032.9) (8,214.7)
Following from this, the table below represents the expected impact of a change of 100 basis points in short term interest rates at the
reporting date in relation to equity and income statement. The analysis assumes that all other variables, in particular foreign currency
rates, remain constant. An increase in exchange rates would be a change to either the income statement or equity. The assessment is
based on a revision of the fair value assumptions included in the calculated exposures in the previous table.
All sensitivity analysis has been prepared on the basis of the proportion of fixed to floating instruments being consistent as at the balance
sheet date and is stated after the effect of taxation.
The sensitivity analysis is indicative only and it should be noted that the Group\u2019s exposure to such market rate changes is continually
changing. The calculations are based on linear extrapolations of rate changes which may not reflect the actual result which would
impact upon the Group.
2023
\u00a3m
2022
\u00a3m
Income statement 3.7 2.5
The impact of a decrease in rates would be an equal reduction in the annual charge. There is no impact on equity as the analysis relates
to the Group\u2019s net exposure at the balance sheet date. Contracts qualifying for hedge accounting are, by definition, part of the Group\u2019s
covered position.
A7. Fair value of financial instruments
A7.1 Fair value of financial instruments within the group
The fair values of the primary financial assets and liabilities of the Group together with their carrying values are as follows:
2023
Amortised
cost
(i)
\u00a3m
2023
FVTPL/
FVTOCI
(ii)
\u00a3m
2023
Total
carrying
value
\u00a3m
2023
Fair value
\u00a3m
2022
Amortised
cost
(i)
\u00a3m
2022
FVTPL/
FVTOCI
(ii)
\u00a3m
2022
Total
carrying
value
\u00a3m
2022
Fair value
\u00a3m
Financial assets
Current
Trade receivables 1,404.0 \u2013 1,404.0 1,404.0 1,433.9 \u2013 1,433.9 1,433.9
Other receivables 12.7 \u2013 12.7 12.7 4.9 \u2013 4.9 4.9
Cash collateral and other short term loans 316.3 \u2013 316.3 316.3 83.8 \u2013 83.8 83.8
Cash and cash equivalents 891.8 \u2013 891.8 891.8 1,049.3 \u2013 1,049.3 1,049.3
Derivative financial assets \u2013 759.2 759.2 759.2 \u2013 2,941.8 2,941.8 2,941.8
2,624.8 759.2 3,384.0 3,384.0 2,571.9 2,941.8 5,513.7 5,513.7
Non-current
Unquoted equity investments \u2013 27.4 27.4 27.4 \u2013 8.7 8.7 8.7
Loan note receivable 149.5 \u2013 149.5 149.5 136.4 \u2013 136.4 136.4
Loans to associates and jointly controlled
entities 1,114.6 \u2013 1,114.6 1,114.6 736.9 \u2013 736.9 736.9
Derivative financial assets \u2013 246.0 246.0 246.0 \u2013 371.7 371.7 371.7
1,264.1 273.4 1 ,537.5 1,537.5 873.3 380.4 1,253.7 1,253.7
3,888.9 1,032.6 4,921.5 4,921.5 3,445.2 3,322.2 6,767.4 6,767.4
Financial liabilities
Current
Trade payables (694.6) \u2013 (694.6) (694.6) (919.7) \u2013 (919.7) (919.7)
Outstanding liquid funds \u2013 \u2013 \u2013 \u2013 (9.1) \u2013 (9.1) (9.1)
Loans and borrowings (1,738.5) \u2013 (1,738.5) (1,747.8) (1,118.7) \u2013 (1,118.7) (1,162.4)
Lease liabilities (82.1) (243.3) (82.1) (82.1) (72.1) \u2013 (72.1) (72.1)
Derivative financial liabilities \u2013 (243.3) (243.3) (243.3) \u2013 (701.5) (701.5) (701.5)
(2,515.2) (243.3) (2,758.5) (2,767.8) (2,119.6) (701.5) (2,821.1) (2,864.8)
Non-current
Loans and borrowings (6,760.9) (154.6) (6,915.5) (6,458.4) (7,520.9) (31.6) (7,552.5) (8,133.7)
Lease liabilities (323.8) \u2013 (323.8) (323.8) (321.4) \u2013 (321.4) (321.4)
Derivative financial liabilities \u2013 (1,021.0) (1,021.0) (1,021.0) \u2013 (549.6) (549.6) (549.6)
(7,084.7) (1,175.6) (8,260.3) (7,803.2) (7,842.3) (581.2) (8,423.5) (9,004.7)
(9,599.9) (1,418.9) (11,018.8) (10,571.0) (9,961.9) (1,282.7) (11,244.6) (11,869.5)
Net financial liabilities (5,711.0) (386.3) (6,097. 3) (5,649.5) (6,516.7) 2,039.5 (4,477.2) (5,102.1)
(i) Financial assets and liabilities that are measured at amortised cost.
(ii) Financial assets and liabilities that are measured at either Fair Value through Profit and Loss (Derivative Financial Assets and Liabilities) or Fair Value through Other
Comprehensive Income (Unquoted Equity Investments).
A7.1.1 Basis of determining fair value
Certain assets and liabilities have been classified and carried at amortised cost on inception in line with IFRS 9 criteria. The carrying value
of these assets are approximately equivalent to fair value due to short term maturity aside from loans and borrowings which are subject
to longer maturity dates.
All other financial assets and liabilities are measured at either Fair Value through Profit and Loss (\u2018FVTPL\u2019) or Fair Value through Other
Comprehensive Income (\u2018FVTOCI\u2019). Fair values for energy derivatives are based on unadjusted quoted market prices, where actively
traded. For energy derivatives that are not actively traded, interest rate instruments, foreign currency hedge contracts and cross currency
swap contracts associated with foreign currency denominated long-term fixed rate debt, the fair values are determined by reference to
closing rate market prices for similar instruments. Fair values for unquoted equity instruments are derived from venture capital or growth
equity firm valuation statements.
The fair values are stated at a specific date and may be different from the amounts which will actually be paid or received on settlement
of the instruments. The fair value of items such as property, plant and equipment, internally generated brands or the Group\u2019s customer
base are not included as these are not considered financial instruments.
A7.2 Fair value hierarchy
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped
into Levels 1 to 3 based on the degree to which the fair value is observable.
\u2022 Level 1 fair value measurements are those derived from unadjusted quoted market prices for identical assets or liabilities.
\u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for
the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not
based on observable market data.
2023
Level 1
\u00a3m
2023
Level 2
\u00a3m
2023
Level 3
\u00a3m
2023
Total
\u00a3m
Financial assets
Energy derivatives \u2013 743.9 22.0 765.9
Interest rate derivatives \u2013 227.8 \u2013 227.8
Foreign exchange derivatives \u2013 11.5 \u2013 11.5
Unquoted equity investments \u2013 \u2013 27.4 27.4
\u2013 983.2 49.4 1,032.6
Financial liabilities
Energy derivatives (189.6) (939.4) (23.8) (1,152.8)
Interest rate derivatives \u2013 (92.6) \u2013 (92.6)
Foreign exchange derivatives \u2013 (18.9) \u2013 (18.9)
Loans and borrowings \u2013 (154.6) \u2013 (154.6)
(189.6) (1,205.5) (23.8) (1,418.9)
There were no significant transfers out of Level 1 into Level 2 and out of Level 2 into Level 1 during the year ended 31 March 2023. There
were no significant transfers out of Level 2 into Level 3 or out of Level 3 into Level 2 during the year ended 31 March 2023.
During the year, the Group entered a 15-year Affiliate Contract for Difference (\u2018ACfD\u2019) agreement with Seagreen Wind Energy Limited
(\u2018SWEL\u2019). SWEL is a wholly owned subsidiary of Seagreen Holdco 1 Limited, a joint venture between the Group (49%) and TOTAL SE (51%).
The Group also has some smaller commercial CfD arrangements entered into with non-government third parties that are also classified
as derivatives. The ACfD and the commercial CfDs meet the definition of financial instruments and are classified as Level 3 on the fair
value hierarchy due to significant unobservable inputs in the determination of fair value.
The fair value measurement impact in the income statement attributable to Level 3 CfDs was a loss of \u00a31.8m (2022: \u00a3nil). The fair value
was determined using the income approach with reference to future market prices which are beyond the liquid period in the forward
market.
The non-government CfDs were issued for \u00a3nil consideration, being the deemed transaction price. The Group has calculated that the
contracts had a fair value on day 1, being the difference between the strike price per the contract and the forward market spot price. This
valuation is based on unobservable inputs and is considered judgemental. Key assumptions applied when deriving the fair value are related to
discount rates; electricity volumes; and electricity prices. In line with IFRS 9, the Day 1 gain is deferred and will be recognised over the life of
the contract.
The Group\u2019s remaining Level 3 instruments are unquoted equity investments to which the Group made cash contributions of \u00a319.1m to
in the year. The remaining movement (\u00a30.4m) was recognised in other comprehensive income.
A7. Fair value of financial instruments continued
A7.2 Fair value hierarchy continued
The following table represents the difference between the Level 3 financial instruments at fair value at the start of the reporting period
and at the reporting date:
\u00a3m
Level 3 financial instrument fair value as at 31 March 2022 8.7
Additions (cash contributions) 19.1
Remeasurement loss recognised in income statement (1.8)
Remeasurement loss recognised in other comprehensive income (0.4)
Additions \u2013 new instruments entered in the year 400.1
Deferred Day 1 gains on instruments entered in the year (400.1)
Level 3 financial instrument fair value as at 31 March 2023 25.6
The following table details the valuation technique, significant unobservable inputs and the range of values for the energy derivative
measured at fair value on a recurring basis and classified as Level 3.
Carrying value
(net)
\u00a3m
Valuation
technique
Significant
unobservable
input
Market price
range (min-max)
\u00a3/MwH
31 March 2023 1.8
Discounted
cash flow
Electricity
prices,
Generation
volumes 68 \u2013 147
Deferred measurement differences
\u00a3m
Deferred measurement difference as at 31 March 2022 \u2013
Deferred measurement difference arising during the year on new instruments 400.1
Deferred measurement difference as at 31 March 2023 400.1
The following table shows the impact on the fair value of the Level 3 energy derivative when applying reasonably possible alternative
assumptions to the valuation obtained using the discounted cash flow model.
At 31 March 2023
Assumption
Increase/decrease
in assumption
Effect on fair value of deferred
measurement differences
\u00a3m
Discount rate +1%/-1% (29.5)/35.3
Increase in volumes +10%/-10% 39.8/(39.8)
Prices +10%/-10% 108.7/(108.7)
2022
Level 1
\u00a3m
2022
Level 2
\u00a3m
2022
Level 3
\u00a3m
2022
Total
\u00a3m
Financial assets
Energy derivatives 884.1 2,246.4 \u2013 3,130.5
Interest rate derivatives \u2013 176.8 \u2013 176.8
Foreign exchange derivatives \u2013 6.1 \u2013 6.1
Unquoted equity investments \u2013 \u2013 8.7 8.7
884.1 2,429.3 8.7 3,322.1
Financial liabilities
Energy derivatives \u2013 (828.7) \u2013 (828.7)
Interest rate derivatives \u2013 (376.1) \u2013 (376.1)
Foreign exchange derivatives \u2013 (46.3) \u2013 (46.3)
Loans and borrowings \u2013 (31.6) \u2013 (31.6)
\u2013 (1,282.7) \u2013 (1,282.7)
There were no significant transfers out of level 1 into level 2 and out of level 2 into level 1 during the year ended 31 March 2022.
A8. Hedge accounting
A8.1 Cash flow hedges
The Group designates contracts which qualify as hedges for accounting purposes either as cash flow hedges or fair value hedges. Cash
flow hedges are contracts entered into to hedge a forecast transaction or cash flow risk generally arising from a change in interest rates
or foreign currency exchange rates and which meet the effectiveness criteria prescribed by IFRS 9. The Group\u2019s accounting policy on
cash flow hedges is explained in the Accompanying Information section A1 .
The following table indicates the contractual maturities of the expected transactions and the qualifying cash flow hedges associated.
Non-Sterling denominated contractual cash flows have been converted at the forward foreign exchange rate.
Cash flow hedges
2023
Carrying
amount
2023
Expected
cash
flows
2023
0 \u2013 12
months
2023
1-2 years
2023
2-5 years
2023
> 5 years
2022
Carrying
amount
2022
Expected
cash
flows
2022
0 \u2013 12
months
2022
1-2 years
2022
2-5 years
2022
> 5 years
Interest rate swaps:
Assets 25.2 28.1 6.5 5.5 15.8 0.3 5.7 6.1 \u2013 2.3 3.4 0.4
Liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
25.2 28.1 6.5 5.5 15.8 0.3 5.7 6.1 \u2013 2.3 3.4 0.4
Cross currency
swaps:
Assets 178.9 194.0 110.1 56.0 27.9 \u2013 160.5 169.9 27.8 96.5 45.6 \u2013
Liabilities (37.4) (30.3) (17.8) (17.6) (10.6) 15.7 (132.7) (127.9) (54.2) (19.0) (47.7) (7.0)
141.5 163.7 92.3 38.4 17.3 15.7 27.8 42.0 (26.4) 77.5 (2.1) (7.0)
Forward exchange
contracts:
Assets 2.4 (120.4) (106.9) (11.7) (1.8) \u2013 0.6 9.6 9.6 \u2013 \u2013 \u2013
Liabilities (11.5) (337.7) (292.0) (42.3) (3.4) \u2013 (43.4) 521.8 348.0 137.1 36.7 \u2013
(9.1) (458.1) (398.9) (54.0) (5.2) \u2013 (42.8) 531.4 357.6 1 37.1 36.7 \u2013
A8.2 Net investment hedge
The Group\u2019s net investment hedge consists of debt issued in the same currency (\u20ac) as the net investment in foreign subsidiaries with
\u20ac denominated functional currencies being the Airtricity Supply business, the thermal plants in Ireland and wind farms in Ireland and
Southern Europe. The hedge compares the element of the net assets whose functional cash flows are denominated in \u20ac to the matching
portion of the \u20ac borrowings held by the Group. This therefore provides protection against movements in foreign exchange rates. There
is no net investment hedge in relation to SSE Pacifico as the Group has no JPY denominated debt.
Gains and losses in the hedge are recognised in equity and will be transferred to the income statement on disposal of the foreign operation
(2023: \u00a343.1m loss, 2022: \u00a39.4m gain). Gains and losses on the ineffective portion of the hedge are recognised immediately in the income
statement (2023: \u00a3nil, 2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-737": { "value": "1.1. General information SSE plc (the Company) is a company domiciled in Scotland. The address of the registered office is given on the back cover. The Group\u2019s operations and its principal activities are set out in the Strategic Report. The consolidated financial statements for the year ended 31 March 2023 comprise those of the Company and its subsidiaries (together referred to as the Group). The Company financial statements present information about the Company as a separate entity and not about the Group, these can be seen on pages 314 to 325 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-3": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-738": { "value": "1.2. Basis of preparation Statement of compliance The financial statements were authorised for issue by the directors on 23 May 2023. The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019). Going concern The Directors consider that the Group has adequate resources to continue in operational existence for the period to 31 December 2024. The financial statements are therefore prepared on a going concern basis. In addition, further details of the Group\u2019s liquidity position and going concern review are provided at note 21 and in A6 Accompanying Information to the Financial Statements on page 276 . Basis of measurement The financial statements of the Group are prepared on the historical cost basis except for certain gas inventory, derivative financial instruments, financial instruments designated at fair value through profit or loss or other comprehensive income on initial recognition, assets of the Group pension schemes, all of which are measured at their fair value, and liabilities of the Group pension schemes which are measured using the projected unit credit method. The directors believe the financial statements present a true and fair view. The financial statements of the Group are presented in pounds sterling. The basis for including operations and transactions conducted in currencies other than pounds sterling is provided in A1 Accompanying Information to the Financial Statements on page 276 . Use of estimates and judgements The preparation of financial statements conforming with adopted IFRS requires the use of certain accounting estimates. It also requires management to exercise judgement in the process of applying the accounting policies. The areas involving a higher level of judgement or estimation are summarised at pages 212 to 214 . Changes to presentation and prior year adjustments There have been no material changes to presentation of the financial statements in the current or prior year. The prior year comparatives at 31 March 2022 have been restated following the adoption of the amendment to IAS 16 Proceeds Before Intended Use, as disclosed in the section below 2.1. Changes to estimates There have been no changes to the basis of accounting estimates during the current and prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-779": { "value": "Statement of compliance The financial statements were authorised for issue by the directors on 23 May 2023. The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-780": { "value": "Going concern The Directors consider that the Group has adequate resources to continue in operational existence for the period to 31 December 2024. The financial statements are therefore prepared on a going concern basis. In addition, further details of the Group\u2019s liquidity position and going concern review are provided at note 21 and in A6 Accompanying Information to the Financial Statements on page 276 . A6.3 Liquidity risk and Going Concern Liquidity risk, the risk that the Group will have insufficient funds to meet its liabilities, is managed by the Group\u2019s Treasury function. The Group can be exposed to significant movements in its liquidity position due to changes in commodity prices, working capital requirements, the impact of the seasonal nature of the business and phasing of its capital investment and recycling programmes. Treasury is responsible for managing the banking and liquidity requirements of the Group, risk management relating to interest rate and foreign exchange exposures, and for managing the credit risk relating to the banking counterparties with which it transacts. Short term liquidity is reviewed daily by Treasury, while the longer-term liquidity position is reviewed on a regular basis by the Board. The department\u2019s operations are governed by policies determined by the Board and any breaches of these policies are reported to the Tax and Treasury Committee and Audit Committee. In relation to the Group\u2019s liquidity risk, the Group\u2019s policy is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. During the year, the Group\u2019s internal approach to managing liquidity was to seek to ensure that the Group had available committed borrowings and facilities equal to at least 105% of forecast borrowings over a rolling 6 month period. The Group uses cash flow forecasts to monitor its ongoing borrowing requirements. Typically, the Group will fund any short-term borrowing positions by issuing commercial paper or borrowing from committed and uncommitted bank lines and will invest in money market funds when it has a cash surplus. Details of the Group\u2019s borrowings are disclosed at note 21. In addition to the borrowing facilities listed at note 21.3, the Group has \u00a350m of uncommitted bank lines and a \u00a315m overdraft facility. The refinancing requirement in the 23/24 financial year is \u00a31.6bn, being the \u00a335m and \u00a3120m of US Private Placement maturing 28 April 2023 and 6 September 2023 respectively; \u00a3929m of short-term Commercial Paper that matures between April and June; \u20ac700m (\u00a3514m) Eurobond maturing 8 September 2023; \u00a350m of EIB loans maturing in August 2023. The directors are confident in the ability of the Group to maintain a funding level above 105% for the going concern assessment period based on the strong credit standing and borrowing history of the Group for both fixed debt and commercial paper, as discussed more fully below. Given the committed bank facilities of \u00a33.5bn, \u00a32.75bn excluding Scottish Hydro Electric Transmission plc facilities, maintained by the Group and the current commercial paper market conditions, the Directors have concluded that both the Group and SSE plc as parent company have sufficient headroom to continue as a going concern. In coming to this conclusion, the Directors have taken into account the Group\u2019s credit rating and the successful issuance of \u00a314.4bn of medium to long term debt and Hybrid equity since February 2012, including \u00a31.6bn of long term funding in the 22/23 financial year being a \u20ac1bn NC6 Hybrid at 4% in April 2022 to re-finance the $900m and \u00a3300m Hybrids whose first call date was 16 September 2022, a 7 year \u20ac650m Eurobond at a coupon of 2.875% with an all-in cost of funding rate of just below 3% once fees and cost of pre-hedging have been included and a \u00a3350m dual tranche US Private Placement with Pricoa Capital being a \u00a3175m 10-year at 3.13% and a \u00a3175m 15-year at 3.24% giving an all-in average rate of 3.185% across both tranches. The Group\u2019s period of Going Concern assessment is performed to 31 December 2024, 21 months from the balance sheet date, which is at least 12 months from the filing deadline of its subsidiary companies. As well as taking account of the factors noted, the Going Concern conclusion is arrived at after applying stress testing sensitivities to the Group\u2019s cash flow and funding projections including removal of proceeds from unconfirmed future divestments, negative and positive sensitivities on operating cash flows and uncommitted capex and other adjustments. The Group has also considered its obligations under its debt covenants. There have been no breaches of covenant in the year and the Group\u2019s projections support the expectation that there will be no breach of covenants over the period to 31 December 2024. The statement of going concern is included in the Audit Committee Report. As at 31 March 2023, the value of outstanding cash collateral posted in respect of mark-to-market related margin calls on exchange traded positions was \u00a3316.3m (2022: cash posted \u00a374.7m). The contractual cash flows shown in the following tables are the contractual undiscounted cashflows under the relevant financial instruments. Where the contractual cashflows are variable based on a price, foreign exchange rate or index in the future, the contractual cashflows in the following tables have been determined with reference to the relevant price, foreign exchange rate, interest rate or index as at the balance sheet date. In determining the interest element of contractual cashflows in cases where the Group has a choice as to the length of interest calculation periods and the interest rate that applies varies with the period selected, the contractual cashflows have been calculated assuming the Group selects the shortest available interest calculation periods. Where the holder of an instrument has a choice of when to redeem, the amounts in the following tables are on the assumption the holder redeems at the earliest opportunity. The following are the undiscounted contractual maturities of financial liabilities, including interest and excluding the impact of netting agreements: Liquidity risk 2023 Carrying value \u00a3m 2023 Contractual cash flows \u00a3m 2023 0-12 months \u00a3m 2023 1-2 years \u00a3m 2023 2-5 years \u00a3m 2023 > 5 years \u00a3m Financial liabilities Loans and borrowings Commercial paper and cash advances 1,019.2 (1,029.8) (1,029.8) \u2013 \u2013 \u2013 Loans \u2013 floating 200.0 (253.4) (10.7) (10.7) (232.0) \u2013 Loans \u2013 fixed 1,574.7 (2,064.5) (96.5) (194.3) (917.7) (856.0) Unsecured bonds \u2013 fixed 5,705.5 (7,596.0) (182.8) (681.3) (2,040.7) (4,691.2) Fair value adjustment 154.6 \u2013 \u2013 \u2013 \u2013 \u2013 8,654.0 (10,943.7) (1,319.8) (886.3) (3,190.4) (5,547. 2) Lease liabilities 405.9 (613.0) (94.5) (55.8) (146.6) (316.1) 9,059.9 (11,556.7) (1,414.3) (942.1) (3,337.0) (5,863.3) Derivative financial liabilities Operating derivatives designated at fair value 1,152.8 (1,841.9) (1,770.2) (97.5) 1.0 24.8 Interest rate swaps used for hedging 37.4 (37.4) (8.5) (8.5) (17.2) (3.2) Interest rate swaps designated at fair value 55.2 (55.2) (5.0) (4.9) (13.2) (32.1) Forward exchange contracts held for hedging 11.5 (337.7) (292.0) (42.3) (3.4) \u2013 Forward exchange contracts designated at fair value 7.4 2.0 (50.7) 66.4 (13.7) \u2013 1,264.3 (2,270.2) (2,126.4) (86.8) (46.5) (10.5) Other financial liabilities Trade payables 694.6 (694.6) (694.6) \u2013 \u2013 \u2013 694.6 (694.6) (694.6) \u2013 \u2013 \u2013 Total 11,018.8 (14,521.5) (4,235.3) (1,028.9) (3,383.5) (5,873.8) Derivative financial assets Financing derivatives (239.3) 638.9 518.2 82.1 37.0 1.6 Operating derivatives designated at fair value (765.9) 1,445.5 970.5 40.9 127.9 306.2 (1,005.2) 2,084.4 1,488.7 123.0 164.9 307.8 Net total(i) 10,013.6 (12 ,437.1) (2,746.6) (905.9) (3,218.6) (5,566.0) Liquidity Risk 2022 Carrying value \u00a3m 2022 Contractual cash flows \u00a3m 2022 0-12 months \u00a3m 2022 1-2 years \u00a3m 2022 2-5 years \u00a3m 2022 > 5 years \u00a3m Financial liabilities Loans and borrowings Commercial paper and cash advances 506.1 (507.1) (507.1) \u2013 \u2013 \u2013 Loans \u2013 floating 200.0 (209.7) (1.6) (1.6) (4.9) (201.6) Loans \u2013 fixed 1,508.1 (1,913.7) (358.9) (240.5) (905.4) (408.9) Unsecured bonds \u2013 fixed 6,425.4 (8,392.3) (1,529.7) (681.1) (1,985.5) (4,196.0) Fair value adjustment 31.6 \u2013 \u2013 \u2013 \u2013 \u2013 8,671.2 (11,022.8) (2,397.3) (923.2) (2,895.8) (4,806.5) Lease liabilities 393.5 (581.2) (88.7) (61.7) (162.0) (268.8) 9,064.7 (11,604.0) (2,486.0) (984.9) (3,057.8) (5,075.3) Derivative financial liabilities Operating derivatives designated at fair value 828.7 (3,079.0) (2,790.0) (178.0) (111.0) \u2013 Interest rate swaps used for hedging 129.2 (129.0) (55.3) (19.0) 43.3 (98.0) Interest rate swaps designated at fair value 246.2 (246.2) (16.1) (15.6) (46.0) (168.5) Forward exchange contracts held for hedging 43.4 (521.8) (347.9) (1 37.2) (36.7) \u2013 Forward exchange contracts designated at fair value 3.6 (208.2) (194.4) (13.8) \u2013 \u2013 1,251.1 (4,184.2) (3,403.7) (363.6) (150.4) (266.5) Other financial liabilities Trade payables 919.7 (919.7) (919.7) \u2013 \u2013 \u2013 919.7 (919.7) (919.7) \u2013 \u2013 \u2013 Total 11,235.5 (16,707.9) (6,809.4) (1,348.5) (3,208.2) (5,341.8) Derivative financial assets Financing derivatives (182.9) 441.3 382.4 41.6 15.6 1.7 Operating derivatives designated at fair value (3,130.5) 3,057.3 2, 597.6 311.1 148.6 \u2013 (3,313.4) 3,498.6 2,980.0 352.7 164.2 1.7 Net total (i) 7,922.1 (13,209.3) (3,829.4) (995.8) (3,044.0) (5,340.1) (i) The Group believes the liquidity risk associated with out-of-the-money operating derivative contracts needs to be considered in conjunction with the profile of payments or receipts arising from derivative financial assets. It should be noted that cash flows associated with future energy sales and commodity contracts which are not IFRS 9 financial instruments are not included in this analysis, which is prepared in accordance with IFRS 7 \u2018Financial Instruments: Disclosures\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-781": { "value": "Basis of measurement The financial statements of the Group are prepared on the historical cost basis except for certain gas inventory, derivative financial instruments, financial instruments designated at fair value through profit or loss or other comprehensive income on initial recognition, assets of the Group pension schemes, all of which are measured at their fair value, and liabilities of the Group pension schemes which are measured using the projected unit credit method. The directors believe the financial statements present a true and fair view. The financial statements of the Group are presented in pounds sterling. The basis for including operations and transactions conducted in currencies other than pounds sterling is provided in A1 Accompanying Information to the Financial Statements on page 276 . ", "dimensions": { "concept": "ifrs-full:ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-782": { "value": "Changes to presentation and prior year adjustments There have been no material changes to presentation of the financial statements in the current or prior year. The prior year comparatives at 31 March 2022 have been restated following the adoption of the amendment to IAS 16 Proceeds Before Intended Use, as disclosed in the section below 2.1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-783": { "value": "Changes to estimates There have been no changes to the basis of accounting estimates during the current and prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-691": { "value": "2. New accounting policies and reporting changes The principal accounting policies applied in the preparation of these financial statements are set out below and in the A1 Accompanying Information to the Financial Statements on pages 276 to 286 . 2.1. New standards, amendments and interpretations effective or adopted by the Group The Group has retrospectively adopted the amendments to \u2018IAS 16 Property, Plant and Equipment \u2013 Proceeds Before Intended Use\u2019 from the earliest period presented in these financial statements, in line with the requirements of the standard. The Group had pre-commissioning activity in the year ended 31 March 2022 and therefore has restated the comparative information presented. The Group\u2019s Keadby 2 asset achieved its first fire in October 2021, commenced test operations in February 2022 and entered commercial operations on 15 March 2023. During the period from October 2021 to 15 March 2023 the Group received pre-commissioning revenue within the scope of the amendment to the standard which previously would have been recognised as a cost of the constructed asset. The impact of adoption of the amendment in the prior year was to increase revenue by \u00a389.0m, increase cost of sales by \u00a394.7m, increase operating costs by \u00a30.2m therefore decreasing profit before tax by \u00a35.9m, and decreasing profit after tax by \u00a34.4m. Additionally in the balance sheet, the Group\u2019s property, plant and equipment balance has been decreased by \u00a35.9m and deferred tax liability decreased by \u00a31.5m. In the current year ended 31 March 2023, the Group has recognised pre-commissioning revenue of \u00a3245.4m and pre-commissioning costs of \u00a3226.8m related to Keadby 2. In addition, the Group holds an equity investment in Seagreen Wind Energy Limited (\u2018Seagreen\u2019) which has been undertaking pre-commissioning testing activity during the construction of its offshore windfarm in the current financial year. The Group\u2019s share of profit recognised from joint ventures and associates in the current year includes \u00a328.9m of pre-commissioning operating costs from Seagreen. 2.1. New standards, amendments and interpretations effective or adopted by the Group continued The Group has adopted the amendment to \u2018IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 in the current year. Adoption of the amendment was reflected in the calculation of the onerous provision of \u00a321.7m recognised by the Group\u2019s Business Energy segment at 30 September 2022. This provision has been released in the second half of the financial year following decreases in wholesale energy prices and therefore has no impact on amounts presented at 31 March 2023. There were no other standards, amendments to standards or interpretations relevant to the Group\u2019s operations which were adopted during the period. 2.2. New standards, amendments and interpretations issued, but not yet adopted by the Group A number of standards, amendments and interpretations have been issued but not yet adopted by the Group within these financial statements, because application is not yet mandatory or because UK adoption remains outstanding at the date the financial statements were authorised for issue. IFRS 17 \u2018Insurance contracts\u2019 is effective from 1 January 2023 (1 April 2023 for the Group) following UK endorsement on 16 May 2022. Adoption of the standard is not anticipated to have a material impact on the consolidated financial statements of the Group, however the Parent Company, SSE plc, enters into financial guarantee contracts to guarantee indebtedness of the other companies within the Group and continues to provide guarantees in respect of the disposed Contracting and Rail and Gas Production businesses. The Group is continuing to assess the impact of adoption of the standard for the Parent Company. Amendments to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019 is effective from 1 January 2023 (1 April 2023 for the Group) following UK endorsement on 15 December 2022. Adoption of the amendment is expected to result in a gross up of deferred tax assets and liabilities, but is not anticipated to have a material impact on the net deferred tax balances within the consolidated financial statements of the Group. There are a number of other interpretations and amendments issued but not yet effective at 31 March 2023. These are not anticipated to have a material impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-739": { "value": "2.1. New standards, amendments and interpretations effective or adopted by the Group The Group has retrospectively adopted the amendments to \u2018IAS 16 Property, Plant and Equipment \u2013 Proceeds Before Intended Use\u2019 from the earliest period presented in these financial statements, in line with the requirements of the standard. The Group had pre-commissioning activity in the year ended 31 March 2022 and therefore has restated the comparative information presented. The Group\u2019s Keadby 2 asset achieved its first fire in October 2021, commenced test operations in February 2022 and entered commercial operations on 15 March 2023. During the period from October 2021 to 15 March 2023 the Group received pre-commissioning revenue within the scope of the amendment to the standard which previously would have been recognised as a cost of the constructed asset. The impact of adoption of the amendment in the prior year was to increase revenue by \u00a389.0m, increase cost of sales by \u00a394.7m, increase operating costs by \u00a30.2m therefore decreasing profit before tax by \u00a35.9m, and decreasing profit after tax by \u00a34.4m. Additionally in the balance sheet, the Group\u2019s property, plant and equipment balance has been decreased by \u00a35.9m and deferred tax liability decreased by \u00a31.5m. In the current year ended 31 March 2023, the Group has recognised pre-commissioning revenue of \u00a3245.4m and pre-commissioning costs of \u00a3226.8m related to Keadby 2. In addition, the Group holds an equity investment in Seagreen Wind Energy Limited (\u2018Seagreen\u2019) which has been undertaking pre-commissioning testing activity during the construction of its offshore windfarm in the current financial year. The Group\u2019s share of profit recognised from joint ventures and associates in the current year includes \u00a328.9m of pre-commissioning operating costs from Seagreen. The Group has adopted the amendment to \u2018IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 in the current year. Adoption of the amendment was reflected in the calculation of the onerous provision of \u00a321.7m recognised by the Group\u2019s Business Energy segment at 30 September 2022. This provision has been released in the second half of the financial year following decreases in wholesale energy prices and therefore has no impact on amounts presented at 31 March 2023. There were no other standards, amendments to standards or interpretations relevant to the Group\u2019s operations which were adopted during the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-740": { "value": "2.2. New standards, amendments and interpretations issued, but not yet adopted by the Group A number of standards, amendments and interpretations have been issued but not yet adopted by the Group within these financial statements, because application is not yet mandatory or because UK adoption remains outstanding at the date the financial statements were authorised for issue. IFRS 17 \u2018Insurance contracts\u2019 is effective from 1 January 2023 (1 April 2023 for the Group) following UK endorsement on 16 May 2022. Adoption of the standard is not anticipated to have a material impact on the consolidated financial statements of the Group, however the Parent Company, SSE plc, enters into financial guarantee contracts to guarantee indebtedness of the other companies within the Group and continues to provide guarantees in respect of the disposed Contracting and Rail and Gas Production businesses. The Group is continuing to assess the impact of adoption of the standard for the Parent Company. Amendments to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019 is effective from 1 January 2023 (1 April 2023 for the Group) following UK endorsement on 15 December 2022. Adoption of the amendment is expected to result in a gross up of deferred tax assets and liabilities, but is not anticipated to have a material impact on the net deferred tax balances within the consolidated financial statements of the Group. There are a number of other interpretations and amendments issued but not yet effective at 31 March 2023. These are not anticipated to have a material impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-692": { "value": "3. Adjusted accounting measures The Group applies the use of adjusted accounting measures or alternative performance measures (\u2018APMs\u2019) throughout the Annual Report and Financial Statements. These measures enable the Directors to present the underlying performance of the Group and its segments to the users of the statements in a consistent and meaningful manner. The adjustments applied and certain terms such as \u2018adjusted operating profit\u2019, \u2018adjusted Earnings Per Share\u2019, \u2018adjusted EBITDA\u2019, \u2018adjusted investment and capital expenditure\u2019, \u2018adjusted investment, capital and acquisition expenditure\u2019 and \u2018adjusted net debt and hybrid capital\u2019 that are not defined under IFRS and are explained in more detail below. In addition, the section \u2018Alternative Performance Measures\u2019 at page 194 provides further context and explanation of these terms. 3.1 Adjusted measures The Directors assess the performance of the Group and its reportable segments based on \u2018adjusted measures\u2019. These measures are used for internal performance management and are believed to be appropriate for explaining underlying performance to users of the accounts. These measures are also deemed to be the most useful for ordinary shareholders of the Company and for other stakeholders. The performance of the reportable segments is reported based on adjusted profit before interest and tax (\u2018adjusted operating profit\u2019). This is reconciled to reported profit before interest and tax by adding back exceptional items and certain re-measurements (see note 3.2 below), depreciation and amortisation expense on fair value uplifts, the share of operating profit attributable to non-controlling interests, adjustments to the retained Gas Production decommissioning provision and after the removal of interest and taxation on profits from equity-accounted joint ventures and associates. The performance of the Group is reported based on adjusted profit before tax which excludes exceptional items and certain re- measurements (see note 3.2 below), depreciation and amortisation expense on fair value uplifts, the share of profit before tax attributable to non-controlling interests, the net interest costs associated with defined benefit schemes, adjustments to the retained Gas Production decommissioning provision and taxation on profits from equity-accounted joint ventures and associates. The interest charges or credits on defined benefit schemes removed are non-cash and are subject to variation based on actuarial valuations of scheme liabilities. The Group also uses adjusted earnings before interest, taxation, depreciation and amortisation (\u2018adjusted EBITDA\u2019) as an alternative operating performance measure which acts as a management proxy for cash generated from operating activities. This does not take into account the rights and obligations that SSE has in relation to its equity-accounted joint ventures and associates. This measure excludes exceptional items and certain re-measurements (see note 3.2 below), the depreciation charged on fair value uplifts, the share of EBITDA attributable to non-controlling interests, adjustments to the retained Gas Production decommissioning provision, the net interest costs associated with defined benefit schemes, depreciation and amortisation from equity-accounted joint ventures and associates and interest and taxation on profits from equity-accounted joint ventures and associates. For the purpose of calculating the \u2018Net Debt to EBITDA\u2019 metric referred at page 89 , \u2018adjusted EBITDA\u2019 is further adjusted to remove the proportion of adjusted EBITDA from equity- accounted joint ventures relating to off-balance sheet debt (see note 5.1(v)). The Group\u2019s key performance measure is adjusted Earnings Per Share (EPS), which is based on basic Earnings Per Share before exceptional items and certain re-measurements (see note 3.2 below), depreciation and amortisation on fair value uplifts, adjustments to the retained Gas Production decommissioning provision, the net interest costs/income associated with defined benefit schemes and after the removal of deferred taxation and other taxation items. Deferred taxation is excluded from the Group\u2019s adjusted EPS because of the Group\u2019s significant ongoing capital investment programme, which means that the deferred tax is unlikely to reverse. Adjusted profit after tax is presented on a basis consistent with adjusted EPS except for the non-inclusion of payments to holders of hybrid equity. The financial statements also include an \u2018adjusted net debt and hybrid capital\u2019 measure. This presents financing information on the basis used for internal liquidity risk management. This measure excludes obligations due under lease arrangements and the share of net debt attributable to non-controlling interests, and includes cash posted as collateral on commodity trading exchanges, and other short term loans. The measure represents the capital owed to investors, lenders and equity holders other than the ordinary shareholders. As with \u2018adjusted Earnings Per Share\u2019, this measure is considered to be of relevance to the ordinary shareholders of the Group as well as other stakeholders and interested parties. Finally, the financial statements include an \u2019adjusted investment and capital expenditure\u2019 and an \u2018adjusted investment, capital and acquisition expenditure\u2019 measure. These metrics represent the capital invested by the Group in projects that are anticipated to provide a return on investment over future years or which otherwise support Group operations and are consistent with internally applied metrics. They therefore include capital additions to property, plant and equipment and intangible assets and also the Group\u2019s direct funding of joint venture and associates capital projects. The Group has considered it appropriate to report these values both internally and externally in this manner due to its use of equity-accounted investment vehicles to grow the Group\u2019s asset base and to highlight, where the Group is providing funding to the vehicle through either loans or equity. The Group does not include project funded capital additions in these metrics, nor does it include other capital invested in joint ventures and associates. Where initial capital funding of an equity accounted joint venture is refunded, these refunds are deducted from the metrics in the year the refund is received. In addition, the Group excludes from this metric additions to its property, plant and equipment funded by Customer Contributions and additions to intangible assets associated with Allowances and Certificates. The Group also excludes the share of investment and capital expenditure attributable to non-controlling interests in controlled but not wholly owned subsidiaries, disposed or impaired additions and refinancing proceeds and refunds. The \u2018adjusted investment, capital and acquisition expenditure\u2019 measure also includes cash consideration paid by the Group in business combinations which contribute to growth of the Group\u2019s capital asset base and is considered to be relevant metric in context of the Group\u2019s Net Zero Acceleration Programme Plus. As with \u2018adjusted Earnings Per Share\u2019, these measures are considered to be of relevance to management and to the ordinary shareholders of the Group as well as to other stakeholders and interested parties. Reconciliations from reported measures to adjusted measures along with further description of the rationale for those adjustments are included in the \u2018Adjusted Performance Measures\u2019 section at pages 194 to 201 . APM Where the Group have referred to an adjusted performance measure in the financial statements the following sign is presented to denote this. 3.2 Exceptional items and certain re-measurements Exceptional items are those charges or credits that are considered unusual by nature and/or scale and of such significance that separate disclosure is required for the financial statements to be properly understood. The trigger points for recognition of items as exceptional items will tend to be non-recurring although exceptional charges (or credits) may impact the same asset class or segment over time. Market conditions that have deteriorated or improved significantly over time will only be captured to the extent observable at the balance sheet date. Examples of items that may be considered exceptional include material asset or business impairment charges, reversals of historic impairments, business restructuring costs and reorganisation costs, significant realised gains or losses on disposal, unrealised fair value adjustments on part disposal of a subsidiary or on acquisition of an investment, and provisions in relation to significant disputes and claims. The Group operates a policy framework for estimating whether items are considered to be exceptional. This framework, which is reviewed annually, estimates the materiality of each broad set of potentially exceptional circumstances, after consideration of strategic impact and likelihood of recurrence, by reference to the Group\u2019s key performance measure of adjusted Earnings Per Share. This framework estimates that any qualifying item greater than \u00a340.0m will be considered exceptional, with lower thresholds applied to circumstances that are considered to have a greater strategic impact and are less likely to recur. The \u00a340.0m threshold was increased during the year from the previously applied limit of \u00a330.0m reflecting the increased profitability of the Group and the growth in the scale of its operations. The only exception to this threshold is for gains or losses on disposal, or divestment of early-stage SSE Renewables international or offshore wind farm development projects within SSE Renewables, which are considered non-exceptional in line with the Group\u2019s strategy to generate recurring gains from developer divestments. Where a gain arises on a non-cash transaction, the gain is treated as exceptional. Certain re-measurements are re-measurements arising on: certain commodity, interest rate and currency contracts which are accounted for as held for trading or as fair value hedges in accordance with the Group\u2019s policy for such financial instruments; remeasurements on stocks of commodities held at the balance sheet date; or movements in fair valuation of contracts for difference not designated as government grants. The amount shown in the before exceptional items and certain re-measurements results for these contracts is the amount settled in the year as disclosed in note 24.1. This excludes commodity contracts not treated as financial instruments under IFRS 9 where held for the Group\u2019s own use requirements which are not recorded until the underlying commodity is delivered. The impact of changes in Corporation Tax rates on deferred tax balances are also included within certain remeasurements. 3.3 Other additional disclosures As permitted by IAS 1 \u2018Presentation of financial statements\u2019, the Group\u2019s income statement discloses additional information in respect of joint ventures and associates, exceptional items and certain re-measurements to aid understanding of the Group\u2019s financial performance and to present results clearly and consistently. ", "dimensions": { "concept": "sseplc:DisclosureOfAdjustedAccountingMeasures", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-693": { "value": "4. Accounting judgements and estimation uncertainty In the process of applying the Group\u2019s accounting policies, management is necessarily required to make judgements and estimates that will have a significant effect on the amounts recognised in the financial statements. Changes in the assumptions underlying the estimates could result in a significant impact to the financial statements. The Group\u2019s key accounting judgement and estimation areas are noted below, with the most significant financial judgement areas as specifically considered by the Audit Committee being highlighted separately. The Group has made no changes to its significant financial judgement areas since the financial year ended 31 March 2022, however the level of judgement applied in the revenue recognition judgement (see 4.1 (iii) below) has increased as a result of the introduction of customer support schemes during the year. 4.1 Significant financial judgements and estimation uncertainties The preparation of these financial statements has specifically considered the following significant financial judgements, some of which are also areas of estimation uncertainty as noted below. (i) Impairment testing and valuation of certain non-current assets \u2013 financial judgement and estimation uncertainty The Group reviews the carrying amounts of its goodwill, other intangible assets, specific property, plant and equipment and investment assets to determine whether any impairments or reversal of impairments to the carrying value of those assets requires to be recorded. Where an indicator of impairment or impairment reversal exists, the recoverable amount of those assets is determined by reference to value in use calculations or fair value less cost to sell assessments, if more appropriate. As well as its goodwill balances, the specific assets under review in the year ended 31 March 2023 are intangible development assets and specific property, plant and equipment assets related to gas storage and thermal power generation. In addition, the Group performed an impairment review over the carrying value of its equity investments in Neos Networks Limited and Triton Power Holdings Limited. In conducting its reviews, the Group makes judgements and estimates in considering both the level of cash generating unit (CGU) at which common assets such as goodwill are assessed against, as well as the estimates and assumptions behind the calculation of recoverable amount of the respective assets or CGUs. Changes to the estimates and assumptions on factors such as regulation and legislation changes (including the Electricity Generator Levy and climate change related regulation), power, gas, carbon and other commodity prices, volatility of gas prices, plant running regimes and load factors, discount rates and other inputs could impact the assessed recoverable value of assets and CGUs and consequently impact the Group\u2019s income statement and balance sheet. Further detail of the calculation basis and key assumptions used in the impairment review, the resulting impairment and the sensitivity of this assessment to key assumptions is disclosed at note 15. Detail on the accounting policies applied is included in the Accompanying Information section A1 . (ii) Retirement benefit obligations \u2013 estimation uncertainty The assumptions in relation to the cost of providing post-retirement benefits during the year are based on the Group\u2019s best estimates and are set after consultation with qualified actuaries. While these assumptions are believed to be appropriate, a change in these assumptions would impact the level of the retirement benefit obligation recorded and the cost to the Group of administering the schemes. Further detail of the calculation basis and key assumptions used, the resulting movements in obligations and the sensitivity of key assumptions to the obligation is disclosed at note 23. (iii) Revenue recognition \u2013 Customers unbilled supply of energy \u2013 financial judgement and estimation uncertainty Revenue from energy supply activities undertaken by the GB Business Energy and Airtricity businesses includes an estimate of the value of electricity or gas supplied to customers between the date of the last meter reading and the year end. This estimation comprises both billed revenue and unbilled revenue and is calculated based on applying the tariffs and contract rates applicable to customers against estimated customer consumption, taking account of various factors including usage patterns, tariff changes, changes to the proportion of customers on different contract types, levels of unread meters, weather trends and externally notified aggregated volumes supplied to customers from national settlements bodies. During the year both of the Group\u2019s Supply businesses have administered government backed customer support schemes, where the Group provides discounts to customers based on estimated usage and recovers amounts from government based on actual customer usage. The administration of these support schemes has increased the complexity and level of estimation uncertainty of the Group\u2019s unbilled calculations. The most material support scheme administered by the Group in the year was the Energy Bills Relief Scheme (\u2018EBRS\u2019) within the GB Business Energy business. The accounting policy for customer support schemes and the balances claimed from government is explained at A1.2 . This unbilled estimation is subject to an internal corroboration process which compares calculated unbilled volumes to a theoretical \u2018perfect billing\u2019 benchmark measure of unbilled volumes (in GWh and millions of therms) derived from historical weather-adjusted consumption patterns and aggregated metering data used in industry reconciliation processes. Furthermore, actual meter readings and billings continue to be compared to unbilled estimates between the balance sheet date and the finalisation of the financial statements. The estimation of the government receivable included within the Group\u2019s unbilled revenue accrual is based on claimed and unclaimed values based on the same customer consumption detail and derived from consideration of tariffs applied to customers, metered and estimated volumes and other factors. The EBRS claims submitted by SSE will be audited by the UK government and are subject to volumetric risk as estimated consumption data is replaced by actual metered data over the 14 month electricity industry reconciliation period. The value of outstanding EBRS claims recognised at 31 March 2023 was \u00a3326.6m, which includes a risk provision of \u00a315.1m related to amounts where the Group has provided the discount to the customer but has assessed that it will be unable to recover the amount from the government during the open claim window. Given the non-routine process, the number and the extent of differing inputs and the requirement of management to apply judgement noted above, the estimated revenue is considered a significant estimate made by management in preparing the financial statements. A change in the assumptions underpinning the unbilled calculation would have an impact on the amount of revenue recognised in any given period. The sensitivity associated with this judgement factor is disclosed at note 18. (iv) Valuation of other receivables \u2013 financial judgement and estimation uncertainty The Group holds a \u00a3100m loan note due from Ovo Energy Limited following the disposal of SSE Energy Services on 15 January 2020. The loan is repayable in full by 31 December 2029, carries interest at 13.25% and is presented cumulative of accrued interest payments, discounted at 13.25%. At 31 March 2023, the carrying value (net of expected credit loss provision of \u00a31.5m (2022: \u00a31.8m)) is \u00a3149.5m (2022: \u00a3131.0m). The Group has assessed recoverability of the loan note receivable and has recognised a provision for expected credit loss in accordance with the requirements of IFRS 9. Due to previous energy supplier failures and recent market volatility, the Group\u2019s assessment of the recoverability of the loan note is considered a significant financial judgement. The Group has taken appropriate steps to assess all available information in respect of the recoverability of the loan note. Procedures included reviewing recent financial information of Ovo Energy Limited, including the 31 December 2021 statutory financial statements; considering available Government support schemes; and discussions with Ovo management. While the carrying value is considered to be appropriate, changes in economic conditions could lead to a change in the expected credit loss incurred by the Group in future periods. (v) Impact of climate change and the transition to net zero \u2013 financial judgement and estimation uncertainty Climate change and the transition to net zero have been considered in the preparation of these financial statements. Where relevant assumptions have been applied that are consistent to a Paris-aligned 1.5\u00b0C 2050 net zero pathway. The Group has a clearly articulated Net Zero Acceleration Programme Plus (\u2018NZAP Plus\u2019) set out on pages 16 to 17 to lead in the UK\u2019s transition to net zero and aligns its investment plans and business activities to that strategy. These plans are supported by the Group\u2019s Green Bond framework under which the fifth green bond was issued in July 2022 (see note 21). The proceeds of the fifth green bond were allocated to fund Renewables\u2019 wind projects. The impact of future climate change regulation could have a material impact on the currently reported amounts of the Group\u2019s assets and liabilities. In preparing these financial statements, the following climate change related risks have been considered: Valuation of property, plant and equipment, and impairment assessment of goodwill In the medium term, the transition to net zero may result in regulation restricting electricity generation from unabated gas fired power stations. The Group\u2019s view is that flexible generation capacity, such as the Group\u2019s fleet of CCGT power stations, will be an essential part of the net zero transition in order to provide security of supply to a market which is increasingly dependent upon renewable sources, which are inherently intermittent. The majority of the Group\u2019s GB CCGT fleet is nearing the end of its economic life and it is not currently expected that regulation to require abatement would be introduced before the planned closure of most of those power stations. Of the net book value held at 31 March 2023, only four assets are forecast to continue to operate beyond 2030 being: Great Island; Keadby 2; Marchwood (which is operated by SSE under a lease); and Saltend Power Station within the Triton joint venture. The Group\u2019s view is that Great Island will continue to be essential to providing security of supply in the Irish electricity market. Keadby 2 commenced commercial operation on 15 March 2023 and has an efficiency of around 63% making it the most efficient plant of its type in the UK and Europe. Work is also underway to explore how to decarbonise Keadby 2 further with the potential to blend hydrogen into the plant. Marchwood is a 50% equity accounted joint venture and is considered one of the most efficient CCGTs in the UK. Saltend was acquired as part of Triton Power 50% equity accounted joint venture and supports the long-term decarbonisation of the UK\u2019s power system, and also contributes to security of supply and grid stability. Initial steps are underway at Saltend, targeting abatement by 2027 through blending up to 30% of low-carbon hydrogen. Therefore, the Group considers that other assets operating in the market would be more likely to close before Keadby 2, Marchwood and Saltend and the plants will continue to be required to balance the UK electricity market beyond 2030. As a result, the useful economic life of the four assets have not been shortened when preparing the 31 March 2023 financial statements. The Group assesses the useful economic life of its property, plant and equipment assets annually. In the short term, the economic return from the activity provided by the Group\u2019s Great Island CCGT asset has increased, resulting in the reversal of historic impairments at 31 March 2023 (see note 15.2). A significant increase in renewable generation capacity in the Group\u2019s core markets in the UK and Ireland could potentially result in an oversupply of renewable electricity at a point in the future, which would lead to a consequential decrease in the power price achievable for the Group\u2019s wind generation assets. The Group has not assessed that this constitutes an indicator of impairment at 31 March 2023 as the Group\u2019s baseline investment case models assume a centrally approved volume of new build in these markets over the life of the existing assets. The Group\u2019s policy is to test the goodwill balances associated with its wind generation portfolio for impairment on an annual basis in line with the requirements of IAS 36. Through this impairment assessment (see note 15.1), a sensitivity to power price, which may arise in a market with significant new build, was modelled. This scenario indicated that, despite a modelled 10% reduction in power price, there remained significant headroom on the carrying value in the Group\u2019s wind generation assets. Changes to weather patterns resulting from global warming have also been considered as a potential risk to future returns from the Group\u2019s wind and hydro assets. Changes to weather patterns could result in calmer, drier weather patterns, which would reduce volumes achievable for the Group\u2019s wind and hydro generation assets (although noting that this would likely lead to capacity constraints and hence higher prices). This has not been assessed as an indicator of impairment for operating assets in the UK and Ireland at 31 March 2023, as there is no currently observable evidence to support that scenario directly. The Group has performed a sensitivity to its impairment modelling and has assessed that an 8% reduction in achievable volume would result in significant headroom on the carrying value of the UK and Ireland assets at 31 March 2023 (see note 15.1). The TCFD physical risk scenarios modelled a 4% to 8% change in average mean wind speeds in the longer term across the wind portfolio, consistent with the impairment sensitivity performed. 4.1 Significant financial judgements and estimation uncertainties continued (v) Impact of climate change and the transition to net zero \u2013 financial judgement and estimation uncertainty continued Valuations of decommissioning provisions The Group holds decommissioning provisions for its Renewable and Thermal generation assets and has retained a 60% share for the decommissioning of its disposed Gas Production business. As noted above, the Group\u2019s view at 31 March 2023 is that climate change regulation will not bring forward the closure dates of its CCGT fleet, many of which are expected to close before 2030. Similarly, it is expected that fundamental changes to weather patterns, or the impact of new wind generation capacity will not bring forward the decommissioning of the Group\u2019s wind farm portfolio. The discounted share of the Gas Production provision is \u00a3201.4m (2022: \u00a3249.4m). At 31 March 2023, the impact of discounting of this retained provision is \u00a364.5m (2022: \u00a333.8m), which is expected to be incurred across the period to 31 March 2037. If the decommissioning activity was accelerated due to changes in legislation, the costs of unwinding the discounting of the provision would be recognised earlier. Defined Benefit scheme assets The Group holds defined benefit pension scheme assets at the 31 March 2023 which could be impacted by climate-related risks. The Trustees of the schemes have a long term investment strategy that seeks to reduce investment risk as and when appropriate and takes into consideration the impact of climate-related risk. Going concern and viability statement The implications of near term climate-related risks have been considered in the Group\u2019s going concern assessment and viability statement assessment. 4.2 Accounting judgements and estimation uncertainties \u2013 changes from prior year The Group has made no changes to accounting judgements and estimation uncertainties from those presented in the Group\u2019s 2022 Annual Report . 4.3 Other areas of estimation uncertainty (i) Tax provisioning The Group has open tax disputes with the tax authorities in the UK. Where management makes a judgement that an outflow of funds is probable, and a reliable estimate of the dispute can be made, provision is made for the best estimate of the most likely liability. In estimating any such liability, the Group applies a risk-based approach, taking into account the specific circumstances of each dispute based on management\u2019s interpretation of tax law and supported, where appropriate, by discussion and analysis by external tax advisors. These estimates are inherently judgemental and could change substantially over time as disputes progress and new facts emerge. Provisions are reviewed on an ongoing basis, however the resolution of tax issues can take a considerable period of time to conclude and it is possible that amounts ultimately paid will be different from the amounts provided. In the financial statements to 31 March 2023, the Group has no provision for uncertain tax positions included in current tax liabilities (2022: \u00a327.9m). The provision held by the Group at 31 March 2022 related to the Group\u2019s case concerning the availability of capital allowances on Glendoe Hydro Electric Station. This case was heard at the Supreme Court on 23 March 2023 and a final decision on the case was released on 17 May 2023. This decision upheld SSE\u2019s position in relation to the dispute and accordingly the provision held has been released as an adjusting post balance sheet event and a related deferred tax liability of \u00a323.4m in relation to the associated capital allowances has been recognised. The Group has no other open tax positions against which a provision has required to be recognised. (ii) Decommissioning costs The calculation of the Group\u2019s decommissioning provisions involves the estimation of quantum and timing of cash flows to settle the obligation. The Group engages independent valuation experts to estimate the cost of decommissioning its Renewable, Thermal and Gas Storage assets every three years based on current technology and prices. The last independent assessment for the majority of the Group\u2019s Renewable and Thermal generation assets was performed in the year to 31 March 2022. A formal assessment for Gas Storage assets was performed in the year to 31 March 2023. Retained decommissioning costs in relation to the disposed Gas Production business are periodically agreed with the field operators and reflect the latest expected economic production lives of the fields. The dates for settlement of future decommissioning costs are uncertain, particularly for the disposed gas exploration and production business where reassessment of gas and liquids reserves and fluctuations in commodity prices can lengthen or shorten the field life. During the year, the carrying value of the Group\u2019s decommissioning provisions have decreased by \u00a3228m due to provision reassessments, increases in discount rate and decreases in inflation assumptions since 31 March 2022. With the exception of the decrease of \u00a348.1m to the provision relating to Gas Production activities, movements on which are recorded in the income statement, all revaluation movements have been matched by an offsetting adjustment to an associated decommissioning asset. Further detail on the assumptions applied, including expected decommissioning dates, and movement in decommissioning costs during the year are disclosed at note 20. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-694": { "value": "5. Segmental information There have been no changes to the Group\u2019s core operating segments during the year. These segments are used internally by the Board to run the business and make strategic decisions. The Group\u2019s \u2018Corporate unallocated\u2019 segment is the Group\u2019s residual corporate central costs which cannot be allocated to individual segments, and also includes the Group\u2019s joint venture investment in Neos Networks Limited. The types of products and services from which each reportable segment derives its revenues are: Business Area Reported Segments Description Continuing operations Transmission SSEN Transmission The economically regulated high voltage transmission of electricity from generating plant to the distribution network in the North of Scotland. Revenue earned from constructing, maintaining and renovating our transmission network is determined in accordance with the regulatory licence, based on an Ofgem approved revenue model and is recognised as charged to National Grid. The revenue earned from other transmission services such as generator plant connections is recognised in line with delivery of that service over the expected contractual period and at the contracted rate. On 25 November 2022 the Group sold a 25.0% non-controlling interest in this business to the Ontario Teachers\u2019 Pension Plan. Distribution SSEN Distribution The economically regulated lower voltage distribution of electricity to customer premises in the North of Scotland and the South of England. Revenue earned from delivery of electricity supply to customers is recognised based on the volume of electricity distributed to those customers and the set customer tariff. The revenue earned from other distribution services such as domestic customer connections is recognised in line with delivery of that service over the expected contractual period and at the contracted rate. Renewables SSE Renewables The generation of electricity from renewable sources, such as onshore and offshore windfarms and run of river and pumped storage hydro assets in the UK and Ireland, the development of similar wind assets in Japan and Southern Europe and the development of wind, solar and battery opportunities. Revenue from physical generation of electricity in Great Britain is sold to SSE EPM and in Ireland is sold to Airtricity and is recognised as generated, based on the contracted or spot price at the time of delivery. Revenue from national support schemes (such as Renewable Obligation Certificates or the Capacity Market in Great Britain or REFIT in Ireland) may either be recognised in line with electricity being physically generated or over the contractual period, depending on the underlying performance obligation. With effect from 18 April 2023, Renewables has taken responsibility for the development, delivery and operation for battery storage and solar assets in Great Britain from Distributed Energy, aligning that activity with its international operations. The impact of applying this change is not considered material. This realignment of segmental reporting will be applied in the interim financial statements for the period to 30 September 2023. Thermal SSE Thermal The generation of electricity from thermal plant and the Group\u2019s interests in multifuel assets in the UK and Ireland. Revenue from physical generation of electricity in Great Britain and Ireland is sold to SSE EPM and is recognised as generated, based on the contract or spot price at the time of delivery. Revenue from national support schemes (such as the Capacity Market) and ancillary generation services may either be recognised in line with electricity being physically generated or over the contractual period, depending on the underlying performance obligation. Gas Storage The operation of gas storage facilities in Great Britain, utilising capacity to optimise trading opportunity associated with the assets. Contribution arising from trading activities is recognised as realised based on the executed trades or withdrawal of gas from caverns. Energy Customer Solutions Business Energy The supply of electricity and gas to business customers in Great Britain. Revenue earned from the supply of energy is recognised in line with the volume delivered to the customer, based on actual and estimated volumes, and reflecting the applicable customer tariff after deductions or discounts. Airtricity The supply of electricity, gas and energy related services to residential and business customers in the Republic of Ireland and Northern Ireland. Revenue earned from the supply of energy is recognised in line with the volume delivered to the customer, based on actual and estimated volumes, and reflecting the applicable customer tariff after deductions or discounts. Revenue earned from energy related services may either be recognised over the expected contractual period or following performance of the service, depending on the underlying performance obligation. Distributed Energy Distributed Energy The provision of services to enable customers to optimise and manage low-carbon energy use; development and management of battery storage and solar assets; distributed generation, independent distribution, heat and cooling networks, smart buildings and EV charging activities. The results of the Group\u2019s Contracting and Rail business was included within this segment until it was disposed on 30 June 2021. As noted above, with effect from 18 April 2023, the battery storage and solar assets activity in Great Britain has been transferred to SSE Renewables.
Business Area Reported Segments Description
EPM & I
Energy Portfolio
Management
(EPM)
The provision of a route to market for the Group\u2019s Renewable and Thermal generation businesses
and commodity procurement for the Group\u2019s energy supply businesses in line with the Group\u2019s stated
hedging policies. Revenue from physical sales of electricity, gas and other commodities produced
by SSE is recognised as supplied to either the national settlements body or the customer, based on
either the spot price at the time of delivery or trade price where that trade is eligible for \u2018own use\u2019
designation. The sale of commodity optimisation trades is presented net in cost of sales alongside
purchase commodity optimisation trades.
Discontinued operations
EPM & I
Gas Production The production and processing of gas and oil from North Sea fields. Revenue was recognised based
on the production that had been delivered to the customer at the specified delivery point, at the
applicable contractual market price. This business was disposed of in the financial year to 31 March
2022. SSE has retained an obligation for 60% of the decommissioning liabilities of the disposed
business as part of the transaction.
Gas
Distribution
SGN SSE\u2019s share of Scotia Gas Networks, which operates two economically regulated gas distribution
networks in Scotland and the South of England. The revenue earned from transportation of natural
gas to customers was recognised based on the volume of gas distributed to those customers and
the set customer tariff. This investment was disposed of in the financial year to 31 March 2022 and
accordingly is noted here in relation to the comparative information for that year.
As referred to in note 3, the internal measure of profit used by the Board is \u2018adjusted profit before interest and tax\u2019 or \u2018adjusted operating
profit\u2019 which is arrived at before exceptional items, the impact of financial instruments measured under IFRS 9, share of profits attributable
to non-controlling interests, the net interest costs/income associated with defined benefit pension schemes, adjustments to the retained
Gas Production decommissioning and after the removal of taxation and interest on profits from joint ventures and associates.
Analysis of revenue, operating profit, assets and earnings before interest, taxation, depreciation and amortisation (\u2018EBITDA\u2019) by segment
is provided on the following pages. All revenue and profit before taxation arise from operations within the UK and Ireland.
5.1 Segmental information disclosure
(i) Revenue by segment
Reported
revenue
2023
\u00a3m
Inter-segment
revenue
(i)
2023
\u00a3m
Segment
revenue
2023
\u00a3m
Reported
revenue
(restated*)
2022
\u00a3m
Inter-segment
revenue
(i)
2022
\u00a3m
Segment
revenue
(restated*)
2022
\u00a3m
Continuing operations
SSEN Transmission 656.1 \u2013 656.1 589.7 \u2013 589.7
SSEN Distribution 1,102.7 81.0 1,183.7 954.6 78.6 1,033.2
SSE Renewables 334.8 602.7 937.5 357.4 418.8 776.2
SSE Thermal 740.4 3,863.8 4,604.2 933.2 285.0 1,218.2
Gas storage 12.2 5,147.5 5,159.7 8.7 2,471.1 2,479.8
Energy Customer Solutions
Business Energy 3,313.5 59.4 3,372.9 2,289.0 34.5 2,323.5
SSE Airtricity 1,776.9 233.1 2,010.0 1,17 7.3 451.3 1,628.6
Distributed Energy 139.1 20.1 159.2 176.9 25.4 202.3
EPM:
Gross trading 24,700.6 11,972.4 36,673.0 12,808.3 7,160.2 19,968.5
Optimisation trades (20,351.8) (937.3) (21,289.1) (10,667.6) (2,914.0) (13,581.6)
EPM 4,348.8 11,035.1 15,383.9 2,140.7 4,246.2 6,386.9
Corporate unallocated 66.2 232.1 298.3 69.7 147.7 217.4
Total continuing operations 12,490.7 21,274.8 33,765.5 8,697.2 8,158.6 16,855.8
Discontinued operations
Gas Production \u2013 \u2013 \u2013 8.1 133.9 142.0
Total discontinued operations \u2013 \u2013 \u2013 8.1 133.9 142.0
Total SSE Group 12,490.7 21,274.8 33,765.5 8,705.3 8,292.5 16,997.8
(i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal, Gas Storage and Distributed Energy to EPM; use
of system income received by SSEN Distribution from Business Energy; Business Energy provides internal heat and light power supplies to other Group companies; EPM
provides power, gas and other commodities to Business Energy and SSE Airtricity; Gas Production (discontinued) sold gas from producing upstream fields to EPM; and
Corporate unallocated provides corporate and infrastructure services to all segments as well as third parties. All are provided at arm\u2019s length.
* The comparative segment revenue has been restated. See note 2.1.
Disaggregation of revenue Revenue from contracts with customers can be disaggregated by reported segment, by major service lines and by timing of revenue recognition as follows: Revenue from contracts with customers Other contract revenue 2023 \u00a3m Total 2023 \u00a3m Goods or services transferred over time Goods or services transferred at a point in time Total revenue from contracts with customers 2023 \u00a3m Use of electricity networks 2023 \u00a3m Supply of energy and ancillary services 2023 \u00a3m Construction related services 2023 \u00a3m Other contracted services 2023 \u00a3m Physical energy 2023 \u00a3m Gas storage 2023 \u00a3m Other revenue 2023 \u00a3m Continuing operations SSEN Transmission 634.0 \u2013 \u2013 20.4 \u2013 \u2013 1.7 656.1 \u2013 656.1 SSEN Distribution 1,054.0 \u2013 \u2013 12.3 \u2013 \u2013 17.9 1,084.2 18.5 1,102.7 SSE Renewables \u2013 49.7 \u2013 87.5 184.3 \u2013 13.3 334.8 \u2013 334.8 SSE Thermal \u2013 736.9 \u2013 \u2013 \u2013 \u2013 3.5 740.4 \u2013 740.4 Gas Storage \u2013 \u2013 \u2013 \u2013 \u2013 12.2 \u2013 12.2 \u2013 12.2 Energy Customer Solutions Business Energy \u2013 3,313.5 \u2013 \u2013 \u2013 \u2013 \u2013 3,313.5 \u2013 3,313.5 SSE Airtricity \u2013 1,756.7 \u2013 \u2013 \u2013 \u2013 20.2 1,776.9 \u2013 1,776.9 Distributed Energy 16.4 29.5 14.4 \u2013 \u2013 \u2013 73.0 133.3 5.8 139.1 EPM \u2013 \u2013 \u2013 \u2013 4,158.7 \u2013 190.1 4,348.8 \u2013 4,348.8 Corporate unallocated \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 66.2 66.2 \u2013 66.2 Total SSE Group 1,704.4 5,886.3 14.4 120.2 4,343.0 12.2 385.9 12,466.4 24.3 12,490.7 (i) Revenue by segment continued Disaggregation of revenue continued (Restated*) Other contract revenue 2022 \u00a3m Total 2022 \u00a3m Revenue from contracts with customers Goods or services transferred over time Goods or services transferred at a point in time Total revenue from contracts with customers 2022 \u00a3m Use of electricity networks 2022 \u00a3m Supply of energy and ancillary services 2022 \u00a3m Construction related services 2022 \u00a3m Other contracted services 2022 \u00a3m Physical energy 2022 \u00a3m Gas storage 2022 \u00a3m Other revenue 2022 \u00a3m Continuing operations SSEN Transmission 570.8 \u2013 \u2013 16.5 \u2013 \u2013 2.4 589.7 \u2013 589.7 SSEN Distribution 903.3 \u2013 \u2013 10.5 \u2013 \u2013 22.8 936.6 18.0 954.6 SSE Renewables \u2013 79.7 \u2013 75.0 202.7 \u2013 \u2013 357.4 \u2013 357.4 SSE Thermal \u2013 929.1 \u2013 \u2013 \u2013 \u2013 4.1 933.2 \u2013 933.2 Gas Storage \u2013 \u2013 \u2013 \u2013 \u2013 8.7 \u2013 8.7 \u2013 8.7 Energy Customer Solutions Business Energy \u2013 2,289.0 \u2013 \u2013 \u2013 \u2013 \u2013 2,289.0 \u2013 2,289.0 SSE Airtricity \u2013 1,158.1 \u2013 19.2 \u2013 \u2013 \u2013 1,17 7.3 \u2013 1,17 7.3 Distributed Energy 11.9 15.8 77.7 3.9 2.9 \u2013 59.3 171.5 5.4 176.9 EPM \u2013 \u2013 \u2013 \u2013 1,920.9 \u2013 219.8 2,140.7 \u2013 2,140.7 Corporate unallocated \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 69.7 69.7 \u2013 69.7 Total continuing operations 1,486.0 4,471.7 77.7 125.1 2,126.5 8.7 378.1 8,673.8 23.4 8,697. 2 Discontinued operations Gas Production \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 8.1 8.1 \u2013 8.1 Total discontinued operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 8.1 8.1 \u2013 8.1 Total SSE Group 1,486.0 4,471.7 77.7 125.1 2,126.5 8.7 386.2 8,681.9 23.4 8,705.3 * The comparative disaggregated segment revenue has been restated. See note 2.1. Included within trade and other receivables (note 18) is \u00a3666.1m (2022: \u00a3492.7m) of unbilled energy income. Included within trade and other payables (note 19) is \u00a3215.4m (2022: \u00a3242.5m) of contract related liabilities. Contract related assets reflect the Group\u2019s right to consideration in exchange for goods or services that have transferred to the customer, and contract related liabilities reflect the Group\u2019s obligation to transfer future goods or services for which the Group has already received consideration. Contract related assets and liabilities principally arose in the Distributed Energy reporting segment with changes during the periods reflecting ongoing contract progress, offset by cash receipts or customer invoicing. The Group has not disclosed information related to the transaction price allocated to remaining performance obligations on the basis that the Group\u2019s contracts either have an original expected duration of less than one year, or permit the Group to recognise revenue as invoiced. Revenue by geographical location on continuing operations is as follows: 2023 \u00a3m 2022 (restated*) \u00a3m UK 10,899.8 7, 381.1 Ireland 1,590.9 1,316.1 12,490.7 8,697. 2 (ii) Operating profit/(loss) by segment 2023 Adjusted operating profit reported to the Board APM \u00a3m Depreciation on fair value uplifts \u00a3m JV/Associate share of interest and tax \u00a3m Adjustments to Gas Production decommissioning provision \u00a3m Non- controlling interests \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Continuing operations SSEN Transmission 372.7 \u2013 \u2013 \u2013 32.8 405.5 \u2013 405.5 SSEN Distribution 382.4 \u2013 \u2013 \u2013 \u2013 382.4 \u2013 382.4 SSE Renewables 580.0 (18.8) (103.0) \u2013 (1.9) 456.3 (10.0) 446.3 SSE Thermal 1,031.9 (10.0) (60.4) \u2013 \u2013 961.5 128.0 1,089.5 Gas Storage 212.5 \u2013 \u2013 \u2013 \u2013 212.5 36.7 249.2 Energy Customer Solutions Business Energy 17.9 \u2013 \u2013 \u2013 \u2013 17.9 \u2013 17.9 SSE Airtricity 5.6 \u2013 (0.4) \u2013 \u2013 5.2 \u2013 5.2 Distributed Energy (27.4) \u2013 \u2013 \u2013 \u2013 (27.4) (6.1) (33.5) EPM 80.4 \u2013 \u2013 \u2013 \u2013 80.4 (2,706.4) (2,626.0) Corporate Corporate unallocated (87.0) \u2013 \u2013 50.5 \u2013 (36.5) 9.7 (26.8) Neos (39.8) \u2013 (10.3) \u2013 \u2013 (50.1) (5.9) (56.0) Total SSE Group 2,529.2 (28.8) (174.1) 50.5 30.9 2,407.7 (2,554.0) (146.3) The adjusted operating profit of the Group is reported after removal of the Group\u2019s share of interest, fair value movements on financing derivatives, the depreciation charged on fair value uplifts and tax from joint ventures and associates, Gas production decommissioning costs, operating profit from non-controlling interests and after adjusting for exceptional items and certain re-measurements (note 7). The Group\u2019s share of operating profit from joint ventures and associates has been recognised in the SSE Renewables, SSE Thermal, SSE Airtricity and Corporate segments. (ii) Operating profit/(loss) by segment continued 2022 (restated*) Adjusted operating profit reported to the Board APM \u00a3m Depreciation on fair value uplifts \u00a3m JV/Associate share of interest and tax \u00a3m Adjustments to Gas Production decommissioning provision \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Continuing operations SSEN Transmission 380.5 \u2013 \u2013 \u2013 380.5 \u2013 380.5 SSEN Distribution 351.8 \u2013 \u2013 \u2013 351.8 \u2013 351.8 SSE Renewables 568.1 (18.8) (92.9) \u2013 456.4 (28.6) 427.8 SSE Thermal 300.4 \u2013 (9.5) \u2013 290.9 333.3 624.2 Gas Storage 30.7 \u2013 \u2013 \u2013 30.7 94.7 125.4 Energy Customer Solutions Business Energy (21.5) \u2013 \u2013 \u2013 (21.5) \u2013 (21.5) SSE Airtricity 60.4 \u2013 \u2013 \u2013 60.4 \u2013 60.4 Distributed Energy (10.9) \u2013 \u2013 \u2013 (10.9) (18.3) (29.2) EPM (16.8) \u2013 \u2013 \u2013 (16.8) 2,100.4 2,083.6 Corporate Corporate unallocated (95.7) \u2013 (4.7) (13.1) (113.5) \u2013 (113.5) Neos (16.1) (1.8) (7.0) \u2013 (24.9) (115.1) (140.0) Total continuing operations 1,530.9 (20.6) (114.1) (13.1) 1,383.1 2,366.4 3,749.5 Discontinued operations Gas Production 101.4 \u2013 \u2013 \u2013 101.4 (120.8) (19.4) SGN(i) 21.0 \u2013 (12.8) \u2013 8.2 (89.3) (81.1) Total discontinued operations 122.4 \u2013 (12.8) \u2013 109.6 (210.1) (100.5) Total SSE Group 1,653.3 (20.6) (126.9) (13.1) 1,492.7 2,156.3 3,649.0 * The comparative operating profit by segment information has been restated. See note 2.1. (i) In the table above total operating profit from SGN has been restated to remove the \u00a3576.5m gain recognised on disposal of SGN. There has been no change to the presentation of this gain in the income statement and note 12. For the year ended 31 March 2022, the share of SGN interest included loan stock interest payable to the consortium shareholders. The Group has accounted for its 33% share of this, \u00a36.8m as discontinued finance income. (iii) Capital expenditure by segment Capital additions to intangible assets 2023 \u00a3m Capital additions to property, plant and equipment 2023 \u00a3m Capital additions to intangible assets 2022 \u00a3m Capital additions to property, plant and equipment 2022 (restated*) \u00a3m Continuing operations SSEN Transmission 7.2 536.6 5.8 608.6 SSEN Distribution 15.2 486.8 15.6 440.5 SSE Renewables 685.7 311.3 265.2 193.2 SSE Thermal 20.8 44.5 9.5 59.2 Gas Storage \u2013 6.3 \u2013 2.1 Energy Customer Solutions Business Energy 38.9 \u2013 4.6 30.6 SSE Airtricity 10.5 \u2013 \u2013 4.6 Distributed Energy 62.0 66.6 8.7 17.9 EPM 809.9 \u2013 545.3 1.6 Corporate unallocated 38.4 48.0 65.8 21.2 Total continuing operations 1,688.6 1,500.1 920.5 1,379.5 Discontinued operations Gas Production \u2013 \u2013 \u2013 13.9 Total discontinued operations \u2013 \u2013 \u2013 13.9 Total SSE Group 1,688.6 1,500.1 920.5 1,393.4 Increase in prepayments related to capital expenditure \u2013 6.8 \u2013 (2.0) Increase in trade payables related to capital expenditure (31.8) 132.2 \u2013 59.2 IFRS 15 adjustment \u2013 (80.9) \u2013 (91.3) Lease asset additions \u2013 (78.5) \u2013 (85.7) Less non-cash items: Allowances and certificates (208.4) \u2013 (193.7) \u2013 Assets acquired through acquisitions (515.2) \u2013 (197.8) \u2013 Net cash outflow 933.2 1,479.7 529.0 1,273.6 * The comparatives have been restated. See note 2.1. Capital additions do not include assets acquired in acquisitions or assets acquired under leases. Capital additions to intangible assets includes the cash purchase of emissions allowances and certificates (2023: \u00a3596.8m; 2022: \u00a3350.8m). These purchases are presented in the cash flow statement within operating activities since they relate to the obligation to surrender the allowances and certificates in line with operating volumes of emissions. Other non-cash additions comprise self-generated renewable obligation certificates. No segmental analysis of assets requires to be disclosed as this information is not presented to the Board. (iii) Capital expenditure by segment continued At 31 March 2023 Capital additions to intangible assets 2023 \u00a3m Capital additions to property, plant and equipment 2023 \u00a3m Capital Investment relating to Joint Ventures and Associates (i) \u00a3m Allowances and certificate (ii) \u00a3m Customer funded additions (iii) \u00a3m Acquired through business combinations(iv) \u00a3m Lease asset additions(v) \u00a3m Share of on-controlling interests (vi) \u00a3m Adjusted Investment and Capital Expenditure 2023 APM \u00a3m Continuing operations SSEN Transmission 7.2 536.6 \u2013 \u2013 \u2013 \u2013 (1.6) (46.7) 495.5 SSEN Distribution 15.2 486.8 \u2013 \u2013 (80.9) \u2013 (0.1) \u2013 421.0 SSE Renewables 685.7 311.3 391.8 \u2013 \u2013 (515.2) (36.1) \u2013 837.5 SSE Thermal 20.8 44.5 87.9 \u2013 \u2013 \u2013 \u2013 \u2013 153.2 Gas Storage \u2013 6.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6.3 Energy Customer Solutions Business Energy 38.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 38.9 SSE Airtricity 10.5 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 10.5 Distributed Energy 62.0 66.6 \u2013 \u2013 \u2013 \u2013 (3.9) \u2013 124.7 EPM 809.9 \u2013 \u2013 (805.2) \u2013 \u2013 \u2013 \u2013 4.7 Corporate unallocated 38.4 48.0 18.7 \u2013 \u2013 \u2013 (36.8) \u2013 68.3 Total SSE Group 1,688.6 1,500.1 498.4 (805.2) (80.9) (515.2) (78.5) (46.7) 2,160.6 (i) Represents equity or debt funding provided to joint ventures or associates in relation to capital expenditure projects. (ii) Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs) and are not included in the Group\u2019s Capital Expenditure and Investment alternative performance measure. (iii) Represents removal of additions to electricity and other networks funded by customer contributions. (iv) Represents removal of additions achieved through business combinations; for Renewables additions of \u00a3515.2m refer to note 12. Note that the Group\u2019s Adjusted Investment, Capital and Acquisitions metric includes the \u00a3642.7m cash consideration paid for Business Combinations and totals \u00a32,803.3m. (v) Represents removal of additions in respect of right of use assets recognised on the commencement date of a lease arrangement. (vi) Represents the share of capital additions attributable to non-controlling interests. At 31 March 2022 Capital additions to intangible assets 2022 \u00a3m Capital additions to property, plant and equipment 2022 (restated*) \u00a3m Capital Investment relating to Joint Ventures and Associates (i) \u00a3m Allowances and certificates(ii) \u00a3m Customer funded additions (iii) \u00a3m Acquired through business combinations (iv) \u00a3m Lease asset additions (v) \u00a3m Additions subsequently impaired/ disposed (vi) \u00a3m Refinancing proceeds (vii) \u00a3m Adjusted Investment and Capital Expenditure 2022 (restated*) APM \u00a3m Continuing operations SSEN Transmission 5.8 608.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 614.4 SSEN Distribution 15.6 440.5 \u2013 \u2013 (91.3) \u2013 \u2013 \u2013 \u2013 364.8 SSE Renewables 265.2 193.2 588.8 \u2013 \u2013 (197.8) (38.4) \u2013 (136.7) 674.3 SSE Thermal 9.5 59.2 54.7 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 123.4 Gas Storage \u2013 2.1 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.1 Energy Customer Solutions Business Energy 4.6 30.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 35.2 SSE Airtricity \u2013 4.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4.6 Distributed Energy 8.7 17.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 26.6 EPM 545.3 1.6 \u2013 (544.5) \u2013 \u2013 \u2013 \u2013 \u2013 2.4 Corporate unallocated 65.8 21.2 39.0 \u2013 \u2013 \u2013 (47.3) \u2013 \u2013 78.7 Total continuing operations 920.5 1,379.5 682.5 (544.5) (91.3) (197.8) (85.7) \u2013 (136.7) 1,926.5 Discontinued operations Gas Production 0.5 13.4 \u2013 \u2013 \u2013 \u2013 \u2013 (13.9) \u2013 \u2013 Total discontinued operations 0.5 13.4 \u2013 \u2013 \u2013 \u2013 \u2013 (13.9) \u2013 \u2013 Total SSE Group 921.0 1,392.9 682.5 (544.5) (91.3) (197.8) (85.7) (13.9) (136.7) 1,926.5 * The comparatives have been restated. See note 2.1. (i) Represents equity or debt funding provided to joint ventures or associates in relation to capital expenditure projects. (ii) Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs) and are not included in the Group\u2019s Capital Expenditure and Investment alternative performance measure. (iii) Represents removal of additions to electricity and other networks funded by customer contributions. (iv) Represents removal of additions achieved through business combination; for Renewables additions of \u00a3197.8m refer to note 12. Note that the Group\u2019s Adjusted Investment, Capital and Acquisitions metric includes the \u00a3141.3m cash consideration paid for Business Combinations and totals \u00a32,067.8m. (v) Represents removal of right of use assets recognised on the commencement date of a lease arrangement. (vi) On 14 October 2021, the Group disposed of its Gas Production business but retained a 60% share of the decommissioning obligation of the business. (vii) Represents the refunding of equity or debt funding provided by the Group (predominately to joint ventures); as the funding is included at (i) above, when there is a refinancing and SSE receives a repayment, those proceeds are excluded from its adjusted capex measure. In the year to 31 March 2022, Doggerbank windfarm reimbursed SSE for previous funding of \u00a3136.7m. (iv) Items included in operating profit/(loss) by segment Depreciation/impairment on property, plant and equipment Amortisation/impairment of intangible assets Before exceptional charges 2023 \u00a3m Impairment charges/ (credits) 2023 \u00a3m Total 2023 \u00a3m Before exceptional charges 2023 \u00a3m Impairment charges/ (credits) 2023 \u00a3m Total 2023 \u00a3m Continuing operations SSEN Transmission 109.4 \u2013 109.4 4.7 \u2013 4.7 SSEN Distribution 172.0 \u2013 172.0 10.2 \u2013 10.2 SSE Renewables 161.1 12.5 173.6 2.0 4.2 6.2 SSE Thermal 103.3 (7.2) 96.1 0.6 \u2013 0.6 Gas Storage 16.5 (45.7) (29.2) \u2013 \u2013 \u2013 Energy Customer Solutions Business Energy 0.2 \u2013 0.2 4.5 \u2013 4.5 SSE Airtricity 0.1 \u2013 0.1 6.8 \u2013 6.8 Distributed Energy 4.7 0.4 5.1 1.7 \u2013 1.7 EPM \u2013 \u2013 \u2013 6.0 \u2013 6.0 Corporate unallocated 38.4 1.6 40.0 18.1 14.6 32.7 Total SSE Group 605.7 (38.4) 567.3 54.6 18.8 73.4 Depreciation/impairment on property, plant and equipment Amortisation/impairment of intangible assets Before exceptional charges 2022 \u00a3m Impairment charges/ (credits) 2022 \u00a3m Total 2022 \u00a3m Before exceptional charges 2022 \u00a3m Impairment charges/ (credits) 2022 \u00a3m Total 2022 \u00a3m Continuing operations SSEN Transmission 99.6 \u2013 99.6 3.6 \u2013 3.6 SSEN Distribution 165.8 20.7 186.5 9.4 \u2013 9.4 SSE Renewables 160.1 \u2013 160.1 0.8 \u2013 0.8 SSE Thermal 69.8 (331.6) (261.8) 0.4 \u2013 0.4 Gas Storage 0.8 (97.3) (96.5) \u2013 \u2013 \u2013 Energy Customer Solutions Business Energy 5.1 \u2013 5.1 6.2 \u2013 6.2 SSE Airtricity 0.2 \u2013 0.2 1.5 \u2013 1.5 Distributed Energy 5.6 (1.6) 4.0 2.3 0.5 2.8 EPM \u2013 \u2013 \u2013 4.5 \u2013 4.5 Corporate unallocated 38.4 \u2013 38.4 16.7 1.0 17.7 Total continuing operations 545.4 (409.8) 135.6 45.4 1.5 46.9 Discontinued operations Gas Production \u2013 120.8 120.8 \u2013 \u2013 \u2013 Total discontinued operations \u2013 120.8 120.8 \u2013 \u2013 \u2013 Total SSE Group 545.4 (289.0) 256.4 45.4 1.5 46.9 The Group\u2019s share of SGN depreciation in the year ended 31 March 2022 (\u00a310.4m) and amortisation (\u00a30.7m) is not included within operating costs. (v) Earnings before interest, taxation, depreciation and amortisation (\u2018EBITDA\u2019) Adjusted operating profit reported to the Board (note 5.1(ii)) APM 2023 \u00a3m Depreciation on fair value uplifts 2023 \u00a3m Depreciation/ Impairment/ amortisation before exceptional charges (note 5.1(iv)) 2023 \u00a3m JV/Associate share of depreciation and amortisation (note 16.4) 2023 \u00a3m Release of deferred income (note 6) 2023 \u00a3m Share of non-controlling interest depreciation and amortisation 2023 \u00a3m Adjusted EBITDA APM 2023 \u00a3m Continuing operations SSEN Transmission 372.7 \u2013 114.1 \u2013 (2.1) (9.7) 475.0 SSEN Distribution 382.4 \u2013 182.2 \u2013 (10.6) \u2013 554.0 SSE Renewables 580.0 (18.8) 179.8 92.8 (0.1) \u2013 833.7 SSE Thermal 1,031.9 (10.0) 114.5 60.8 \u2013 \u2013 1 ,197.2 Gas Storage 212.5 \u2013 16.5 \u2013 \u2013 \u2013 229.0 \u2013 Energy Customer Solutions Business Energy 17.9 \u2013 4.7 \u2013 \u2013 \u2013 22.6 SSE Airtricity 5.6 \u2013 6.9 \u2013 \u2013 \u2013 12.5 Distributed Energy (27.4) \u2013 6.8 \u2013 (0.2) \u2013 (20.8) EPM 80.4 \u2013 6.0 \u2013 \u2013 \u2013 86.4 Corporate Corporate unallocated (87.0) \u2013 72.7 \u2013 (0.9) \u2013 (15.2) Neos (39.8) \u2013 \u2013 47.5 \u2013 \u2013 7.7 Total SSE Group 2,529.2 (28.8) 704.2 201.1 (13.9) (9.7) 3,382.1 Note that the Group\u2019s \u2018Net Debt to EBITDA\u2019 metric is derived after removing the proportionate EBITDA from the following debt-financed Beatrice and Seagreen joint ventures. This adjustment is \u00a3146.9m (2022: \u00a3125.4m) resulting in EBITDA on continuing operations for inclusion in the Debt to EBITDA metric of \u00a33,235.2m (2022: \u00a32,125.3m restated). For 31 March 2023 the \u00a3704.2m combined depreciation, impairment and amortisation charges included non-exceptional impairments totalling \u00a343.9m. (v) Earnings before interest, taxation, depreciation and amortisation (\u2018EBITDA\u2019) continued (restated*) Adjusted operating profit reported to the Board (note 5.1(ii)) APM 2022 \u00a3m Depreciation on fair value uplifts 2022 \u00a3m Depreciation/ Impairment/ amortisation before exceptional charges (note 5.1(iv)) 2022 \u00a3m JV/Associate share of depreciation and amortisation (note 16.4) 2022 \u00a3m Release of deferred income (note 6) 2022 \u00a3m Adjusted EBITDA APM 2022 \u00a3m Continuing operations SSEN Transmission 380.5 \u2013 103.2 \u2013 (3.8) 479.9 SSEN Distribution 351.8 \u2013 195.9 \u2013 (11.6) 536.1 SSE Renewables 568.1 (18.8) 160.9 85.4 \u2013 795.6 SSE Thermal 300.4 \u2013 70.2 19.0 \u2013 389.6 Gas Storage 30.7 \u2013 0.8 \u2013 \u2013 31.5 Energy Customer Solutions Business Energy (21.5) \u2013 11.3 \u2013 \u2013 (10.2) SSE Airtricity 60.4 \u2013 1.7 \u2013 \u2013 62.1 Distributed Energy (10.9) \u2013 7.4 \u2013 (1.3) (4.8) EPM (16.8) \u2013 4.5 \u2013 \u2013 (12.3) Corporate Corporate unallocated (95.7) \u2013 56.1 \u2013 (0.9) (40.5) Neos (16.1) (1.8) \u2013 42.2 \u2013 24.3 Total continuing operations 1,530.9 (20.6) 612.0 146.6 (17.6) 2,251.3 Discontinued operations Gas Production 101.4 \u2013 \u2013 \u2013 \u2013 101.4 SGN 21.0 \u2013 \u2013 11.1 \u2013 32.1 Total discontinued operations 122.4 \u2013 \u2013 11.1 \u2013 133.5 Total SSE Group 1,653.3 (20.6) 612.0 157.7 (17.6) 2,384.8 * The comparative adjusted operating profit by segment information has been restated. See note 2.1. For 31 March 2022 the \u00a3612.0m combined depreciation, impairment and amortisation charges included non-exceptional impairments totalling \u00a321.2m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-741": { "value": "5.1 Segmental information disclosure (i) Revenue by segment Reported revenue 2023 \u00a3m Inter-segment revenue (i) 2023 \u00a3m Segment revenue 2023 \u00a3m Reported revenue (restated*) 2022 \u00a3m Inter-segment revenue (i) 2022 \u00a3m Segment revenue (restated*) 2022 \u00a3m Continuing operations SSEN Transmission 656.1 \u2013 656.1 589.7 \u2013 589.7 SSEN Distribution 1,102.7 81.0 1,183.7 954.6 78.6 1,033.2 SSE Renewables 334.8 602.7 937.5 357.4 418.8 776.2 SSE Thermal 740.4 3,863.8 4,604.2 933.2 285.0 1,218.2 Gas storage 12.2 5,147.5 5,159.7 8.7 2,471.1 2,479.8 Energy Customer Solutions Business Energy 3,313.5 59.4 3,372.9 2,289.0 34.5 2,323.5 SSE Airtricity 1,776.9 233.1 2,010.0 1,17 7.3 451.3 1,628.6 Distributed Energy 139.1 20.1 159.2 176.9 25.4 202.3 EPM: Gross trading 24,700.6 11,972.4 36,673.0 12,808.3 7,160.2 19,968.5 Optimisation trades (20,351.8) (937.3) (21,289.1) (10,667.6) (2,914.0) (13,581.6) EPM 4,348.8 11,035.1 15,383.9 2,140.7 4,246.2 6,386.9 Corporate unallocated 66.2 232.1 298.3 69.7 147.7 217.4 Total continuing operations 12,490.7 21,274.8 33,765.5 8,697.2 8,158.6 16,855.8 Discontinued operations Gas Production \u2013 \u2013 \u2013 8.1 133.9 142.0 Total discontinued operations \u2013 \u2013 \u2013 8.1 133.9 142.0 Total SSE Group 12,490.7 21,274.8 33,765.5 8,705.3 8,292.5 16,997.8 (i) Significant inter-segment revenue is derived from the sale of power and stored gas from SSE Renewables, SSE Thermal, Gas Storage and Distributed Energy to EPM; use of system income received by SSEN Distribution from Business Energy; Business Energy provides internal heat and light power supplies to other Group companies; EPM provides power, gas and other commodities to Business Energy and SSE Airtricity; Gas Production (discontinued) sold gas from producing upstream fields to EPM; and Corporate unallocated provides corporate and infrastructure services to all segments as well as third parties. All are provided at arm\u2019s length. * The comparative segment revenue has been restated. See note 2.1. Disaggregation of revenue Revenue from contracts with customers can be disaggregated by reported segment, by major service lines and by timing of revenue recognition as follows: Revenue from contracts with customers Other contract revenue 2023 \u00a3m Total 2023 \u00a3m Goods or services transferred over time Goods or services transferred at a point in time Total revenue from contracts with customers 2023 \u00a3m Use of electricity networks 2023 \u00a3m Supply of energy and ancillary services 2023 \u00a3m Construction related services 2023 \u00a3m Other contracted services 2023 \u00a3m Physical energy 2023 \u00a3m Gas storage 2023 \u00a3m Other revenue 2023 \u00a3m Continuing operations SSEN Transmission 634.0 \u2013 \u2013 20.4 \u2013 \u2013 1.7 656.1 \u2013 656.1 SSEN Distribution 1,054.0 \u2013 \u2013 12.3 \u2013 \u2013 17.9 1,084.2 18.5 1,102.7 SSE Renewables \u2013 49.7 \u2013 87.5 184.3 \u2013 13.3 334.8 \u2013 334.8 SSE Thermal \u2013 736.9 \u2013 \u2013 \u2013 \u2013 3.5 740.4 \u2013 740.4 Gas Storage \u2013 \u2013 \u2013 \u2013 \u2013 12.2 \u2013 12.2 \u2013 12.2 Energy Customer Solutions Business Energy \u2013 3,313.5 \u2013 \u2013 \u2013 \u2013 \u2013 3,313.5 \u2013 3,313.5 SSE Airtricity \u2013 1,756.7 \u2013 \u2013 \u2013 \u2013 20.2 1,776.9 \u2013 1,776.9 Distributed Energy 16.4 29.5 14.4 \u2013 \u2013 \u2013 73.0 133.3 5.8 139.1 EPM \u2013 \u2013 \u2013 \u2013 4,158.7 \u2013 190.1 4,348.8 \u2013 4,348.8 Corporate unallocated \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 66.2 66.2 \u2013 66.2 Total SSE Group 1,704.4 5,886.3 14.4 120.2 4,343.0 12.2 385.9 12,466.4 24.3 12,490.7 (Restated*) Other contract revenue 2022 \u00a3m Total 2022 \u00a3m Revenue from contracts with customers Goods or services transferred over time Goods or services transferred at a point in time Total revenue from contracts with customers 2022 \u00a3m Use of electricity networks 2022 \u00a3m Supply of energy and ancillary services 2022 \u00a3m Construction related services 2022 \u00a3m Other contracted services 2022 \u00a3m Physical energy 2022 \u00a3m Gas storage 2022 \u00a3m Other revenue 2022 \u00a3m Continuing operations SSEN Transmission 570.8 \u2013 \u2013 16.5 \u2013 \u2013 2.4 589.7 \u2013 589.7 SSEN Distribution 903.3 \u2013 \u2013 10.5 \u2013 \u2013 22.8 936.6 18.0 954.6 SSE Renewables \u2013 79.7 \u2013 75.0 202.7 \u2013 \u2013 357.4 \u2013 357.4 SSE Thermal \u2013 929.1 \u2013 \u2013 \u2013 \u2013 4.1 933.2 \u2013 933.2 Gas Storage \u2013 \u2013 \u2013 \u2013 \u2013 8.7 \u2013 8.7 \u2013 8.7 Energy Customer Solutions Business Energy \u2013 2,289.0 \u2013 \u2013 \u2013 \u2013 \u2013 2,289.0 \u2013 2,289.0 SSE Airtricity \u2013 1,158.1 \u2013 19.2 \u2013 \u2013 \u2013 1,17 7.3 \u2013 1,17 7.3 Distributed Energy 11.9 15.8 77.7 3.9 2.9 \u2013 59.3 171.5 5.4 176.9 EPM \u2013 \u2013 \u2013 \u2013 1,920.9 \u2013 219.8 2,140.7 \u2013 2,140.7 Corporate unallocated \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 69.7 69.7 \u2013 69.7 Total continuing operations 1,486.0 4,471.7 77.7 125.1 2,126.5 8.7 378.1 8,673.8 23.4 8,697. 2 Discontinued operations Gas Production \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 8.1 8.1 \u2013 8.1 Total discontinued operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 8.1 8.1 \u2013 8.1 Total SSE Group 1,486.0 4,471.7 77.7 125.1 2,126.5 8.7 386.2 8,681.9 23.4 8,705.3 * The comparative disaggregated segment revenue has been restated. See note 2.1. Included within trade and other receivables (note 18) is \u00a3666.1m (2022: \u00a3492.7m) of unbilled energy income. Included within trade and other payables (note 19) is \u00a3215.4m (2022: \u00a3242.5m) of contract related liabilities. Contract related assets reflect the Group\u2019s right to consideration in exchange for goods or services that have transferred to the customer, and contract related liabilities reflect the Group\u2019s obligation to transfer future goods or services for which the Group has already received consideration. Contract related assets and liabilities principally arose in the Distributed Energy reporting segment with changes during the periods reflecting ongoing contract progress, offset by cash receipts or customer invoicing. The Group has not disclosed information related to the transaction price allocated to remaining performance obligations on the basis that the Group\u2019s contracts either have an original expected duration of less than one year, or permit the Group to recognise revenue as invoiced. Revenue by geographical location on continuing operations is as follows: 2023 \u00a3m 2022 (restated*) \u00a3m UK 10,899.8 7, 381.1 Ireland 1,590.9 1,316.1 12,490.7 8,697. 2 (ii) Operating profit/(loss) by segment 2023 Adjusted operating profit reported to the Board APM \u00a3m Depreciation on fair value uplifts \u00a3m JV/Associate share of interest and tax \u00a3m Adjustments to Gas Production decommissioning provision \u00a3m Non- controlling interests \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Continuing operations SSEN Transmission 372.7 \u2013 \u2013 \u2013 32.8 405.5 \u2013 405.5 SSEN Distribution 382.4 \u2013 \u2013 \u2013 \u2013 382.4 \u2013 382.4 SSE Renewables 580.0 (18.8) (103.0) \u2013 (1.9) 456.3 (10.0) 446.3 SSE Thermal 1,031.9 (10.0) (60.4) \u2013 \u2013 961.5 128.0 1,089.5 Gas Storage 212.5 \u2013 \u2013 \u2013 \u2013 212.5 36.7 249.2 Energy Customer Solutions Business Energy 17.9 \u2013 \u2013 \u2013 \u2013 17.9 \u2013 17.9 SSE Airtricity 5.6 \u2013 (0.4) \u2013 \u2013 5.2 \u2013 5.2 Distributed Energy (27.4) \u2013 \u2013 \u2013 \u2013 (27.4) (6.1) (33.5) EPM 80.4 \u2013 \u2013 \u2013 \u2013 80.4 (2,706.4) (2,626.0) Corporate Corporate unallocated (87.0) \u2013 \u2013 50.5 \u2013 (36.5) 9.7 (26.8) Neos (39.8) \u2013 (10.3) \u2013 \u2013 (50.1) (5.9) (56.0) Total SSE Group 2,529.2 (28.8) (174.1) 50.5 30.9 2,407.7 (2,554.0) (146.3) The adjusted operating profit of the Group is reported after removal of the Group\u2019s share of interest, fair value movements on financing derivatives, the depreciation charged on fair value uplifts and tax from joint ventures and associates, Gas production decommissioning costs, operating profit from non-controlling interests and after adjusting for exceptional items and certain re-measurements (note 7). The Group\u2019s share of operating profit from joint ventures and associates has been recognised in the SSE Renewables, SSE Thermal, SSE Airtricity and Corporate segments. 2022 (restated*) Adjusted operating profit reported to the Board APM \u00a3m Depreciation on fair value uplifts \u00a3m JV/Associate share of interest and tax \u00a3m Adjustments to Gas Production decommissioning provision \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Continuing operations SSEN Transmission 380.5 \u2013 \u2013 \u2013 380.5 \u2013 380.5 SSEN Distribution 351.8 \u2013 \u2013 \u2013 351.8 \u2013 351.8 SSE Renewables 568.1 (18.8) (92.9) \u2013 456.4 (28.6) 427.8 SSE Thermal 300.4 \u2013 (9.5) \u2013 290.9 333.3 624.2 Gas Storage 30.7 \u2013 \u2013 \u2013 30.7 94.7 125.4 Energy Customer Solutions Business Energy (21.5) \u2013 \u2013 \u2013 (21.5) \u2013 (21.5) SSE Airtricity 60.4 \u2013 \u2013 \u2013 60.4 \u2013 60.4 Distributed Energy (10.9) \u2013 \u2013 \u2013 (10.9) (18.3) (29.2) EPM (16.8) \u2013 \u2013 \u2013 (16.8) 2,100.4 2,083.6 Corporate Corporate unallocated (95.7) \u2013 (4.7) (13.1) (113.5) \u2013 (113.5) Neos (16.1) (1.8) (7.0) \u2013 (24.9) (115.1) (140.0) Total continuing operations 1,530.9 (20.6) (114.1) (13.1) 1,383.1 2,366.4 3,749.5 Discontinued operations Gas Production 101.4 \u2013 \u2013 \u2013 101.4 (120.8) (19.4) SGN(i) 21.0 \u2013 (12.8) \u2013 8.2 (89.3) (81.1) Total discontinued operations 122.4 \u2013 (12.8) \u2013 109.6 (210.1) (100.5) Total SSE Group 1,653.3 (20.6) (126.9) (13.1) 1,492.7 2,156.3 3,649.0 * The comparative operating profit by segment information has been restated. See note 2.1. (i) In the table above total operating profit from SGN has been restated to remove the \u00a3576.5m gain recognised on disposal of SGN. There has been no change to the presentation of this gain in the income statement and note 12. For the year ended 31 March 2022, the share of SGN interest included loan stock interest payable to the consortium shareholders. The Group has accounted for its 33% share of this, \u00a36.8m as discontinued finance income. (iii) Capital expenditure by segment Capital additions to intangible assets 2023 \u00a3m Capital additions to property, plant and equipment 2023 \u00a3m Capital additions to intangible assets 2022 \u00a3m Capital additions to property, plant and equipment 2022 (restated*) \u00a3m Continuing operations SSEN Transmission 7.2 536.6 5.8 608.6 SSEN Distribution 15.2 486.8 15.6 440.5 SSE Renewables 685.7 311.3 265.2 193.2 SSE Thermal 20.8 44.5 9.5 59.2 Gas Storage \u2013 6.3 \u2013 2.1 Energy Customer Solutions Business Energy 38.9 \u2013 4.6 30.6 SSE Airtricity 10.5 \u2013 \u2013 4.6 Distributed Energy 62.0 66.6 8.7 17.9 EPM 809.9 \u2013 545.3 1.6 Corporate unallocated 38.4 48.0 65.8 21.2 Total continuing operations 1,688.6 1,500.1 920.5 1,379.5 Discontinued operations Gas Production \u2013 \u2013 \u2013 13.9 Total discontinued operations \u2013 \u2013 \u2013 13.9 Total SSE Group 1,688.6 1,500.1 920.5 1,393.4 Increase in prepayments related to capital expenditure \u2013 6.8 \u2013 (2.0) Increase in trade payables related to capital expenditure (31.8) 132.2 \u2013 59.2 IFRS 15 adjustment \u2013 (80.9) \u2013 (91.3) Lease asset additions \u2013 (78.5) \u2013 (85.7) Less non-cash items: Allowances and certificates (208.4) \u2013 (193.7) \u2013 Assets acquired through acquisitions (515.2) \u2013 (197.8) \u2013 Net cash outflow 933.2 1,479.7 529.0 1,273.6 * The comparatives have been restated. See note 2.1. Capital additions do not include assets acquired in acquisitions or assets acquired under leases. Capital additions to intangible assets includes the cash purchase of emissions allowances and certificates (2023: \u00a3596.8m; 2022: \u00a3350.8m). These purchases are presented in the cash flow statement within operating activities since they relate to the obligation to surrender the allowances and certificates in line with operating volumes of emissions. Other non-cash additions comprise self-generated renewable obligation certificates. No segmental analysis of assets requires to be disclosed as this information is not presented to the Board. At 31 March 2023 Capital additions to intangible assets 2023 \u00a3m Capital additions to property, plant and equipment 2023 \u00a3m Capital Investment relating to Joint Ventures and Associates (i) \u00a3m Allowances and certificate (ii) \u00a3m Customer funded additions (iii) \u00a3m Acquired through business combinations(iv) \u00a3m Lease asset additions(v) \u00a3m Share of on-controlling interests (vi) \u00a3m Adjusted Investment and Capital Expenditure 2023 APM \u00a3m Continuing operations SSEN Transmission 7.2 536.6 \u2013 \u2013 \u2013 \u2013 (1.6) (46.7) 495.5 SSEN Distribution 15.2 486.8 \u2013 \u2013 (80.9) \u2013 (0.1) \u2013 421.0 SSE Renewables 685.7 311.3 391.8 \u2013 \u2013 (515.2) (36.1) \u2013 837.5 SSE Thermal 20.8 44.5 87.9 \u2013 \u2013 \u2013 \u2013 \u2013 153.2 Gas Storage \u2013 6.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6.3 Energy Customer Solutions Business Energy 38.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 38.9 SSE Airtricity 10.5 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 10.5 Distributed Energy 62.0 66.6 \u2013 \u2013 \u2013 \u2013 (3.9) \u2013 124.7 EPM 809.9 \u2013 \u2013 (805.2) \u2013 \u2013 \u2013 \u2013 4.7 Corporate unallocated 38.4 48.0 18.7 \u2013 \u2013 \u2013 (36.8) \u2013 68.3 Total SSE Group 1,688.6 1,500.1 498.4 (805.2) (80.9) (515.2) (78.5) (46.7) 2,160.6 (i) Represents equity or debt funding provided to joint ventures or associates in relation to capital expenditure projects. (ii) Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs) and are not included in the Group\u2019s Capital Expenditure and Investment alternative performance measure. (iii) Represents removal of additions to electricity and other networks funded by customer contributions. (iv) Represents removal of additions achieved through business combinations; for Renewables additions of \u00a3515.2m refer to note 12. Note that the Group\u2019s Adjusted Investment, Capital and Acquisitions metric includes the \u00a3642.7m cash consideration paid for Business Combinations and totals \u00a32,803.3m. (v) Represents removal of additions in respect of right of use assets recognised on the commencement date of a lease arrangement. (vi) Represents the share of capital additions attributable to non-controlling interests. At 31 March 2022 Capital additions to intangible assets 2022 \u00a3m Capital additions to property, plant and equipment 2022 (restated*) \u00a3m Capital Investment relating to Joint Ventures and Associates (i) \u00a3m Allowances and certificates(ii) \u00a3m Customer funded additions (iii) \u00a3m Acquired through business combinations (iv) \u00a3m Lease asset additions (v) \u00a3m Additions subsequently impaired/ disposed (vi) \u00a3m Refinancing proceeds (vii) \u00a3m Adjusted Investment and Capital Expenditure 2022 (restated*) APM \u00a3m Continuing operations SSEN Transmission 5.8 608.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 614.4 SSEN Distribution 15.6 440.5 \u2013 \u2013 (91.3) \u2013 \u2013 \u2013 \u2013 364.8 SSE Renewables 265.2 193.2 588.8 \u2013 \u2013 (197.8) (38.4) \u2013 (136.7) 674.3 SSE Thermal 9.5 59.2 54.7 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 123.4 Gas Storage \u2013 2.1 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.1 Energy Customer Solutions Business Energy 4.6 30.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 35.2 SSE Airtricity \u2013 4.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4.6 Distributed Energy 8.7 17.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 26.6 EPM 545.3 1.6 \u2013 (544.5) \u2013 \u2013 \u2013 \u2013 \u2013 2.4 Corporate unallocated 65.8 21.2 39.0 \u2013 \u2013 \u2013 (47.3) \u2013 \u2013 78.7 Total continuing operations 920.5 1,379.5 682.5 (544.5) (91.3) (197.8) (85.7) \u2013 (136.7) 1,926.5 Discontinued operations Gas Production 0.5 13.4 \u2013 \u2013 \u2013 \u2013 \u2013 (13.9) \u2013 \u2013 Total discontinued operations 0.5 13.4 \u2013 \u2013 \u2013 \u2013 \u2013 (13.9) \u2013 \u2013 Total SSE Group 921.0 1,392.9 682.5 (544.5) (91.3) (197.8) (85.7) (13.9) (136.7) 1,926.5 * The comparatives have been restated. See note 2.1. (i) Represents equity or debt funding provided to joint ventures or associates in relation to capital expenditure projects. (ii) Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs) and are not included in the Group\u2019s Capital Expenditure and Investment alternative performance measure. (iii) Represents removal of additions to electricity and other networks funded by customer contributions. (iv) Represents removal of additions achieved through business combination; for Renewables additions of \u00a3197.8m refer to note 12. Note that the Group\u2019s Adjusted Investment, Capital and Acquisitions metric includes the \u00a3141.3m cash consideration paid for Business Combinations and totals \u00a32,067.8m. (v) Represents removal of right of use assets recognised on the commencement date of a lease arrangement. (vi) On 14 October 2021, the Group disposed of its Gas Production business but retained a 60% share of the decommissioning obligation of the business. (vii) Represents the refunding of equity or debt funding provided by the Group (predominately to joint ventures); as the funding is included at (i) above, when there is a refinancing and SSE receives a repayment, those proceeds are excluded from its adjusted capex measure. In the year to 31 March 2022, Doggerbank windfarm reimbursed SSE for previous funding of \u00a3136.7m. (iv) Items included in operating profit/(loss) by segment Depreciation/impairment on property, plant and equipment Amortisation/impairment of intangible assets Before exceptional charges 2023 \u00a3m Impairment charges/ (credits) 2023 \u00a3m Total 2023 \u00a3m Before exceptional charges 2023 \u00a3m Impairment charges/ (credits) 2023 \u00a3m Total 2023 \u00a3m Continuing operations SSEN Transmission 109.4 \u2013 109.4 4.7 \u2013 4.7 SSEN Distribution 172.0 \u2013 172.0 10.2 \u2013 10.2 SSE Renewables 161.1 12.5 173.6 2.0 4.2 6.2 SSE Thermal 103.3 (7.2) 96.1 0.6 \u2013 0.6 Gas Storage 16.5 (45.7) (29.2) \u2013 \u2013 \u2013 Energy Customer Solutions Business Energy 0.2 \u2013 0.2 4.5 \u2013 4.5 SSE Airtricity 0.1 \u2013 0.1 6.8 \u2013 6.8 Distributed Energy 4.7 0.4 5.1 1.7 \u2013 1.7 EPM \u2013 \u2013 \u2013 6.0 \u2013 6.0 Corporate unallocated 38.4 1.6 40.0 18.1 14.6 32.7 Total SSE Group 605.7 (38.4) 567.3 54.6 18.8 73.4 Depreciation/impairment on property, plant and equipment Amortisation/impairment of intangible assets Before exceptional charges 2022 \u00a3m Impairment charges/ (credits) 2022 \u00a3m Total 2022 \u00a3m Before exceptional charges 2022 \u00a3m Impairment charges/ (credits) 2022 \u00a3m Total 2022 \u00a3m Continuing operations SSEN Transmission 99.6 \u2013 99.6 3.6 \u2013 3.6 SSEN Distribution 165.8 20.7 186.5 9.4 \u2013 9.4 SSE Renewables 160.1 \u2013 160.1 0.8 \u2013 0.8 SSE Thermal 69.8 (331.6) (261.8) 0.4 \u2013 0.4 Gas Storage 0.8 (97.3) (96.5) \u2013 \u2013 \u2013 Energy Customer Solutions Business Energy 5.1 \u2013 5.1 6.2 \u2013 6.2 SSE Airtricity 0.2 \u2013 0.2 1.5 \u2013 1.5 Distributed Energy 5.6 (1.6) 4.0 2.3 0.5 2.8 EPM \u2013 \u2013 \u2013 4.5 \u2013 4.5 Corporate unallocated 38.4 \u2013 38.4 16.7 1.0 17.7 Total continuing operations 545.4 (409.8) 135.6 45.4 1.5 46.9 Discontinued operations Gas Production \u2013 120.8 120.8 \u2013 \u2013 \u2013 Total discontinued operations \u2013 120.8 120.8 \u2013 \u2013 \u2013 Total SSE Group 545.4 (289.0) 256.4 45.4 1.5 46.9 The Group\u2019s share of SGN depreciation in the year ended 31 March 2022 (\u00a310.4m) and amortisation (\u00a30.7m) is not included within operating costs. (v) Earnings before interest, taxation, depreciation and amortisation (\u2018EBITDA\u2019) Adjusted operating profit reported to the Board (note 5.1(ii)) APM 2023 \u00a3m Depreciation on fair value uplifts 2023 \u00a3m Depreciation/ Impairment/ amortisation before exceptional charges (note 5.1(iv)) 2023 \u00a3m JV/Associate share of depreciation and amortisation (note 16.4) 2023 \u00a3m Release of deferred income (note 6) 2023 \u00a3m Share of non-controlling interest depreciation and amortisation 2023 \u00a3m Adjusted EBITDA APM 2023 \u00a3m Continuing operations SSEN Transmission 372.7 \u2013 114.1 \u2013 (2.1) (9.7) 475.0 SSEN Distribution 382.4 \u2013 182.2 \u2013 (10.6) \u2013 554.0 SSE Renewables 580.0 (18.8) 179.8 92.8 (0.1) \u2013 833.7 SSE Thermal 1,031.9 (10.0) 114.5 60.8 \u2013 \u2013 1 ,197.2 Gas Storage 212.5 \u2013 16.5 \u2013 \u2013 \u2013 229.0 \u2013 Energy Customer Solutions Business Energy 17.9 \u2013 4.7 \u2013 \u2013 \u2013 22.6 SSE Airtricity 5.6 \u2013 6.9 \u2013 \u2013 \u2013 12.5 Distributed Energy (27.4) \u2013 6.8 \u2013 (0.2) \u2013 (20.8) EPM 80.4 \u2013 6.0 \u2013 \u2013 \u2013 86.4 Corporate Corporate unallocated (87.0) \u2013 72.7 \u2013 (0.9) \u2013 (15.2) Neos (39.8) \u2013 \u2013 47.5 \u2013 \u2013 7.7 Total SSE Group 2,529.2 (28.8) 704.2 201.1 (13.9) (9.7) 3,382.1 Note that the Group\u2019s \u2018Net Debt to EBITDA\u2019 metric is derived after removing the proportionate EBITDA from the following debt-financed Beatrice and Seagreen joint ventures. This adjustment is \u00a3146.9m (2022: \u00a3125.4m) resulting in EBITDA on continuing operations for inclusion in the Debt to EBITDA metric of \u00a33,235.2m (2022: \u00a32,125.3m restated). For 31 March 2023 the \u00a3704.2m combined depreciation, impairment and amortisation charges included non-exceptional impairments totalling \u00a343.9m. (restated*) Adjusted operating profit reported to the Board (note 5.1(ii)) APM 2022 \u00a3m Depreciation on fair value uplifts 2022 \u00a3m Depreciation/ Impairment/ amortisation before exceptional charges (note 5.1(iv)) 2022 \u00a3m JV/Associate share of depreciation and amortisation (note 16.4) 2022 \u00a3m Release of deferred income (note 6) 2022 \u00a3m Adjusted EBITDA APM 2022 \u00a3m Continuing operations SSEN Transmission 380.5 \u2013 103.2 \u2013 (3.8) 479.9 SSEN Distribution 351.8 \u2013 195.9 \u2013 (11.6) 536.1 SSE Renewables 568.1 (18.8) 160.9 85.4 \u2013 795.6 SSE Thermal 300.4 \u2013 70.2 19.0 \u2013 389.6 Gas Storage 30.7 \u2013 0.8 \u2013 \u2013 31.5 Energy Customer Solutions Business Energy (21.5) \u2013 11.3 \u2013 \u2013 (10.2) SSE Airtricity 60.4 \u2013 1.7 \u2013 \u2013 62.1 Distributed Energy (10.9) \u2013 7.4 \u2013 (1.3) (4.8) EPM (16.8) \u2013 4.5 \u2013 \u2013 (12.3) Corporate Corporate unallocated (95.7) \u2013 56.1 \u2013 (0.9) (40.5) Neos (16.1) (1.8) \u2013 42.2 \u2013 24.3 Total continuing operations 1,530.9 (20.6) 612.0 146.6 (17.6) 2,251.3 Discontinued operations Gas Production 101.4 \u2013 \u2013 \u2013 \u2013 101.4 SGN 21.0 \u2013 \u2013 11.1 \u2013 32.1 Total discontinued operations 122.4 \u2013 \u2013 11.1 \u2013 133.5 Total SSE Group 1,653.3 (20.6) 612.0 157.7 (17.6) 2,384.8 * The comparative adjusted operating profit by segment information has been restated. See note 2.1. For 31 March 2022 the \u00a3612.0m combined depreciation, impairment and amortisation charges included non-exceptional impairments totalling \u00a321.2m. ", "dimensions": { "concept": "ifrs-full:InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-695": { "value": "6. Other operating income and cost Group operating profit on continuing operations is stated after charging/(crediting) the following items: 2023 \u00a3m 2022 \u00a3m Depreciation of property, plant and equipment on continuing operations (i) (note 14) 605.7 544.8 Net exceptional gains on disposal (note 7) (89.1) (4.3) Exceptional charges/(credits) (continuing operations) (note 7) 230.4 (297.5) Research costs 10.8 12.0 Lease charges(ii) 11.7 11.0 Release of deferred income in relation to capital grants and historic customer contributions (13.9) (17.6) Government grant income (iii) (1,012.6) \u2013 Gain on disposals (non-exceptional) (note 12) \u2013 (67.1) Amortisation of other intangible assets 0.3 1.5 (i) Does not include exceptional impairment charges. (ii) Represents the expense of leases with a duration of 12 months or less and leases for assets which are deemed \u2018low value\u2019 under the principles of IFRS 16. In addition, variable lease payments, which are not included within the measurement of lease liabilities as they do not depend on an index or rate, of \u00a310.4m (2022: \u00a37.8m) were charged in the current year. (iii) During the year the Group received \u00a31,012.6m of income from government funded customer support schemes. All amounts received were passed to the Group\u2019s energy customers in the United Kingdom and Republic of Ireland. Amounts received have been classed as other operating income in line with the Group\u2019s accounting policies for government grants. Auditor\u2019s remuneration 2023 \u00a3m 2022 \u00a3m Audit of these financial statements 0.4 0.4 Amounts receivable by the Company\u2019s auditor and its associates in respect of: Audit of financial statements of subsidiaries of the Company 3.2 3.1 Audit related assurance services 0.3 0.3 Other services fees 0.1 0.1 3.6 3.5 Total remuneration paid to auditor 4.0 3.9 Audit fees in the current year include scope changes and overruns of \u00a30.4m (2022: \u00a30.4m) related to the prior year audit. Assurance and Tax service fees incurred in the year were \u00a30.5m (2022: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem and comfort letters in connection with funding and debt issuance. A description of the work of the Audit Committee is set out on pages 150 to 159 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-742": { "value": "Auditor\u2019s remuneration 2023 \u00a3m 2022 \u00a3m Audit of these financial statements 0.4 0.4 Amounts receivable by the Company\u2019s auditor and its associates in respect of: Audit of financial statements of subsidiaries of the Company 3.2 3.1 Audit related assurance services 0.3 0.3 Other services fees 0.1 0.1 3.6 3.5 Total remuneration paid to auditor 4.0 3.9 Audit fees in the current year include scope changes and overruns of \u00a30.4m (2022: \u00a30.4m) related to the prior year audit. Assurance and Tax service fees incurred in the year were \u00a30.5m (2022: \u00a30.5m). Audit related assurance services include fees incurred in relation to regulatory accounts and returns required by Ofgem and comfort letters in connection with funding and debt issuance. A description of the work of the Audit Committee is set out on pages 150 to 159 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-696": { "value": "7. Exceptional items and certain re-measurements 2023 \u00a3m 2022 \u00a3m Continuing operations Exceptional items (note 7.1) Asset impairments and related (charges) and credits (233.6) 322.6 Net gains/(losses) on acquisitions/disposals of businesses and other assets 233.2 (17.6) Total exceptional items (0.4) 305.0 Certain re-measurements Movement on operating derivatives (note 24) (2,708.2) 2,100.4 Movement in fair value of commodity stocks (9.0) (2.6) Movement on financing derivatives (note 24) 201.9 21.0 Share of movement on derivatives in jointly controlled entities (net of tax) 163.8 \u2013 Total certain re-measurements (2,351.5) 2,118.8 Exceptional items and certain re-measurements on continuing operations before taxation (2,351.9) 2,423.8 Taxation Taxation on other exceptional items (34.1) (79.0) Taxation on certain re-measurements 499.6 (408.0) Effect of deferred tax rate change in wholly owned entities \u2013 (244.7) Effect of deferred tax rate change in jointly controlled entities \u2013 (33.2) Taxation 465.5 (764.9) Total exceptional items and certain re-measurements on continuing operations after taxation (1,886.4) 1,658.9 Discontinued operations Exceptional items and certain re-measurements Gas production asset impairments and related credits/(charges) 35.0 (120.8) Net gain on disposal of jointly controlled entities \u2013 576.5 Share of movement on derivatives in jointly controlled entities (net of tax) \u2013 (3.8) Effect of deferred tax rate change in jointly controlled entities \u2013 (85.5) Total exceptional items and certain re-measurements on discontinued operations after taxation 35.0 366.4 Exceptional items and certain remeasurements are disclosed across the following categories within the income statement: 2023 \u00a3m 2022 \u00a3m Continuing operations Cost of sales: Movement on operating derivatives (note 24) (2,708.2) 2,100.4 Movement in fair value of commodity stocks (9.0) (2.6) (2,717.2) 2,097.8 Operating costs: Asset impairments and reversals (233.6) 322.6 Other exceptional provisions and charges 3.2 (25.1) (230.4) 297.5 Operating income: Net gains on disposals of businesses and other assets 89.1 4.3 89.1 4.3 Joint ventures and associates: Net gains on acquisitions of a joint venture 140.7 \u2013 Share of movement on derivatives in jointly controlled entities (net of tax) 163.8 \u2013 Effect of deferred tax rate change in jointly controlled entities \u2013 (33.2) 304.5 (33.2) Operating profit (2,554.0) 2,366.4 Finance income Movement on financing derivatives (note 24) 201.9 21.0 Interest income on deferred consideration receipt 0.2 3.2 202.1 24.2 Profit before tax on continuing operations (2,351.9) 2,390.6 Discontinued operations Gas Production asset impairments and related credits/(charges) 35.0 (120.8) Joint ventures and associates: Net gain on disposal of jointly controlled entities \u2013 576.5 Share of movement on derivatives in jointly controlled entities (net of tax) \u2013 (3.8) Profit before tax on discontinued operations 35.0 451.9 Exceptional items in the year ended 31 March 2023 In the year to 31 March 2023, the Group recognised a net exceptional charge of \u00a30.4m arising from its continuing operations. The net exceptional charge is primarily due to a net impairment of \u00a3150.9m in relation to the Group\u2019s 50% investment in Triton Power Holdings Limited (see note 7.1.iv below for further analysis of amounts recognised in relation to Triton), offset by an exceptional gain of \u00a389.1m from the sale of land at Fiddler\u2019s Ferry, an impairment reversal of \u00a345.7m related to the Group\u2019s Gas Storage operations at Aldbrough and an impairment reversal of \u00a317.8m in relation to the Group\u2019s Great Island combine cycle gas turbine (\u2018CCGT\u2019) plant in Ireland. In discontinued operations, the Group recognised an exceptional gain of \u00a335.0m relating to a provision release associated with the disposal of its Gas Production assets, which completed on 14 October 2021. The net exceptional charges/(credits) recognised can be summarised as follows: Property, plant and equipment (note 14) \u00a3m Provisions and other charges \u00a3m Investment in joint ventures \u00a3m Cash and cash equivalents \u00a3m Other receivables \u00a3m Total charges/ (credits) \u00a3m Thermal Electricity Generation (i) (17.8) \u2013 \u2013 \u2013 \u2013 (17.8) Gas storage (ii) (45.7) \u2013 \u2013 \u2013 \u2013 (45.7) Fiddler\u2019s Ferry (iii) 24.1 (53.2) \u2013 (60.0) \u2013 (89.1) Triton Power 50% joint venture (iv) \u2013 \u2013 150.9 \u2013 \u2013 150.9 Neos Networks (v) \u2013 \u2013 5.9 \u2013 \u2013 5.9 Other credits (vi) \u2013 (1.5) \u2013 (2.1) (0.2) (3.8) Total exceptional items continuing operations (39.4) (54.7) 156.8 (62.1) (0.2) 0.4 Gas Production (vii) \u2013 (35.0) \u2013 \u2013 \u2013 (35.0) Total exceptional items discontinued operations \u2013 (35.0) \u2013 \u2013 \u2013 (35.0) Total exceptional items (39.4) (89.7) 156.8 (62.1) (0.2) (34.6) (i) Thermal Electricity Generation \u2013 impairment reversal At 31 March 2023, the Group has carried out a formal impairment review to reassess the carrying value of its GB CCGT power stations and the Group\u2019s Great Island CCGT plant in Ireland (see note 15.2). As a result of the review, the Group has recognised an exceptional impairment reversal of \u00a317.8m to the carrying value of the Group\u2019s Great Island CCGT plant. (ii) Gas Storage \u2013 impairment reversal At 30 September 2022, the Group recognised an impairment reversal of \u00a3201.1m reflecting future market price assumptions at that time. The Group performed a formal impairment review at 31 March 2023 to reassess the carrying value of its Gas Storage operations at Atwick and Aldbrough (see note 15.2). As a result of the assessment, the Group has recognised an exceptional impairment of \u00a3155.4m to the carrying value of the assets at Aldbrough, resulting in a net impairment reversal of \u00a345.7m. The impairment previously recognised in relation to Atwick was fully reversed in the year ended 31 March 2022, and no impairment is required for the current financial year. (iii) Fiddler\u2019s Ferry land sale On 30 June 2022, the Fiddlers Ferry site was sold to Peel NRE Developments Limited for cash consideration of \u00a360.0m. The Group carried a decommissioning provision for the site of \u00a353.2m and a residual asset of \u00a324.1m, both of which were disposed of as part of the sale. As a result, the Group has recognised an exceptional gain of \u00a389.1m on disposal. (iv) Triton Power 50% joint venture acquisition and impairment On 1 September 2022, the Group acquired 50% of the share capital of Triton Power Holdings Limited from Energy Capital Partners for total consideration of \u00a3341.0m (see note 12). The purchase price of \u00a3341.0m was agreed based on prices prevalent in the market during the summer, prior to completion of the transaction on 1 September 2022. The Group assessed that, due to movements in near term market observable power prices between the transaction agreement date and the completion date, the fair value of the acquisition was \u00a3140.7m greater than the acquisition price. This bargain purchase was recognised as an exceptional gain in the Group\u2019s half year results to 30 September 2022. During the second half of the year, the Group realised a significant proportion of the acquired fair value of the business through trading operations of the joint venture. As a result, the future recoverable value of the business is lower at 31 March 2023 than at 1 September 2022 and the Group has therefore recognised an impairment charge at 31 March 2023 of \u00a3291.6m (see note 15.2). A summary of exceptional items recognised in relation to Triton since the 50% acquisition on 1 September 2022 is set out below: Financial statement line item charge/(credit) is included within Exceptional items and certain re-measurements \u00a3m Recognition of bargain purchase Joint venture and associates share of profit (140.7) Impairment of investment Operating costs 291.6 Total exceptional items 150.9 Mark-to-market movement on operating derivatives Joint venture and associates share of movement on derivatives (213.9) Share of tax on mark-to-market movement on operating derivatives Joint venture and associates share of tax 41.9 Total certain remeasurements (172.0) Total exceptional items and certain remeasurements (21.1) (v) Neos Networks \u2013 investment impairment and adjustments to consideration At 31 March 2023, the Group has assessed that the recoverable amount of its investment in Neos Networks has been impaired by \u00a337.7m, of which \u00a35.9m has been treated as exceptional. Under the Group\u2019s policy, an impairment charge of less than \u00a340m is not considered to be an exceptional item. However, \u00a35.9m of the impairment relates to the fair value gain previously recognised on acquisition of the joint venture investment in March 2019, which had been previously treated as an exceptional item. Therefore, for consistent presentation, this reversal has been recognised separately. The balance of the impairment charge, being \u00a331.8m, has been recognised as part of adjusted operating profit. See note 15 for further details of this impairment. (vi) Other credits At 31 March 2023, the Group recognised further exceptional credits of \u00a33.8m relating to reversal of previously recognised exceptional charges or judgements. These included i) reassessment of separation cost provisions associated primarily with the disposals of SSE Energy Services and SGN (credit of \u00a39.7m) ii) credit of \u00a30.2m in relation to the unwind of discounting on deferred consideration recognised on the part disposal of SSE Slough Multifuel Limited in the year ending 31 March 2021, iii) reassessment of impairments associated with Heat Networks assets credit of \u00a30.4m, partially offset by iv) \u00a36.5m charge recognised in relation to provisions in connection with the sale of the Contracting and Rail business in June 2021. Exceptional items within discontinued operations in the year ended 31 March 2023 (vii) Gas Production \u2013 gain on disposal On 4 November 2022, RockRose Energy Limited received HMRC clearance in respect of tax treatment in relation to the Group\u2019s disposal of its Gas Production business to Viaro Energy (through its subsidiary RockRose Energy Limited), which completed on 14 October 2021. The Group had indemnified RockRose Energy Limited in relation to certain tax liabilities that it might suffer as a result of the transaction, and this formed part of the provision which was recognised on the disposal of the Gas Production business. The HMRC clearance indicated that no such tax liabilities arise for RockRose Energy Limited and as a result the Group has released \u00a335.0m of provision relating to the indemnity as an adjustment to the loss on disposal recognised. The adjustment is recognised in discontinued operations in the year ended 31 March 2023. Exceptional items in the year ended 31 March 2022 In the year to 31 March 2022, the Group recognised a net exceptional credit of \u00a3305.0m arising from its continuing operations. The net exceptional credit was primarily due to impairment reversals of \u00a3331.5m in relation to the Group\u2019s GB CCGT power stations and the Group\u2019s Great Island CCGT plant in Ireland and impairment reversals of \u00a397.3m related to the Group\u2019s Gas Storage operations at Atwick and Aldbrough. These credits were offset by an impairment loss of \u00a3106.9m recognised in relation to the Group\u2019s investment in Neos Networks, a further \u00a318.9m loss was recognised on completion of the disposal of SSE Contracting on 30 June 2021 and \u00a36.2m consideration adjustment associated with the disposal of the Group\u2019s 50% stake in Neos Networks, which completed in the year ended 31 March 2019. In discontinued operations, the Group recognised an exceptional gain on the disposal of the Group\u2019s 33.3% investment in SGN of \u00a3576.5m, offset by an exceptional charge of \u00a3120.8m associated with the disposal of its Gas Production assets, which completed on 14 October 2021. 7.1 Exceptional items continued Exceptional items in the year ended 31 March 2022 continued The net exceptional charges/(credits) recognised can be summarised as follows: Property, plant and equipment (note 14) \u00a3m Held for sale \u00a3m Provisions and other charges \u00a3m Investment in joint ventures \u00a3m Other receivables \u00a3m Total charges/ (credits) \u00a3m Thermal Electricity Generation (i) (331.6) \u2013 \u2013 \u2013 \u2013 (331.6) Gas storage (ii) (97.3) \u2013 \u2013 \u2013 \u2013 (97.3) SSE Contracting (iii) \u2013 \u2013 18.9 \u2013 \u2013 18.9 Neos Networks (iv) \u2013 \u2013 6.2 106.9 \u2013 113.1 Other credits (v) (0.6) \u2013 \u2013 \u2013 (7.5) (8.1) Total exceptional items continuing operations (429.5) \u2013 25.1 106.9 (7.5) (305.0) SGN disposal gain (vi) \u2013 \u2013 \u2013 \u2013 (576.5) (576.5) Gas Production (vii) \u2013 120.8 \u2013 \u2013 \u2013 120.8 Total exceptional items discontinued operations \u2013 120.8 \u2013 \u2013 (576.5) (455.7) Total exceptional items (429.5) 120.8 25.1 106.9 (584.0) (760.7) (i) Thermal Electricity Generation \u2013 impairment reversals At 31 March 2022, the Group reversed \u00a3331.6m of historic impairments related to the Group\u2019s GB CCGT power stations and the Group\u2019s Great Island CCGT plant in Ireland (see note 15.2). This represented a full impairment reversal for the CCGT plants at Peterhead, Marchwood, Keadby and Medway and a partial reversal for Great Island. (ii) Gas Storage \u2013 impairment reversals At 31 March 2022, the Group reversed historic impairments of \u00a397.3m related to its Gas Storage operations at Atwick and Aldbrough (see note 15.2). (iii) SSE Contracting \u2013 loss on disposal On 30 June 2021, the Group recorded a further impairment charge of \u00a318.9m following the completion of the sale of its Contracting and Rail business to the Aurelius Group. This impairment was recognised in addition to the exceptional impairment loss of \u00a351.2m recognised during the year ended 31 March 2021. (iv) Neos Networks \u2013 investment impairment and adjustments to consideration At 31 March 2022, the Group assessed that the value of its investment in Neos Networks was impaired by \u00a3106.9m (see note 15.2). In the year ended 31 March 2022, the Group also reassessed its position relating to the original disposal of a 50% stake in the business on 31 March 2019 with the net impact being the recognition of an exceptional charge of \u00a36.2m. (v) Other credits At 31 March 2022, the Group recognised further exceptional credits of \u00a38.1m relating to reversal of previously recognised exceptional charges or judgements. These included (i) reassessment of impairments associated with Heat Networks assets credit of \u00a30.6m, (ii) credit of \u00a33.2m in relation the unwind of discounting on deferred consideration recognised on the part disposal of SSE Slough Multifuel Limited in the year ending 31 March 2021, (iii) credit of \u00a34.3m in relation to a gain on disposal of historically impaired land at Seabank. Exceptional items within discontinued operations in the year ended 31 March 2022 (vi) SGN disposal gain On 2 August 2021, the Group announced it had agreed to sell its 33.3% investment in SGN to a consortium comprising existing SGN shareholders Ontario Teachers\u2019 Pension Plan Board and Brookfield Super-Core Infrastructure Partners for cash consideration of \u00a31,225m. The transaction completed on 22 March 2022, with the Group recognising an exceptional gain on disposal of \u00a3576.5m. See note 12.2 for further information. (vii) Gas Production \u2013 impairment loss The Group recorded an exceptional impairment of \u00a3120.8m prior to the sale of its Gas Production assets and liabilities to RockRose Energy Limited on 14 October 2021. The impairment was recognised to reduce the carrying value of the assets and liabilities to their fair value less costs to sell. Exceptional items in the year ended 31 March 2021 In the year to 31 March 2021, the Group recognised a net exceptional credit of \u00a3850.3m in its continuing operations. The net exceptional credit was primarily due to gains on disposal of the Group\u2019s stakes in Ferrybridge Multifuel (\u00a3669.9m), Walney offshore windfarm (\u00a3188.7m) and Maple SmartMeterCo (\u00a370.4m) investments. In addition, the Group reversed \u00a326.1m of prior year exceptional provisions for bad debt arising from coronavirus and recorded exceptional gains following the fair value uplift of its retained stakes in SSE Slough Multifuel Limited (\u00a321.3m) and Seagreen Holdco 1 Limited (\u00a325.7m). These exceptional credits were offset by an impairment to the Group\u2019s Great Island Thermal CCGT plant of \u00a358.1m and a write down of \u00a351.2m to SSE Contracting, which represented the fair value less costs to sell. Finally, the Group incurred \u00a324.2m of further charges related to the disposal of SSE Energy Services which was completed in 2020 and reduced the overall gain on disposal, completed in the year ended 31 March 2019, of Neos Networks Limited by \u00a321.8m. The net exceptional charges/(credits) recognised can be summarised as follows: Property, plant and equipment \u00a3m Intangible assets \u00a3m Provisions and other charges \u00a3m Trade receivables \u00a3m Other receivables \u00a3m Total charges/ (credits) \u00a3m Thermal Electricity Generation 58.1 \u2013 \u2013 \u2013 \u2013 58.1 Customer bad debt provisioning \u2013 \u2013 \u2013 (26.1) \u2013 (26.1) SSE Contracting \u2013 \u2013 51.2 \u2013 \u2013 51.2 SSE Energy Services disposal costs 15.1 5.2 3.9 \u2013 \u2013 24.2 Neos Networks \u2013 \u2013 20.2 \u2013 1.6 21.8 Other charges (1.9) \u2013 \u2013 \u2013 (1.6) (3.5) Disposal gains \u2013 \u2013 \u2013 \u2013 (976.0) (976.0) Total exceptional items 71.3 5.2 75.3 (26.1) (976.0) (850.3) 7.2 Certain re-measurements The Group, through its EPM business, enters into forward commodity purchase (and sales) contracts to meet the future demand requirements of its Business Energy and SSE Airtricity supply businesses, to optimise the value of its SSE Renewables and SSE Thermal power generation assets or to conduct other trading subject to the value at risk limits set out by the Energy Markets Risk Committee. Certain of these contracts (predominately electricity, gas and other commodity purchase contracts) are determined to be derivative financial instruments under IFRS 9 \u2018Financial Instruments\u2019 and as such are required to be recorded at their fair value. Conversely, commodity contracts that are not financial instruments under IFRS 9 (predominately electricity sales contracts) are accounted for as \u2018own use\u2019 contracts and are not recorded at their fair value. Inventory purchased to utilise excess capacity ahead of an optimised sale in the market by the Gas Storage business is held as trading inventory at fair value with changes in value recognised within \u2018certain re-measurements\u2019. In addition, the mark-to-market valuation movements on the Group\u2019s contracts for difference contracts entered into by SSE Renewables that are not designated as government grants and which are measured as Level 3 fair value financial instruments are also included within \u2018certain re-measurements\u2019. Changes in the fair value of those commodity contracts designated as financial instruments and trading inventory are therefore reflected in the income statement. The Group shows the change in the fair value of these forward contracts and trading inventory separately as \u2018certain re-measurements\u2019, as the Group does not believe this mark-to-market movement is relevant to the underlying performance of its businesses. At 31 March 2023, volatility in global commodity markets and changes in SSE\u2019s contractual positions have resulted in a significantly adverse mark-to-market remeasurement on commodity contracts (predominately power purchases) designated as financial instruments and trading inventory of \u00a32,717.2m (2022: \u00a32,097.8m gain). It should be noted that the net IFRS 9 position on operating derivatives at 31 March 2023 is a liability of \u00a3386.9m (2022: \u00a32,301.8m asset). In addition, the Group has executory \u2018own use\u2019 designated commodity contracts which, if classified as financial instruments and remeasured at fair value in accordance with IFRS 9, would significantly increase the total fair value remeasurement and closing liability value. These predominately relate to financial hedges entered into on behalf of the SSE Renewables and SSE Thermal businesses for future sales which were entered into before the subsequent increase in market prices. A significant proportion of \u2018in the money\u2019 mark-to-market contracts recorded at 31 March 2023 and unvalued \u2018own use\u2019 designated commodity contracts are expected to reverse in the next financial year as the relevant commodity is delivered. The remaining settlement of these contracts will predominately be within the subsequent 12 to 24 months. The mark-to-market loss in the year has resulted in a deferred tax credit of \u00a3499.6m (2022: \u00a3408.0m), which has also been classified as exceptional. In addition, the Group has recognised gains of \u00a3201.9m (2022: \u00a321.0m) on the remeasurement of the certain interest rate and foreign exchange contracts through the income statement, gains on the remeasurement of cash flow hedge accounted contracts of \u00a343.3m (2022: \u00a322.9m) in other comprehensive income and gains on the equity share of the remeasurement of cash flow hedge accounted contracts in joint ventures of \u00a3342.4m (2022: \u00a3181.4m). The re-measurements arising from IFRS 9 and the associated deferred tax are disclosed separately to aid understanding of the underlying performance of the Group. 7.3 Change in UK corporation tax rates The Government announced in the Budget on 3 March 2021 that the main rate of corporation tax will increase to 25% for the financial year beginning 1 April 2023. Prior to this date, the rate of corporation tax will remain at 19%. The increase to 25% was substantively enacted at 24 May 2021 and therefore the deferred tax balances were re-measured at 31 March 2022. The rate change resulted in an income statement charge for continuing operations of \u00a3244.7m at 31 March 2022 and an increase to the Group\u203as deferred tax liabilities (including the effect of equity accounted items) of \u00a3279.5m at 31 March 2022. The impact of the rate change on the Group\u2019s share of profits of its equity accounted investments was a charge of \u00a333.2m at 31 March 2022 for continuing operations and a charge of \u00a385.5m for discontinued operations at 31 March 2022. Finance Bill 2021 also included draft legislation in respect of Capital Allowance \u2018Super-deductions\u2019 of 130% in respect of General Pool plant and machinery, alongside First Year Allowances of 50% for Special Rate Pool plant and machinery for the two years commencing 1 April 2021. The Group expects these changes, which were substantively enacted on 24 May 2021, to significantly increase the deduction for Capital Allowances in the financial years ending 31 March 2022 and 31 March 2023. An estimate of the super-deduction has been taken into account when calculating the effective tax for the current year and prior year. Finance Bill 2023 introduced draft legislation, effective from 1 April 2023 to 31 March 2026, to allow \u2018Full Expensing\u2019 of 100% General Pool plant and machinery, alongside 50% for Special Rate Pool plant and machinery. The Group expects these changes to significantly increase the deductions for Capital Allowances in the financial years ending 31 March 2024 to 31 March 2026. Finance Bill 2023 also introduced draft legislation in respect of Multinational Top-up Tax in line with OECD BEPS pillar 2 principles. The legislation is expected to be in force for the year ended 31 March 2025. Similar draft legislation has been introduced in the Republic of Ireland and other EU jurisdictions. The Group is assessing the impact of the changes but does not expect a material impact to arise. Taxation The Group has separately recognised the tax effect of the exceptional items and certain re-measurements summarised above. ", "dimensions": { "concept": "sseplc:DisclosureOfExceptionalItemsAndCertainReMeasurements", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-697": { "value": "8. Directors and employees 8.1 Staff costs 2023 \u00a3m 2022 \u00a3m Staff costs: Wages and salaries 587.6 517.6 Social security costs 69.6 60.1 Share-based remuneration 20.6 17.6 Pension costs (note 23) 94.0 93.4 771.8 688.7 Less: capitalised as property, plant and equipment or intangible assets (179.6) (157.4) 592.2 531.3 The figures in the table above for 31 March 2022 included \u00a311.9m of staff costs related to the Group\u2019s Contracting and Rail business which was sold on 30 June 2021 (2023: \u00a3nil). 8.2 Employee numbers 2023 Number 2022 Number Numbers employed at 31 March 12,180 10,754 12,180 10,754 The average number of people employed by the Group (including Executive Directors) during the year was: 2023 Number 2022 Number (restated*) SSEN Transmission 1,136 819 SSEN Distribution 4,197 4,061 SSE Renewables 1,591 1,321 SSE Thermal 458 441 Gas Storage 84 83 Energy Customer Solutions Business Energy 843 892 SSE Airtricity 845 751 Distributed Energy 855 1,182 EPM 256 227 Corporate Services 1,211 1,181 Total SSE Group 11,476 10,958 * The comparatives for the year ended 31 March 2022 have been restated to align the presentation with the current year, which reflects that certain employees, who were previously reported within Corporate Services directly support the business units of the Group. 8.3 Remuneration of key management personnel The remuneration of the key management personnel of the Group (excluding amounts equivalent to pension value increases as set out in the Remuneration Report), is set out below in aggregate. 2023 2022 Executive committee members \u00a3m Executive directors \u00a3m Total \u00a3m Executive committee members \u00a3m Executive directors \u00a3m Total \u00a3m Salaries and short term employee benefits 4.0 5.2 9.2 2.2 4.9 7.1 Social security costs 0.9 1.0 1.9 0.4 0.9 1.3 Post-employment benefits 0.7 0.7 1.4 0.3 0.9 1.2 Share based benefits 1.7 4.4 6.1 1.2 4.3 5.5 7.3 11.3 18.6 4.1 11.0 15.1 Key management personnel are responsible for planning, directing and controlling the operations of the Group and are designated Persons Discharging Management Responsibilities (\u2018PDMRs\u2019) in line with the market abuse regulation definition. The Group has three (2022: three) Executive directors. Executive committee members included in the table above at 31 March 2023 are the Managing Director of SSEN Distribution; the Managing Director of SSEN Transmission; the Managing Director of SSE Renewables; the Managing Director of Thermal; the Director of Corporate Affairs and Strategy; the Director of Human Resources and the Group\u2019s General Counsel. Further information about the remuneration of individual directors is provided in the audited part of the Remuneration Report. Information regarding transactions with post-retirement benefit plans is included in note 23. Non-executive directors were paid fees of \u00a31.3m during the current year (2022: \u00a31.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-743": { "value": "8.3 Remuneration of key management personnel The remuneration of the key management personnel of the Group (excluding amounts equivalent to pension value increases as set out in the Remuneration Report), is set out below in aggregate. 2023 2022 Executive committee members \u00a3m Executive directors \u00a3m Total \u00a3m Executive committee members \u00a3m Executive directors \u00a3m Total \u00a3m Salaries and short term employee benefits 4.0 5.2 9.2 2.2 4.9 7.1 Social security costs 0.9 1.0 1.9 0.4 0.9 1.3 Post-employment benefits 0.7 0.7 1.4 0.3 0.9 1.2 Share based benefits 1.7 4.4 6.1 1.2 4.3 5.5 7.3 11.3 18.6 4.1 11.0 15.1 Key management personnel are responsible for planning, directing and controlling the operations of the Group and are designated Persons Discharging Management Responsibilities (\u2018PDMRs\u2019) in line with the market abuse regulation definition. The Group has three (2022: three) Executive directors. Executive committee members included in the table above at 31 March 2023 are the Managing Director of SSEN Distribution; the Managing Director of SSEN Transmission; the Managing Director of SSE Renewables; the Managing Director of Thermal; the Director of Corporate Affairs and Strategy; the Director of Human Resources and the Group\u2019s General Counsel. Further information about the remuneration of individual directors is provided in the audited part of the Remuneration Report. Information regarding transactions with post-retirement benefit plans is included in note 23. Non-executive directors were paid fees of \u00a31.3m during the current year (2022: \u00a31.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-784": { "value": "9. Finance income and costs Recognised in income statement 2023 2022 Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Finance income: Interest income from short term deposits 17.5 \u2013 17.5 0.8 \u2013 0.8 Interest on pension scheme assets (i) 16.2 \u2013 16.2 7.6 \u2013 7.6 Other interest receivable: Joint ventures and associates 67.6 \u2013 67.6 46.8 \u2013 46.8 Other receivable 34.0 0.2 34.2 23.8 3.2 27.0 101.6 0.2 101.8 70.6 3.2 73.8 Total finance income 135.3 0.2 135.5 79.0 3.2 82.2 Finance costs: Bank loans and overdrafts (50.1) \u2013 (50.1) (16.2) \u2013 (16.2) Other loans and charges (339.1) \u2013 (339.1) (340.2) \u2013 (340.2) Foreign exchange translation of monetary assets and liabilities \u2013 \u2013 \u2013 (14.6) \u2013 (14.6) Notional interest arising on discounted provisions (22.1) \u2013 (22.1) (5.7) \u2013 (5.7) Lease charges (29.4) \u2013 (29.4) (30.4) \u2013 (30.4) Less: interest capitalised (ii) 44.0 \u2013 44.0 30.7 \u2013 30.7 Total finance costs (396.7) \u2013 (396.7) (376.4) \u2013 (376.4) Changes in fair value of financing derivative assets or liabilities at fair value through profit or loss \u2013 201.9 201.9 \u2013 21.0 21.0 Net finance costs (261.4) 202.1 (59.3) (297.4) 24.2 (273.2) Presented as: Finance income 135.3 202.1 337.4 79.0 24.2 103.2 Finance costs (396.7) \u2013 (396.7) (376.4) \u2013 (376.4) Net finance costs (261.4) 202.1 (59.3) (297.4) 24.2 (273.2) (i) The interest income on net pension assets for the year ended 31 March 2023 of \u00a316.2m (2022: \u00a37.6m) represents the interest earned under IAS 19. (ii) The capitalisation rate applied in determining the amount of borrowing costs to capitalise in the year was 4.11% (2022: 3.86%). Adjusted net finance costs are arrived at after the following adjustments: 2023 \u00a3m 2022 \u00a3m Net finance costs (59.3) (273.2) (add)/less: Share of interest from joint ventures and associates (70.1) (67.8) Interest on pension scheme liabilities (16.2) (7.6) Movement on financing derivatives (note 24) (201.9) (21.0) Exceptional item (0.2) (3.2) Share of net finance cost attributable to non-controlling interests 2.1 \u2013 Adjusted net finance costs APM (345.6) (372.8) Notional interest arising on discounted provisions 22.1 5.7 Lease charges 29.4 30.4 Hybrid coupon payment (note 22.5(iii) (38.8) (50.7) Adjusted net finance costs for interest cover calculations APM (332.9) (387.4) Recognised in other comprehensive income 2023 \u00a3m 2022 \u00a3m Gain on effective portion of cash flow hedges (before tax) 43.3 22.9 Share of joint venture/associate gain on effective portion of cash flow hedges (before tax) 456.5 224.0 Total recognised in other comprehensive income 499.8 246.9 For 31 March 2022 other comprehensive income of \u00a3246.9m included \u00a328.6m (2023: \u00a3nil), which was realised on the disposal of SGN. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-744": { "value": "9. Finance income and costs Recognised in income statement 2023 2022 Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Finance income: Interest income from short term deposits 17.5 \u2013 17.5 0.8 \u2013 0.8 Interest on pension scheme assets (i) 16.2 \u2013 16.2 7.6 \u2013 7.6 Other interest receivable: Joint ventures and associates 67.6 \u2013 67.6 46.8 \u2013 46.8 Other receivable 34.0 0.2 34.2 23.8 3.2 27.0 101.6 0.2 101.8 70.6 3.2 73.8 Total finance income 135.3 0.2 135.5 79.0 3.2 82.2 Finance costs: Bank loans and overdrafts (50.1) \u2013 (50.1) (16.2) \u2013 (16.2) Other loans and charges (339.1) \u2013 (339.1) (340.2) \u2013 (340.2) Foreign exchange translation of monetary assets and liabilities \u2013 \u2013 \u2013 (14.6) \u2013 (14.6) Notional interest arising on discounted provisions (22.1) \u2013 (22.1) (5.7) \u2013 (5.7) Lease charges (29.4) \u2013 (29.4) (30.4) \u2013 (30.4) Less: interest capitalised (ii) 44.0 \u2013 44.0 30.7 \u2013 30.7 Total finance costs (396.7) \u2013 (396.7) (376.4) \u2013 (376.4) Changes in fair value of financing derivative assets or liabilities at fair value through profit or loss \u2013 201.9 201.9 \u2013 21.0 21.0 Net finance costs (261.4) 202.1 (59.3) (297.4) 24.2 (273.2) Presented as: Finance income 135.3 202.1 337.4 79.0 24.2 103.2 Finance costs (396.7) \u2013 (396.7) (376.4) \u2013 (376.4) Net finance costs (261.4) 202.1 (59.3) (297.4) 24.2 (273.2) (i) The interest income on net pension assets for the year ended 31 March 2023 of \u00a316.2m (2022: \u00a37.6m) represents the interest earned under IAS 19. (ii) The capitalisation rate applied in determining the amount of borrowing costs to capitalise in the year was 4.11% (2022: 3.86%). Adjusted net finance costs are arrived at after the following adjustments: 2023 \u00a3m 2022 \u00a3m Net finance costs (59.3) (273.2) (add)/less: Share of interest from joint ventures and associates (70.1) (67.8) Interest on pension scheme liabilities (16.2) (7.6) Movement on financing derivatives (note 24) (201.9) (21.0) Exceptional item (0.2) (3.2) Share of net finance cost attributable to non-controlling interests 2.1 \u2013 Adjusted net finance costs APM (345.6) (372.8) Notional interest arising on discounted provisions 22.1 5.7 Lease charges 29.4 30.4 Hybrid coupon payment (note 22.5(iii) (38.8) (50.7) Adjusted net finance costs for interest cover calculations APM (332.9) (387.4) Recognised in other comprehensive income 2023 \u00a3m 2022 \u00a3m Gain on effective portion of cash flow hedges (before tax) 43.3 22.9 Share of joint venture/associate gain on effective portion of cash flow hedges (before tax) 456.5 224.0 Total recognised in other comprehensive income 499.8 246.9 For 31 March 2022 other comprehensive income of \u00a3246.9m included \u00a328.6m (2023: \u00a3nil), which was realised on the disposal of SGN. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-698": { "value": "9. Finance income and costs Recognised in income statement 2023 2022 Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Finance income: Interest income from short term deposits 17.5 \u2013 17.5 0.8 \u2013 0.8 Interest on pension scheme assets (i) 16.2 \u2013 16.2 7.6 \u2013 7.6 Other interest receivable: Joint ventures and associates 67.6 \u2013 67.6 46.8 \u2013 46.8 Other receivable 34.0 0.2 34.2 23.8 3.2 27.0 101.6 0.2 101.8 70.6 3.2 73.8 Total finance income 135.3 0.2 135.5 79.0 3.2 82.2 Finance costs: Bank loans and overdrafts (50.1) \u2013 (50.1) (16.2) \u2013 (16.2) Other loans and charges (339.1) \u2013 (339.1) (340.2) \u2013 (340.2) Foreign exchange translation of monetary assets and liabilities \u2013 \u2013 \u2013 (14.6) \u2013 (14.6) Notional interest arising on discounted provisions (22.1) \u2013 (22.1) (5.7) \u2013 (5.7) Lease charges (29.4) \u2013 (29.4) (30.4) \u2013 (30.4) Less: interest capitalised (ii) 44.0 \u2013 44.0 30.7 \u2013 30.7 Total finance costs (396.7) \u2013 (396.7) (376.4) \u2013 (376.4) Changes in fair value of financing derivative assets or liabilities at fair value through profit or loss \u2013 201.9 201.9 \u2013 21.0 21.0 Net finance costs (261.4) 202.1 (59.3) (297.4) 24.2 (273.2) Presented as: Finance income 135.3 202.1 337.4 79.0 24.2 103.2 Finance costs (396.7) \u2013 (396.7) (376.4) \u2013 (376.4) Net finance costs (261.4) 202.1 (59.3) (297.4) 24.2 (273.2) (i) The interest income on net pension assets for the year ended 31 March 2023 of \u00a316.2m (2022: \u00a37.6m) represents the interest earned under IAS 19. (ii) The capitalisation rate applied in determining the amount of borrowing costs to capitalise in the year was 4.11% (2022: 3.86%). Adjusted net finance costs are arrived at after the following adjustments: 2023 \u00a3m 2022 \u00a3m Net finance costs (59.3) (273.2) (add)/less: Share of interest from joint ventures and associates (70.1) (67.8) Interest on pension scheme liabilities (16.2) (7.6) Movement on financing derivatives (note 24) (201.9) (21.0) Exceptional item (0.2) (3.2) Share of net finance cost attributable to non-controlling interests 2.1 \u2013 Adjusted net finance costs APM (345.6) (372.8) Notional interest arising on discounted provisions 22.1 5.7 Lease charges 29.4 30.4 Hybrid coupon payment (note 22.5(iii) (38.8) (50.7) Adjusted net finance costs for interest cover calculations APM (332.9) (387.4) Recognised in other comprehensive income 2023 \u00a3m 2022 \u00a3m Gain on effective portion of cash flow hedges (before tax) 43.3 22.9 Share of joint venture/associate gain on effective portion of cash flow hedges (before tax) 456.5 224.0 Total recognised in other comprehensive income 499.8 246.9 For 31 March 2022 other comprehensive income of \u00a3246.9m included \u00a328.6m (2023: \u00a3nil), which was realised on the disposal of SGN. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-699": { "value": "10. Taxation 10.1 Analysis of charge recognised in the income statement 2023 2022 (restated*) Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Current tax UK corporation tax 292.3 (20.9) 271.4 82.5 8.8 91.3 Adjustments in respect of previous years (22.0) 5.3 (16.7) (5.9) \u2013 (5.9) Total current tax 270.3 (15.6) 254.7 76.6 8.8 85.4 Deferred tax Current year 72.9 (444.6) (371.7) 75.2 478.2 553.4 Effect of change in tax rate \u2013 \u2013 \u2013 \u2013 244.7 244.7 Adjustments in respect of previous years 12.3 (5.3) 7.0 (2.2) \u2013 (2.2) Total deferred tax 85.2 (449.9) (364.7) 73.0 722.9 795.9 Total taxation charge/(credit) 355.5 (465.5) (110.0) 149.6 731.7 881.3 The Group has separately recognised the tax effect of the exceptional items and certain re-measurements summarised above. The rate change to 25% in respect of periods commencing after 1 April 2023 included in Finance Bill 2021 was recognised during the year ended 31 March 2022, as it was substantively enacted on 24 May 2021. \u2018Adjustments in respect of previous years\u2019 primarily relate to the post balance sheet event in respect of Glendoe, referred to in note 26, and adjustments relating to the submission of tax returns. SSE continues to be accredited with the Fair Tax Mark. As a consequence, these financial statements include a number of areas of enhanced disclosure which have been provided in order to develop stakeholder understanding of the tax the Group pays and the reported total taxation charge along with additional commentary on the main reconciling items. These can be seen at section A2 . In 2022 SSE became the first UK-based multinational business to be accredited under Fair Tax Foundation\u2019s new Global Multinational Standard. The majority of the Group\u2019s profits are earned in the UK, with the standard rate of UK corporation tax being 19% for the year to 31 March 2023 (2022: 19%). The Group\u2019s disposed Gas Production business, which was included within discontinued operations for the year ended 31 March 2022, was taxed at a UK corporation tax rate of 30% plus a supplementary charge of 10% (combined 40%). Profits earned by the Group in the Republic of Ireland are taxable at either 12.5% or 25%, depending upon the nature of the income. 10.1 Analysis of charge recognised in the income statement continued The \u2018adjusted current tax charge\u2019 and the \u2018adjusted effective rate of tax\u2019, which are presented in order to best represent underlying performance by making similar adjustments to the \u2018adjusted profit before tax\u2019 measure, are arrived at after the following adjustments: Continuing operations 2023 \u00a3m 2023 % 2022 \u00a3m (restated*) 2022 % (restated*) Group tax (credit)/charge and effective rate (110.0) 12.7 881.3 25.4 Less: reported deferred tax charge and effective rate 364.7 (42.0) (795.9) (22.9) Reported current tax charge and effective rate 254.7 (29.3) 85.4 2.5 Effect of adjusting items 41.0 4.8 Reported current tax charge and effective rate on adjusted basis 254.7 11.7 85.4 7.3 add: Share of current tax from joint ventures and associates 89.6 4.1 30.6 2.6 less: Current tax credit on exceptional items 15.6 0.7 (8.9) (0.7) Share of current tax attributable to non-controlling interests (1.1) (0.1) \u2013 \u2013 Adjusted current tax charge and effective rate APM 358.8 16.4 107.1 9.2 Tax (credit)/charge recognised in other comprehensive income/(loss): 2023 \u00a3m 2022 \u00a3m Relating to: Pension scheme actuarial movements (19.8) 72.6 Cash flow and net investment hedge movements 8.1 4.4 (11.7) 77.0 All tax recognised through other comprehensive income is deferred tax. See further Taxation disclosures at A2 . 10.2 Current tax assets and liabilities 2023 \u00a3m 2022 \u00a3m Corporation tax (assets)/liabilities (10.8) (8.8) Uncertain tax positions The Group invests heavily in infrastructure, on which significant amounts of capital allowances are potentially available. The extent to which capital allowances are available on any single asset is, however, very much dependent upon the fact pattern for the asset involved, and there will often be an element of uncertainty as to how capital allowances legislation applies in those circumstances. Therefore, reaching agreement with tax authorities as to the amount of capital allowances available can take a number of years and sometimes can only be resolved through a formal legal process. The calculation of the Group\u2019s total tax charge therefore necessarily involves a degree of estimation and judgement in relation to certain items for which the tax treatment cannot be finally determined until resolution has been reached with the tax authorities or, if required, through a formal legal process. At 31 March 2023, the Group has not recognised provisions in respect of uncertain tax positions (2022: \u00a327.9m). On 23 March 2023, the Group\u2019s case concerning the availability of capital allowances on Glendoe Hydro Electric Station was heard at the Supreme Court. On 17 Mary 2023, the Supreme Court released its decision, which rejected HMRC\u2019s appeal in full. The matter is now concluded and is not subject to further appeal. Accordingly, the release of the Group\u2019s provision on its uncertain tax position of \u00a327.9m and the associated recognition of \u00a323.4m deferred tax liabilities in relation to Glendoe\u2019s capital allowances is an adjusting post balance sheet event (see note 26). 10.3 Deferred taxation The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting periods: Accelerated capital allowances \u00a3m Fair value gains/ (losses) on derivatives \u00a3m Retirement benefit obligations \u00a3m Other (restated*) \u00a3m Total (restated*) \u00a3m At 31 March 2021 733.8 (25.3) 67.8 (2.0) 774.3 Charge/(credit) to income statement on continuing operations 407.6 399.4 5.8 (16.9) 795.9 Charge to other comprehensive income/(loss) \u2013 4.4 72.6 \u2013 7 7.0 Credit to equity \u2013 \u2013 \u2013 (1.9) (1.9) Exchange adjustment 0.2 \u2013 \u2013 (1.4) (1.2) At 31 March 2022 1,141.6 378.5 146.2 (22.2) 1,644.1 Charge/(credit) to income statement 112.0 (476.7) 8.9 (8.9) (364.7) Charge/(credit) to other comprehensive income/(loss) \u2013 8.1 (19.8) \u2013 (11.7) Charge to equity \u2013 \u2013 \u2013 2.0 2.0 Recognised on acquisition (note 12) (0.1) \u2013 \u2013 27. 1 27.0 Exchange adjustment 1.6 \u2013 \u2013 0.8 2.4 At 31 March 2023 1,255.1 (90.1) 135.3 (1.2) 1,299.1 Certain deferred tax assets and liabilities have been offset, including the asset balances analysed in the tables above. The following is an analysis of the deferred tax balances (after offset) for financial reporting purposes: 2023 \u00a3m 2022 (restated*) \u00a3m Deferred tax liabilities 1,485.1 1,716.0 Deferred tax assets (186.0) (71.9) Net deferred tax liabilities/(assets) 1,299.1 1,644.1 In total there are \u00a36.1m (2022: \u00a36.0m) of unrecognised deferred tax assets. The Group has not recognised a deferred tax asset of \u00a35.6m on trading losses of \u00a344.8m (2022: \u00a347.6m) in the Republic of Ireland. The Group has not recognised deferred tax assets of \u00a30.5m (2022: \u00a3nil) in respect of losses of \u00a32.3m (2022: \u00a3nil) in Spain, France, Italy and Greece. These assets have not been recognised as the Group is uncertain that there will be sufficient future profits against which to utilise the assets. There is no time limit for expiry of the losses or allowances to which they relate. No deferred tax is recognised on the unremitted earnings of overseas subsidiaries, associates and joint ventures. As the earnings are continually reinvested by the Group, no tax is expected to be payable on them in the foreseeable future. Total unremitted earnings at 31 March 2023 were \u00a3468.8m (2022: \u00a3350.8m). * The comparatives have been restated. See note 2.1 A2. Taxation The Group\u2019s primary tax disclosures are included at note 10. The following tables represent enhanced disclosures adopted in order to assist stakeholder understanding of the Group\u2019s tax position and policies as part of the Group\u2019s commitment to its Fair Tax Mark accredited status. Reconciliation of tax charge to adjusted underlying current tax 2023 \u00a3m 2023 % 2022 \u00a3m (restated*) 2022 % Group (loss)/profit before tax (205.6) 3,476.3 Less: share of results of associates and jointly controlled entities (662.3) (109.8) (Loss)/profit before tax (867.9) 3,366.5 Tax on profit on ordinary activities at standard UK corporation tax rate of 19% (2022: 19%) (164.9) 19.0 639.6 19.0 Tax effect of: Capital allowances less than depreciation (41.6) 4.8 (121.6) (3.6) Movement in restructuring and settlement provisions (1.6) 0.2 1.1 \u2013 Non-taxable gain on sale of assets \u2013 \u2013 (14.8) (0.4) Fair value movements on derivatives 448.8 (51.7) (393.3) (11.7) Pension movements (6.7) 0.8 (5.8) (0.2) Relief for capitalised interest and revenue costs (27.5) 3.2 (22.7) (0.7) Hybrid equity coupon payments (7.4) 0.9 (9.7) (0.3) Expenses not deductible for tax purposes 79.7 (9.3) 35.3 1.0 Utilisation of tax losses brought forward 0.1 \u2013 (6.2) (0.2) Impact of foreign tax rates (0.1) \u2013 (6.2) (0.2) Permanent benefit of super-deduction capital allowances (5.1) 0.6 (6.0) (0.2) Adjustments to tax charge in respect of previous years (16.7) 1.9 (5.9) (0.2) Other items (2.3) 0.3 1.6 \u2013 Reported current tax charge and effective rate 254.7 (29.3) 85.4 2.5 Depreciation in excess of capital allowances 34.3 (4.0) 129.4 3.8 Movement in provisions 1.6 (0.2) (1.1) \u2013 Fair value movements on derivatives (448.8) 51.7 393.3 11.7 Pension movements 6.7 (0.8) 5.8 0.2 Relief for capitalised interest and revenue costs 27.5 (3.2) 22.7 0.7 Impact of foreign tax rates (12.8) 1.5 0.1 \u2013 Adjustments to tax charge in respect of previous years 7.0 (0.8) (2.2) (0.1) Change in rate of UK corporation tax 9.0 (1.0) 244.7 7.3 Tax losses utilised 1.9 (0.2) 6.0 0.2 Other items 8.9 (1.0) (2.8) (0.1) Reported deferred tax credit and effective rate (364.7) 42.0 795.9 23.6 Group tax charge and effective rate (110.0) 12.7 881.3 26.2 Included within \u2018Expenses not deductible for tax purposes\u2019 is \u00a365m in respect of impairment of investments in joint ventures. Reconciliation of tax charge to adjusted underlying current tax continued As noted at note 3 to the accounts, the Group\u2019s results are reported on an \u2018adjusted\u2019 basis in order to allow focus on underlying business performance. The following table explains the adjustments that are made in order to arrive at adjusted profit before tax. This is the measure utilised in calculation of the Group\u2019s \u2018adjusted effective rate of tax\u2019. 2023 \u00a3m 2022 \u00a3m (restated*) (Loss)/profit before tax (205.6) 3,476.3 Add/(less): Exceptional items and certain re-measurements 2,312.8 (2,390.6) Share of tax from jointly controlled entities and associates before exceptional items and certain re-measurements 143.1 46.3 Depreciation charge on fair value uplifts 28.8 20.6 Share of profit attributable to non-controlling interests (28.8) \u2013 Adjustment to Gas Production decommissioning provision (50.5) 13.1 Interest income on pension scheme assets/(liabilities) (16.2) (7.6) Adjusted profit before tax APM 2,183.6 1,158.1 The adjusted current tax charge can therefore be reconciled to the adjusted profit before tax as follows: 2023 \u00a3m 2023 % 2022 \u00a3m (restated*) 2022 % Adjusted profit before tax 2,183.6 1,158.1 Tax on profit on ordinary activities at standard UK corporation tax rate 414.9 19.0 220.0 19.0 Tax effect of: Capital allowances in excess of depreciation (41.7) (1.9) (79.1) (6.8) Non-taxable gain on sale of assets (0.6) \u2013 (9.5) (0.8) Non-qualifying depreciation 5.7 0.2 12.0 1.0 Adjustment for profit on internal trading 6.3 0.3 1.7 0.1 Movement in restructuring and settlement provisions 6.0 0.3 1.1 0.1 Pension movements (3.6) (0.2) (5.8) (0.5) Relief for capitalised interest and revenue costs (12.7) (0.6) (9.9) (0.9) Hybrid equity coupon payments (7.4) (0.3) (9.7) (0.8) Expenses not deductible for tax purposes 24.1 1.1 4.2 0.4 Permanent benefit of super-deduction capital allowances (7.0) (0.3) (6.1) (0.5) Losses carried back to earlier years 3.9 0.2 (0.8) (0.1) Adjustments to tax charge in respect of previous years (22.0) (1.1) (6.7) (0.6) Impact of foreign tax rates (9.4) (0.4) (5.7) (0.5) Other 2.3 0.1 1.4 0.1 Adjusted current tax charge and effective rate APM 358.8 16.4 107.1 9.2 * The comparatives have been restated. See note 2.1. The above reconciling adjustments differ from those analysed in the Group tax charge reconciliation above because they include SSE\u2019s share of associates and joint ventures, and are based on adjusted profit before tax. The majority of the Group\u2019s profits are earned in the UK, with the standard rate of UK corporation tax being 19% for the year to 31 March 2023 (2022: 19%). The Group\u2019s Gas Production business, which was presented as a discontinued operation in the prior year (until the business was disposed on 14 October 2021) was taxed at a UK corporation tax rate of 30% plus a supplementary charge of 10% (combined 40%). Profits earned by the Group in the Republic of Ireland are taxable at either 12.5% or 25%, depending upon the nature of the income. Capital allowances are tax reliefs provided in law for the expenditure the Group makes on property, plant and equipment. The rates are determined by Parliament annually and spread the tax relief due over a number of years. This contrasts with the accounting treatment for such spending, where the expenditure on property, plant and equipment is treated as an asset with the cost being depreciated over the useful life of the asset, or impaired if the value of such assets is considered to have reduced materially. The different accounting treatment of property, plant and equipment for tax and accounting purposes means that the taxable income of the Group is not the same as the profit reported in the financial statements. The substantial reversals of impairments and impairments undertaken in previous years in relation to certain property, plant and equipment assets, result in the depreciation or impairment charge to profit for the year differing to the amount of capital allowances due to the Group. Short term temporary differences arise on items such as provisions for restructuring costs and onerous contracts, and retirement benefit obligations, because the treatment of such items is different for tax and accounting purposes. These differences usually reverse in the year following that in which they arise, as is reflected in the deferred tax charge in these financial statements. Where interest charges or other costs are capitalised in the accounts, tax relief is either given as the charges are incurred or when the costs are taken to the income statement. As explained at Accompanying Information A1 and A6 , the Group measures its operating and financing derivatives at fair value under IFRS 9. As a result of the Group\u2019s subsidiaries applying the HMRC\u2019s \u2018disregard regulations\u2019, the re-measurement movements have no current tax effect impacting only the deferred tax position. As detailed at note 22 and explained in the Accompanying Information A1 , the Group has issued Hybrid equity securities which are treated as a component of equity. While the coupon payments relating to these securities are treated as distributions to the holders of the equity instruments, tax relief is allowed on the amount paid in the year. These tax credits are linked to the past transactions or events that support the coupon payments and consequently the tax credits are reported in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-745": { "value": "10.1 Analysis of charge recognised in the income statement 2023 2022 (restated*) Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Current tax UK corporation tax 292.3 (20.9) 271.4 82.5 8.8 91.3 Adjustments in respect of previous years (22.0) 5.3 (16.7) (5.9) \u2013 (5.9) Total current tax 270.3 (15.6) 254.7 76.6 8.8 85.4 Deferred tax Current year 72.9 (444.6) (371.7) 75.2 478.2 553.4 Effect of change in tax rate \u2013 \u2013 \u2013 \u2013 244.7 244.7 Adjustments in respect of previous years 12.3 (5.3) 7.0 (2.2) \u2013 (2.2) Total deferred tax 85.2 (449.9) (364.7) 73.0 722.9 795.9 Total taxation charge/(credit) 355.5 (465.5) (110.0) 149.6 731.7 881.3 The Group has separately recognised the tax effect of the exceptional items and certain re-measurements summarised above. The rate change to 25% in respect of periods commencing after 1 April 2023 included in Finance Bill 2021 was recognised during the year ended 31 March 2022, as it was substantively enacted on 24 May 2021. \u2018Adjustments in respect of previous years\u2019 primarily relate to the post balance sheet event in respect of Glendoe, referred to in note 26, and adjustments relating to the submission of tax returns. SSE continues to be accredited with the Fair Tax Mark. As a consequence, these financial statements include a number of areas of enhanced disclosure which have been provided in order to develop stakeholder understanding of the tax the Group pays and the reported total taxation charge along with additional commentary on the main reconciling items. These can be seen at section A2 . In 2022 SSE became the first UK-based multinational business to be accredited under Fair Tax Foundation\u2019s new Global Multinational Standard. The majority of the Group\u2019s profits are earned in the UK, with the standard rate of UK corporation tax being 19% for the year to 31 March 2023 (2022: 19%). The Group\u2019s disposed Gas Production business, which was included within discontinued operations for the year ended 31 March 2022, was taxed at a UK corporation tax rate of 30% plus a supplementary charge of 10% (combined 40%). Profits earned by the Group in the Republic of Ireland are taxable at either 12.5% or 25%, depending upon the nature of the income. The \u2018adjusted current tax charge\u2019 and the \u2018adjusted effective rate of tax\u2019, which are presented in order to best represent underlying performance by making similar adjustments to the \u2018adjusted profit before tax\u2019 measure, are arrived at after the following adjustments: Continuing operations 2023 \u00a3m 2023 % 2022 \u00a3m (restated*) 2022 % (restated*) Group tax (credit)/charge and effective rate (110.0) 12.7 881.3 25.4 Less: reported deferred tax charge and effective rate 364.7 (42.0) (795.9) (22.9) Reported current tax charge and effective rate 254.7 (29.3) 85.4 2.5 Effect of adjusting items 41.0 4.8 Reported current tax charge and effective rate on adjusted basis 254.7 11.7 85.4 7.3 add: Share of current tax from joint ventures and associates 89.6 4.1 30.6 2.6 less: Current tax credit on exceptional items 15.6 0.7 (8.9) (0.7) Share of current tax attributable to non-controlling interests (1.1) (0.1) \u2013 \u2013 Adjusted current tax charge and effective rate APM 358.8 16.4 107.1 9.2 Tax (credit)/charge recognised in other comprehensive income/(loss): 2023 \u00a3m 2022 \u00a3m Relating to: Pension scheme actuarial movements (19.8) 72.6 Cash flow and net investment hedge movements 8.1 4.4 (11.7) 77.0 All tax recognised through other comprehensive income is deferred tax. See further Taxation disclosures at A2 . 10.3 Deferred taxation The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting periods: Accelerated capital allowances \u00a3m Fair value gains/ (losses) on derivatives \u00a3m Retirement benefit obligations \u00a3m Other (restated*) \u00a3m Total (restated*) \u00a3m At 31 March 2021 733.8 (25.3) 67.8 (2.0) 774.3 Charge/(credit) to income statement on continuing operations 407.6 399.4 5.8 (16.9) 795.9 Charge to other comprehensive income/(loss) \u2013 4.4 72.6 \u2013 7 7.0 Credit to equity \u2013 \u2013 \u2013 (1.9) (1.9) Exchange adjustment 0.2 \u2013 \u2013 (1.4) (1.2) At 31 March 2022 1,141.6 378.5 146.2 (22.2) 1,644.1 Charge/(credit) to income statement 112.0 (476.7) 8.9 (8.9) (364.7) Charge/(credit) to other comprehensive income/(loss) \u2013 8.1 (19.8) \u2013 (11.7) Charge to equity \u2013 \u2013 \u2013 2.0 2.0 Recognised on acquisition (note 12) (0.1) \u2013 \u2013 27. 1 27.0 Exchange adjustment 1.6 \u2013 \u2013 0.8 2.4 At 31 March 2023 1,255.1 (90.1) 135.3 (1.2) 1,299.1 Certain deferred tax assets and liabilities have been offset, including the asset balances analysed in the tables above. The following is an analysis of the deferred tax balances (after offset) for financial reporting purposes: 2023 \u00a3m 2022 (restated*) \u00a3m Deferred tax liabilities 1,485.1 1,716.0 Deferred tax assets (186.0) (71.9) Net deferred tax liabilities/(assets) 1,299.1 1,644.1 In total there are \u00a36.1m (2022: \u00a36.0m) of unrecognised deferred tax assets. The Group has not recognised a deferred tax asset of \u00a35.6m on trading losses of \u00a344.8m (2022: \u00a347.6m) in the Republic of Ireland. The Group has not recognised deferred tax assets of \u00a30.5m (2022: \u00a3nil) in respect of losses of \u00a32.3m (2022: \u00a3nil) in Spain, France, Italy and Greece. These assets have not been recognised as the Group is uncertain that there will be sufficient future profits against which to utilise the assets. There is no time limit for expiry of the losses or allowances to which they relate. No deferred tax is recognised on the unremitted earnings of overseas subsidiaries, associates and joint ventures. As the earnings are continually reinvested by the Group, no tax is expected to be payable on them in the foreseeable future. Total unremitted earnings at 31 March 2023 were \u00a3468.8m (2022: \u00a3350.8m). * The comparatives have been restated. See note 2.1 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-746": { "value": "10.2 Current tax assets and liabilities 2023 \u00a3m 2022 \u00a3m Corporation tax (assets)/liabilities (10.8) (8.8) Uncertain tax positions The Group invests heavily in infrastructure, on which significant amounts of capital allowances are potentially available. The extent to which capital allowances are available on any single asset is, however, very much dependent upon the fact pattern for the asset involved, and there will often be an element of uncertainty as to how capital allowances legislation applies in those circumstances. Therefore, reaching agreement with tax authorities as to the amount of capital allowances available can take a number of years and sometimes can only be resolved through a formal legal process. The calculation of the Group\u2019s total tax charge therefore necessarily involves a degree of estimation and judgement in relation to certain items for which the tax treatment cannot be finally determined until resolution has been reached with the tax authorities or, if required, through a formal legal process. At 31 March 2023, the Group has not recognised provisions in respect of uncertain tax positions (2022: \u00a327.9m). On 23 March 2023, the Group\u2019s case concerning the availability of capital allowances on Glendoe Hydro Electric Station was heard at the Supreme Court. On 17 Mary 2023, the Supreme Court released its decision, which rejected HMRC\u2019s appeal in full. The matter is now concluded and is not subject to further appeal. Accordingly, the release of the Group\u2019s provision on its uncertain tax position of \u00a327.9m and the associated recognition of \u00a323.4m deferred tax liabilities in relation to Glendoe\u2019s capital allowances is an adjusting post balance sheet event (see note 26). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-700": { "value": "11. Dividends and Earnings Per Share 11.1 Ordinary dividends 2023 Total \u00a3m Settled via scrip \u00a3m Pence per ordinary share 2022 Total \u00a3m Settled via scrip \u00a3m Pence per ordinary share Interim \u2013 year ended 31 March 2023 313.2 159.0 29.0 \u2013 \u2013 \u2013 Final \u2013 year ended 31 March 2022 642.6 322.5 60.2 \u2013 \u2013 \u2013 Interim \u2013 year ended 31 March 2022 \u2013 \u2013 \u2013 271.8 28.2 25.5 Final \u2013 year ended 31 March 2021 \u2013 \u2013 \u2013 590.5 327.5 56.6 955.8 481.5 862.3 355.7 The final dividend of 60.2p per ordinary share declared in respect of the financial year ended 31 March 2022 (2021: 56.6p) was approved at the Annual General Meeting on 21 July 2022 and was paid to shareholders on 22 September 2022. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the cash dividend under the terms of the Company\u2019s scrip dividend scheme. For dividends paid in relation to the financial year ended 31 March 2022 and in relation to the subsequent years to 31 March 2026, the Group\u2019s policy is to repurchase shares to reduce the scrip\u2019s dilutive effects, if the scrip take-up exceeds 25% of the full year dividend in any given year. The overall scrip dividend take-up for the financial year ended 31 March 2022 was 38.3%. Under the share buyback programme 6.9m of shares were repurchased and cancelled during the year ended 31 March 2023 for total consideration of \u00a3107.6m (including stamp duty and commission). An interim dividend of 29.0p per ordinary share (2022: 25.5p) was declared and paid on 9 March 2023 to those shareholders on the SSE plc share register on 13 January 2023. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the interim cash dividend under the terms of the Company\u2019s scrip dividend scheme. 11.1 Ordinary dividends continued The proposed final dividend of 67.7p per ordinary share based on the number of issued ordinary shares at 31 March 2023 is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. Based on shares in issue at 31 March 2023, this would equate to a final dividend of \u00a3740.6m. 11.2 Basic and adjusted earnings/(losses) per share The calculation of basic earnings/(losses) per ordinary share at 31 March 2023 is based on the net profit/(loss) attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding during the year ended 31 March 2023. Adjusted earnings/(losses) per share has been calculated by excluding the charge for deferred tax, interest on net pension liabilities under IAS 19, retained Gas Production decommissioning costs, the depreciation charged on fair value uplifts, the share or profit attributable to non-controlling interests and the impact of exceptional items and certain re-measurements (note 7). Continuing operations 2023 (Losses)/ earnings \u00a3m 2023 (Losses)/ Earnings Per Share pence 2022 Earnings \u00a3m (restated*) 2022 Earnings Per Share pence (restated*) (Losses)/earnings attributable to ordinary shareholders (123.0) (11.4) 3,027.0 286.9 Less: earnings attributable to discontinued operations (35.0) (3.3) (482.7) (45.7) Basic (losses)/earnings on continuing operations used to calculate adjusted EPS (158.0) (14.7) 2,544.3 241.2 Exceptional items and certain re-measurements (note 7) 1,886.4 175.4 (1,658.9) (157.2) Basic excluding exceptional items and certain re-measurements 1,728.4 160.7 885.4 84.0 Adjusted for: Decommissioning Gas Production (50.5) (4.7) 13.1 1.2 Depreciation charge on fair value uplifts 28.8 2.7 20.6 2.0 Interest on net pension scheme assets/(liabilities) (note 9) (16.2) (1.5) (7.6) (0.7) Deferred tax 85.2 7.9 73.0 6.8 Deferred tax from share of joint ventures and associates 14.4 1.3 15.8 1.5 Deferred tax on non-controlling interest (4.1) (0.4) \u2013 \u2013 Adjusted APM 1,786.0 166.0 1,000.3 94.8 Basic (158.0) (14.7) 2,544.3 241.2 Dilutive effect of outstanding share options \u2013 \u2013 \u2013 (0.5) Diluted (158.0) (14.7) 2,544.3 240.7 Reported (losses)/Earnings Per Share 2023 (Losses)/ earnings \u00a3m 2023 (Losses)/ Earnings Per Share pence 2022 Earnings \u00a3m (restated*) 2022 Earnings Per Share pence (restated*) Basic (Losses)/Earnings Per Share on continuing operations (158.0) (14.7) 2,544.3 241.2 Earnings Per Share on discontinued operations 35.0 3.3 482.7 45.7 (Losses)/Earnings Per Share attributable to ordinary shareholders (123.0) (11.4) 3,027.0 286.9 Diluted (losses)/Earnings Per Share on continuing operations (158.0) (14.7) 2,544.3 240.7 Diluted Earnings Per Share on discontinued operations 35.0 3.3 482.7 45.7 Diluted (losses)/Earnings Per Share attributable to ordinary shareholders (123.0) (11.4) 3,027.0 286.4 The weighted average number of shares used in each calculation is as follows: 31 March 2023 Number of shares (millions) 31 March 2022 Number of shares (millions) For basic and adjusted Earnings Per Share 1,075.6 1,055.0 Effect of exercise of share options 1.7 2.0 For diluted Earnings Per Share 1,077. 3 1,057.0 11.3 Dividend cover The Group\u2019s adjusted dividend cover metric is calculated by comparing adjusted Earnings Per Share on continuing operations to the projected Dividend Per Share payable to ordinary shareholders. 2023 (Losses)/ Earnings Per Share (pence) 2023 Dividend Per Share (pence) 2023 Dividend cover (times) 2022 Earnings Per Share (pence) (restated*) 2022 Dividend Per Share (pence) 2022 Dividend cover (times) (restated*) Reported (losses)/Earnings Per Share (continuing operations) (14.7) 96.7 (0.15) 241.2 85.7 2.81 Adjusted Earnings Per Share (continuing operations) APM 166.0 96.7 1.72 94.8 85.7 1.11 * The comparatives have been restated. See note 2.1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-747": { "value": "11. Dividends and Earnings Per Share 11.1 Ordinary dividends 2023 Total \u00a3m Settled via scrip \u00a3m Pence per ordinary share 2022 Total \u00a3m Settled via scrip \u00a3m Pence per ordinary share Interim \u2013 year ended 31 March 2023 313.2 159.0 29.0 \u2013 \u2013 \u2013 Final \u2013 year ended 31 March 2022 642.6 322.5 60.2 \u2013 \u2013 \u2013 Interim \u2013 year ended 31 March 2022 \u2013 \u2013 \u2013 271.8 28.2 25.5 Final \u2013 year ended 31 March 2021 \u2013 \u2013 \u2013 590.5 327.5 56.6 955.8 481.5 862.3 355.7 The final dividend of 60.2p per ordinary share declared in respect of the financial year ended 31 March 2022 (2021: 56.6p) was approved at the Annual General Meeting on 21 July 2022 and was paid to shareholders on 22 September 2022. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the cash dividend under the terms of the Company\u2019s scrip dividend scheme. For dividends paid in relation to the financial year ended 31 March 2022 and in relation to the subsequent years to 31 March 2026, the Group\u2019s policy is to repurchase shares to reduce the scrip\u2019s dilutive effects, if the scrip take-up exceeds 25% of the full year dividend in any given year. The overall scrip dividend take-up for the financial year ended 31 March 2022 was 38.3%. Under the share buyback programme 6.9m of shares were repurchased and cancelled during the year ended 31 March 2023 for total consideration of \u00a3107.6m (including stamp duty and commission). An interim dividend of 29.0p per ordinary share (2022: 25.5p) was declared and paid on 9 March 2023 to those shareholders on the SSE plc share register on 13 January 2023. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the interim cash dividend under the terms of the Company\u2019s scrip dividend scheme. 11.1 Ordinary dividends continued The proposed final dividend of 67.7p per ordinary share based on the number of issued ordinary shares at 31 March 2023 is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. Based on shares in issue at 31 March 2023, this would equate to a final dividend of \u00a3740.6m. 11.2 Basic and adjusted earnings/(losses) per share The calculation of basic earnings/(losses) per ordinary share at 31 March 2023 is based on the net profit/(loss) attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding during the year ended 31 March 2023. Adjusted earnings/(losses) per share has been calculated by excluding the charge for deferred tax, interest on net pension liabilities under IAS 19, retained Gas Production decommissioning costs, the depreciation charged on fair value uplifts, the share or profit attributable to non-controlling interests and the impact of exceptional items and certain re-measurements (note 7). Continuing operations 2023 (Losses)/ earnings \u00a3m 2023 (Losses)/ Earnings Per Share pence 2022 Earnings \u00a3m (restated*) 2022 Earnings Per Share pence (restated*) (Losses)/earnings attributable to ordinary shareholders (123.0) (11.4) 3,027.0 286.9 Less: earnings attributable to discontinued operations (35.0) (3.3) (482.7) (45.7) Basic (losses)/earnings on continuing operations used to calculate adjusted EPS (158.0) (14.7) 2,544.3 241.2 Exceptional items and certain re-measurements (note 7) 1,886.4 175.4 (1,658.9) (157.2) Basic excluding exceptional items and certain re-measurements 1,728.4 160.7 885.4 84.0 Adjusted for: Decommissioning Gas Production (50.5) (4.7) 13.1 1.2 Depreciation charge on fair value uplifts 28.8 2.7 20.6 2.0 Interest on net pension scheme assets/(liabilities) (note 9) (16.2) (1.5) (7.6) (0.7) Deferred tax 85.2 7.9 73.0 6.8 Deferred tax from share of joint ventures and associates 14.4 1.3 15.8 1.5 Deferred tax on non-controlling interest (4.1) (0.4) \u2013 \u2013 Adjusted APM 1,786.0 166.0 1,000.3 94.8 Basic (158.0) (14.7) 2,544.3 241.2 Dilutive effect of outstanding share options \u2013 \u2013 \u2013 (0.5) Diluted (158.0) (14.7) 2,544.3 240.7 Reported (losses)/Earnings Per Share 2023 (Losses)/ earnings \u00a3m 2023 (Losses)/ Earnings Per Share pence 2022 Earnings \u00a3m (restated*) 2022 Earnings Per Share pence (restated*) Basic (Losses)/Earnings Per Share on continuing operations (158.0) (14.7) 2,544.3 241.2 Earnings Per Share on discontinued operations 35.0 3.3 482.7 45.7 (Losses)/Earnings Per Share attributable to ordinary shareholders (123.0) (11.4) 3,027.0 286.9 Diluted (losses)/Earnings Per Share on continuing operations (158.0) (14.7) 2,544.3 240.7 Diluted Earnings Per Share on discontinued operations 35.0 3.3 482.7 45.7 Diluted (losses)/Earnings Per Share attributable to ordinary shareholders (123.0) (11.4) 3,027.0 286.4 The weighted average number of shares used in each calculation is as follows: 31 March 2023 Number of shares (millions) 31 March 2022 Number of shares (millions) For basic and adjusted Earnings Per Share 1,075.6 1,055.0 Effect of exercise of share options 1.7 2.0 For diluted Earnings Per Share 1,077. 3 1,057.0 11.3 Dividend cover The Group\u2019s adjusted dividend cover metric is calculated by comparing adjusted Earnings Per Share on continuing operations to the projected Dividend Per Share payable to ordinary shareholders. 2023 (Losses)/ Earnings Per Share (pence) 2023 Dividend Per Share (pence) 2023 Dividend cover (times) 2022 Earnings Per Share (pence) (restated*) 2022 Dividend Per Share (pence) 2022 Dividend cover (times) (restated*) Reported (losses)/Earnings Per Share (continuing operations) (14.7) 96.7 (0.15) 241.2 85.7 2.81 Adjusted Earnings Per Share (continuing operations) APM 166.0 96.7 1.72 94.8 85.7 1.11 * The comparatives have been restated. See note 2.1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-701": { "value": "12. Acquisitions and disposals 12.1 Acquisitions Current year acquisitions European onshore renewables development platform On 1 September 2022 the Group completed the 100% acquisition of a European onshore renewable energy development platform from Siemens Gamesa Renewable Energy (\u2018SGRE\u2019) for cash consideration of \u00a3519.5m. The SGRE portfolio is mainly located in Spain with the remainder across France, Italy and Greece. This acquisition is aligned to the Group\u2019s published strategy to pursue overseas renewable opportunities. Acquisition costs of \u00a36.0m were expensed to operating costs in the year. The acquired business contributed \u00a3nil to revenue and \u00a30.5m of costs to operating profit of the Group for the year. Had the acquisition occurred on 1 April 2022, the acquired business would have contributed nil to revenue and contributed an immaterial loss to operating profit. The intangible development assets acquired are late-stage windfarm development costs. The goodwill recognised represents early-stage intangible development costs that do not qualify for separate recognition as set out in the table below. Fair value at 1 September 2022 \u00a3m Assets acquired and liabilities assumed Intangible development assets 104.4 Inventories 3.0 Trade and other receivables 20.3 Cash 11.5 Trade and other payables (3.5) Deferred tax liability (note 10) (27.0) Total net assets acquired 108.7 Goodwill 410.8 Cash consideration 519.5 Triton Power \u2013 50% joint venture acquisition On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings Limited from Energy Capital Partners for headline consideration of \u00a3341m shared equally. The headline consideration included \u00a396m of loans which were settled on completion of the transaction and replaced with shareholder loans of \u00a348.0m each from SSE and Equinor. The Group\u2019s share of the cash consideration paid for the equity investment was therefore \u00a3123.2m after completion adjustments. Triton Power operates the 1.2GW Saltend Power Station in the Humber along with two smaller plants, Indian Queens Power Station, a 140MW OCGT in Cornwall, and Deeside Power Station, a decommissioned CCGT in north Wales. The acquisition will strengthen SSE\u2019s existing collaboration with Equinor and will support the long-term decarbonisation of the UK\u2019s power system and contribute to security of supply and grid stability. An exceptional gain on acquisition of \u00a3140.7m was recognised at 30 September 2022 based on movements in the underlying fair value of assets between agreeing and completing the transaction. During the second half of the financial year a fair value exercise and impairment review have been completed which resulted in an impairment loss of \u00a3291.6m and a \u00a3172.0m gain on financial instruments (net of tax) being recognised. The joint venture contributed \u00a3210.2m to operating profit before exceptional items, but including \u00a310.0m charge for fair value adjustments, in the year to 31 March 2023 on an equity accounted basis. Other asset acquisitions During the year ended 31 March 2023, the Group made other smaller asset acquisitions (of special purpose vehicles as opposed to businesses) for cash consideration of \u00a319.8m and deferred consideration of \u00a334.9m (2022: \u00a34.0m cash consideration). The total cash consideration for business combinations of \u00a3642.7m (2022: \u00a3141.3m) is included in the Group\u2019s Adjusted investment, capital and acquisition metric. 12.1 Acquisitions continued Prior year acquisitions Acquisition of 80% equity interest in Japanese offshore wind development platform On 29 October 2021 the Group completed the acquisition of an 80% equity interest in an offshore wind development platform based in Japan from Pacifico Energy and its affiliates for $193m USD upfront cash consideration and a further $30m USD deferred consideration subject to a number of conditions. Acquisition costs of \u00a37.2m were expensed to operating costs in the prior year. The subsidiaries acquired had nil revenue and contributed a loss of \u00a30.1m to the consolidated result of the Group for the year ended 31 March 2022. The assets and liabilities acquired largely comprise tangible and intangible assets, being windfarm site development costs and goodwill as set out in the table below. The non-controlling interest acquired was measured at fair value, where fair value represented the non-controlling interest\u2019s proportionate share of the assets and liabilities acquired through the transaction. Fair value at 29 October 2021 \u00a3m Assets acquired Intangible development assets 20.5 Cash 4.3 Other assets 0.4 Total net assets acquired 25.2 Non-controlling interest (40.6) Goodwill 176.7 161.3 Cash consideration 141.3 Deferred consideration 20.0 161.3 12.2 Disposals (i) Significant disposals Current year disposals During the year the Group recognised a gain of \u00a3868.3m within equity from the sale of a 25% non-controlling equity stake in its SSEN Transmission business (being the company Scottish Hydro Electric Transmission plc) and an exceptional income statement gain of \u00a389.1m from the disposal of the Fiddlers Ferry site. 25% non-controlling equity stake in Scottish Hydro Electric Transmission plc: On 25 November 2022, the Group announced it had agreed to sell a 25% non-controlling equity stake in Scottish Hydro Electric Transmission plc (\u2018SHET\u2019) to Ontario Teachers Pension Plan (\u2018OTPP\u2019) for cash consideration of \u00a31,465.0m, less transactions costs of \u00a316.9m. The transaction completed on 30 November 2022, at which time the consolidated carrying value of SHET\u2019s net assets was \u00a32,319.3m. Since the transaction did not result in a loss of control, the Group recognised a gain of \u00a3868.3m within equity attributable to owners of the parent company. The Group considered the rights and obligations and operating protocols arising from the disposal and has determined that the non-controlling interest in SHET has the characteristics of equity and has classified the non-controlling interest as such. 30 November 2022 \u00a3m Carrying value of non-controlling interests disposed (579.8) Cash consideration paid by non-controlling interest holder 1,465.0 Transaction costs (16.9) Excess of consideration received recognised in equity 868.3 Details regarding SHET\u2019s principal activity and country of incorporation are included in A3 . SHET\u2019s summary financial information is as follows: 31 March 2023 \u00a3m 30 November 2022 \u00a3m Non-current assets 4,907.1 4,717.0 Current assets 16.5 2.0 Current liabilities (370.3) (384.3) Non-current liabilities (2,909.4) (2,795.4) 1,643.9 1,539.3 1 April 2022 to 25 November 2022 \u00a3m 26 November 2022 to 31 March 2023 \u00a3m Total \u00a3m Revenue 435.4 220.4 655.8 Operating profit 274.5 131.0 405.5 Net finance costs (31.7) (14.9) (46.6) Profit before taxation 242.8 116.1 358.9 Taxation (59.1) (19.6) (78.7) Profit after taxation 183.7 96.5 280.2 The summary financial information provided above is presented without Group eliminations, including \u00a3780.0m of internal loans and related interest of \u00a36.5m which have been eliminated to calculate the gain on partial disposal and the non-controlling interest for adjusted profit. 26 November 2022 to 31 March 2023 \u00a3m Net profit 96.5 add/(less): Interest elimination 6.5 Current taxation on interest elimination (1.1) Deferred taxation 16.5 118.4 Adjusted net profit attributable to 25% non-controlling interests 29.6 Fiddler\u2019s Ferry land sale: On 30 June 2022, the Fiddlers Ferry site was sold to Peel NRE Developments Limited for cash proceeds of \u00a360m. The Group released decommissioning provision related to the site, which resulted in an exceptional gain on disposal of \u00a389.1m. Prior year disposals Sale of investment in SSE Contracting: On 30 June 2021, the Group completed the sale of its Contracting and Rail business to the Aurelius Group for headline consideration of \u00a322.5m and \u00a35m of contingent consideration, based on earning targets within the business. Due to working capital movements in the business subsequent to the transaction agreement, cash consideration received was \u00a30.2m. The Group recorded an exceptional loss on disposal of \u00a318.9m in the year of completion, in addition to the exceptional impairment loss of \u00a351.2m recognised during the year ended 31 March 2021. A further impairment of \u00a36.5m has been recognised in the year ended 31 March 2023 in relation to receivables previously recognised on disposal. Sale of stake in Dogger Bank C: On 10 February 2022, SSE completed the sale of a 10% stake in Dogger Bank C to Eni for consideration of \u00a370.0m and contingent consideration of up to \u00a340m, resulting in a non-exceptional gain on disposal of \u00a364.3m. The gain was recognised within the adjusted profit of the Group in line with the Group\u2019s stated policy in relation to developer gains on disposal of divestments in early-stage offshore windfarms (see note 3.2). After the sale the Group\u2019s shareholding in Dogger Bank C was 40%. Other disposals: On 19 August 2021 the Group received a dividend of \u00a34.8m following the sale of Smarter Grid Solutions by the Environmental Energies Fund Limited, resulting in a non-exceptional gain on sale of \u00a32.8m. Sale of discontinued operations Sale of investment in SGN: On 2 August 2021, the Group announced it had agreed to sell its 33.3% investment in SGN to a consortium comprising existing SGN shareholders Ontario Teachers\u2019 Pension Plan Board and Brookfield Super-Core Infrastructure Partners for cash consideration of \u00a31,225m. The agreement was conditional on certain regulatory approvals and completed on 22 March 2022, with an exceptional gain on disposal of \u00a3576.5m recognised. Sale of investment in Gas Production: On 14 October 2021, the Group completed the sale of its Gas Production business to Viaro Energy through its subsidiary RockRose Energy Limited. In the period to 14 October 2021, the Gas Production business had an operating profit (recognised in discontinued operations) of \u00a3101.4m. The Group recorded an impairment of \u00a3120.8m to reduce the carrying value of the assets and liabilities to the fair value less costs to sell prior to completion of the disposal. The impairment charge of \u00a3120.8m included a provision for indemnified tax liabilities of \u00a335.0m, which was released in the year to 31 March 2023 as noted at 7.1(vii). 12.2 Disposals continued (ii) Disposal reconciliation The following table summarises disposals of subsidiaries, businesses and assets during the financial year, including other assets and investments disposed of as part of the normal course of business but before recognition of impairment charges in the year, which are noted in the relevant respective notes to the financial statements. 2023 \u00a3m 2022 \u00a3m Net assets disposed: Property, plant and equipment 24.1 105.1 Intangible and biological assets \u2013 28.4 Investments and loans \u2013 joint ventures \u2013 662.5 Other investments \u2013 2.0 Deferred tax asset \u2013 14.8 Inventories \u2013 6.9 Trade and other receivables \u2013 28.5 Trade and other payables \u2013 (33.2) Provisions (88.2) (159.8) Loans and borrowings \u2013 (0.8) Net assets (64.1) 654.4 Proceeds of disposal: Consideration 60.0 1,372.1 Provision recognised on disposal \u2013 (35.0) Costs of disposal \u2013 (29.8) Net proceeds 60.0 1, 307.3 Recycle of amounts recognised in hedge reserve \u2013 (28.2) Gain on disposal 124.1 624.7 Presentation: Continuing operations Income statement exceptional gain/(loss) 89.1 (18.9) Income statement non-exceptional credit \u2013 67.1 89.1 48.2 Discontinuing operations Income statement exceptional credit 35.0 576.5 SSE Group 124.1 624.7 2023 \u00a3m 2022 \u00a3m Net proceeds of disposal 60.0 1,279.1 Recycle of amounts recognised in hedge reserve \u2013 28.2 Provision recognised on disposal \u2013 35.0 Costs of disposal \u2013 29.8 Deferred consideration \u2013 (5.2) Net cash proceeds 60.0 1,366.9 Plus net cash proceeds from sale of non-controlling interest in SHET 1,448.1 \u2013 Net cash proceeds 1,508.1 1,366.9 12.3 Discontinued operations The discontinued operations represented the Group\u2019s investment in SGN, which was disposed on 22 March 2022 and the Group\u2019s investment in Gas Production assets, which was sold on 14 October 2021. The profit/(loss) of the discontinued operation is as follows: 2023 2022 Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Revenue \u2013 \u2013 \u2013 142.0 \u2013 142.0 Cost of sales \u2013 \u2013 \u2013 (38.9) \u2013 (38.9) Gross profit \u2013 \u2013 \u2013 103.1 \u2013 103.1 Operating costs \u2013 \u2013 \u2013 (1.7) (120.8) (122.5) Operating profit/(loss) before joint ventures \u2013 \u2013 \u2013 101.4 (120.8) (19.4) Joint ventures \u2013 \u2013 \u2013 Share of operating profit \u2013 \u2013 \u2013 21.0 \u2013 21.0 Share of interest \u2013 \u2013 \u2013 (11.1) \u2013 (11.1) Share of movement on derivatives \u2013 \u2013 \u2013 \u2013 (4.6) (4.6) Share of tax \u2013 \u2013 \u2013 (1.7) (84.7) (86.4) Share of profit/(loss) on joint ventures \u2013 \u2013 \u2013 8.2 (89.3) (81.1) Operating profit/(loss) \u2013 \u2013 \u2013 109.6 (210.1) (100.5) Finance income \u2013 \u2013 \u2013 6.8 \u2013 6.8 Finance costs \u2013 \u2013 \u2013 (0.1) \u2013 (0.1) Profit/(loss) for the year \u2013 \u2013 \u2013 116.3 (210.1) (93.8) Profit on disposal of discontinued operations \u2013 35.0 35.0 \u2013 576.5 576.5 Profit from discontinued operations, net of tax \u2013 35.0 35.0 116.3 366.4 482.7 Other comprehensive income from discontinued operations 2023 \u00a3m 2022 \u00a3m Items that will be reclassified subsequently to profit or loss: Share of other comprehensive gain/(loss) of joint ventures and associates, net of taxation \u2013 0.5 Items that will not be reclassified to profit or loss: Share of other comprehensive (loss)/income of joint ventures, net of taxation \u2013 (1.7) Other comprehensive loss from discontinued operations \u2013 (1.2) Cashflows from discontinued operations 2023 \u00a3m 2022 \u00a3m Cashflows from operating activities \u2013 11.6 Cashflows from investing activities \u2013 (11.6) Net (decrease)/increase in cash and cash equivalents in discontinued operations \u2013 \u2013 ", "dimensions": { "concept": "sseplc:DisclosureOfAcquisitionsAndDisposals", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-748": { "value": "12.1 Acquisitions Current year acquisitions European onshore renewables development platform On 1 September 2022 the Group completed the 100% acquisition of a European onshore renewable energy development platform from Siemens Gamesa Renewable Energy (\u2018SGRE\u2019) for cash consideration of \u00a3519.5m. The SGRE portfolio is mainly located in Spain with the remainder across France, Italy and Greece. This acquisition is aligned to the Group\u2019s published strategy to pursue overseas renewable opportunities. Acquisition costs of \u00a36.0m were expensed to operating costs in the year. The acquired business contributed \u00a3nil to revenue and \u00a30.5m of costs to operating profit of the Group for the year. Had the acquisition occurred on 1 April 2022, the acquired business would have contributed nil to revenue and contributed an immaterial loss to operating profit. The intangible development assets acquired are late-stage windfarm development costs. The goodwill recognised represents early-stage intangible development costs that do not qualify for separate recognition as set out in the table below. Fair value at 1 September 2022 \u00a3m Assets acquired and liabilities assumed Intangible development assets 104.4 Inventories 3.0 Trade and other receivables 20.3 Cash 11.5 Trade and other payables (3.5) Deferred tax liability (note 10) (27.0) Total net assets acquired 108.7 Goodwill 410.8 Cash consideration 519.5 Triton Power \u2013 50% joint venture acquisition On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings Limited from Energy Capital Partners for headline consideration of \u00a3341m shared equally. The headline consideration included \u00a396m of loans which were settled on completion of the transaction and replaced with shareholder loans of \u00a348.0m each from SSE and Equinor. The Group\u2019s share of the cash consideration paid for the equity investment was therefore \u00a3123.2m after completion adjustments. Triton Power operates the 1.2GW Saltend Power Station in the Humber along with two smaller plants, Indian Queens Power Station, a 140MW OCGT in Cornwall, and Deeside Power Station, a decommissioned CCGT in north Wales. The acquisition will strengthen SSE\u2019s existing collaboration with Equinor and will support the long-term decarbonisation of the UK\u2019s power system and contribute to security of supply and grid stability. An exceptional gain on acquisition of \u00a3140.7m was recognised at 30 September 2022 based on movements in the underlying fair value of assets between agreeing and completing the transaction. During the second half of the financial year a fair value exercise and impairment review have been completed which resulted in an impairment loss of \u00a3291.6m and a \u00a3172.0m gain on financial instruments (net of tax) being recognised. The joint venture contributed \u00a3210.2m to operating profit before exceptional items, but including \u00a310.0m charge for fair value adjustments, in the year to 31 March 2023 on an equity accounted basis. Other asset acquisitions During the year ended 31 March 2023, the Group made other smaller asset acquisitions (of special purpose vehicles as opposed to businesses) for cash consideration of \u00a319.8m and deferred consideration of \u00a334.9m (2022: \u00a34.0m cash consideration). The total cash consideration for business combinations of \u00a3642.7m (2022: \u00a3141.3m) is included in the Group\u2019s Adjusted investment, capital and acquisition metric. Prior year acquisitions Acquisition of 80% equity interest in Japanese offshore wind development platform On 29 October 2021 the Group completed the acquisition of an 80% equity interest in an offshore wind development platform based in Japan from Pacifico Energy and its affiliates for $193m USD upfront cash consideration and a further $30m USD deferred consideration subject to a number of conditions. Acquisition costs of \u00a37.2m were expensed to operating costs in the prior year. The subsidiaries acquired had nil revenue and contributed a loss of \u00a30.1m to the consolidated result of the Group for the year ended 31 March 2022. The assets and liabilities acquired largely comprise tangible and intangible assets, being windfarm site development costs and goodwill as set out in the table below. The non-controlling interest acquired was measured at fair value, where fair value represented the non-controlling interest\u2019s proportionate share of the assets and liabilities acquired through the transaction. Fair value at 29 October 2021 \u00a3m Assets acquired Intangible development assets 20.5 Cash 4.3 Other assets 0.4 Total net assets acquired 25.2 Non-controlling interest (40.6) Goodwill 176.7 161.3 Cash consideration 141.3 Deferred consideration 20.0 161.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-785": { "value": "25% non-controlling equity stake in Scottish Hydro Electric Transmission plc: On 25 November 2022, the Group announced it had agreed to sell a 25% non-controlling equity stake in Scottish Hydro Electric Transmission plc (\u2018SHET\u2019) to Ontario Teachers Pension Plan (\u2018OTPP\u2019) for cash consideration of \u00a31,465.0m, less transactions costs of \u00a316.9m. The transaction completed on 30 November 2022, at which time the consolidated carrying value of SHET\u2019s net assets was \u00a32,319.3m. Since the transaction did not result in a loss of control, the Group recognised a gain of \u00a3868.3m within equity attributable to owners of the parent company. The Group considered the rights and obligations and operating protocols arising from the disposal and has determined that the non-controlling interest in SHET has the characteristics of equity and has classified the non-controlling interest as such. 30 November 2022 \u00a3m Carrying value of non-controlling interests disposed (579.8) Cash consideration paid by non-controlling interest holder 1,465.0 Transaction costs (16.9) Excess of consideration received recognised in equity 868.3 Details regarding SHET\u2019s principal activity and country of incorporation are included in A3 . SHET\u2019s summary financial information is as follows: 31 March 2023 \u00a3m 30 November 2022 \u00a3m Non-current assets 4,907.1 4,717.0 Current assets 16.5 2.0 Current liabilities (370.3) (384.3) Non-current liabilities (2,909.4) (2,795.4) 1,643.9 1,539.3 1 April 2022 to 25 November 2022 \u00a3m 26 November 2022 to 31 March 2023 \u00a3m Total \u00a3m Revenue 435.4 220.4 655.8 Operating profit 274.5 131.0 405.5 Net finance costs (31.7) (14.9) (46.6) Profit before taxation 242.8 116.1 358.9 Taxation (59.1) (19.6) (78.7) Profit after taxation 183.7 96.5 280.2 The summary financial information provided above is presented without Group eliminations, including \u00a3780.0m of internal loans and related interest of \u00a36.5m which have been eliminated to calculate the gain on partial disposal and the non-controlling interest for adjusted profit. 26 November 2022 to 31 March 2023 \u00a3m Net profit 96.5 add/(less): Interest elimination 6.5 Current taxation on interest elimination (1.1) Deferred taxation 16.5 118.4 Adjusted net profit attributable to 25% non-controlling interests 29.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectsOfChangesInParentsOwnershipInterestInSubsidiaryThatDoNotResultInLossOfControlOnEquityAttributableToOwnersOfParentExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-786": { "value": "12.3 Discontinued operations The discontinued operations represented the Group\u2019s investment in SGN, which was disposed on 22 March 2022 and the Group\u2019s investment in Gas Production assets, which was sold on 14 October 2021. The profit/(loss) of the discontinued operation is as follows: 2023 2022 Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Revenue \u2013 \u2013 \u2013 142.0 \u2013 142.0 Cost of sales \u2013 \u2013 \u2013 (38.9) \u2013 (38.9) Gross profit \u2013 \u2013 \u2013 103.1 \u2013 103.1 Operating costs \u2013 \u2013 \u2013 (1.7) (120.8) (122.5) Operating profit/(loss) before joint ventures \u2013 \u2013 \u2013 101.4 (120.8) (19.4) Joint ventures \u2013 \u2013 \u2013 Share of operating profit \u2013 \u2013 \u2013 21.0 \u2013 21.0 Share of interest \u2013 \u2013 \u2013 (11.1) \u2013 (11.1) Share of movement on derivatives \u2013 \u2013 \u2013 \u2013 (4.6) (4.6) Share of tax \u2013 \u2013 \u2013 (1.7) (84.7) (86.4) Share of profit/(loss) on joint ventures \u2013 \u2013 \u2013 8.2 (89.3) (81.1) Operating profit/(loss) \u2013 \u2013 \u2013 109.6 (210.1) (100.5) Finance income \u2013 \u2013 \u2013 6.8 \u2013 6.8 Finance costs \u2013 \u2013 \u2013 (0.1) \u2013 (0.1) Profit/(loss) for the year \u2013 \u2013 \u2013 116.3 (210.1) (93.8) Profit on disposal of discontinued operations \u2013 35.0 35.0 \u2013 576.5 576.5 Profit from discontinued operations, net of tax \u2013 35.0 35.0 116.3 366.4 482.7 Other comprehensive income from discontinued operations 2023 \u00a3m 2022 \u00a3m Items that will be reclassified subsequently to profit or loss: Share of other comprehensive gain/(loss) of joint ventures and associates, net of taxation \u2013 0.5 Items that will not be reclassified to profit or loss: Share of other comprehensive (loss)/income of joint ventures, net of taxation \u2013 (1.7) Other comprehensive loss from discontinued operations \u2013 (1.2) Cashflows from discontinued operations 2023 \u00a3m 2022 \u00a3m Cashflows from operating activities \u2013 11.6 Cashflows from investing activities \u2013 (11.6) Net (decrease)/increase in cash and cash equivalents in discontinued operations \u2013 \u2013 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-749": { "value": "12.3 Discontinued operations The discontinued operations represented the Group\u2019s investment in SGN, which was disposed on 22 March 2022 and the Group\u2019s investment in Gas Production assets, which was sold on 14 October 2021. The profit/(loss) of the discontinued operation is as follows: 2023 2022 Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Before exceptional items and certain re- measurements \u00a3m Exceptional items and certain re- measurements \u00a3m Total \u00a3m Revenue \u2013 \u2013 \u2013 142.0 \u2013 142.0 Cost of sales \u2013 \u2013 \u2013 (38.9) \u2013 (38.9) Gross profit \u2013 \u2013 \u2013 103.1 \u2013 103.1 Operating costs \u2013 \u2013 \u2013 (1.7) (120.8) (122.5) Operating profit/(loss) before joint ventures \u2013 \u2013 \u2013 101.4 (120.8) (19.4) Joint ventures \u2013 \u2013 \u2013 Share of operating profit \u2013 \u2013 \u2013 21.0 \u2013 21.0 Share of interest \u2013 \u2013 \u2013 (11.1) \u2013 (11.1) Share of movement on derivatives \u2013 \u2013 \u2013 \u2013 (4.6) (4.6) Share of tax \u2013 \u2013 \u2013 (1.7) (84.7) (86.4) Share of profit/(loss) on joint ventures \u2013 \u2013 \u2013 8.2 (89.3) (81.1) Operating profit/(loss) \u2013 \u2013 \u2013 109.6 (210.1) (100.5) Finance income \u2013 \u2013 \u2013 6.8 \u2013 6.8 Finance costs \u2013 \u2013 \u2013 (0.1) \u2013 (0.1) Profit/(loss) for the year \u2013 \u2013 \u2013 116.3 (210.1) (93.8) Profit on disposal of discontinued operations \u2013 35.0 35.0 \u2013 576.5 576.5 Profit from discontinued operations, net of tax \u2013 35.0 35.0 116.3 366.4 482.7 Other comprehensive income from discontinued operations 2023 \u00a3m 2022 \u00a3m Items that will be reclassified subsequently to profit or loss: Share of other comprehensive gain/(loss) of joint ventures and associates, net of taxation \u2013 0.5 Items that will not be reclassified to profit or loss: Share of other comprehensive (loss)/income of joint ventures, net of taxation \u2013 (1.7) Other comprehensive loss from discontinued operations \u2013 (1.2) Cashflows from discontinued operations 2023 \u00a3m 2022 \u00a3m Cashflows from operating activities \u2013 11.6 Cashflows from investing activities \u2013 (11.6) Net (decrease)/increase in cash and cash equivalents in discontinued operations \u2013 \u2013 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-787": { "value": "13. Intangible assets Goodwill \u00a3m Allowances and Certificates \u00a3m Development assets \u00a3m Other intangibles \u00a3m Software Assets \u00a3m Total \u00a3m Cost: At 31 March 2021 522.1 602.4 303.5 115.9 844.3 2,388.2 Additions \u2013 544.5 80.5 \u2013 97.7 722.7 Acquired through business combinations 176.7 \u2013 21.1 \u2013 \u2013 197.8 Transfer (to)/from property plant and equipment (note 14) \u2013 \u2013 (40.4) \u2013 \u2013 (40.4) Disposals/utilised \u2013 (459.8) (9.8) \u2013 (29.8) (499.4) Exchange adjustments 6.1 (0.3) (0.5) \u2013 \u2013 5.3 At 31 March 2022 704.9 686.8 354.4 115.9 912.2 2,774.2 Additions \u2013 805.2 235.9 \u2013 132.3 1,173.4 Acquired through business combinations 410.8 \u2013 104.4 \u2013 \u2013 515.2 Transfer (to)/from property plant and equipment (note 14) \u2013 \u2013 (2.6) \u2013 45.5 42.9 Disposals/utilised \u2013 (810.1) (18.4) \u2013 (6.4) (834.9) Exchange adjustments 34.8 0.5 7.9 \u2013 \u2013 43.2 At 31 March 2023 1,150.5 682.4 681.6 115.9 1,083.6 3,714.0 Aggregate amortisation and impairment: At 31 March 2021 (192.9) (227.5) (158.4) (113.1) (480.1) (1,172.0) Charge for the year \u2013 \u2013 \u2013 (1.5) (43.9) (45.4) Disposals/utilised \u2013 \u2013 5.1 \u2013 26.7 31.8 Non-exceptional impairment charge(i) \u2013 \u2013 \u2013 \u2013 (1.5) (1.5) At 31 March 2022 (192.9) (227.5) (153.3) (114.6) (498.8) (1,187.1) Charge for the year \u2013 \u2013 \u2013 (0.3) (54.3) (54.6) Transfer from property plant and equipment (note 14) \u2013 \u2013 \u2013 \u2013 (41.6) (41.6) Disposals/utilised \u2013 \u2013 \u2013 \u2013 3.3 3.3 Non-exceptional impairment charge (i) \u2013 \u2013 (4.2) \u2013 (14.6) (18.8) At 31 March 2023 (192.9) (227.5) (157.5) (114.9) (606.0) (1,298.8) Carrying amount: At 31 March 2023 957.6 454.9 524.1 1.0 477.6 2,415.2 At 31 March 2022 512.0 459.3 201.1 1.3 413.4 1,587.1 At 1 April 2021 329.2 374.9 145.1 2.8 364.2 1,216.2 (i) The non-exceptional impairments in both years relate to assets where future development became uncertain or untenable in the year. The impairment of these items does not meet the Group\u2019s definition of an exceptional item, therefore they are included in the adjusted and reported results of the Group. Intangible assets have been analysed as current and non-current as follows: 2023 \u00a3m 2022 \u00a3m Current 454.9 459.3 Non-current 1,960.3 1,127.8 2,415.2 1,587.1 (i) Goodwill At inception, goodwill arising from business combinations is allocated to cash-generating units (CGUs) or groups of CGUs for impairment testing purposes. Certain goodwill valuations have changed in the current year following retranslation. Commentary on the impairment testing of the related CGUs, with the exception of two historic balances totalling \u00a38.2m, is included in note 15. A summary of the goodwill allocated to CGUs and the Group\u2019s operating segments is presented below: CGU group Operating Segment 2023 \u00a3m 2022 \u00a3m Great Britain and Ireland windfarms 1 SSE Renewables 292.3 286.2 SSE Pacifico2 SSE Renewables 196.0 185.2 SSE Southern Europe3 SSE Renewables 428.7 \u2013 Energy Solutions4 GB Business Energy & Distributed Energy 32.4 32.4 Ireland Supply5 SSE Airtricity 8.2 8.2 957.6 512.0 1 Following the acquisition of the SGRE platform (see note 12.1), the Group performed a review of the CGUs within its Renewables business and assessed that \u2018Onshore windfarms\u2019 and \u2018Offshore windfarms\u2019 no longer represents the appropriate level of aggregation for the purposes of impairment testing. Following the review, the \u2018Great Britain\u2019 and \u2018Ireland\u2019 CGUs now support the goodwill balance previously attributed to the Onshore and Offshore windfarm CGUs. 2 Relates to the acquisition of an 80% equity interest in an offshore wind development platform from Pacifico Energy. 3 SSE Southern Europe relates to the acquisition on 1 September 2022 of the SGRE renewable platform in Spain, France, Greece and Italy (see note 12.1). The Group has assessed that the four CGUs support the carrying value of the goodwill related to the acquisition. 4 Energy Solutions includes goodwill balances arising from the historic acquisitions of The Energy Solutions Group Limited (TESGL) of \u00a331.7m (2022: \u00a331.7m and a further \u00a30.7m (2022: \u00a30.7m) in relation to the acquisition of Fusion Heating Limited. The amount of goodwill associated with the historic businesses is not significant in context of the aggregate carrying value of the business units or the aggregate value of goodwill held by the Group. 5 The value associated with the Ireland supply goodwill represents the difference between the fair value attributed to the Northern Ireland based Phoenix Energy business acquired in 2012 and the book value of those assets. No impairment has been recognised during the year on this balance. (ii) Allowances and certificates Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs). These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s Thermal and GB Business Energy supply business and are therefore distinct from allowances and certificates held in excess of the Group\u2019s environmental obligations which are recorded within inventories. (iii) Development assets Development costs primarily relate to the design, construction and testing of Thermal, Renewable and Solar and Battery assets, which the Group believes will generate probable future economic benefits. Costs capitalised as development intangibles include options over land rights, planning application costs, environmental impact studies and other costs incurred in bringing windfarms and other development projects to the consented stage. These may be costs incurred directly or at a cost as part of the fair value attribution on acquisition. At the point the development reaches the consent stage and is approved for construction, the carrying value is transferred to property, plant and equipment (note 14). At the point a project is no longer expected to reach the consented stage, the carrying amount of the project is impaired. (iv) Other intangible assets Included within other intangible assets are brands, customer lists and contracts. No exceptional or non-exceptional impairment charges have been recognised in the year (2022: \u00a3nil). (v) Software assets Software assets include application software license fees, software development work, software upgrades and purchased PC software packages. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-750": { "value": "13. Intangible assets Goodwill \u00a3m Allowances and Certificates \u00a3m Development assets \u00a3m Other intangibles \u00a3m Software Assets \u00a3m Total \u00a3m Cost: At 31 March 2021 522.1 602.4 303.5 115.9 844.3 2,388.2 Additions \u2013 544.5 80.5 \u2013 97.7 722.7 Acquired through business combinations 176.7 \u2013 21.1 \u2013 \u2013 197.8 Transfer (to)/from property plant and equipment (note 14) \u2013 \u2013 (40.4) \u2013 \u2013 (40.4) Disposals/utilised \u2013 (459.8) (9.8) \u2013 (29.8) (499.4) Exchange adjustments 6.1 (0.3) (0.5) \u2013 \u2013 5.3 At 31 March 2022 704.9 686.8 354.4 115.9 912.2 2,774.2 Additions \u2013 805.2 235.9 \u2013 132.3 1,173.4 Acquired through business combinations 410.8 \u2013 104.4 \u2013 \u2013 515.2 Transfer (to)/from property plant and equipment (note 14) \u2013 \u2013 (2.6) \u2013 45.5 42.9 Disposals/utilised \u2013 (810.1) (18.4) \u2013 (6.4) (834.9) Exchange adjustments 34.8 0.5 7.9 \u2013 \u2013 43.2 At 31 March 2023 1,150.5 682.4 681.6 115.9 1,083.6 3,714.0 Aggregate amortisation and impairment: At 31 March 2021 (192.9) (227.5) (158.4) (113.1) (480.1) (1,172.0) Charge for the year \u2013 \u2013 \u2013 (1.5) (43.9) (45.4) Disposals/utilised \u2013 \u2013 5.1 \u2013 26.7 31.8 Non-exceptional impairment charge(i) \u2013 \u2013 \u2013 \u2013 (1.5) (1.5) At 31 March 2022 (192.9) (227.5) (153.3) (114.6) (498.8) (1,187.1) Charge for the year \u2013 \u2013 \u2013 (0.3) (54.3) (54.6) Transfer from property plant and equipment (note 14) \u2013 \u2013 \u2013 \u2013 (41.6) (41.6) Disposals/utilised \u2013 \u2013 \u2013 \u2013 3.3 3.3 Non-exceptional impairment charge (i) \u2013 \u2013 (4.2) \u2013 (14.6) (18.8) At 31 March 2023 (192.9) (227.5) (157.5) (114.9) (606.0) (1,298.8) Carrying amount: At 31 March 2023 957.6 454.9 524.1 1.0 477.6 2,415.2 At 31 March 2022 512.0 459.3 201.1 1.3 413.4 1,587.1 At 1 April 2021 329.2 374.9 145.1 2.8 364.2 1,216.2 (i) The non-exceptional impairments in both years relate to assets where future development became uncertain or untenable in the year. The impairment of these items does not meet the Group\u2019s definition of an exceptional item, therefore they are included in the adjusted and reported results of the Group. Intangible assets have been analysed as current and non-current as follows: 2023 \u00a3m 2022 \u00a3m Current 454.9 459.3 Non-current 1,960.3 1,127.8 2,415.2 1,587.1 (i) Goodwill At inception, goodwill arising from business combinations is allocated to cash-generating units (CGUs) or groups of CGUs for impairment testing purposes. Certain goodwill valuations have changed in the current year following retranslation. Commentary on the impairment testing of the related CGUs, with the exception of two historic balances totalling \u00a38.2m, is included in note 15. A summary of the goodwill allocated to CGUs and the Group\u2019s operating segments is presented below: CGU group Operating Segment 2023 \u00a3m 2022 \u00a3m Great Britain and Ireland windfarms 1 SSE Renewables 292.3 286.2 SSE Pacifico2 SSE Renewables 196.0 185.2 SSE Southern Europe3 SSE Renewables 428.7 \u2013 Energy Solutions4 GB Business Energy & Distributed Energy 32.4 32.4 Ireland Supply5 SSE Airtricity 8.2 8.2 957.6 512.0 1 Following the acquisition of the SGRE platform (see note 12.1), the Group performed a review of the CGUs within its Renewables business and assessed that \u2018Onshore windfarms\u2019 and \u2018Offshore windfarms\u2019 no longer represents the appropriate level of aggregation for the purposes of impairment testing. Following the review, the \u2018Great Britain\u2019 and \u2018Ireland\u2019 CGUs now support the goodwill balance previously attributed to the Onshore and Offshore windfarm CGUs. 2 Relates to the acquisition of an 80% equity interest in an offshore wind development platform from Pacifico Energy. 3 SSE Southern Europe relates to the acquisition on 1 September 2022 of the SGRE renewable platform in Spain, France, Greece and Italy (see note 12.1). The Group has assessed that the four CGUs support the carrying value of the goodwill related to the acquisition. 4 Energy Solutions includes goodwill balances arising from the historic acquisitions of The Energy Solutions Group Limited (TESGL) of \u00a331.7m (2022: \u00a331.7m and a further \u00a30.7m (2022: \u00a30.7m) in relation to the acquisition of Fusion Heating Limited. The amount of goodwill associated with the historic businesses is not significant in context of the aggregate carrying value of the business units or the aggregate value of goodwill held by the Group. 5 The value associated with the Ireland supply goodwill represents the difference between the fair value attributed to the Northern Ireland based Phoenix Energy business acquired in 2012 and the book value of those assets. No impairment has been recognised during the year on this balance. (ii) Allowances and certificates Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs). These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s Thermal and GB Business Energy supply business and are therefore distinct from allowances and certificates held in excess of the Group\u2019s environmental obligations which are recorded within inventories. (iii) Development assets Development costs primarily relate to the design, construction and testing of Thermal, Renewable and Solar and Battery assets, which the Group believes will generate probable future economic benefits. Costs capitalised as development intangibles include options over land rights, planning application costs, environmental impact studies and other costs incurred in bringing windfarms and other development projects to the consented stage. These may be costs incurred directly or at a cost as part of the fair value attribution on acquisition. At the point the development reaches the consent stage and is approved for construction, the carrying value is transferred to property, plant and equipment (note 14). At the point a project is no longer expected to reach the consented stage, the carrying amount of the project is impaired. (iv) Other intangible assets Included within other intangible assets are brands, customer lists and contracts. No exceptional or non-exceptional impairment charges have been recognised in the year (2022: \u00a3nil). (v) Software assets Software assets include application software license fees, software development work, software upgrades and purchased PC software packages. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-702": { "value": "13. Intangible assets Goodwill \u00a3m Allowances and Certificates \u00a3m Development assets \u00a3m Other intangibles \u00a3m Software Assets \u00a3m Total \u00a3m Cost: At 31 March 2021 522.1 602.4 303.5 115.9 844.3 2,388.2 Additions \u2013 544.5 80.5 \u2013 97.7 722.7 Acquired through business combinations 176.7 \u2013 21.1 \u2013 \u2013 197.8 Transfer (to)/from property plant and equipment (note 14) \u2013 \u2013 (40.4) \u2013 \u2013 (40.4) Disposals/utilised \u2013 (459.8) (9.8) \u2013 (29.8) (499.4) Exchange adjustments 6.1 (0.3) (0.5) \u2013 \u2013 5.3 At 31 March 2022 704.9 686.8 354.4 115.9 912.2 2,774.2 Additions \u2013 805.2 235.9 \u2013 132.3 1,173.4 Acquired through business combinations 410.8 \u2013 104.4 \u2013 \u2013 515.2 Transfer (to)/from property plant and equipment (note 14) \u2013 \u2013 (2.6) \u2013 45.5 42.9 Disposals/utilised \u2013 (810.1) (18.4) \u2013 (6.4) (834.9) Exchange adjustments 34.8 0.5 7.9 \u2013 \u2013 43.2 At 31 March 2023 1,150.5 682.4 681.6 115.9 1,083.6 3,714.0 Aggregate amortisation and impairment: At 31 March 2021 (192.9) (227.5) (158.4) (113.1) (480.1) (1,172.0) Charge for the year \u2013 \u2013 \u2013 (1.5) (43.9) (45.4) Disposals/utilised \u2013 \u2013 5.1 \u2013 26.7 31.8 Non-exceptional impairment charge(i) \u2013 \u2013 \u2013 \u2013 (1.5) (1.5) At 31 March 2022 (192.9) (227.5) (153.3) (114.6) (498.8) (1,187.1) Charge for the year \u2013 \u2013 \u2013 (0.3) (54.3) (54.6) Transfer from property plant and equipment (note 14) \u2013 \u2013 \u2013 \u2013 (41.6) (41.6) Disposals/utilised \u2013 \u2013 \u2013 \u2013 3.3 3.3 Non-exceptional impairment charge (i) \u2013 \u2013 (4.2) \u2013 (14.6) (18.8) At 31 March 2023 (192.9) (227.5) (157.5) (114.9) (606.0) (1,298.8) Carrying amount: At 31 March 2023 957.6 454.9 524.1 1.0 477.6 2,415.2 At 31 March 2022 512.0 459.3 201.1 1.3 413.4 1,587.1 At 1 April 2021 329.2 374.9 145.1 2.8 364.2 1,216.2 (i) The non-exceptional impairments in both years relate to assets where future development became uncertain or untenable in the year. The impairment of these items does not meet the Group\u2019s definition of an exceptional item, therefore they are included in the adjusted and reported results of the Group. Intangible assets have been analysed as current and non-current as follows: 2023 \u00a3m 2022 \u00a3m Current 454.9 459.3 Non-current 1,960.3 1,127.8 2,415.2 1,587.1 (i) Goodwill At inception, goodwill arising from business combinations is allocated to cash-generating units (CGUs) or groups of CGUs for impairment testing purposes. Certain goodwill valuations have changed in the current year following retranslation. Commentary on the impairment testing of the related CGUs, with the exception of two historic balances totalling \u00a38.2m, is included in note 15. A summary of the goodwill allocated to CGUs and the Group\u2019s operating segments is presented below: CGU group Operating Segment 2023 \u00a3m 2022 \u00a3m Great Britain and Ireland windfarms 1 SSE Renewables 292.3 286.2 SSE Pacifico2 SSE Renewables 196.0 185.2 SSE Southern Europe3 SSE Renewables 428.7 \u2013 Energy Solutions4 GB Business Energy & Distributed Energy 32.4 32.4 Ireland Supply5 SSE Airtricity 8.2 8.2 957.6 512.0 1 Following the acquisition of the SGRE platform (see note 12.1), the Group performed a review of the CGUs within its Renewables business and assessed that \u2018Onshore windfarms\u2019 and \u2018Offshore windfarms\u2019 no longer represents the appropriate level of aggregation for the purposes of impairment testing. Following the review, the \u2018Great Britain\u2019 and \u2018Ireland\u2019 CGUs now support the goodwill balance previously attributed to the Onshore and Offshore windfarm CGUs. 2 Relates to the acquisition of an 80% equity interest in an offshore wind development platform from Pacifico Energy. 3 SSE Southern Europe relates to the acquisition on 1 September 2022 of the SGRE renewable platform in Spain, France, Greece and Italy (see note 12.1). The Group has assessed that the four CGUs support the carrying value of the goodwill related to the acquisition. 4 Energy Solutions includes goodwill balances arising from the historic acquisitions of The Energy Solutions Group Limited (TESGL) of \u00a331.7m (2022: \u00a331.7m and a further \u00a30.7m (2022: \u00a30.7m) in relation to the acquisition of Fusion Heating Limited. The amount of goodwill associated with the historic businesses is not significant in context of the aggregate carrying value of the business units or the aggregate value of goodwill held by the Group. 5 The value associated with the Ireland supply goodwill represents the difference between the fair value attributed to the Northern Ireland based Phoenix Energy business acquired in 2012 and the book value of those assets. No impairment has been recognised during the year on this balance. (ii) Allowances and certificates Allowances and Certificates consist of purchased carbon emissions allowances and generated or purchased renewable obligations certificates (ROCs). These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s Thermal and GB Business Energy supply business and are therefore distinct from allowances and certificates held in excess of the Group\u2019s environmental obligations which are recorded within inventories. (iii) Development assets Development costs primarily relate to the design, construction and testing of Thermal, Renewable and Solar and Battery assets, which the Group believes will generate probable future economic benefits. Costs capitalised as development intangibles include options over land rights, planning application costs, environmental impact studies and other costs incurred in bringing windfarms and other development projects to the consented stage. These may be costs incurred directly or at a cost as part of the fair value attribution on acquisition. At the point the development reaches the consent stage and is approved for construction, the carrying value is transferred to property, plant and equipment (note 14). At the point a project is no longer expected to reach the consented stage, the carrying amount of the project is impaired. (iv) Other intangible assets Included within other intangible assets are brands, customer lists and contracts. No exceptional or non-exceptional impairment charges have been recognised in the year (2022: \u00a3nil). (v) Software assets Software assets include application software license fees, software development work, software upgrades and purchased PC software packages. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-796": { "value": "Goodwill \u00a3m Allowances and Certificates \u00a3m Development assets \u00a3m Other intangibles \u00a3m Software Assets \u00a3m Total \u00a3m Cost: At 31 March 2021 522.1 602.4 303.5 115.9 844.3 2,388.2 Additions \u2013 544.5 80.5 \u2013 97.7 722.7 Acquired through business combinations 176.7 \u2013 21.1 \u2013 \u2013 197.8 Transfer (to)/from property plant and equipment (note 14) \u2013 \u2013 (40.4) \u2013 \u2013 (40.4) Disposals/utilised \u2013 (459.8) (9.8) \u2013 (29.8) (499.4) Exchange adjustments 6.1 (0.3) (0.5) \u2013 \u2013 5.3 At 31 March 2022 704.9 686.8 354.4 115.9 912.2 2,774.2 Additions \u2013 805.2 235.9 \u2013 132.3 1,173.4 Acquired through business combinations 410.8 \u2013 104.4 \u2013 \u2013 515.2 Transfer (to)/from property plant and equipment (note 14) \u2013 \u2013 (2.6) \u2013 45.5 42.9 Disposals/utilised \u2013 (810.1) (18.4) \u2013 (6.4) (834.9) Exchange adjustments 34.8 0.5 7.9 \u2013 \u2013 43.2 At 31 March 2023 1,150.5 682.4 681.6 115.9 1,083.6 3,714.0 Aggregate amortisation and impairment: At 31 March 2021 (192.9) (227.5) (158.4) (113.1) (480.1) (1,172.0) Charge for the year \u2013 \u2013 \u2013 (1.5) (43.9) (45.4) Disposals/utilised \u2013 \u2013 5.1 \u2013 26.7 31.8 Non-exceptional impairment charge(i) \u2013 \u2013 \u2013 \u2013 (1.5) (1.5) At 31 March 2022 (192.9) (227.5) (153.3) (114.6) (498.8) (1,187.1) Charge for the year \u2013 \u2013 \u2013 (0.3) (54.3) (54.6) Transfer from property plant and equipment (note 14) \u2013 \u2013 \u2013 \u2013 (41.6) (41.6) Disposals/utilised \u2013 \u2013 \u2013 \u2013 3.3 3.3 Non-exceptional impairment charge (i) \u2013 \u2013 (4.2) \u2013 (14.6) (18.8) At 31 March 2023 (192.9) (227.5) (157.5) (114.9) (606.0) (1,298.8) Carrying amount: At 31 March 2023 957.6 454.9 524.1 1.0 477.6 2,415.2 At 31 March 2022 512.0 459.3 201.1 1.3 413.4 1,587.1 At 1 April 2021 329.2 374.9 145.1 2.8 364.2 1,216.2 (i) The non-exceptional impairments in both years relate to assets where future development became uncertain or untenable in the year. The impairment of these items does not meet the Group\u2019s definition of an exceptional item, therefore they are included in the adjusted and reported results of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-703": { "value": "14. Property, plant and equipment Thermal power generation assets (iii) \u00a3m Renewable power generation assets(iii) \u00a3m Distribution network assets \u00a3m Transmission network assets \u00a3m Land and buildings \u00a3m Assets under construction \u00a3m Other assets(iii) \u00a3m Total \u00a3m Cost: At 31 March 2021 restated (i) 3,814.5 4,548.3 9,075.7 4,556.4 527.9 665.5 1,392.3 24,580.6 Additions(ii) \u2013 \u2013 76.3 3.6 41.1 1,214.3 44.2 1,379.5 Adjustment to decommissioning asset (i) 30.4 88.5 \u2013 \u2013 \u2013 \u2013 28.3 147.2 Transfer from intangible assets (note 13) \u2013 \u2013 \u2013 \u2013 \u2013 40.4 \u2013 40.4 Transfer from assets under construction 21.8 75.8 347.6 550.5 (0.9) (1,058.6) 63.8 \u2013 Disposals(i) \u2013 (18.5) \u2013 \u2013 (13.8) (7.8) (105.7) (145.8) Exchange rate adjustments (3.6) (8.1) \u2013 \u2013 (0.2) (0.2) (0.6) (12.7) At 31 March 2022 restated (i) 3,863.1 4,686.0 9,499.6 5,110.5 554.1 853.6 1,422.3 25,989.2 Additions \u2013 \u2013 95.8 \u2013 45.4 1,323.5 35.4 1,500.1 Adjustment to decommissioning asset (11.1) (89.5) \u2013 \u2013 \u2013 \u2013 (44.9) (145.5) Transfer (to)/from intangible assets (note 13) (iv) \u2013 \u2013 \u2013 \u2013 \u2013 2.6 (45.5) (42.9) Transfer from assets under construction 433.8 22.5 402.3 531.6 4.8 (1,412.5) 17.5 \u2013 Disposals (638.9) (4.8) \u2013 \u2013 (13.5) (0.1) (40.2) (697.5) Exchange rate adjustments 24.6 38.5 \u2013 \u2013 0.6 1.6 2.7 68.0 At 31 March 2023 3,671.5 4,652.7 9,997.7 5,642.1 591.4 768.7 1,347.3 26,671.4 Depreciation: At 31 March 2021 restated (i) (3,270.5) (1,776.2) (4,199.7) (681.3) (208.7) (18.3) (1,171.6) (11,326.3) Charge for the year (65.3) (158.3) (156.4) (90.5) (17.2) \u2013 (57.7) (545.4) Impairments reversals (note 7);(v) 331.6 \u2013 \u2013 \u2013 \u2013 \u2013 97.9 429.5 Non-exceptional impairment charges(v) \u2013 \u2013 (20.7) \u2013 \u2013 1.0 \u2013 (19.7) Disposals \u2013 18.7 \u2013 \u2013 1.9 6.5 49.6 76.7 Exchange rate adjustments (0.2) 0.2 \u2013 \u2013 \u2013 \u2013 8.8 8.8 At 31 March 2022 restated (i) (3,004.4) (1,915.6) (4,376.8) (771.8) (224.0) (10.8) (1,073.0) (11,376.4) Charge for the year (106.3) (153.9) (163.2) (97.7) (17.0) \u2013 (67.6) (605.7) Impairment reversals (note 7)(v) 17.8 \u2013 \u2013 \u2013 \u2013 \u2013 45.7 63.5 Non-exceptional impairment charges(v) (10.6) (12.5) \u2013 \u2013 (1.0) (0.3) (0.7) (25.1) Transfer to intangible assets (note 13)(iv) \u2013 \u2013 2.3 \u2013 \u2013 6.0 33.3 41.6 Transfers 4.1 \u2013 \u2013 \u2013 \u2013 (4.1) \u2013 \u2013 Disposals 612.8 3.1 \u2013 \u2013 5.5 \u2013 35.6 657.0 Exchange rate adjustments (11.1) (16.4) \u2013 \u2013 (0.6) (0.2) (2.1) (30.4) At 31 March 2023 (2,497.7) (2,095.3) (4,537.7) (869.5) (237.1) (9.4) (1,028.8) (11,275.5) Net book value At 31 March 2023 1,173.8 2 ,557.4 5,460.0 4,772.6 354.3 759.3 318.5 15,395.9 At 31 March 2022 restated (i) 858.7 2,770.4 5,122.8 4,338.7 330.1 842.8 349.3 14,612.8 At 1 April 2021 restated(i) 544.0 2,772.1 4,876.0 3,875.1 319.2 647.2 220.7 13,254.3 (i) In the financial statements to 31 March 2022 the primary categories of assets in the property, plant and equipment note were reclassified within the asset classes. In the year ended 31 March 2023 the Group identified that the cost and accumulated depreciation of certain assets were not appropriately allocated as part of this reallocation. As a consequence, the cost and accumulated depreciation of the affected asset classes as at 31 March 2021 and as at 31 March 2022 have been restated compared to the amounts previously presented in the year ended 31 March 2022 financial statements. The Renewables power generation cost, accumulated depreciation and net book value at 31 March 2021 and 31 March 2022 has been reduced by \u00a31,173.7m, \u00a31,012.0m and \u00a3161.7m respectively, offset by increases in Thermal power generation of \u00a31,045.7m, \u00a31,012.0m and \u00a333.7m (2021: \u00a31,056.2m, \u00a31,012.0m and \u00a344.2m). Other assets cost has been increased by \u00a3128.0m (2021: \u00a3117.5m), accumulated depreciation by nil (2021: nil) and net book value by \u00a3128.0m (2021: \u00a3117.5m). There is no impact on the Group\u2019s aggregate property, plant and equipment as at 31 March 2021 and 2022, and no impact on the depreciation charged during either year, as a result of these reclassifications. (ii) As a result of the adoption of the amendment to IAS 16, the additions to assets under construction for the year ended 31 March 2022 have been reduced by \u00a35.9m. (iii) Thermal and Renewable generation assets include generation plant and machinery and related land and buildings. The net book value of power generation assets, renewables and thermal includes decommissioning costs with a net book value of \u00a389.6m and \u00a388.6m (2022: \u00a3183.5m and \u00a3127.0m) respectively. Additionally in Other assets is \u00a355.5m in relation to decommissioning costs for Gas Storage assets (2022: \u00a3128.0m). (iv) Represents the carrying value of development assets transferred from intangible assets (note 13) which have reached the consent stage and have been approved for construction. (v) Impairment reversals relate to exceptional impairment reversals of \u00a317.8m in relation to the Group\u2019s Great Island CCGT plant and \u00a345.7m relating to the Group\u2019s gas storage operations at Aldbrough (see note 7) and non-exceptional impairments of \u00a325.1m. (2022: exceptional impairment reversals of \u00a3429.5m and non-exceptional impairments of \u00a319.7m). (vi) The disposals in the current year primarily relate to the decommissioning asset in relation Fiddlers Ferry land sale, see note 7 for details. Included within property, plant and equipment are the following right of use assets for leased assets: Thermal power generation assets \u00a3m Land and buildings \u00a3m Distribution network assets \u00a3m Other assets \u00a3m Total \u00a3m Cost At 31 March 2021 369.6 171.2 12.2 118.4 671.4 Additions \u2013 40.6 \u2013 45.1 85.7 Disposals \u2013 (8.7) \u2013 (67.8) (76.5) At 31 March 2022 369.6 203.1 12.2 95.7 680.6 Additions \u2013 45.4 \u2013 33.1 78.5 Disposals \u2013 (1.0) \u2013 (12.9) (13.9) At 31 March 2023 369.6 247.5 12.2 115.9 745.2 Depreciation At 31 March 2021 (272.5) (21.6) (2.6) (49.1) (345.8) Charge for the year (15.1) (10.6) (2.2) (18.9) (46.8) Disposals \u2013 1.1 \u2013 31.7 32.8 Impairment reversal 54.0 \u2013 \u2013 \u2013 54.0 At 31 March 2022 (233.6) (31.1) (4.8) (36.3) (305.8) Charge for the year (18.5) (11.9) (7.4) (19.8) (57.6) Disposals \u2013 0.3 \u2013 12.2 12.5 Impairment reversal \u2013 (0.5) \u2013 \u2013 (0.5) At 31 March 2023 (252.1) (43.2) (12.2) (43.9) (351.4) Net book value At 31 March 2023 117.5 204.3 \u2013 72.0 393.8 At 31 March 2022 136.0 172.0 7.4 59.4 374.8 At 1 April 2021 97.1 149.6 9.6 69.3 325.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-704": { "value": "15. Impairment testing Goodwill and intangible assets that are not amortised are reviewed at least annually for impairment. Property, plant and equipment, investments and other intangibles are assessed annually for impairment (or impairment reversal) triggers. The Group\u2019s accounting policies and methodologies for impairment testing are described at Accompanying Information sections A1.2 . The key operating and valuation assumptions, specific considerations and outcome of tests for all impairment reviews are noted in the following sections. The discount rates used are pre-tax real, except where noted, and reflect specific risks attributable to the relevant assets subject to impairment review. The discount rates applied in both 2023 and 2022 remain consistent across all CGUs, except where noted, reflecting the Group\u2019s view of cost of capital and risk. The recoverable amounts derived from the VIU or FVLCS calculations are compared to the carrying amount of each asset or CGU to determine whether an impairment charge requires to be recognised. The reviews carried out for the 2023 financial statements were carried out in the fourth quarter of the year, which is consistent with previous reviews. Note that the actual outcomes may differ from the assumptions included in the assessments at the balance sheet date. 15.1 Goodwill impairment reviews \u2013 CGUs testing Following the acquisition of the Southern Europe wind and solar platform from Siemens Gamesa Renewable Energy, the Group has determined that it has three goodwill balances within its SSE Renewables business (GB and Ireland, SSE Southern Europe and SSE Pacifico) that are subject to annual goodwill impairment reviews. In addition, the Group has a legacy goodwill balance within the SSE Enterprise Energy Solutions business. The recoverable amounts of the CGUs supporting the goodwill balances are determined by reference to value-in-use (\u2018VIU\u2019) calculations. The VIU calculations use, as a starting point, pre-tax cash flow projections based on the Group\u2019s five year Corporate Model as approved by the Board. The Group\u2019s Corporate Model is based both on past experience and reflects the Group\u2019s forward view of markets, prices, risks and its strategic objectives. Commodity prices used are based on observable market data and, where this is not available, on internal estimates. Assets/CGUs Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions Great Britain (GB) and Ireland windfarm CGUs Period to end of life of portfolio assets Modelling methodology and assumptions The VIU assessment is used to test the carrying value of \u00a3292.3m of goodwill related to the Group\u2019s GB and Ireland windfarm CGUs. The assessment is based on the discounted pre-tax cash flows expected to be generated by the specific wind farm assets included in the CGU across the remaining useful lives of those assets. The GB and Ireland CGU includes cashflows for operational assets only, being over 50 individual windfarms across Great Britain and the Island of Ireland, given the risk and uncertainty associated with projects in the development stage. Significant developments at Viking, Seagreen and Doggerbank are currently under construction and continue to be excluded from the analysis. Cash inflows for the CGUs are based on the expected average annual generation output based on technical assessment and past experience and are valued based on forward power prices. These factors are subject to management review on an annual basis. The prices applied to projected outputs are based either on observable market information during that period, which is deemed to be 3 years, or on internal estimations beyond the observable market period (a Level 3 basis as defined by IFRS 13 Fair Value Measurement). The projections are also dependent on the UK and Irish government\u2019s continuing support for existing qualifying wind assets through CFD subsidies and ROCs or REFIT. Cash outflows are based on planned and expected maintenance profiles and other capital or replacement costs. The cash flow projections are based on UK and Irish power prices between \u00a355 - \u00a3169 per MWh and have been discounted applying a pre-tax real discount rate between 6.9% for GB and 5.8% for Ireland (2022: between 5.1% and 6.0%) based on technology and market risks. Impairment conclusion The recoverable amount of the GB and Ireland CGUs at 31 March 2023 is significantly in excess of the carrying value of the goodwill and tangible and intangible assets attributed to the CGUs. Therefore, no impairment has been recognised. Sensitivity analysis The principal assumptions impacting the valuation model of the GB and Ireland CGU are discount rate, generation volume and electricity price. While cash flow projections are subject to inherent uncertainty, a 10% power price decrease and a 15% decrease in projected generation volumes were modelled, both of which indicated significant headroom on the carrying value of the assets. The 8% volume sensitivity is based on the Group\u2019s assessment of the climate related risk to future volume reduction, as set out in the Group\u2019s TCFD disclosures. A 0.5% increase in the pre-tax real discount rate to 9.8% for GB and 8.74% for Ireland, also indicated significant headroom on the carrying value of the assets. TCFD related sensitivity analysis A significant increase in renewable generation capacity in the Group\u2019s core markets could result in an oversupply of renewable electricity at a point in the future, which would lead to a consequential decrease in the power price achievable for the Group\u2019s GB and Ireland wind generation assets. A downside power price sensitivity, which may arise in a market with significant new build was modelled. This scenario indicated that, despite a modelled 15% reduction in forecast power price, there remained significant headroom on the carrying value in the Group\u2019s GB and Ireland wind generation assets. Changes to weather patterns resulting from global warming could result in calmer weather patterns, which would reduce volumes achievable for the Group\u2019s GB and Ireland wind generation assets (although noting that this would likely lead to capacity constraints and hence higher prices). Despite an 8% reduction in modelled projected volume, there remained significant headroom on the carrying value in the Group\u2019s GB and Ireland wind generation assets. The TCFD Variable wind generation risk scenario modelled the physical risk of average wind speed changes of 4% to 8% over the longer term, consistent with the impairment sensitivity performed. Assets/CGUs Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions SSE Southern Europe Period to end of life of portfolio assets Modelling methodology and assumptions The VIU assessment is used to test the carrying value of \u00a3428.7m of goodwill and \u00a3116.1m of intangible development assets related to the Group\u2019s Southern Europe windfarms for impairment. As the Southern Europe platform is in early-stage development, the assessment was based on the discounted pre-tax cash flows from the acquisition model updated to reflect changes to specific project circumstances and wider market developments since acquisition. The Southern Europe CGU includes cashflows for early-stage development assets, being c65 individual windfarm projects across Spain, France, Italy and Greece. Due to the early stage nature of the portfolio, each project has been attributed a probability of development success. Cashflows for the CGUs are based on the expected average annual generation output based on technical assessment valued using forward power price projections. These factors are subject to management review on an annual basis. The prices applied to projected outputs are based either on observable market information during that period, which is deemed to be 3 years, or on internal estimations beyond the observable market period (a Level 3 basis as defined by IFRS 13 Fair Value Measurement). Assumptions have also been made on the Spanish, French, Italian and Greek government\u2019s support for the development of wind projects and expected governmental support under CFD subsides. Cash outflows are based on planned and expected maintenance profiles and other capital or replacement costs. The cash flow projections are based on European power prices between \u20ac33-\u20ac209 per MWh and have been discounted applying a pre-tax real discount rate between 8.5% and 9.5% based on technology and market risks. Impairment conclusion The recoverable amount of the Southern Europe windfarm CGUs has been calculated at \u00a3591.7m and exceeds the carrying value of the goodwill and intangible development assets. Therefore, no impairment has been recognised at 31 March 2023. Sensitivity analysis The principal assumptions impacting the valuation model of the Southern Europe windfarm CGU are discount rate, generation volume and development probability of success. While cash flow projections are subject to inherent uncertainty, a 10% reduction in generation volume was modelled which indicated continued headroom. A 5% reduction in the probability of success attributed to the development projects would result in marginal headroom on the carrying value. A 0.5% increase in the pre-tax real respective discount rates (Spain: 9.0% France: 9.4%, Italy: 9.5% and Greece: 9.9%) indicated an impairment of \u00a388.8m. An impairment would be recognised as a result of a 0.3% increase in the discount rate. Within the base case model the Group has assessed that many of the projects in the portfolio will obtain a revenue support contract. If this assumption were changed and the projects were developed on a merchant basis, the price assumptions applied in the model would increase and therefore headroom on the base case valuation would increase. Assets/CGUs Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions SSE Pacifico Period to end of life of portfolio assets Modelling methodology and assumptions The VIU assessment is used to test the carrying value of \u00a3196m of goodwill and \u00a330.8m of intangible development assets related to SSE Pacifico. SSE Pacifico is an early-stage Japanese offshore wind portfolio acquired on 29 October 2021. The Group is continuing to progress with the development, however all projects remain at an early stage. Therefore, the assessment was based on the discounted pre-tax cash flows from the acquisition model, updated to reflect changes to specific project circumstances and wider market developments since acquisition. Cash inflows for the CGU are based on the Group\u2019s latest projections for expected average annual generation output based on technical modelling assessment and are valued based on the Group\u2019s internal projections of forward power prices under revenue support contracts available in Japan. The projections are dependent on the Japanese government\u2019s support for development of offshore wind projects. The Japanese government has published targets of 10GW of auctioned capacity by 2030 and 30GW to 45GW of auctioned capacity by 2040. Cash outflows are based on planned and expected maintenance profiles and other capital or replacement costs. For the purposes of the impairment test, the VIU model includes cashflows for four early-stage offshore wind projects out of a total of 11 acquired by the Group. The cash flow projections are based on Japanese power prices, per foundation type, between \u00a515 - \u00a528 per kWh and have been discounted applying a pre-tax real discount rate of 8.5% based on technology and market risks. The discount rate is based on assumptions of the capital cost of the project and the proportion of external project funding available in the local market. Impairment conclusion While the assessed VIU of \u00a3316.9m exceeds the carrying value at 31 March 2023, the early stage of the development investment means that the model is sensitive to changes in key assumptions. The Group\u2019s base case model, reflecting the Group\u2019s best estimate of observable inputs to the model, indicates headroom on the carrying value of the asset. Therefore, no impairment has been recognised at 31 March 2023. Sensitivity analysis As noted above, the value in use model is sensitive to changes in key input assumptions. The principal assumptions impacting the valuation model of the SSE Pacifico CGU are: revenue support contract price; generation volumes; the proportion of external funding achievable; discount rate; and project probability of success. A 10% decrease in forecast power price to between \u00a513 - \u00a525 per kWh under revenue support scheme results in an impairment of \u00a3179.1m. Similarly a 10% reduction to generation volume results in an impairment of \u00a3179.1m. Similarly a 10% reduction to generation volume results in an impairment of \u00a3179.1m. An impairment would be recognised as a result of a 3.3% decrease in the price or volume assumptions. A 5% decrease to the Group\u2019s assumption on external funding proportion decreases the headroom to a marginal amount. A 5% increase to the discount rate assumption on continues to result in headroom. If project probability is decreased by 20% for the projects currently valued, there continues to be headroom on the carrying value of the assets. Similarly, if the portfolio is reduced from four projects to three, there continues to be headroom on the carrying value of the assets. Enterprise Energy Solutions 5 years The Group has capitalised goodwill of \u00a331.7m in relation to the acquisition of the Energy Solutions Group in 2016. The business designs, installs and optimises building management technologies which deliver efficient operating environments for its customers. The VIU of the business CGU has been based on a 5.6% (2022: 5.6%) pre-tax real discount rate, which is consistent with the prior year. Conclusion At 31 March 2023, the impairment review indicates headroom on the carrying value. A decrease in forecast cashflows of 20% would result in a \u00a35.1m impairment. An increase in the discount rate of 4% would result in an impairment of \u00a310.4m. 15.1 Goodwill impairment reviews \u2013 CGUs testing continued 15.2 Property, plant and equipment, other intangibles and investment impairment reviews \u2013 asset testing Where an indicator of impairment exists, the recoverable amounts of the Group\u2019s property, plant and equipment, other intangible assets and interests in joint ventures and associates are determined by reference to VIU or, where appropriate, fair value less costs to sell calculations. The calculations use, as their starting point, pre-tax cash flow projections based on the Group\u2019s five year Corporate Model as approved by the Board. The Group\u2019s Corporate Model is based on past experience and reflects the Group\u2019s forward view of markets, prices, risks and its strategic objectives. Commodity prices used are based on observable market data and, where this is not available, on internal estimates. Fair value less costs to sell valuations are derived from market analysis for similar transactions, adjusted to specific circumstances of the Group\u2019s investment to reflect the amount the Group believes will be recoverable in a sale transaction. Changes from prior year The assets identified for impairment reviews in the prior year (being GB CCGTs and the Great Island CCGTs) remained subject to impairment testing at 31 March 2023. In addition to these assets, the Group\u2019s Gas Storage asset at Aldbrough displayed indicators of impairment reversal following improved financial performance during the year. This was mainly due to global gas price volatility during the year, with the asset providing opportunities for the Group to trade within this volatility. At 31 March 2022 the Group fully reversed the historic impairments previously recognised in relation to the Gas Storage asset at Atwick. Following its acquisition and revaluation in September 2022 and a strong financial contribution in the period to March 2023, the Group\u2019s 50% joint venture investment in Triton Power displayed indicators of impairment at March 2023. Finally, the Group\u2019s 50% joint venture investment in Neos Networks Limited displayed indicators of impairment following the loss of a major contract, subsequent to increases in the Group\u2019s investment during the year. Assets Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions GB CCGTs (Keadby, Medway, Peterhead and Marchwood (PPA Right of use lease asset) power stations) Period to end of life Modelling methodology and assumptions The VIU of the Group\u2019s GB combined cycle gas turbine (\u2018CCGT\u2019) power stations were based on pre-tax discounted cash flows expected to be generated by each plant, based on management\u2019s view of operating prospects and operational flexibility within the GB wholesale market, including capacity market clearing prices. Cash flows are subject to a pre-tax real discount rate between 10.0% and 19.4% (2022: between 9.2% and 21.2%). Changes from prior year Certain assets within the Group\u2019s GB CCGT fleet are nearing the end of their operational life and are therefore more sensitive to fluctuations in market assumptions. During the year, UK and European commodity markets have been volatile, resulting in an increase in Gas and Carbon prices feeding through to UK power prices. The UK market has also experienced periods where available generation capacity above demand has been reduced, which has also resulted in increased power prices. As a result, the observable spark margins assumed for the GB CCGT assets has increased and there has been strong operational performance of the assets. These factors were considered as a potential indicator of impairment in the impairment review at 31 March 2023. Conclusion At 31 March 2023 there were no historic impairments of the Group\u2019s GB CCGT assets remaining to be reversed. The Group\u2019s fair valuation exercise of the assets indicated significant headroom on the carrying value, therefore no impairment was recognised. Sensitivity analysis A 20% decrease in gross margin would continue to result in significant headroom for each asset. A sensitivity on non-contracted capacity mechanism prices has not been performed as the assets subject to impairment testing are contracted into future periods. TCFD related sensitivity analysis \u2013 GB CCGTs The future introduction of legislation restricting power generation from unabated gas fired power stations beyond 2030 has been identified as a potential risk the Group could be exposed to as the UK transitions to a net zero economy. However, this has not been treated as an indicator of impairment at 31 March 2023 as legislation has not been introduced or enacted by the balance sheet date. Most of the Group\u2019s GB CCGTs are nearing the end of their economic life and are projected to cease operations before 2030. Of the Group\u2019s GB CCGTs, Keadby 2 and Marchwood are projected to operate beyond this date. Keadby 2 and Marchwood are not displaying indicators of impairment and so have not been included in the impairment review above. If legislation was introduced requiring the closure of Keadby 2 and Marchwood by 2030, it would result in no impairment at 31 March 2023. Under the TCFD Accelerated Gas Closure risk scenario, the indicative potential present value of the future economic benefit lost from early closure of Keadby 2 and Marchwood by 2030 was in the range of \u00a30.3bn \u2013\u00a30.4bn. Assets Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions Great Island CCGT Period to end of life Modelling methodology and assumptions The VIU of the Group\u2019s Great Island CCGT Power station was based on pre-tax discounted cash flows expected to be generated by the plant based on management\u2019s view of the plant\u2019s operating prospects. Cash flows are subject to a pre-tax real discount rate of 12.4% (2022: 11.0%) reflecting the specific risks in the Irish market. Conclusion The VIU assessment performed on the asset indicated an impairment of \u00a3nil, at 31 March 2023. The Group recorded an exceptional impairment reversal of \u00a317.8m at 30 September 2022 on its Great Island CCGT based on observable power prices at that date. This reversal represented a final full reversal of historical impairments. The carrying value of the Great Island asset at 31 March 2023 is \u00a3269.9m against an assessed recoverable value of \u00a3280.4m. Sensitivity analysis A 1% increase in the discount rate would result in an impairment of \u00a39.6m. A 20% decrease in gross margin would result in an impairment of \u00a377.8m. A \u20ac10/KW decrease in projected non-contracted capacity market prices would result in an impairment of \u00a313.8m. TCFD related sensitivity analysis \u2013 Great Island CCGTs The future introduction of legislation restricting power generation from unabated gas fired power stations beyond 2030 has been identified as a potential risk the Group could be exposed to as Ireland transitions to a net zero economy. However, this has not been treated as an indicator of impairment at 31 March 2023, as legislation has not been introduced or enacted by the balance sheet date. Great Island is projected to operate beyond this date, and so while legislation has not been introduced requiring the shortening of the economic life to this date, the Group has performed a sensitivity analysis to the impairment test noted above. If legislation was introduced requiring the closure of Great Island by 2030, it would result in an impairment of \u00a331.3m at 31 March 2023. Under the TCFD Accelerated Gas Closure risk scenario, the indicative potential present value of the future economic benefit lost from early closure of Great Island by 2030 was less than \u00a30.04bn. Gas Storage assets (Atwick and Aldbrough) Period to end of life The VIU of the Group\u2019s Gas Storage assets at Aldbrough and Atwick were based on pre-tax discounted cash flows expected to be generated by the storage assets based on management\u2019s view of the assets\u2019 operating prospects. Cash flows are subject to a pre-tax real discount rate of 18.8% for Atwick and 13.8% for Aldbrough reflecting risks specific to the assets. Conclusion The VIU assessment performed on the assets indicated a net impairment reversal of \u00a345.7m to Aldbrough. The Group\u2019s Atwick site, which has no remaining historic impairments, indicated significant headroom on the fair value exercise performed as at 31 March 2023. At 31 March 2023, the carrying value of Aldbrough is \u00a392.6m and the carrying value of Atwick is \u00a362.3m. Both carrying values represent the net book value of the storage assets and exclude the carrying value of cushion gas volumes. 15.2 Property, plant and equipment, other intangibles and investment impairment reviews \u2013 asset testing continued Assets Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions Gas Storage assets (Atwick and Aldbrough) continued The key assumptions applied in the valuation of the assets are gas price volatility and the mean reversion rate (\u2018MRR\u2019). The gas price volatility assumption reflects management\u2019s view of price fluctuations between periods where the Group can purchase gas at a low price, store it and sell during periods of peak prices. The assumption is based on market observed volatility in the last five years and management\u2019s view on projected volatility in future periods. MRR represents the time taken for the market to return to average after a period of increase or decline. The MRR combined with the volatility rate derives management\u2019s fair value of the assets. The Group recorded an exceptional impairment reversal of \u00a3201.1m at 30 September 2022 on its Aldbrough asset based on observable gas price volatility and the MRR at that date. In the second half of the financial year, observable gas prices (and projected gas price volatility) have decreased, resulting in an impairment of \u00a3155.4m in the second half of the year. Sensitivity analysis \u2013 Atwick Sensitivity analysis performed with high and low MRR assumptions indicated significant headroom on the carrying value of the asset. The low volatility assumption indicated an impairment of \u00a346.6m. The Group has not recognised any impairment to the asset at 31 March 2023. Sensitivity analysis \u2013 Aldbrough A sensitivity performed with a high volatility assumption would reduce the impairment recognised at 31 March 2023 from \u00a3155.4m to \u00a369.1m (net impairment reversal for the full year of \u00a3132.0m). A low volatility assumption would increase the impairment recognised at 31 March 2023 from \u00a3155.4m to \u00a3265.9m (net impairment for the full year of \u00a364.8m). A high sensitivity of the MRR assumption (represents an increase in the rate by 1.0) would reduce the impairment recognised at 31 March 2023 from \u00a3155.4m to \u00a3109.2m (net impairment reversal for the full year of \u00a391.9m). A low sensitivity of the MRR assumption (represents a decrease in the rate by 1.0) would increase the impairment recognised at 31 March 2023 from \u00a3155.4m to \u00a3214.8m (net impairment for the full year of \u00a313.7m). Investment in Triton Power Holdings Limited Period to end of life Modelling methodology and assumptions The Group has valued its 50% joint venture investment Triton Power Holdings Limited (\u2018Triton\u2019) based on projected cashflows that will be derived from the investment on a VIU basis. The VIU assessment of the Triton power stations (Saltend, Indian Queens and Deeside) were based on pre-tax discounted cash flows expected to be generated by each plant, based on management\u2019s view of operating prospects and operational flexibility within the GB wholesale market, including capacity market clearing prices. Cash flows are subject to a pre-tax real discount rate of 9.7% (blended). Conclusion The Group has assessed the investment for indicators of impairment. At 31 March 2023 an exceptional impairment of \u00a3291.6m has been recognised against the carrying value of the Group\u2019s investment within operating costs. This impairment has been calculated following an exceptional gain on purchase of \u00a3140.7m being recognised within share of operating profit from joint ventures and associates, and the Group recognising a share of the movement in derivatives of \u00a3172.0m (net of tax) during the period (see note 7.1(iv) for a reconciliation of amounts recognised related to Triton Power). The post-tax contribution to SSE from Triton in the period to March 2023 from the JV was \u00a3210.2m, which was effectively the realisation of the gain on acquisition. Following the impairment, the Group\u2019s carrying value of equity investment is \u00a3253.9m. Sensitivity analysis A 1% increase in the discount rate would increase the impairment recognised at 31 March 2023 from \u00a3291.6m to \u00a3300.4m. A 1% decrease in the discount rate would reduce the impairment recognised from \u00a3291.6m to \u00a3281.9m. A 20% increase in gross margin would result in reduce the impairment charge to \u00a3256.6m, and a 20% decrease in gross margin would increase the impairment to \u00a3326.8m. A \u00a310/KW increase in non-contracted capacity market price would decrease the impairment charge to \u00a3273.1m and a \u00a310/KW decrease would increase the impairment charge to \u00a3310.1m. Assets Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions Investment in Triton Power Holdings Limited continued TCFD related sensitivity analysis \u2013 Triton The future introduction of legislation restricting power generation from unabated gas fired power stations beyond 2030 has been identified as a potential risk the Group could be exposed to as the UK transitions to a net zero economy. However, this has not been treated as an indicator of impairment at 31 March 2023, as legislation has not been introduced or enacted by the balance sheet date. Triton is projected to operate beyond this date, and so while legislation has not been introduced requiring the shortening of the economic life to this date, the Group has performed a sensitivity analysis to the impairment test noted above. If legislation was introduced requiring the closure of Triton by 2030, it would result in an impairment of \u00a376.5m at 31 March 2023. Under the TCFD Accelerated Gas Closure risk scenario, the indicative potential lost discounted EBIT from early closure of Saltend by 2030 was less than \u00a30.1bn. Investment in Neos Networks Limited n/a The Group has valued its 50% joint venture investment in Neos Networks Limited (\u2018NNL\u2019) based on projected valuations that could be achieved in a market transaction, using earnings multiples observable from recent similar transactions. Due to the nature of the valuation technique, which was performed to approximate an achievable fair value less costs to sell, a wide range of valuations were derived from this exercise. The Group has used a point estimate valuation within the range of possible valuations based on earnings targets and earning multiples that the Group believes are achievable. The Group has assessed that this is a level 3 valuation in the fair value hierarchy, with the key inputs being EBITDA and the transaction multiple. Conclusion The valuation exercise resulted in a wide range of reasonably probable valuations for the business from an impairment of \u00a374.9m to headroom of \u00a31.2m based on current contracts and probable contract wins. The business fundamentals remain strong and a change to the current client base would have an impact on this assessment. The Group has assessed that within this range of valuations, a point valuation resulting in an impairment of \u00a337.7m best represents the recoverable value of the investment. Following the impairment, the Group\u2019s carrying value of equity investment, shareholder loans and receivables due from NNL is \u00a3174.8m. Sensitivity analysis Sensitivity analysis was performed in relation to the EBITDA and the multiple applied in deriving the valuation. A 10% increase in the EBITDA assumption would reduce the impairment to \u00a320.2m, whereas a 12% decrease in the EBITDA assumption would result in an impairment of \u00a358.7m. A 10% decrease to the multiple assumption would result in an impairment of \u00a356.1m, whereas a 10% increase to the multiple assumption would result in an impairment of \u00a318.3m. 15.2 Property, plant and equipment, other intangibles and investment impairment reviews \u2013 asset testing continued ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-797": { "value": "15.1 Goodwill impairment reviews \u2013 CGUs testing Following the acquisition of the Southern Europe wind and solar platform from Siemens Gamesa Renewable Energy, the Group has determined that it has three goodwill balances within its SSE Renewables business (GB and Ireland, SSE Southern Europe and SSE Pacifico) that are subject to annual goodwill impairment reviews. In addition, the Group has a legacy goodwill balance within the SSE Enterprise Energy Solutions business. The recoverable amounts of the CGUs supporting the goodwill balances are determined by reference to value-in-use (\u2018VIU\u2019) calculations. The VIU calculations use, as a starting point, pre-tax cash flow projections based on the Group\u2019s five year Corporate Model as approved by the Board. The Group\u2019s Corporate Model is based both on past experience and reflects the Group\u2019s forward view of markets, prices, risks and its strategic objectives. Commodity prices used are based on observable market data and, where this is not available, on internal estimates. Assets/CGUs Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions Great Britain (GB) and Ireland windfarm CGUs Period to end of life of portfolio assets Modelling methodology and assumptions The VIU assessment is used to test the carrying value of \u00a3292.3m of goodwill related to the Group\u2019s GB and Ireland windfarm CGUs. The assessment is based on the discounted pre-tax cash flows expected to be generated by the specific wind farm assets included in the CGU across the remaining useful lives of those assets. The GB and Ireland CGU includes cashflows for operational assets only, being over 50 individual windfarms across Great Britain and the Island of Ireland, given the risk and uncertainty associated with projects in the development stage. Significant developments at Viking, Seagreen and Doggerbank are currently under construction and continue to be excluded from the analysis. Cash inflows for the CGUs are based on the expected average annual generation output based on technical assessment and past experience and are valued based on forward power prices. These factors are subject to management review on an annual basis. The prices applied to projected outputs are based either on observable market information during that period, which is deemed to be 3 years, or on internal estimations beyond the observable market period (a Level 3 basis as defined by IFRS 13 Fair Value Measurement). The projections are also dependent on the UK and Irish government\u2019s continuing support for existing qualifying wind assets through CFD subsidies and ROCs or REFIT. Cash outflows are based on planned and expected maintenance profiles and other capital or replacement costs. The cash flow projections are based on UK and Irish power prices between \u00a355 - \u00a3169 per MWh and have been discounted applying a pre-tax real discount rate between 6.9% for GB and 5.8% for Ireland (2022: between 5.1% and 6.0%) based on technology and market risks. Impairment conclusion The recoverable amount of the GB and Ireland CGUs at 31 March 2023 is significantly in excess of the carrying value of the goodwill and tangible and intangible assets attributed to the CGUs. Therefore, no impairment has been recognised. Sensitivity analysis The principal assumptions impacting the valuation model of the GB and Ireland CGU are discount rate, generation volume and electricity price. While cash flow projections are subject to inherent uncertainty, a 10% power price decrease and a 15% decrease in projected generation volumes were modelled, both of which indicated significant headroom on the carrying value of the assets. The 8% volume sensitivity is based on the Group\u2019s assessment of the climate related risk to future volume reduction, as set out in the Group\u2019s TCFD disclosures. A 0.5% increase in the pre-tax real discount rate to 9.8% for GB and 8.74% for Ireland, also indicated significant headroom on the carrying value of the assets. TCFD related sensitivity analysis A significant increase in renewable generation capacity in the Group\u2019s core markets could result in an oversupply of renewable electricity at a point in the future, which would lead to a consequential decrease in the power price achievable for the Group\u2019s GB and Ireland wind generation assets. A downside power price sensitivity, which may arise in a market with significant new build was modelled. This scenario indicated that, despite a modelled 15% reduction in forecast power price, there remained significant headroom on the carrying value in the Group\u2019s GB and Ireland wind generation assets. Changes to weather patterns resulting from global warming could result in calmer weather patterns, which would reduce volumes achievable for the Group\u2019s GB and Ireland wind generation assets (although noting that this would likely lead to capacity constraints and hence higher prices). Despite an 8% reduction in modelled projected volume, there remained significant headroom on the carrying value in the Group\u2019s GB and Ireland wind generation assets. The TCFD Variable wind generation risk scenario modelled the physical risk of average wind speed changes of 4% to 8% over the longer term, consistent with the impairment sensitivity performed. Assets/CGUs Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions SSE Southern Europe Period to end of life of portfolio assets Modelling methodology and assumptions The VIU assessment is used to test the carrying value of \u00a3428.7m of goodwill and \u00a3116.1m of intangible development assets related to the Group\u2019s Southern Europe windfarms for impairment. As the Southern Europe platform is in early-stage development, the assessment was based on the discounted pre-tax cash flows from the acquisition model updated to reflect changes to specific project circumstances and wider market developments since acquisition. The Southern Europe CGU includes cashflows for early-stage development assets, being c65 individual windfarm projects across Spain, France, Italy and Greece. Due to the early stage nature of the portfolio, each project has been attributed a probability of development success. Cashflows for the CGUs are based on the expected average annual generation output based on technical assessment valued using forward power price projections. These factors are subject to management review on an annual basis. The prices applied to projected outputs are based either on observable market information during that period, which is deemed to be 3 years, or on internal estimations beyond the observable market period (a Level 3 basis as defined by IFRS 13 Fair Value Measurement). Assumptions have also been made on the Spanish, French, Italian and Greek government\u2019s support for the development of wind projects and expected governmental support under CFD subsides. Cash outflows are based on planned and expected maintenance profiles and other capital or replacement costs. The cash flow projections are based on European power prices between \u20ac33-\u20ac209 per MWh and have been discounted applying a pre-tax real discount rate between 8.5% and 9.5% based on technology and market risks. Impairment conclusion The recoverable amount of the Southern Europe windfarm CGUs has been calculated at \u00a3591.7m and exceeds the carrying value of the goodwill and intangible development assets. Therefore, no impairment has been recognised at 31 March 2023. Sensitivity analysis The principal assumptions impacting the valuation model of the Southern Europe windfarm CGU are discount rate, generation volume and development probability of success. While cash flow projections are subject to inherent uncertainty, a 10% reduction in generation volume was modelled which indicated continued headroom. A 5% reduction in the probability of success attributed to the development projects would result in marginal headroom on the carrying value. A 0.5% increase in the pre-tax real respective discount rates (Spain: 9.0% France: 9.4%, Italy: 9.5% and Greece: 9.9%) indicated an impairment of \u00a388.8m. An impairment would be recognised as a result of a 0.3% increase in the discount rate. Within the base case model the Group has assessed that many of the projects in the portfolio will obtain a revenue support contract. If this assumption were changed and the projects were developed on a merchant basis, the price assumptions applied in the model would increase and therefore headroom on the base case valuation would increase. Assets/CGUs Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions SSE Pacifico Period to end of life of portfolio assets Modelling methodology and assumptions The VIU assessment is used to test the carrying value of \u00a3196m of goodwill and \u00a330.8m of intangible development assets related to SSE Pacifico. SSE Pacifico is an early-stage Japanese offshore wind portfolio acquired on 29 October 2021. The Group is continuing to progress with the development, however all projects remain at an early stage. Therefore, the assessment was based on the discounted pre-tax cash flows from the acquisition model, updated to reflect changes to specific project circumstances and wider market developments since acquisition. Cash inflows for the CGU are based on the Group\u2019s latest projections for expected average annual generation output based on technical modelling assessment and are valued based on the Group\u2019s internal projections of forward power prices under revenue support contracts available in Japan. The projections are dependent on the Japanese government\u2019s support for development of offshore wind projects. The Japanese government has published targets of 10GW of auctioned capacity by 2030 and 30GW to 45GW of auctioned capacity by 2040. Cash outflows are based on planned and expected maintenance profiles and other capital or replacement costs. For the purposes of the impairment test, the VIU model includes cashflows for four early-stage offshore wind projects out of a total of 11 acquired by the Group. The cash flow projections are based on Japanese power prices, per foundation type, between \u00a515 - \u00a528 per kWh and have been discounted applying a pre-tax real discount rate of 8.5% based on technology and market risks. The discount rate is based on assumptions of the capital cost of the project and the proportion of external project funding available in the local market. Impairment conclusion While the assessed VIU of \u00a3316.9m exceeds the carrying value at 31 March 2023, the early stage of the development investment means that the model is sensitive to changes in key assumptions. The Group\u2019s base case model, reflecting the Group\u2019s best estimate of observable inputs to the model, indicates headroom on the carrying value of the asset. Therefore, no impairment has been recognised at 31 March 2023. Sensitivity analysis As noted above, the value in use model is sensitive to changes in key input assumptions. The principal assumptions impacting the valuation model of the SSE Pacifico CGU are: revenue support contract price; generation volumes; the proportion of external funding achievable; discount rate; and project probability of success. A 10% decrease in forecast power price to between \u00a513 - \u00a525 per kWh under revenue support scheme results in an impairment of \u00a3179.1m. Similarly a 10% reduction to generation volume results in an impairment of \u00a3179.1m. Similarly a 10% reduction to generation volume results in an impairment of \u00a3179.1m. An impairment would be recognised as a result of a 3.3% decrease in the price or volume assumptions. A 5% decrease to the Group\u2019s assumption on external funding proportion decreases the headroom to a marginal amount. A 5% increase to the discount rate assumption on continues to result in headroom. If project probability is decreased by 20% for the projects currently valued, there continues to be headroom on the carrying value of the assets. Similarly, if the portfolio is reduced from four projects to three, there continues to be headroom on the carrying value of the assets. Enterprise Energy Solutions 5 years The Group has capitalised goodwill of \u00a331.7m in relation to the acquisition of the Energy Solutions Group in 2016. The business designs, installs and optimises building management technologies which deliver efficient operating environments for its customers. The VIU of the business CGU has been based on a 5.6% (2022: 5.6%) pre-tax real discount rate, which is consistent with the prior year. Conclusion At 31 March 2023, the impairment review indicates headroom on the carrying value. A decrease in forecast cashflows of 20% would result in a \u00a35.1m impairment. An increase in the discount rate of 4% would result in an impairment of \u00a310.4m. 15.2 Property, plant and equipment, other intangibles and investment impairment reviews \u2013 asset testing Where an indicator of impairment exists, the recoverable amounts of the Group\u2019s property, plant and equipment, other intangible assets and interests in joint ventures and associates are determined by reference to VIU or, where appropriate, fair value less costs to sell calculations. The calculations use, as their starting point, pre-tax cash flow projections based on the Group\u2019s five year Corporate Model as approved by the Board. The Group\u2019s Corporate Model is based on past experience and reflects the Group\u2019s forward view of markets, prices, risks and its strategic objectives. Commodity prices used are based on observable market data and, where this is not available, on internal estimates. Fair value less costs to sell valuations are derived from market analysis for similar transactions, adjusted to specific circumstances of the Group\u2019s investment to reflect the amount the Group believes will be recoverable in a sale transaction. Changes from prior year The assets identified for impairment reviews in the prior year (being GB CCGTs and the Great Island CCGTs) remained subject to impairment testing at 31 March 2023. In addition to these assets, the Group\u2019s Gas Storage asset at Aldbrough displayed indicators of impairment reversal following improved financial performance during the year. This was mainly due to global gas price volatility during the year, with the asset providing opportunities for the Group to trade within this volatility. At 31 March 2022 the Group fully reversed the historic impairments previously recognised in relation to the Gas Storage asset at Atwick. Following its acquisition and revaluation in September 2022 and a strong financial contribution in the period to March 2023, the Group\u2019s 50% joint venture investment in Triton Power displayed indicators of impairment at March 2023. Finally, the Group\u2019s 50% joint venture investment in Neos Networks Limited displayed indicators of impairment following the loss of a major contract, subsequent to increases in the Group\u2019s investment during the year. Assets Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions GB CCGTs (Keadby, Medway, Peterhead and Marchwood (PPA Right of use lease asset) power stations) Period to end of life Modelling methodology and assumptions The VIU of the Group\u2019s GB combined cycle gas turbine (\u2018CCGT\u2019) power stations were based on pre-tax discounted cash flows expected to be generated by each plant, based on management\u2019s view of operating prospects and operational flexibility within the GB wholesale market, including capacity market clearing prices. Cash flows are subject to a pre-tax real discount rate between 10.0% and 19.4% (2022: between 9.2% and 21.2%). Changes from prior year Certain assets within the Group\u2019s GB CCGT fleet are nearing the end of their operational life and are therefore more sensitive to fluctuations in market assumptions. During the year, UK and European commodity markets have been volatile, resulting in an increase in Gas and Carbon prices feeding through to UK power prices. The UK market has also experienced periods where available generation capacity above demand has been reduced, which has also resulted in increased power prices. As a result, the observable spark margins assumed for the GB CCGT assets has increased and there has been strong operational performance of the assets. These factors were considered as a potential indicator of impairment in the impairment review at 31 March 2023. Conclusion At 31 March 2023 there were no historic impairments of the Group\u2019s GB CCGT assets remaining to be reversed. The Group\u2019s fair valuation exercise of the assets indicated significant headroom on the carrying value, therefore no impairment was recognised. Sensitivity analysis A 20% decrease in gross margin would continue to result in significant headroom for each asset. A sensitivity on non-contracted capacity mechanism prices has not been performed as the assets subject to impairment testing are contracted into future periods. TCFD related sensitivity analysis \u2013 GB CCGTs The future introduction of legislation restricting power generation from unabated gas fired power stations beyond 2030 has been identified as a potential risk the Group could be exposed to as the UK transitions to a net zero economy. However, this has not been treated as an indicator of impairment at 31 March 2023 as legislation has not been introduced or enacted by the balance sheet date. Most of the Group\u2019s GB CCGTs are nearing the end of their economic life and are projected to cease operations before 2030. Of the Group\u2019s GB CCGTs, Keadby 2 and Marchwood are projected to operate beyond this date. Keadby 2 and Marchwood are not displaying indicators of impairment and so have not been included in the impairment review above. If legislation was introduced requiring the closure of Keadby 2 and Marchwood by 2030, it would result in no impairment at 31 March 2023. Under the TCFD Accelerated Gas Closure risk scenario, the indicative potential present value of the future economic benefit lost from early closure of Keadby 2 and Marchwood by 2030 was in the range of \u00a30.3bn \u2013\u00a30.4bn. Assets Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions Great Island CCGT Period to end of life Modelling methodology and assumptions The VIU of the Group\u2019s Great Island CCGT Power station was based on pre-tax discounted cash flows expected to be generated by the plant based on management\u2019s view of the plant\u2019s operating prospects. Cash flows are subject to a pre-tax real discount rate of 12.4% (2022: 11.0%) reflecting the specific risks in the Irish market. Conclusion The VIU assessment performed on the asset indicated an impairment of \u00a3nil, at 31 March 2023. The Group recorded an exceptional impairment reversal of \u00a317.8m at 30 September 2022 on its Great Island CCGT based on observable power prices at that date. This reversal represented a final full reversal of historical impairments. The carrying value of the Great Island asset at 31 March 2023 is \u00a3269.9m against an assessed recoverable value of \u00a3280.4m. Sensitivity analysis A 1% increase in the discount rate would result in an impairment of \u00a39.6m. A 20% decrease in gross margin would result in an impairment of \u00a377.8m. A \u20ac10/KW decrease in projected non-contracted capacity market prices would result in an impairment of \u00a313.8m. TCFD related sensitivity analysis \u2013 Great Island CCGTs The future introduction of legislation restricting power generation from unabated gas fired power stations beyond 2030 has been identified as a potential risk the Group could be exposed to as Ireland transitions to a net zero economy. However, this has not been treated as an indicator of impairment at 31 March 2023, as legislation has not been introduced or enacted by the balance sheet date. Great Island is projected to operate beyond this date, and so while legislation has not been introduced requiring the shortening of the economic life to this date, the Group has performed a sensitivity analysis to the impairment test noted above. If legislation was introduced requiring the closure of Great Island by 2030, it would result in an impairment of \u00a331.3m at 31 March 2023. Under the TCFD Accelerated Gas Closure risk scenario, the indicative potential present value of the future economic benefit lost from early closure of Great Island by 2030 was less than \u00a30.04bn. Gas Storage assets (Atwick and Aldbrough) Period to end of life The VIU of the Group\u2019s Gas Storage assets at Aldbrough and Atwick were based on pre-tax discounted cash flows expected to be generated by the storage assets based on management\u2019s view of the assets\u2019 operating prospects. Cash flows are subject to a pre-tax real discount rate of 18.8% for Atwick and 13.8% for Aldbrough reflecting risks specific to the assets. Conclusion The VIU assessment performed on the assets indicated a net impairment reversal of \u00a345.7m to Aldbrough. The Group\u2019s Atwick site, which has no remaining historic impairments, indicated significant headroom on the fair value exercise performed as at 31 March 2023. At 31 March 2023, the carrying value of Aldbrough is \u00a392.6m and the carrying value of Atwick is \u00a362.3m. Both carrying values represent the net book value of the storage assets and exclude the carrying value of cushion gas volumes. Assets Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions Gas Storage assets (Atwick and Aldbrough) continued The key assumptions applied in the valuation of the assets are gas price volatility and the mean reversion rate (\u2018MRR\u2019). The gas price volatility assumption reflects management\u2019s view of price fluctuations between periods where the Group can purchase gas at a low price, store it and sell during periods of peak prices. The assumption is based on market observed volatility in the last five years and management\u2019s view on projected volatility in future periods. MRR represents the time taken for the market to return to average after a period of increase or decline. The MRR combined with the volatility rate derives management\u2019s fair value of the assets. The Group recorded an exceptional impairment reversal of \u00a3201.1m at 30 September 2022 on its Aldbrough asset based on observable gas price volatility and the MRR at that date. In the second half of the financial year, observable gas prices (and projected gas price volatility) have decreased, resulting in an impairment of \u00a3155.4m in the second half of the year. Sensitivity analysis \u2013 Atwick Sensitivity analysis performed with high and low MRR assumptions indicated significant headroom on the carrying value of the asset. The low volatility assumption indicated an impairment of \u00a346.6m. The Group has not recognised any impairment to the asset at 31 March 2023. Sensitivity analysis \u2013 Aldbrough A sensitivity performed with a high volatility assumption would reduce the impairment recognised at 31 March 2023 from \u00a3155.4m to \u00a369.1m (net impairment reversal for the full year of \u00a3132.0m). A low volatility assumption would increase the impairment recognised at 31 March 2023 from \u00a3155.4m to \u00a3265.9m (net impairment for the full year of \u00a364.8m). A high sensitivity of the MRR assumption (represents an increase in the rate by 1.0) would reduce the impairment recognised at 31 March 2023 from \u00a3155.4m to \u00a3109.2m (net impairment reversal for the full year of \u00a391.9m). A low sensitivity of the MRR assumption (represents a decrease in the rate by 1.0) would increase the impairment recognised at 31 March 2023 from \u00a3155.4m to \u00a3214.8m (net impairment for the full year of \u00a313.7m). Investment in Triton Power Holdings Limited Period to end of life Modelling methodology and assumptions The Group has valued its 50% joint venture investment Triton Power Holdings Limited (\u2018Triton\u2019) based on projected cashflows that will be derived from the investment on a VIU basis. The VIU assessment of the Triton power stations (Saltend, Indian Queens and Deeside) were based on pre-tax discounted cash flows expected to be generated by each plant, based on management\u2019s view of operating prospects and operational flexibility within the GB wholesale market, including capacity market clearing prices. Cash flows are subject to a pre-tax real discount rate of 9.7% (blended). Conclusion The Group has assessed the investment for indicators of impairment. At 31 March 2023 an exceptional impairment of \u00a3291.6m has been recognised against the carrying value of the Group\u2019s investment within operating costs. This impairment has been calculated following an exceptional gain on purchase of \u00a3140.7m being recognised within share of operating profit from joint ventures and associates, and the Group recognising a share of the movement in derivatives of \u00a3172.0m (net of tax) during the period (see note 7.1(iv) for a reconciliation of amounts recognised related to Triton Power). The post-tax contribution to SSE from Triton in the period to March 2023 from the JV was \u00a3210.2m, which was effectively the realisation of the gain on acquisition. Following the impairment, the Group\u2019s carrying value of equity investment is \u00a3253.9m. Sensitivity analysis A 1% increase in the discount rate would increase the impairment recognised at 31 March 2023 from \u00a3291.6m to \u00a3300.4m. A 1% decrease in the discount rate would reduce the impairment recognised from \u00a3291.6m to \u00a3281.9m. A 20% increase in gross margin would result in reduce the impairment charge to \u00a3256.6m, and a 20% decrease in gross margin would increase the impairment to \u00a3326.8m. A \u00a310/KW increase in non-contracted capacity market price would decrease the impairment charge to \u00a3273.1m and a \u00a310/KW decrease would increase the impairment charge to \u00a3310.1m. Assets Cash flow period assumption Operating and other valuation assumptions Commentary and impairment conclusions Investment in Triton Power Holdings Limited continued TCFD related sensitivity analysis \u2013 Triton The future introduction of legislation restricting power generation from unabated gas fired power stations beyond 2030 has been identified as a potential risk the Group could be exposed to as the UK transitions to a net zero economy. However, this has not been treated as an indicator of impairment at 31 March 2023, as legislation has not been introduced or enacted by the balance sheet date. Triton is projected to operate beyond this date, and so while legislation has not been introduced requiring the shortening of the economic life to this date, the Group has performed a sensitivity analysis to the impairment test noted above. If legislation was introduced requiring the closure of Triton by 2030, it would result in an impairment of \u00a376.5m at 31 March 2023. Under the TCFD Accelerated Gas Closure risk scenario, the indicative potential lost discounted EBIT from early closure of Saltend by 2030 was less than \u00a30.1bn. Investment in Neos Networks Limited n/a The Group has valued its 50% joint venture investment in Neos Networks Limited (\u2018NNL\u2019) based on projected valuations that could be achieved in a market transaction, using earnings multiples observable from recent similar transactions. Due to the nature of the valuation technique, which was performed to approximate an achievable fair value less costs to sell, a wide range of valuations were derived from this exercise. The Group has used a point estimate valuation within the range of possible valuations based on earnings targets and earning multiples that the Group believes are achievable. The Group has assessed that this is a level 3 valuation in the fair value hierarchy, with the key inputs being EBITDA and the transaction multiple. Conclusion The valuation exercise resulted in a wide range of reasonably probable valuations for the business from an impairment of \u00a374.9m to headroom of \u00a31.2m based on current contracts and probable contract wins. The business fundamentals remain strong and a change to the current client base would have an impact on this assessment. The Group has assessed that within this range of valuations, a point valuation resulting in an impairment of \u00a337.7m best represents the recoverable value of the investment. Following the impairment, the Group\u2019s carrying value of equity investment, shareholder loans and receivables due from NNL is \u00a3174.8m. Sensitivity analysis Sensitivity analysis was performed in relation to the EBITDA and the multiple applied in deriving the valuation. A 10% increase in the EBITDA assumption would reduce the impairment to \u00a320.2m, whereas a 12% decrease in the EBITDA assumption would result in an impairment of \u00a358.7m. A 10% decrease to the multiple assumption would result in an impairment of \u00a356.1m, whereas a 10% increase to the multiple assumption would result in an impairment of \u00a318.3m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentLossAndReversalOfImpairmentLossExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-788": { "value": "16. Investments 16.1 Joint Ventures and associates Share of net assets/cost 2023 2022 Equity \u00a3m Loans \u00a3m Total \u00a3m Equity \u00a3m Loans \u00a3m Total \u00a3m At 1 April 1,239.5 736.9 1,976.4 1,643.5 554.3 2,197.8 Additions 263.6 489.7 753.3 243.5 449.0 692.5 Repayment of shareholder loans \u2013 (61.4) (61.4) \u2013 (147.6) (147.6) Dividends received (294.1) \u2013 (294.1) (177.0) \u2013 (177.0) Share of profit/(loss) after tax(i) \u2013 continuing operations 663.6 \u2013 663.6 110.7 \u2013 110.7 Share of profit/(loss) after tax \u2013 discontinued operations \u2013 \u2013 \u2013 (81.1) \u2013 (81.1) Share of other comprehensive income 342.4 \u2013 342.4 152.8 \u2013 152.8 Disposals (0.2) \u2013 (0.2) (545.7) (118.8) (664.5) Transfer \u2013 Loans to Equity 50.0 (50.0) \u2013 \u2013 \u2013 \u2013 Impairments (329.3) \u2013 (329.3) (106.9) \u2013 (106.9) Exchange rate adjustments 1.5 0.2 1.7 (0.3) \u2013 (0.3) At 31 March 1,937.0 1,115.4 3,052.4 1,239.5 736.9 1,976.4 (i) Of the \u00a3663.6m (2022: \u00a3110.7m) share of profits from continuing operations, only \u00a3662.3m (2022: \u00a3109.8m) is recognised through the income statement. The \u00a31.3m (2022: \u00a30.9m) difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation. (ii) Impairments of \u00a3329.3m include charges of \u00a3291.6m in relation to the Group\u2019s Triton joint venture, and \u00a337.7m in relation to the Group\u2019s investment in Neos Networks, of which \u00a35.9m has been treated as exceptional and \u00a331.8m has been treated as non-exceptional, see note 7. 16.2 Additions and disposals of equity in the current year Additions in the year On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings Limited from Energy Capital Partners for total consideration of \u00a3341.0m shared equally. Further detail on the Group\u2019s acquisitions in the year is provided in note 12.1. Additionally the Group has provided equity and loans to its existing joint venture investments of \u00a3141.4m and \u00a3441.7m respectively, primarily in relation to Seagreen Wind Energy Limited, SSE Slough Multifuel Limited and Ossian Offshore Windfarm Limited. Disposals of equity in the year There were no significant disposals of equity in the current year. 16.3 Acquisitions and disposals of equity in the previous year Additions in the previous year arising on loss on control There were no significant additions of equity in the prior year. Disposals of equity in the previous year Sale of stake in Dogger Bank C: On 10 February 2022, SSE completed the sale of a 10% stake in Dogger Bank C to Eni for consideration of \u00a370.0m and contingent consideration of up to \u00a340.0m, resulting in a non-exceptional gain on disposal of \u00a364.3m. The gain was recognised within the adjusted profit of the Group in line with the Group\u2019s stated exceptional policy for gains on disposal of divestments in offshore windfarms (see note 3.2). After the sale the Group\u2019s shareholding in Dogger Bank C is 40%. Sale of investment in SGN: On 2 August 2021, the Group announced it had agreed to sell its 33.3% investment in SGN to a consortium comprising existing SGN shareholders Ontario Teachers\u2019 Pension Plan Board and Brookfield Super-Core Infrastructure Partners for cash consideration of \u00a31,225m. The agreement was conditional on certain regulatory approvals and completed on 22 March 2022, with the Group recognising an exceptional gain on disposal of \u00a3576.5m. 16.4 Principal joint ventures and associates Under IFRS 12 Disclosure of Interests in Other Entities, the Group has evaluated the key joint ventures and associates it holds with the purpose of disclosing any which are materially significant in order to identify the impact on the Group\u2019s financial position, performance and cash flows, whilst identifying the nature of the risks associated with these interests. A full listing of the Group\u2019s incorporated joint ventures, joint operations, associates and investments are included in the Accompanying Information A3 . 16.4 Principal joint ventures and associates continued Share of results of joint ventures and associates 2023 Windfarms \u00a3m 2023 Thermal Generation \u00a3m 2023 Other (i) \u00a3m 2023 Total \u00a3m 2022 Total \u00a3m Revenue 471.0 1,003.5 90.3 1,564.8 555.4 Other income 10.2 \u2013 \u2013 10.2 112.5 Depreciation and amortisation (92.8) (60.8) (47.5) (201.1) (146.6) Other operating costs (111.4) (540.1) (48.5) (700.0) (263.3) Operating profit 277.0 402.6 (5.7) 673.9 258.0 Interest expense (55.6) (4.2) (10.3) (70.1) (67.8) Changes in fair value of derivatives (11.0) 213.9 \u2013 202.9 \u2013 Corporation tax (44.9) (98.0) (0.2) (143.1) (79.5) Share of post taxation results 165.5 514.3 (16.2) 663.6 110.7 Recognised in other comprehensive income Cashflow hedges(ii) 453.4 3.1 \u2013 456.5 188.5 Taxation (ii) (113.3) (0.8) \u2013 (114.1) (35.7) Total comprehensive income 505.6 516.6 (16.2) 1,006.0 263.5 (i) Other comprises the investments the Group holds in Neos Networks Limited and Marron Activ8 Energies Limited. (ii) For the year ended 31 March 2022, other comprehensive income from net cashflow hedges of \u00a3181.4m included \u00a328.6m in relation to the disposal of SGN, which was disclosed as a discontinued operation. Share of joint ventures and associates\u2019 assets and liabilities 2023 Windfarms \u00a3m 2023 Thermal Generation \u00a3m 2023 Other (i) \u00a3m 2023 Total \u00a3m 2022 Total \u00a3m Non-current assets 5,379.4 396.7 316.9 6,093.0 4,475.5 Current assets 155.4 309.7 21.8 486.9 223.5 Cash and cash equivalents 187.6 63.6 12.1 263.3 230.6 Current liabilities (220.1) (191.5) (72.5) (484.1) (341.2) Non-current liabilities (4,631.5) (205.3) (176.6) (5,013.4) (3,913.2) 870.8 373.2 101.7 1,345.7 675.2 Other adjustments 550.4 68.0 (27.1) 591.3 564.3 Share of net assets of joint ventures and associates 1,421.2 441.2 74.6 1,937.0 1,239.5 Shareholder loans 906.1 153.7 55.6 1,115.4 736.9 Interest in joint venture and associate 2,327. 3 594.9 130.2 3,052.4 1,976.4 Information on Group\u2019s investments in joint ventures and associates is provided at A3, A4 and A5 . 16.5 Joint operations Listed are the incorporated joint operations that have a material impact on the financial position and financial results of the Group. Principal activity Country of incorporation Class of shares held Proportion of shares held (%) Group Interest (%) Year end Greater Gabbard Offshore Winds Limited Offshore Windfarm UK Ordinary 50 50 31 March The Group\u2019s interest in Greater Gabbard Offshore Winds Limited is that of a joint operation designed to provide output to the parties sharing control. The liabilities of the arrangement are principally met by the parties through the contracts for the output of the windfarm. The Group also has an unincorporated arrangement with Equinor under which it accounts for its 66.7% share of the Aldbrough gas storage facility owned by SSE Hornsea Limited. 16.6 Other investments held at fair value through other comprehensive income Total \u00a3m At 31 March 2021 3.6 Additions in year 5.4 Disposals in the year (0.4) Fair value adjustment through other comprehensive income 0.1 At 31 March 2022 8.7 Additions in year 19.1 Fair value adjustment through other comprehensive income (0.4) At 31 March 2023 27.4 The group has received \u00a32.4m in relation to other investments during the year ended 31 March 2023 (2022: \u00a3nil). A3.1.3 Associates Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity St Clements Services Limited England and Wales P 25.0 25.0 Utilities Software A4. Joint ventures and associates The Directors have assessed that the investments in the following equity accounted joint ventures and associates are of a sufficiently material impact to warrant additional disclosure on an individual basis. Details of the financial position and financial results of the Group: Company Principal activity Country of incorporation Class of shares held Proportion of shares held % Group Interest % Year end date Consolidation basis Seabank Power Limited Power Generation UK Ordinary 50.0 50.0 31 December Equity Marchwood Power Limited Power Generation UK Ordinary 50.0 50.0 31 December Equity SSE Slough Multifuel Limited Power Generation UK Ordinary 50.0 50.0 31 March Equity Clyde Windfarm (Scotland) Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity Seagreen Wind Energy Limited Power Generation UK Ordinary 49.0 49.0 31 March Equity Beatrice Offshore Windfarm Limited Power Generation UK Ordinary 40.0 40.0 31 March Equity Dunmaglass Wind Farm Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity Stronelairg Wind Farm Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity Triton Power Holdings Limited Power Generation Jersey Ordinary 50.0 50.0 31 December Equity Neos Networks Limited Telecoms UK Ordinary 50.0 50.0 31 March Equity Summary information for material joint ventures and associates from unaudited financial statements is as follows: Seabank Power Limited 2023 \u00a3m Marchwood Power Limited 2023 \u00a3m SSE Slough Multifuel Limited 2023 \u00a3m Clyde Windfarm (Scotland) Limited 2023 \u00a3m Seagreen Wind Energy Limited 2023 \u00a3m Beatrice Offshore Windfarm Limited 2023 \u00a3m Dunmaglass Wind Farm Limited 2023 \u00a3m Stronelairg Wind Farm Limited 2023 \u00a3m Triton Power Holdings Limited 2023 \u00a3m Neos Networks Limited 2023 \u00a3m Other 2023 \u00a3m Total 2023 \u00a3m Revenue 274.5 103.8 \u2013 297.5 95.2 376.5 68.7 151.5 1,628.7 159.2 62.3 3, 217.9 Other income \u2013 \u2013 \u2013 \u2013 \u2013 25.5 \u2013 \u2013 \u2013 \u2013 \u2013 25.5 Depreciation and amortisation (6.9) (30.7) \u2013 (29.1) (17.9) (89.6) (7.7) (13.7) (84.0) (95.0) (30.4) (405.0) Other operating costs (216.5) (21.0) \u2013 (56.8) (40.8) (94.8) (12.6) (28.0) (415.1) (80.3) (40.1) (1,006.0) Operating profit 51.1 52.1 \u2013 211.6 36.5 217.6 48.4 109.8 1,129.6 (16.1) (8.2) 1,832.4 Interest expense (0.7) (5.2) \u2013 (18.4) (20.7) (65.4) (6.1) (12.1) (2.4) (20.7) (3.0) (154.7) Profit before tax 50.4 46.9 \u2013 193.2 15.8 152.2 42.3 97.7 1,127. 2 (36.8) (11.2) 1,677.7 Corporation tax (10.6) (6.1) \u2013 (35.6) (3.8) (26.0) (8.1) (19.1) (179.2) \u2013 (4.2) (292.7) Profit after tax 39.8 40.8 \u2013 157.6 12.0 126.2 34.2 78.6 948.0 (36.8) (15.4) 1,385.0 Recognised in other comprehensive income Actuarial gain on retirement benefit schemes \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Cash flow hedges \u2013 \u2013 6.2 \u2013 141.0 152.4 \u2013 \u2013 \u2013 \u2013 807.6 1 , 107.2 Taxation \u2013 \u2013 (1.6) \u2013 (35.3) (38.1) \u2013 \u2013 \u2013 \u2013 (201.8) (276.8) \u2013 \u2013 4.6 \u2013 105.7 114.3 \u2013 \u2013 \u2013 \u2013 605.8 830.4 Total comprehensive income/(loss) 39.8 40.8 4.6 157.6 117.7 240.5 34.2 78.6 948.0 (36.8) 590.4 2,215.4 SSE share of profit (based on % equity) 19.9 20.4 \u2013 78.9 5.9 50.5 17.1 39.3 474.0 (18.4) (24.0) 663.6 Dividends paid to shareholders 47.0 22.4 \u2013 169.1 \u2013 146.5 35.2 93.6 101.4 \u2013 2.0 617.2 Non-current assets 96.2 154.1 353.5 560.4 3,229.8 1,906.0 175.0 330.2 189.6 626.2 6,288.3 13,909.3 Current assets 48.8 53.5 10.0 119.0 19.4 50.5 27.5 58.2 507.0 41.9 59.9 995.7 Cash and cash equivalents 69.3 32.8 8.4 83.4 86.4 91.3 19.0 48.3 16.7 23.3 86.1 565.0 Current liabilities (19.1) (38.3) (23.6) (20.4) (57. 2) (176.3) (4.6) (19.8) (301.7) (144.0) (246.8) (1,051.8) Non-current liabilities (61.6) (65.9) (265.2) (437.3) (2,870.7) (1,800.4) (139.3) (259.0) (18.0) (353.1) (5,241.9) (11,512.4) Net assets 133.6 136.2 83.1 305.1 407.7 71.1 77.6 157.9 393.6 194.3 945.6 2,905.8 Group equity interest 50% 50% 50% 50.1% 49% 40% 50.1% 50.1% 50% 50% Net assets 133.6 136.2 83.1 305.1 407.7 71.1 77.6 157.9 393.6 194.3 945.6 2,905.8 Group\u2019s share of ownership interest 66.8 68.1 41.5 152.8 199.8 28.4 38.8 79.1 196.8 97.2 376.4 1,345.7 Other adjustments (20.3) 0.3 30.9 27.2 141.8 (15.3) 68.1 214.7 57.1 (22.5) 109.3 591.3 Carrying value of Group\u2019s equity interest 46.5 68.4 72.4 180.0 341.6 13.1 106.9 293.8 253.9 74.7 485.7 1,937.0 Seabank Power Limited 2022 \u00a3m Marchwood Power Limited 2022 \u00a3m SSE Slough Multifuel Limited 2022 \u00a3m Clyde Windfarm (Scotland) Limited 2022 \u00a3m Seagreen Offshore Windfarm Limited 2022 \u00a3m Beatrice Offshore Windfarm Limited 2022 \u00a3m Dunmaglass Wind Farm Limited 2022 \u00a3m Stronelairg Wind Farm Limited 2022 \u00a3m Neos Networks Limited 2022 \u00a3m Other 2022 \u00a3m Total continuing operations 2022 \u00a3m SGN- discontinued operation 2022 \u00a3m Revenue 260.9 97.6 \u2013 270.9 111.6 59.6 142.0 156.8 42.7 1,142.1 181.3 Other income \u2013 \u2013 \u2013 \u2013 \u2013 281.3 \u2013 \u2013 \u2013 281.3 \u2013 Depreciation and amortisation (5.7) (32.2) \u2013 (29.8) \u2013 (90.6) (8.0) (14.1) (84.0) (30.5) (294.9) (33.3) Other operating costs (235.6) (21.2) \u2013 (48.9) \u2013 (84.3) (10.8) (25.3) (102.6) (16.5) (545.2) (85.0) Operating profit 19.6 44.2 \u2013 192.2 \u2013 218.0 40.8 102.6 (29.8) (4.3) 583.3 63.0 Interest expense (0.1) (6.6) \u2013 (18.3) \u2013 (69.0) (6.2) (12.5) (24.0) (13.5) (150.2) (46.9) Profit before tax 19.5 37.6 \u2013 173.9 \u2013 149.0 34.6 90.1 (53.8) (17.8) 433.1 16.1 Corporation tax (9.8) (7.6) \u2013 (54.2) \u2013 (55.8) (13.8) (25.4) (4.0) \u2013 (170.6) (259.3) Profit after tax 9.7 30.0 \u2013 119.7 \u2013 93.2 20.8 64.7 (57.8) (17.8) 262.5 (243.2) Recognised in other compreh- ensive income Actuarial gain on retirement benefit schemes \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6.3 Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (7.1) Cash flow hedges \u2013 \u2013 7.2 \u2013 \u2013 131.9 \u2013 \u2013 \u2013 267.1 406.2 (1.9) Taxation \u2013 \u2013 (1.4) \u2013 \u2013 (25.1) \u2013 \u2013 \u2013 (50.4) (76.9) 4.8 \u2013 \u2013 5.8 \u2013 \u2013 106.8 \u2013 \u2013 \u2013 216.7 329.3 2.1 Total compreh- ensive income/(loss) 9.7 30.0 5.8 119.7 \u2013 200.0 20.8 64.7 (57.8) 198.9 591.8 (241.1) SSE share of profit (based on % equity) 4.8 15.0 \u2013 60.0 \u2013 37.3 10.4 32.5 (29.0) (20.3) 110.7 (81.0) Dividends paid to shareholders \u2013 29.2 \u2013 105.9 \u2013 183.2 21.7 47.5 4.4 \u2013 391.9 \u2013 Non-current assets 105.8 194.2 17 7.3 599.5 2,253.8 2,018.7 186.3 350.1 445.5 3,716.5 10,047.7 \u2013 Current assets 58.0 39.7 4.6 110.8 6.1 44.0 23.7 52.6 79.4 41.4 460.3 \u2013 Cash and cash equivalents 29.0 21.5 4.9 69.9 73.7 130.7 13.8 47.5 20.0 93.7 504.7 \u2013 Current liabilities (4.4) (38.2) (7.2) (16.9) (151.1) (167.3) (4.2) (18.1) (145.0) (200.9) (753.3) \u2013 Non-current liabilities (64.8) (100.4) (146.9) (429.2) (2,129.3) (1,892.8) (135.5) (253.5) (278.4) (3,402.9) (8,833.7) \u2013 Net assets 123.6 116.8 32.7 334.1 53.2 133.3 84.1 178.6 121.5 247.8 1,425.7 \u2013 Group equity interest 50% 50% 50% 50.1% 49% 40% 50.1% 50.1% 50% \u2013 \u2013 \u2013 Net assets 123.6 116.8 32.7 334.1 53.2 133.3 84.1 178.6 121.5 247.8 1,425.7 \u2013 Group\u2019s share of ownership interest 61.8 58.4 16.4 167.4 26.1 53.4 42.1 89.5 60.7 99.4 675.2 \u2013 Other adjustments (11.7) 0.8 56.5 25.2 220.2 (53.4) 69.2 224.4 (5.4) 38.5 564.3 \u2013 Carrying value of Group\u2019s equity interest 50.1 59.2 72.9 192.6 246.3 \u2013 111.3 313.9 55.3 1 37.9 1,239.5 \u2013 In addition to the above at 31 March 2023, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a325.7m (2022: \u00a339.1m); Triton Power Holdings Limited \u00a3nil (2022: \u00a3nil); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2022: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2022: \u00a346.5m); Stronelairg Wind Farm Limited \u00a388.7m (2022: \u00a388.2m) Neos Networks Limited \u00a356.0m (2022: \u00a390.2m); Seagreen Offshore Windfarm Limited \u00a3593.1m (2022: \u00a3271.1m) and Slough Multifuel Limited \u00a3128.0m (2022: \u00a362.5m). This represents 96% (2022: 99%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-751": { "value": "16. Investments 16.1 Joint Ventures and associates Share of net assets/cost 2023 2022 Equity \u00a3m Loans \u00a3m Total \u00a3m Equity \u00a3m Loans \u00a3m Total \u00a3m At 1 April 1,239.5 736.9 1,976.4 1,643.5 554.3 2,197.8 Additions 263.6 489.7 753.3 243.5 449.0 692.5 Repayment of shareholder loans \u2013 (61.4) (61.4) \u2013 (147.6) (147.6) Dividends received (294.1) \u2013 (294.1) (177.0) \u2013 (177.0) Share of profit/(loss) after tax(i) \u2013 continuing operations 663.6 \u2013 663.6 110.7 \u2013 110.7 Share of profit/(loss) after tax \u2013 discontinued operations \u2013 \u2013 \u2013 (81.1) \u2013 (81.1) Share of other comprehensive income 342.4 \u2013 342.4 152.8 \u2013 152.8 Disposals (0.2) \u2013 (0.2) (545.7) (118.8) (664.5) Transfer \u2013 Loans to Equity 50.0 (50.0) \u2013 \u2013 \u2013 \u2013 Impairments (329.3) \u2013 (329.3) (106.9) \u2013 (106.9) Exchange rate adjustments 1.5 0.2 1.7 (0.3) \u2013 (0.3) At 31 March 1,937.0 1,115.4 3,052.4 1,239.5 736.9 1,976.4 (i) Of the \u00a3663.6m (2022: \u00a3110.7m) share of profits from continuing operations, only \u00a3662.3m (2022: \u00a3109.8m) is recognised through the income statement. The \u00a31.3m (2022: \u00a30.9m) difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation. (ii) Impairments of \u00a3329.3m include charges of \u00a3291.6m in relation to the Group\u2019s Triton joint venture, and \u00a337.7m in relation to the Group\u2019s investment in Neos Networks, of which \u00a35.9m has been treated as exceptional and \u00a331.8m has been treated as non-exceptional, see note 7. 16.2 Additions and disposals of equity in the current year Additions in the year On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings Limited from Energy Capital Partners for total consideration of \u00a3341.0m shared equally. Further detail on the Group\u2019s acquisitions in the year is provided in note 12.1. Additionally the Group has provided equity and loans to its existing joint venture investments of \u00a3141.4m and \u00a3441.7m respectively, primarily in relation to Seagreen Wind Energy Limited, SSE Slough Multifuel Limited and Ossian Offshore Windfarm Limited. Disposals of equity in the year There were no significant disposals of equity in the current year. 16.3 Acquisitions and disposals of equity in the previous year Additions in the previous year arising on loss on control There were no significant additions of equity in the prior year. Disposals of equity in the previous year Sale of stake in Dogger Bank C: On 10 February 2022, SSE completed the sale of a 10% stake in Dogger Bank C to Eni for consideration of \u00a370.0m and contingent consideration of up to \u00a340.0m, resulting in a non-exceptional gain on disposal of \u00a364.3m. The gain was recognised within the adjusted profit of the Group in line with the Group\u2019s stated exceptional policy for gains on disposal of divestments in offshore windfarms (see note 3.2). After the sale the Group\u2019s shareholding in Dogger Bank C is 40%. Sale of investment in SGN: On 2 August 2021, the Group announced it had agreed to sell its 33.3% investment in SGN to a consortium comprising existing SGN shareholders Ontario Teachers\u2019 Pension Plan Board and Brookfield Super-Core Infrastructure Partners for cash consideration of \u00a31,225m. The agreement was conditional on certain regulatory approvals and completed on 22 March 2022, with the Group recognising an exceptional gain on disposal of \u00a3576.5m. 16.4 Principal joint ventures and associates Under IFRS 12 Disclosure of Interests in Other Entities, the Group has evaluated the key joint ventures and associates it holds with the purpose of disclosing any which are materially significant in order to identify the impact on the Group\u2019s financial position, performance and cash flows, whilst identifying the nature of the risks associated with these interests. A full listing of the Group\u2019s incorporated joint ventures, joint operations, associates and investments are included in the Accompanying Information A3 . 16.4 Principal joint ventures and associates continued Share of results of joint ventures and associates 2023 Windfarms \u00a3m 2023 Thermal Generation \u00a3m 2023 Other (i) \u00a3m 2023 Total \u00a3m 2022 Total \u00a3m Revenue 471.0 1,003.5 90.3 1,564.8 555.4 Other income 10.2 \u2013 \u2013 10.2 112.5 Depreciation and amortisation (92.8) (60.8) (47.5) (201.1) (146.6) Other operating costs (111.4) (540.1) (48.5) (700.0) (263.3) Operating profit 277.0 402.6 (5.7) 673.9 258.0 Interest expense (55.6) (4.2) (10.3) (70.1) (67.8) Changes in fair value of derivatives (11.0) 213.9 \u2013 202.9 \u2013 Corporation tax (44.9) (98.0) (0.2) (143.1) (79.5) Share of post taxation results 165.5 514.3 (16.2) 663.6 110.7 Recognised in other comprehensive income Cashflow hedges(ii) 453.4 3.1 \u2013 456.5 188.5 Taxation (ii) (113.3) (0.8) \u2013 (114.1) (35.7) Total comprehensive income 505.6 516.6 (16.2) 1,006.0 263.5 (i) Other comprises the investments the Group holds in Neos Networks Limited and Marron Activ8 Energies Limited. (ii) For the year ended 31 March 2022, other comprehensive income from net cashflow hedges of \u00a3181.4m included \u00a328.6m in relation to the disposal of SGN, which was disclosed as a discontinued operation. Share of joint ventures and associates\u2019 assets and liabilities 2023 Windfarms \u00a3m 2023 Thermal Generation \u00a3m 2023 Other (i) \u00a3m 2023 Total \u00a3m 2022 Total \u00a3m Non-current assets 5,379.4 396.7 316.9 6,093.0 4,475.5 Current assets 155.4 309.7 21.8 486.9 223.5 Cash and cash equivalents 187.6 63.6 12.1 263.3 230.6 Current liabilities (220.1) (191.5) (72.5) (484.1) (341.2) Non-current liabilities (4,631.5) (205.3) (176.6) (5,013.4) (3,913.2) 870.8 373.2 101.7 1,345.7 675.2 Other adjustments 550.4 68.0 (27.1) 591.3 564.3 Share of net assets of joint ventures and associates 1,421.2 441.2 74.6 1,937.0 1,239.5 Shareholder loans 906.1 153.7 55.6 1,115.4 736.9 Interest in joint venture and associate 2,327. 3 594.9 130.2 3,052.4 1,976.4 Information on Group\u2019s investments in joint ventures and associates is provided at A3, A4 and A5 . 16.5 Joint operations Listed are the incorporated joint operations that have a material impact on the financial position and financial results of the Group. Principal activity Country of incorporation Class of shares held Proportion of shares held (%) Group Interest (%) Year end Greater Gabbard Offshore Winds Limited Offshore Windfarm UK Ordinary 50 50 31 March The Group\u2019s interest in Greater Gabbard Offshore Winds Limited is that of a joint operation designed to provide output to the parties sharing control. The liabilities of the arrangement are principally met by the parties through the contracts for the output of the windfarm. The Group also has an unincorporated arrangement with Equinor under which it accounts for its 66.7% share of the Aldbrough gas storage facility owned by SSE Hornsea Limited. 16.6 Other investments held at fair value through other comprehensive income Total \u00a3m At 31 March 2021 3.6 Additions in year 5.4 Disposals in the year (0.4) Fair value adjustment through other comprehensive income 0.1 At 31 March 2022 8.7 Additions in year 19.1 Fair value adjustment through other comprehensive income (0.4) At 31 March 2023 27.4 The group has received \u00a32.4m in relation to other investments during the year ended 31 March 2023 (2022: \u00a3nil). A3.1.2 Joint arrangements (incorporated) Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity AtlasConnect Limited Scotland A 50.0 50.0 Dormant Baglan Pipeline Limited England and Wales K 50.0 50.0 Dormant Beatrice Offshore Windfarm Holdco Limited Scotland A 40.0 40.0 Holding Company Beatrice Offshore Windfarm Limited Scotland A 40.0 40.0 Power Generation Cloosh Valley Wind Farm Designated Activity Company Ireland L 25.0 25.0 Power Generation Cloosh Valley Wind Farm Holdings Designated Activity Company Ireland L 25.0 25.0 Holding Company Clyde Windfarm (Scotland) Limited** Scotland A 50.1 50.1 Power Generation DB Operational Base Limited England and Wales J 40.0 40.0 Warehousing and storage facilities Deeside Power (UK) Limited England and Wales AF 50.0 \u2013 Power Generation Deeside Power Operation Limited England and Wales AF 50.0 \u2013 Power Generation Digital Reach Partners Limited Scotland A 50.0 50.0 Telecommunications Doggerbank Offshore Wind Farm Project 1 Holdco Limited England and Wales B 40.0 40.0 Holding Company Doggerbank Offshore Wind Farm Project 1 Projco Limited England and Wales B 40.0 40.0 Renewable Development Doggerbank Offshore Wind Farm Project 2 Holdco Limited England and Wales B 40.0 40.0 Holding Company Doggerbank Offshore Wind Farm Project 2 Projco Limited England and Wales B 40.0 40.0 Renewable Development Doggerbank Offshore Wind Farm Project 3 Holdco Limited England and Wales B 40.0 40.0 Holding Compan y Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity Doggerbank Offshore Wind Farm Project 3 Projco Limited England and Wales B 40.0 40.0 Renewable Development Dunmaglass Wind Farm Limited Scotland A 50.1 50.1 Power Generation Everwind Limited Ireland S 49.0 49.0 Power Generation Gatroben Offshore Developments 1 Limited England and Wales B 50.0 50.0 Renewable Development Gatroben Offshore Developments 2 Limited England and Wales B 50.0 50.0 Renewable Development Gatroben Offshore Developments 3 Limited England and Wales B 50.0 50.0 Renewable Development Greater Gabbard Offshore Winds Limited*** England and Wales B 50.0 50.0 Power Generation Green Energy Company Limited Ireland M 47.5 47.5 Dormant Green H2 Developments Hold Co Limited England and Wales B 50.0 \u2013 Holding Company Green H2 Developments Project Co Limited England and Wales B 50.0 \u2013 Renewable Development Green Way Energy Limited Ireland M 50.0 50.0 Holding Company Indian Queens Power Limited England and Wales AF 50.0 \u2013 Power Generation Kerry Power Limited Ireland M 49.0 49.0 Power Generation Lenalea Wind Farm Designated Activity Company Ireland C 50.0 100.0 Renewable Development Marchwood Power Limited England and Wales N 50.0 50.0 Power Generation Marron Activ8 Energies Limited Ireland R 50.0 50.0 Energy Related Services Midas Energy Limited Ireland M 49.0 49.0 Power Generation Neos Networks Limited Scotland A 50.0 50.0 Telecommunications NNXYZ Limited England and Wales B 50.0 50.0 Telecommunications North Falls Offshore Wind Farm Holdco Limited*** England and Wales AG 50.0 50.0 Holding company North Falls Offshore Wind Farm Limited*** England and Wales AG 50.0 50.0 Renewable Development Ossian Offshore Wind Farm Holdings Limited (formerly Scohoco 1 Limited) Scotland A 40.0 40.0 Holding company Ossian Offshore Wind Farm Limited (formerly Scoprojco 1 Limited) Scotland A 40.0 40.0 Renewable Development Saltend Cogeneration Company Limited England and Wales AF 50.0 \u2013 Power Generation Saltend Operations Company Limited England and Wales AF 50.0 \u2013 Power Generation SCCL Holdings Limited England and Wales AF 50.0 \u2013 Holding Company Seabank Power Limited England and Wales O 50.0 50.0 Power Generation Seagreen 1A (Holdco) Limited England and Wales B 49.0 49.0 Holding company Seagreen 1A Limited England and Wales B 49.0 49.0 Renewable Development Seagreen Alpha Wind Energy Limited England and Wales B 49.0 49.0 Renewable Development Seagreen Bravo Wind Energy Limited England and Wales B 49.0 49.0 Renewable Development Seagreen Holdco 1 Limited England and Wales B 49.0 49.0 Holding company Seagreen Wind Energy Limited England and Wales B 49.0 49.0 Renewable Development SSE Slough Multifuel Holdco Limited England and Wales B 50.0 50.0 Holding company SSE Slough Multifuel Limited England and Wales B 50.0 50.0 Power Generation Stronelairg Wind Farm Limited Scotland A 50.1 50.1 Power Generation Sunflower Offshore Wind General Partner B.V. Netherlands AA 50.0 \u2013 Renewable Development Sunflower Offshore Wind Projectco C.V. Netherlands AA 50.0 \u2013 Renewable Development Triton Power Holdings Limited Jersey AH 50.0 \u2013 Holding company Triton Power Intermediate Holdings Limited Jersey AH 50.0 \u2013 Holding company Triton Power Limited Jersey AH 50.0 \u2013 Power Generation Tulip Offshore Wind General Partner B.V. Netherlands AA 50.0 \u2013 Renewable Development Tulip Offshore Wind Projectco C.V. Netherlands AA 50.0 \u2013 Renewable Development ** 50.1% of voting rights held. *** Joint Operation. A4. Joint ventures and associates The Directors have assessed that the investments in the following equity accounted joint ventures and associates are of a sufficiently material impact to warrant additional disclosure on an individual basis. Details of the financial position and financial results of the Group: Company Principal activity Country of incorporation Class of shares held Proportion of shares held % Group Interest % Year end date Consolidation basis Seabank Power Limited Power Generation UK Ordinary 50.0 50.0 31 December Equity Marchwood Power Limited Power Generation UK Ordinary 50.0 50.0 31 December Equity SSE Slough Multifuel Limited Power Generation UK Ordinary 50.0 50.0 31 March Equity Clyde Windfarm (Scotland) Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity Seagreen Wind Energy Limited Power Generation UK Ordinary 49.0 49.0 31 March Equity Beatrice Offshore Windfarm Limited Power Generation UK Ordinary 40.0 40.0 31 March Equity Dunmaglass Wind Farm Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity Stronelairg Wind Farm Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity Triton Power Holdings Limited Power Generation Jersey Ordinary 50.0 50.0 31 December Equity Neos Networks Limited Telecoms UK Ordinary 50.0 50.0 31 March Equity Summary information for material joint ventures and associates from unaudited financial statements is as follows: Seabank Power Limited 2023 \u00a3m Marchwood Power Limited 2023 \u00a3m SSE Slough Multifuel Limited 2023 \u00a3m Clyde Windfarm (Scotland) Limited 2023 \u00a3m Seagreen Wind Energy Limited 2023 \u00a3m Beatrice Offshore Windfarm Limited 2023 \u00a3m Dunmaglass Wind Farm Limited 2023 \u00a3m Stronelairg Wind Farm Limited 2023 \u00a3m Triton Power Holdings Limited 2023 \u00a3m Neos Networks Limited 2023 \u00a3m Other 2023 \u00a3m Total 2023 \u00a3m Revenue 274.5 103.8 \u2013 297.5 95.2 376.5 68.7 151.5 1,628.7 159.2 62.3 3, 217.9 Other income \u2013 \u2013 \u2013 \u2013 \u2013 25.5 \u2013 \u2013 \u2013 \u2013 \u2013 25.5 Depreciation and amortisation (6.9) (30.7) \u2013 (29.1) (17.9) (89.6) (7.7) (13.7) (84.0) (95.0) (30.4) (405.0) Other operating costs (216.5) (21.0) \u2013 (56.8) (40.8) (94.8) (12.6) (28.0) (415.1) (80.3) (40.1) (1,006.0) Operating profit 51.1 52.1 \u2013 211.6 36.5 217.6 48.4 109.8 1,129.6 (16.1) (8.2) 1,832.4 Interest expense (0.7) (5.2) \u2013 (18.4) (20.7) (65.4) (6.1) (12.1) (2.4) (20.7) (3.0) (154.7) Profit before tax 50.4 46.9 \u2013 193.2 15.8 152.2 42.3 97.7 1,127. 2 (36.8) (11.2) 1,677.7 Corporation tax (10.6) (6.1) \u2013 (35.6) (3.8) (26.0) (8.1) (19.1) (179.2) \u2013 (4.2) (292.7) Profit after tax 39.8 40.8 \u2013 157.6 12.0 126.2 34.2 78.6 948.0 (36.8) (15.4) 1,385.0 Recognised in other comprehensive income Actuarial gain on retirement benefit schemes \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Cash flow hedges \u2013 \u2013 6.2 \u2013 141.0 152.4 \u2013 \u2013 \u2013 \u2013 807.6 1 , 107.2 Taxation \u2013 \u2013 (1.6) \u2013 (35.3) (38.1) \u2013 \u2013 \u2013 \u2013 (201.8) (276.8) \u2013 \u2013 4.6 \u2013 105.7 114.3 \u2013 \u2013 \u2013 \u2013 605.8 830.4 Total comprehensive income/(loss) 39.8 40.8 4.6 157.6 117.7 240.5 34.2 78.6 948.0 (36.8) 590.4 2,215.4 SSE share of profit (based on % equity) 19.9 20.4 \u2013 78.9 5.9 50.5 17.1 39.3 474.0 (18.4) (24.0) 663.6 Dividends paid to shareholders 47.0 22.4 \u2013 169.1 \u2013 146.5 35.2 93.6 101.4 \u2013 2.0 617.2 Non-current assets 96.2 154.1 353.5 560.4 3,229.8 1,906.0 175.0 330.2 189.6 626.2 6,288.3 13,909.3 Current assets 48.8 53.5 10.0 119.0 19.4 50.5 27.5 58.2 507.0 41.9 59.9 995.7 Cash and cash equivalents 69.3 32.8 8.4 83.4 86.4 91.3 19.0 48.3 16.7 23.3 86.1 565.0 Current liabilities (19.1) (38.3) (23.6) (20.4) (57. 2) (176.3) (4.6) (19.8) (301.7) (144.0) (246.8) (1,051.8) Non-current liabilities (61.6) (65.9) (265.2) (437.3) (2,870.7) (1,800.4) (139.3) (259.0) (18.0) (353.1) (5,241.9) (11,512.4) Net assets 133.6 136.2 83.1 305.1 407.7 71.1 77.6 157.9 393.6 194.3 945.6 2,905.8 Group equity interest 50% 50% 50% 50.1% 49% 40% 50.1% 50.1% 50% 50% Net assets 133.6 136.2 83.1 305.1 407.7 71.1 77.6 157.9 393.6 194.3 945.6 2,905.8 Group\u2019s share of ownership interest 66.8 68.1 41.5 152.8 199.8 28.4 38.8 79.1 196.8 97.2 376.4 1,345.7 Other adjustments (20.3) 0.3 30.9 27.2 141.8 (15.3) 68.1 214.7 57.1 (22.5) 109.3 591.3 Carrying value of Group\u2019s equity interest 46.5 68.4 72.4 180.0 341.6 13.1 106.9 293.8 253.9 74.7 485.7 1,937.0 Seabank Power Limited 2022 \u00a3m Marchwood Power Limited 2022 \u00a3m SSE Slough Multifuel Limited 2022 \u00a3m Clyde Windfarm (Scotland) Limited 2022 \u00a3m Seagreen Offshore Windfarm Limited 2022 \u00a3m Beatrice Offshore Windfarm Limited 2022 \u00a3m Dunmaglass Wind Farm Limited 2022 \u00a3m Stronelairg Wind Farm Limited 2022 \u00a3m Neos Networks Limited 2022 \u00a3m Other 2022 \u00a3m Total continuing operations 2022 \u00a3m SGN- discontinued operation 2022 \u00a3m Revenue 260.9 97.6 \u2013 270.9 111.6 59.6 142.0 156.8 42.7 1,142.1 181.3 Other income \u2013 \u2013 \u2013 \u2013 \u2013 281.3 \u2013 \u2013 \u2013 281.3 \u2013 Depreciation and amortisation (5.7) (32.2) \u2013 (29.8) \u2013 (90.6) (8.0) (14.1) (84.0) (30.5) (294.9) (33.3) Other operating costs (235.6) (21.2) \u2013 (48.9) \u2013 (84.3) (10.8) (25.3) (102.6) (16.5) (545.2) (85.0) Operating profit 19.6 44.2 \u2013 192.2 \u2013 218.0 40.8 102.6 (29.8) (4.3) 583.3 63.0 Interest expense (0.1) (6.6) \u2013 (18.3) \u2013 (69.0) (6.2) (12.5) (24.0) (13.5) (150.2) (46.9) Profit before tax 19.5 37.6 \u2013 173.9 \u2013 149.0 34.6 90.1 (53.8) (17.8) 433.1 16.1 Corporation tax (9.8) (7.6) \u2013 (54.2) \u2013 (55.8) (13.8) (25.4) (4.0) \u2013 (170.6) (259.3) Profit after tax 9.7 30.0 \u2013 119.7 \u2013 93.2 20.8 64.7 (57.8) (17.8) 262.5 (243.2) Recognised in other compreh- ensive income Actuarial gain on retirement benefit schemes \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6.3 Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (7.1) Cash flow hedges \u2013 \u2013 7.2 \u2013 \u2013 131.9 \u2013 \u2013 \u2013 267.1 406.2 (1.9) Taxation \u2013 \u2013 (1.4) \u2013 \u2013 (25.1) \u2013 \u2013 \u2013 (50.4) (76.9) 4.8 \u2013 \u2013 5.8 \u2013 \u2013 106.8 \u2013 \u2013 \u2013 216.7 329.3 2.1 Total compreh- ensive income/(loss) 9.7 30.0 5.8 119.7 \u2013 200.0 20.8 64.7 (57.8) 198.9 591.8 (241.1) SSE share of profit (based on % equity) 4.8 15.0 \u2013 60.0 \u2013 37.3 10.4 32.5 (29.0) (20.3) 110.7 (81.0) Dividends paid to shareholders \u2013 29.2 \u2013 105.9 \u2013 183.2 21.7 47.5 4.4 \u2013 391.9 \u2013 Non-current assets 105.8 194.2 17 7.3 599.5 2,253.8 2,018.7 186.3 350.1 445.5 3,716.5 10,047.7 \u2013 Current assets 58.0 39.7 4.6 110.8 6.1 44.0 23.7 52.6 79.4 41.4 460.3 \u2013 Cash and cash equivalents 29.0 21.5 4.9 69.9 73.7 130.7 13.8 47.5 20.0 93.7 504.7 \u2013 Current liabilities (4.4) (38.2) (7.2) (16.9) (151.1) (167.3) (4.2) (18.1) (145.0) (200.9) (753.3) \u2013 Non-current liabilities (64.8) (100.4) (146.9) (429.2) (2,129.3) (1,892.8) (135.5) (253.5) (278.4) (3,402.9) (8,833.7) \u2013 Net assets 123.6 116.8 32.7 334.1 53.2 133.3 84.1 178.6 121.5 247.8 1,425.7 \u2013 Group equity interest 50% 50% 50% 50.1% 49% 40% 50.1% 50.1% 50% \u2013 \u2013 \u2013 Net assets 123.6 116.8 32.7 334.1 53.2 133.3 84.1 178.6 121.5 247.8 1,425.7 \u2013 Group\u2019s share of ownership interest 61.8 58.4 16.4 167.4 26.1 53.4 42.1 89.5 60.7 99.4 675.2 \u2013 Other adjustments (11.7) 0.8 56.5 25.2 220.2 (53.4) 69.2 224.4 (5.4) 38.5 564.3 \u2013 Carrying value of Group\u2019s equity interest 50.1 59.2 72.9 192.6 246.3 \u2013 111.3 313.9 55.3 1 37.9 1,239.5 \u2013 In addition to the above at 31 March 2023, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a325.7m (2022: \u00a339.1m); Triton Power Holdings Limited \u00a3nil (2022: \u00a3nil); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2022: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2022: \u00a346.5m); Stronelairg Wind Farm Limited \u00a388.7m (2022: \u00a388.2m) Neos Networks Limited \u00a356.0m (2022: \u00a390.2m); Seagreen Offshore Windfarm Limited \u00a3593.1m (2022: \u00a3271.1m) and Slough Multifuel Limited \u00a3128.0m (2022: \u00a362.5m). This represents 96% (2022: 99%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-705": { "value": "16. Investments 16.1 Joint Ventures and associates Share of net assets/cost 2023 2022 Equity \u00a3m Loans \u00a3m Total \u00a3m Equity \u00a3m Loans \u00a3m Total \u00a3m At 1 April 1,239.5 736.9 1,976.4 1,643.5 554.3 2,197.8 Additions 263.6 489.7 753.3 243.5 449.0 692.5 Repayment of shareholder loans \u2013 (61.4) (61.4) \u2013 (147.6) (147.6) Dividends received (294.1) \u2013 (294.1) (177.0) \u2013 (177.0) Share of profit/(loss) after tax(i) \u2013 continuing operations 663.6 \u2013 663.6 110.7 \u2013 110.7 Share of profit/(loss) after tax \u2013 discontinued operations \u2013 \u2013 \u2013 (81.1) \u2013 (81.1) Share of other comprehensive income 342.4 \u2013 342.4 152.8 \u2013 152.8 Disposals (0.2) \u2013 (0.2) (545.7) (118.8) (664.5) Transfer \u2013 Loans to Equity 50.0 (50.0) \u2013 \u2013 \u2013 \u2013 Impairments (329.3) \u2013 (329.3) (106.9) \u2013 (106.9) Exchange rate adjustments 1.5 0.2 1.7 (0.3) \u2013 (0.3) At 31 March 1,937.0 1,115.4 3,052.4 1,239.5 736.9 1,976.4 (i) Of the \u00a3663.6m (2022: \u00a3110.7m) share of profits from continuing operations, only \u00a3662.3m (2022: \u00a3109.8m) is recognised through the income statement. The \u00a31.3m (2022: \u00a30.9m) difference relates to profits earned from SSE Group companies where the costs have been capitalised. This profit has been eliminated on consolidation. (ii) Impairments of \u00a3329.3m include charges of \u00a3291.6m in relation to the Group\u2019s Triton joint venture, and \u00a337.7m in relation to the Group\u2019s investment in Neos Networks, of which \u00a35.9m has been treated as exceptional and \u00a331.8m has been treated as non-exceptional, see note 7. 16.2 Additions and disposals of equity in the current year Additions in the year On 1 September 2022, the Group announced that SSE Thermal and Equinor had completed the acquisition of Triton Power Holdings Limited from Energy Capital Partners for total consideration of \u00a3341.0m shared equally. Further detail on the Group\u2019s acquisitions in the year is provided in note 12.1. Additionally the Group has provided equity and loans to its existing joint venture investments of \u00a3141.4m and \u00a3441.7m respectively, primarily in relation to Seagreen Wind Energy Limited, SSE Slough Multifuel Limited and Ossian Offshore Windfarm Limited. Disposals of equity in the year There were no significant disposals of equity in the current year. 16.3 Acquisitions and disposals of equity in the previous year Additions in the previous year arising on loss on control There were no significant additions of equity in the prior year. Disposals of equity in the previous year Sale of stake in Dogger Bank C: On 10 February 2022, SSE completed the sale of a 10% stake in Dogger Bank C to Eni for consideration of \u00a370.0m and contingent consideration of up to \u00a340.0m, resulting in a non-exceptional gain on disposal of \u00a364.3m. The gain was recognised within the adjusted profit of the Group in line with the Group\u2019s stated exceptional policy for gains on disposal of divestments in offshore windfarms (see note 3.2). After the sale the Group\u2019s shareholding in Dogger Bank C is 40%. Sale of investment in SGN: On 2 August 2021, the Group announced it had agreed to sell its 33.3% investment in SGN to a consortium comprising existing SGN shareholders Ontario Teachers\u2019 Pension Plan Board and Brookfield Super-Core Infrastructure Partners for cash consideration of \u00a31,225m. The agreement was conditional on certain regulatory approvals and completed on 22 March 2022, with the Group recognising an exceptional gain on disposal of \u00a3576.5m. 16.4 Principal joint ventures and associates Under IFRS 12 Disclosure of Interests in Other Entities, the Group has evaluated the key joint ventures and associates it holds with the purpose of disclosing any which are materially significant in order to identify the impact on the Group\u2019s financial position, performance and cash flows, whilst identifying the nature of the risks associated with these interests. A full listing of the Group\u2019s incorporated joint ventures, joint operations, associates and investments are included in the Accompanying Information A3 . 16.4 Principal joint ventures and associates continued Share of results of joint ventures and associates 2023 Windfarms \u00a3m 2023 Thermal Generation \u00a3m 2023 Other (i) \u00a3m 2023 Total \u00a3m 2022 Total \u00a3m Revenue 471.0 1,003.5 90.3 1,564.8 555.4 Other income 10.2 \u2013 \u2013 10.2 112.5 Depreciation and amortisation (92.8) (60.8) (47.5) (201.1) (146.6) Other operating costs (111.4) (540.1) (48.5) (700.0) (263.3) Operating profit 277.0 402.6 (5.7) 673.9 258.0 Interest expense (55.6) (4.2) (10.3) (70.1) (67.8) Changes in fair value of derivatives (11.0) 213.9 \u2013 202.9 \u2013 Corporation tax (44.9) (98.0) (0.2) (143.1) (79.5) Share of post taxation results 165.5 514.3 (16.2) 663.6 110.7 Recognised in other comprehensive income Cashflow hedges(ii) 453.4 3.1 \u2013 456.5 188.5 Taxation (ii) (113.3) (0.8) \u2013 (114.1) (35.7) Total comprehensive income 505.6 516.6 (16.2) 1,006.0 263.5 (i) Other comprises the investments the Group holds in Neos Networks Limited and Marron Activ8 Energies Limited. (ii) For the year ended 31 March 2022, other comprehensive income from net cashflow hedges of \u00a3181.4m included \u00a328.6m in relation to the disposal of SGN, which was disclosed as a discontinued operation. Share of joint ventures and associates\u2019 assets and liabilities 2023 Windfarms \u00a3m 2023 Thermal Generation \u00a3m 2023 Other (i) \u00a3m 2023 Total \u00a3m 2022 Total \u00a3m Non-current assets 5,379.4 396.7 316.9 6,093.0 4,475.5 Current assets 155.4 309.7 21.8 486.9 223.5 Cash and cash equivalents 187.6 63.6 12.1 263.3 230.6 Current liabilities (220.1) (191.5) (72.5) (484.1) (341.2) Non-current liabilities (4,631.5) (205.3) (176.6) (5,013.4) (3,913.2) 870.8 373.2 101.7 1,345.7 675.2 Other adjustments 550.4 68.0 (27.1) 591.3 564.3 Share of net assets of joint ventures and associates 1,421.2 441.2 74.6 1,937.0 1,239.5 Shareholder loans 906.1 153.7 55.6 1,115.4 736.9 Interest in joint venture and associate 2,327. 3 594.9 130.2 3,052.4 1,976.4 Information on Group\u2019s investments in joint ventures and associates is provided at A3, A4 and A5 . 16.5 Joint operations Listed are the incorporated joint operations that have a material impact on the financial position and financial results of the Group. Principal activity Country of incorporation Class of shares held Proportion of shares held (%) Group Interest (%) Year end Greater Gabbard Offshore Winds Limited Offshore Windfarm UK Ordinary 50 50 31 March The Group\u2019s interest in Greater Gabbard Offshore Winds Limited is that of a joint operation designed to provide output to the parties sharing control. The liabilities of the arrangement are principally met by the parties through the contracts for the output of the windfarm. The Group also has an unincorporated arrangement with Equinor under which it accounts for its 66.7% share of the Aldbrough gas storage facility owned by SSE Hornsea Limited. 16.6 Other investments held at fair value through other comprehensive income Total \u00a3m At 31 March 2021 3.6 Additions in year 5.4 Disposals in the year (0.4) Fair value adjustment through other comprehensive income 0.1 At 31 March 2022 8.7 Additions in year 19.1 Fair value adjustment through other comprehensive income (0.4) At 31 March 2023 27.4 The group has received \u00a32.4m in relation to other investments during the year ended 31 March 2023 (2022: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-706": { "value": "17. Inventories 2023 \u00a3m 2022 \u00a3m Fuel and consumables 179.3 127.9 Renewables Obligation Certificates 125.4 171.3 Gas held in storage 142.2 1.0 Less: provisions held (52.0) (33.6) 394.9 266.6 Where Renewables Obligation Certificates (\u2018ROCs\u2019) are self-generated or purchased to fulfil the Group\u2019s environmental obligations, they are recorded within intangible assets. ROCs held in excess of the Group\u2019s environmental obligations are recorded within inventories. The Group has expensed inventories of \u00a3601.5m within cost of sales in the year (2022: \u00a3685.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-707": { "value": "18. Trade and other receivables 2023 \u00a3m 2022 \u00a3m Non-current assets Loan note receivable 149.5 136.4 Current assets Trade receivables 1,404.0 1,433.9 Unbilled energy income 666.1 492.7 Other receivables 226.0 109.8 Cash posted as collateral 316.3 83.8 Other prepayments and accrued income 632.7 90.8 3,245.1 2,211.0 Total trade and other receivables 3,394.6 2,347.4 The non-current loan note receivable relates to \u00a3149.5m (2022: \u00a3131.2m) recognised on the disposal of SSE Energy Services on 15 January 2020 and payable by Ovo Energy by 2029. The Ovo loan note carries interest of 13.25% and is presented cumulative of accrued interest repayments, discounted at 13.25%. Additionally in the prior year \u00a35.2m (2023: \u00a3nil) was recognised on the disposal of the Contracting and Rail business to Aurelius Group on 1 April 2021. Unbilled energy income represents an estimate of the value of electricity or gas supplied to customers between the date of the last meter reading and the year end. Detail of the calculation applied to estimate this balance is included at note 4.1(iii). A 5% sensitivity on the unbilled energy accrual would equate to an increase or decrease in the receivable balance of \u00a333.6m (2022: \u00a324.6m). Included in other prepayments and accrued income is \u00a3347.3m (2022: \u00a3nil) in relation to government funded customer support schemes. Cash posted as collateral relates to amounts deposited on commodity trading exchanges of \u00a3316.3m (2022: \u00a383.8m). Trade receivables and other financial assets are part of the Group\u2019s financial exposure to credit risk as explained in accompanying information note A6 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-708": { "value": "19. Trade and other payables 2023 \u00a3m 2022 \u00a3m Current liabilities Trade payables 694.6 919.7 Contract related liabilities (i) 54.1 46.3 Other creditors 560.8 330.2 Other accruals (ii) 1,349.1 1,376.4 2,658.6 2,672.6 Non-current liabilities Contract related liabilities (i) 161.3 196.2 Deferred income and other accruals(ii) 798.6 646.2 959.9 842.4 Total trade and other payables 3,618.5 3,515.0 (i) Current contract related liabilities includes customer contributions of \u00a314.5m (2022: \u00a315.0m) and non-current contract related liabilities includes customer contributions of \u00a3161.3m (2022: \u00a3196.2m). (ii) Non-current other accruals includes government grants of \u00a37.9m (2022: \u00a31.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-709": { "value": "20. Provisions Decommissioning \u00a3m Legal and restructuring \u00a3m Employee related \u00a3m Other \u00a3m Total \u00a3m At 31 March 2021 768.0 48.7 36.6 19.3 872.6 Charged in the year \u2013 74.1 3.0 20.6 97.7 Increase in decommissioning provision 178.7 \u2013 \u2013 \u2013 178.7 Unwind of discount 5.7 \u2013 \u2013 \u2013 5.7 Released during the year \u2013 (1.6) \u2013 \u2013 (1.6) Utilised during the year (11.1) (27.2) (0.1) (2.3) (40.7) Exchange rate adjustments (1.2) \u2013 \u2013 \u2013 (1.2) At 31 March 2022 940.1 94.0 39.5 37.6 1,111.2 Charged in the year 6.8 16.9 4.5 21.7 49.9 Decrease in decommissioning provision (196.0) \u2013 \u2013 (196.0) Unwind of discount 22.1 \u2013 \u2013 \u2013 22.1 Released during the year \u2013 (45.2) (11.0) (43.2) (99.4) Disposed during the year (56.7) \u2013 \u2013 \u2013 (56.7) Utilised during the year (12.2) (51.0) (2.0) \u2013 (65.2) Transfers 1.8 5.6 (10.1) 2.7 \u2013 Exchange rate adjustments 6.2 \u2013 \u2013 \u2013 6.2 At 31 March 2023 712.1 20.3 20.9 18.8 772.1 At 31 March 2023 Non-current 686.0 19.9 18.6 18.2 742.7 Current 26.1 0.4 2.3 0.6 29.4 712.1 20.3 20.9 18.8 772.1 At 31 March 2022 Non-current 912.2 57.4 39.5 8.8 1,017.9 Current 27.9 36.6 \u2013 28.8 93.3 940.1 94.0 39.5 37.6 1,111.2 Decommissioning provisions Provision has been made for the estimated net present value of decommissioning the Group\u2019s Thermal and Renewable power generation assets, Gas Storage facilities and the retained 60% share of decommissioning costs of the disposed Gas Production business. Cost estimates are based on the forecast remediation or clean-up costs based on current technology and prices for Renewable, Thermal and Gas Storage assets and are reviewed by independent valuation experts every three years. In the intervening years, management update cost estimates based on factors arising since the last formal valuation date. Retained decommissioning costs in relation to the disposed Gas Production business are periodically agreed with the field operators. The cost estimates include a risk adjustment and are inflated to the projected decommissioning date using a market observable inflation rate. This projection is discounted using a risk-free discount rate based on UK gilt rates with maturity date similar to the expected decommissioning date. There is a wide range of assumed decommissioning dates across the obligation due to the number of assets and their varying ages, which is summarised in the table. Decommissioning dates are based on the useful economic lives of the individual assets based on technology and price forecasts at the balance sheet date. It is possible that the forecast decommissioning dates will change due to technology advances or decisions to repower wind farms when the current turbines reach the end of their respective lives. The date of decommissioning of the Gas Production business can vary based on hydrocarbon reserve estimates and market commodity prices, which can shorten or lengthen the economic life of the field. Business Unit Value of Provision 31 March 2023 \u00a3m Number of decommissioning sites Forecast decommissioning dates Renewables 218.5 55 2025 \u2013 2049 Thermal 165.0 14 2023 \u2013 2051 Gas Storage 119.4 18 1 2023 \u2013 2050 Gas Production 201.4 42 2023 \u2013 2038 Distributed Energy 7.8 1 2027 Total 712.1 1 The Group has two Gas Storage assets at Aldbrough and Atwick. In total there are 18 caverns with varying economic lives, therefore the number of sites has been disclosed to more accurately reflect the scale and expected timing of decommissioning activities. 2 The Group has retained a 60% share of the decommissioning obligation for four Gas Production fields, though each field has multiple wells and shared infrastructure that the Group retains an obligation to remediate. The Group\u2019s decommissioning provision has decreased during the year from \u00a3940.1m to \u00a3712.1m, primarily due to the financial assumptions applied in calculating the obligation. A decrease in the long term inflation rate to 3.2% (2022: 3.8%) has not been offset by the increase in the risk free discount rates applied of between 3.5%-3.8% (2022: 1.6%-1.8%) which has had a significant impact on the closing provision. Of the \u00a3196.0m reduction of provision based on revaluation, \u00a3145.5m has been recognised as an opposing reduction to decommissioning assets and \u00a350.5m was recognised in the income statement in relation to the Group\u2019s share of gas production decommissioning liabilities. During the year, the Group incurred \u00a312.2m of decommissioning spend, primarily related to the Fiddlers Ferry and Ferrybridge sites, included within Thermal above. Based on work completed to date, provisions accrued for the decommissioning of these power stations are expected to be sufficient for the final cost of the works. The disposed provision in the year related to the Fiddler\u2019s Ferry land site. Impact of climate change on the Group\u2019s decommissioning provisions The Group has assessed that the most likely impact of climate change on its decommissioning provisions would be the enactment of legislation that would result in the earlier closure of its unabated gas fired power stations. The decommissioning provision included in the table above for these assets is based on forecast closure dates under legislation enacted at the balance sheet date and therefore forecast closure dates have not been accelerated. In the sensitivity analysis below, a scenario has been included assuming legislation is enacted that would result in closure of these assets from 2030. Sensitivity analysis Sensitivity analysis reflecting reasonably probable fluctuations to the main assumptions used in the calculation of the decommissioning provisions is set out below: Estimated decommissioning provision including: 2023 \u00a3m 2022 \u00a3m Increasing the projected cost estimate by 10% 781.4 1,027.8 Increasing the inflation rate by 1.0% 793.2 1,051.2 Decreasing the discount rate by 0.5% 747.1 992.1 Closure of unabated gas CCGTs from 2030 714.5 931.7 Legal and restructuring provisions Provision had been made for costs associated with the restructure of the Group, including the disposal of SSE Energy Services, Neos Networks Limited and the Group\u2019s Contracting business. These provisions were utilised or released in the year. In the year the Group released provisions in total of \u00a345.2m, of which \u00a335.0m for a tax indemnity provided to RockRose Energy Limited (\u2018RRE\u2019) following the disposal of SSE E&P Limited on 14 October 2021 (see note 7.1) was released. The Group settled provisions relating to restructuring and disposals totalling \u00a351.0m in the year. Legal and restructuring provision utilisation during the year primarily relates to separation costs in relation to the disposals of SSE Energy Services, SGN and the Group\u2019s 50% investment in Neos Networks. Provisions have been made for ongoing legal and regulatory disputes. Where outcomes are unknown, a range of possible scenarios is calculated, with the most likely being reflected in the provision. The timing of settlement for legal provisions is more uncertain as it is dependent upon legal resolution being achieved. Employee related provisions Employee related provisions include the Group\u2019s employer financed retirement benefit provision for certain directors and former directors and employees, which is valued in accordance with IAS 19 using assumptions consistent with the Scottish Hydro Electric Pension Scheme (see note 23 for assumptions applied). In addition, the Group has legal obligations arising from severance payments due to employees, which are measured based on length of service. At 31 March 2023, the provisions for severance are related to the closure of Tarbert Power Station. Other provisions Other provisions include onerous contract provisions, mutualisation obligations and other contractual obligations and are calculated based on a best estimate basis. The timing of settlement of these provisions varies by obligation between 2023 and 2028. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-710": { "value": "21. Sources of finance 21.1 Capital management The Board\u2019s policy is to maintain a strong balance sheet and credit rating to support investor, counterparty and market confidence in the Group and to underpin future development of the business. The Group\u2019s credit ratings are also important in maintaining an efficient cost of capital and in determining collateral requirements throughout the Group. As at 31 March 2023, the Group\u2019s long-term credit rating was BBB+ positive outlook for Standard & Poor\u2019s and Baa1 stable outlook for Moody\u2019s. The maintenance of a medium-term corporate model is a key control in monitoring the development of the Group\u2019s capital structure and allows for detailed scenarios and sensitivity testing. Key ratios drawn from this analysis underpin regular updates to the Board and include the ratios used by the rating agencies in assessing the Group\u2019s credit ratings. The Group\u2019s debt requirements are principally met through issuing bonds denominated in Sterling and Euros as well as private placements and medium-term bank loans including those with the European Investment Bank. On 1 August 2022 SSE plc issued a 7 year \u20ac650m Eurobond at a coupon of 2.875% under the Group\u2019s Green Bond Framework and additionally, SSE Group (through Scottish Hydro Electric Transmission plc) also received \u00a3350m of proceeds, on 30 June 2022, from the private placement that was priced and committed to in March 2022. In April 2022 SSE plc issued a \u20ac1bn NC6 equity accounted Hybrid bond at 4% to re-finance the dual tranche debt accounted Hybrid bonds whose first call date occurred on 16 September 2022 with SSE taking advantage of the 3 month par call option on these Hybrid bonds meaning the bonds were repaid on 16 June 2022. Senior debt redeemed in the financial year included $255m (\u00a3162.7m) US Private Placement in April 2022, a \u00a3300m Eurobond in September 2022 and a \u00a3150m loan from the European Investment Bank to Scottish Hydro Electric Transmission plc in October 2022. SSE\u2019s adjusted net debt and hybrid capital was \u00a38.9bn at 31 March 2023, compared with \u00a38.6bn at 31 March 2022. Adjusted net debt and hybrid capital is stated after removing lease obligations, external debt attributed to non-controlling interests and cash posted as collateral in line with the Group\u2019s presentation basis which is explained at note 3(i). Cash posted as collateral refers to amounts deposited on commodity trading exchanges which are reported within \u2018Trade and other receivables\u2019 on the face of the balance sheet. The adjustment related to the non-controlling interest share of Scottish Hydro Electric Transmission plc external net debt is \u00a3434.2m and relates to 25% of external loans of \u00a31,744.8m net of cash and cash equivalents of \u00a37.8m. The Group has an established \u20ac1.5bn Euro commercial paper programme (paper can be issued in a range of currencies and swapped into Sterling) and as at 31 March 2023 there was \u00a3919m commercial paper outstanding (2022: \u00a3507m). The Group also has \u00a33.5bn of revolving credit facilities which includes \u00a3750m relating to Scottish Hydro Electric Transmission plc (2022: \u00a31.5bn) (see note 21.3). As at 31 March 2023 there was \u00a3100m of drawings against these committed facilities being less than 3% utilisation (2022: undrawn). The Group capital comprises: 2023 \u00a3m 2022 \u00a3m (restated*) Total borrowings (excluding lease obligations) 8,654.0 8,671.2 Less: Cash and cash equivalents (891.8) (1,049.3) Net debt (excluding hybrid equity) 7,762.2 7,621.9 Hybrid equity 1,882.4 1,051.0 External debt attributable to non-controlling interests (434.2) \u2013 Cash (posted)/held as collateral and other short term loans (316.3) (74.7) Adjusted net debt and hybrid capital APM 8,894.1 8,598.2 Equity attributable to shareholders of the parent 8,583.9 8,077.8 Total capital excluding lease obligations 17,478.0 16,676.0 * The comparative has been restated. See note 2.1. Under the terms of its major borrowing facilities, the Group is required to comply with the following financial covenant: \u2022 Interest Cover Ratio: The Group shall procure that the ratio of Operating Profit to Net Interest Payable for any relevant period is not less than 2.5 to 1. The following definitions apply in the calculation of these financial covenants: \u2022 \u2018Operating Profit\u2019 means, in relation to a relevant period, the profit on ordinary activities before taxation (after adding back Net Interest Payable) of the Group for that relevant period but after adjusting this amount to exclude any exceptional profits (or losses) and, for the avoidance of doubt, before taking account of any exceptional profits (or losses) and excluding the effect of IFRS 9 remeasurements. \u2022 \u2018Net Interest Payable\u2019 means, in respect of any relevant period, interest payable during that relevant period less interest receivable during that relevant period. In summary, the Group\u2019s intent is to balance returns to shareholders between current returns through dividends and long-term capital investment for growth. In doing so, the Group will maintain its capital discipline and will continue to operate within the current economic environment prudently. There were no changes to the Group\u2019s capital management approach during the year. Under the SSE plc\u2019s articles of association, the borrowings of the Company are limited so as to ensure that the aggregate amount of all borrowings by the Group outstanding at any time is not more than three times the capital and reserves of the Group. 21.2 Loans and other borrowings Current 2023 \u00a3m 2022 \u00a3m Short-term loans 1,738.5 1,118.7 Lease obligations 82.1 72.1 1,820.6 1,190.8 Non-current Loans 6,915.5 7,552.5 Lease obligations 323.8 321.4 7,239. 3 7,873.9 Total loans and borrowings 9,059.9 9,064.7 Cash and cash equivalents (891.8) (1,049.3) Unadjusted net debt 8,168.1 8,015.4 Add/(less): Hybrid equity 1,882.4 1,051.0 External net debt attributable to non-controlling interests (434.2) \u2013 Lease obligations (405.9) (393.5) Cash (posted)/held as collateral and other short term loans (316.3) (74.7) Adjusted net debt and hybrid capital APM 8,894.1 8,598.2 Cash and cash equivalents (which are presented as a single class of asset on the face of the balance sheet) comprise cash at bank and short term highly liquid investments with a maturity of three months or less. The cash and cash equivalents are lower year on year due to a lower surplus cash position at March 2023, with no large divestment proceeds received in March 2023 compared to March 2022. 21.3 Borrowing facilities The Group has an established \u20ac1.5bn Euro commercial paper programme (paper can be issued in a range of currencies and swapped into Sterling) and as at 31 March 2023 there was \u00a3919m commercial paper outstanding (2022: \u00a3507m). The Group also has \u00a33.5bn of revolving credit facilities (2022: \u00a31.5bn). As at 31 March 2023 there was \u00a3100m of drawings against these committed facilities being less than 3% utilisation (2022: undrawn). The details of the five committed facilities as at 31 March 2023 are: \u2022 a \u00a31.3bn revolving credit facility for SSE plc maturing March 2026 (2022: \u00a31.3bn); \u2022 a \u00a30.2bn bilateral facility for SSE plc maturing October 2026 (2022: \u00a30.2bn); \u2022 a new \u00a30.75bn facility for Scottish Hydro Electric Transmission plc maturing November 2025 (2022: \u00a3nil); \u2022 a new \u00a30.25bn facility for Scottish Hydro Electric Distribution plc and Southern Electric Power Distribution plc maturing November 2025 (2022: \u00a3nil); and \u2022 a new \u00a31.0bn committed facility for SSE plc maturing February 2024 (2022: \u00a3nil). The \u00a31.3bn revolving credit facility and \u00a30.2bn bilateral facility are both in place to provide back-up to the commercial paper programme and support the Group\u2019s capital expenditure plans. The Transmission and Distribution related facilities, both of which have 1 year extension options at the borrower\u2019s discretion, were entered into to help cover the capital expenditure and working capital of those businesses as they look to become financially independent of the Group as part of the 25% divestment process. The new \u00a31bn committed facility at SSE plc has a 1 year extension option at the lender\u2019s discretion and was entered into to provide cover for potential cash collateral requirements, if periods of extreme volatility return to the commodity markets. The only facility that was drawn at 31 March 2023 was the \u00a3750m Transmission facility, with \u00a3100m drawn to cover capital expenditure requirements. During the year to 31 March 2023 SSE plc issued a 7 year \u20ac650m Eurobond at a coupon of 2.875% with an all-in cost of funding rate of just below 3% once fees and cost of pre-hedging have been included. The bond will be left in Euros as part of the Group\u2019s net investment hedge of Euro denominated businesses. SSE Group (through Scottish Hydro Electric Transmission plc) also received the proceeds from the private placement that was priced and committed to in March 2022. This comprised of a \u00a3350m dual tranche US Private Placement with Pricora Capital being a \u00a3175m 10-year tranche at 3.13% and a \u00a3175m 15-year tranche at 3.24% giving an all-in average rate of 3.185% across both tranches. In April 2022 SSE plc issued a \u20ac1bn NC6 equity accounted Hybrid bond at 4% to re-finance the dual tranche debt accounted Hybrid bonds whose first call date occurred on 16 September 2022, with SSE taking advantage of the 3 month par call option on these Hybrid bonds meaning the bonds were repaid on 16 June 2022. The \u20ac1bn equity accounted Hybrid bond was left in Euros with the proceeds used to cover the portion of the maturing Hybrid that was swapped to Euros and a portion of the costs associated with the acquisition of the Southern European onshore renewables development platform from Siemens Gamesa Renewables Energy. 21.3 Borrowing facilities continued Analysis of borrowings 2023 Weighted average interest rate (iv) 2023 Face value \u00a3m 2023 Fair value \u00a3m 2023 Carrying amount \u00a3m 2022 Weighted average interest rate(iv) 2022 Face value \u00a3m 2022 Fair value \u00a3m 2022 Carrying amount \u00a3m Current Bank Loans \u2013 non-amortising (i) 2.6% 50.0 49.4 50.0 3.0% 150.0 151.1 150.0 Other Short term loans \u2013 non-amortising (ii) 4.5% 1,029.4 1,033.5 1,019.2 0.8% 507.1 507.5 506.1 US Private Placement 16 April 2022 \u2013 \u2013 \u2013 \u2013 4.3% 162.7 197.8 162.7 5.875% Eurobond Repayable 22 September 2022 \u2013 \u2013 \u2013 \u2013 5.9% 300.0 306.1 299.9 US Private Placement 28 April 2023 2.8% 35.0 35.3 35.0 \u2013 \u2013 \u2013 \u2013 US Private Placement 6 September 2023 2.9% 120.0 118.8 119.8 \u2013 \u2013 \u2013 \u2013 1.75% \u20ac700m Eurobond repayable 8 September 2023(v) 1.8% 514.6 510.8 514.5 \u2013 \u2013 \u2013 \u2013 Total current borrowings 1,749.0 1,747.8 1,738.5 1,119.8 1,162.5 1,118.7 Non-Current Bank loans \u2013 non-amortising(i) 3.4% 500.0 479.5 499.9 2.2% 350.0 344.3 349.9 US Private Placement 28 April 2023 \u2013 \u2013 \u2013 \u2013 2.8% 35.0 35.4 34.9 US Private Placement 6 September 2023 \u2013 \u2013 \u2013 \u2013 2.9% 120.0 120.1 119.4 1.75% \u20ac700m Eurobond repayable 8 September 2023(v) \u2013 \u2013 \u2013 \u2013 1.8% 514.6 524.0 514.3 US Private Placement 16 April 2024 4.4% 204.1 259.6 204.1 4.4% 204.1 250.6 204.0 1.250% Eurobond Repayable 16 April 2025(viii) 1.3% 531.4 508.3 531.4 1.3% 531.4 533.4 531.4 0.875% \u20ac600m Eurobond Repayable 8 September 2025 (x) 0.9% 527.5 495.3 526.2 0.9% 510.9 504.3 504.2 US Private Placement 8 June 2026 3.1% 64.0 59.9 63.5 3.1% 64.0 63.8 63.3 US Private Placement 6 September 2026 3.2% 247.1 257.4 245.0 3.2% 247.1 258.7 244.3 US Private Placement 6 September 2027 3.2% 35.0 31.7 34.7 \u2013 \u2013 \u2013 \u2013 1.375% \u20ac650m Eurobond repayable 4 September 2027 (vi)(x) 1.4% 591.4 545.8 590.5 \u2013 \u2013 \u2013 \u2013 1.50% Eurobond Repayable 24 March 2028 1.5% 250.0 212.8 249.1 \u2013 \u2013 \u2013 \u2013 Between two and five years 2,950.5 2,850.3 2,944.4 2,577.1 2,634.6 2,565.7 Bank loans \u2013 non-amortising(i) \u2013 \u2013 \u2013 \u2013 0.8% 200.0 200.7 200.0 US Private Placement 6 September 2027 \u2013 \u2013 \u2013 \u2013 3.2% 35.0 34.8 34.6 1.375% \u20ac650m Eurobond repayable 4 September 2027 (vi) \u2013 \u2013 \u2013 \u2013 1.4% 591.4 588.7 590.2 1.50% Eurobond Repayable 24 March 2028(x) \u2013 \u2013 \u2013 \u2013 1.5% 250.0 232.9 249.0 8.375% Eurobond repayable on 20 November 2028 8.4% 500.0 575.0 497.6 8.4% 500.0 659.0 497.2 2.875% Eurobond Repayable 1 August 2029 (x) 2.9% 571.5 548.3 569.8 1.750% Eurobond Repayable 16 April 2030 (ix) 1.8% 442.9 388.1 442.9 1.8% 442.9 439.6 442.9 5.50% Eurobond repayable on 7 June 2032 5.5% 350.0 364.1 350.1 5.5% 350.0 428.6 350.1 Private Placement 30 June 2032 3.1% 175.0 152.8 175.0 2.25% Eurobond repayable 27 September 2035 (x) 2.3% 350.0 255.9 347.4 2.3% 350.0 314.1 347. 2 2.125% Eurobond Repayable 24 March 2036(x) 2.1% 250.0 177.7 248.4 2.1% 250.0 220.7 248.3 4.625% Eurobond repayable on 20 February 2037 4.6% 325.0 301.2 324.2 4.6% 325.0 375.4 324.1 Private Placement 3.2% 175.0 142.2 175.0 6.25% Eurobond repayable on 27 August 2038 6.3% 350.0 372.0 347.5 6.3% 350.0 473.3 347.5 4.454% Index linked loan repayable on 27 February 2044 4.5% 165.9 190.4 165.5 4.5% 148.5 250.8 145.1 1.429% Index linked bond repayable on 20 October 2056 2.0% 173.1 140.4 173.1 2.0% 153.9 251.2 154.2 4.75% $900m NC5.5 Hybrid debt maturing 16 September 2077(vii) \u2013 \u2013 \u2013 \u2013 4.8% 725.4 727.6 725.0 3.625% NC5.5 Hybrid maturing 16 September 2077 (vii) \u2013 \u2013 \u2013 \u2013 3.6% 300.0 301.6 299.8 Over five years 3,828.4 3,608.1 3,816.5 4,972.1 5,499.0 4,955.2 Fair value adjustment (iii) 154.6 31.6 Total non-current borrowings 6,778.9 6,458.4 6,915.5 7,549.2 8,133.6 7, 552.5 Total borrowings 8,527.9 8,206.2 8,654.0 8,669.0 9,296.1 8,671.2 Note: The Sterling-equivalent fair value reflects the fair value of non-Sterling denominated borrowings, post the impact of the hedges noted below. (i) Balances include term loans and EIB debt and is a mixture of fixed and floating rate debt. (ii) Balances include Commercial Paper and facility advances (\u00a3919m of Commercial Paper and \u00a3100m of facility advances outstanding at 31 March 2023). (iii) The fair value adjustment relates to the change in the carrying amount of the borrowings as a result of fair value hedges that are in place. The movement in the fair value adjustment is recognised in the income statement with a corresponding movement on the hedging instrument also being recognised in the income statement. (iv) The weighted average interest rates (including the effect of interest rate swaps) for the year ended 31 March 2023 was 3.35% (2022: 3.29%). (v) The 1.75% \u20ac700m Eurobond maturing 8 September 2023 has been swapped to Sterling giving an effective interest rate of 3.16%. (vi) The 1.375% \u20ac650m Eurobond maturing 4 September 2027 has been swapped to Sterling giving an effective interest rate of 2.56%. (vii) The 4.75% $900m NC5.5 Hybrid maturing 16 September 2077 has been swapped to Euros ($605m) and Sterling ($295m) giving an effective interest rate of 2.25% and 3.29% respectively. This and the 3.625% NC5.5 Hybrid maturing 16 September 2077 were the Group\u2019s debt-accounted Hybrids (see (ii) below), both were redeemed on 16 June 2022 using a 3 month par call option. (viii) The 1.250% \u20ac600m Eurobond maturing 16 April 2025 has been swapped to Sterling giving an effective interest rate of 2.43% (ix) The 1.750% \u20ac500m Eurobond maturing 16 April 2030 has been swapped to Sterling giving an effective interest rate of 2.89% (x) Bonds have been issued under the Group\u2019s Green Bond Framework (i) Lease liabilities Amounts charged under lease arrangements are detailed within note 6, and right of use assets recognised under lease arrangements are detailed within note 14. \u00a3m At 31 March 2021 421.0 Additions during the year 82.7 Disposals during the year (46.8) Unwind of discount 31.7 Repayment in the year (95.1) At 31 March 2022 393.5 Additions during the year 79.9 Disposals during the year (1.4) Unwind of discount 28.3 Repayment in the year (94.4) At 31 March 2023 405.9 The weighted average incremental borrowing rate applied to lease liabilities during the year was 5.02% (2022: 4.92%). Incremental borrowing rates applied to individual lease additions in the year ranged between 4.03% to 5.06% (2022: 4.81% to 5.06%). The Group has additional committed payments under short term and low value leases at 31 March 2023 of \u00a311.7m (2022: \u00a311.3m). The maturity of future lease liabilities are as follows: 2023 \u00a3m 2022 \u00a3m Within one year 94.5 88.7 Between one and five years 202.4 223.7 After five years 316.1 268.9 613.0 581.3 Less: future finance charge (207.1) (187.8) Present value of lease obligations 405.9 393.5 (ii) Hybrid debt On 16 March 2017, the Group issued \u00a31.0bn of hybrid debt securities. Due to these hybrid instruments having a fixed redemption date, they were accounted for as a debt item and were included within Loans and Other Borrowings in note 21.2. Following the issue of a new \u20ac1bn equity accounted hybrid in April 2022, the Group took advantage of the 3 month par call option on the debt accounted hybrids to fully redeem these hybrids on 16 June 2022. Therefore included within loans and borrowings at 31 March 2023 is \u00a3nil hybrid debt securities, compared to \u00a31.0bn of hybrid debt securities at 31 March 2022. 21.4 Reconciliation of net increase in cash and cash equivalents to movement in adjusted net debt and hybrid capital 2023 \u00a3m 2022 \u00a3m Decrease in cash and cash equivalents (157.5) (550.9) Add/(less): New borrowing proceeds (1,914.7) (506.1) New hybrid equity proceeds (831.4) \u2013 Repayment of borrowings 2,148.1 865.0 Repayment of hybrid equity \u2013 421.4 Non-cash movement on borrowings (216.2) (40.5) External debt attributable to non-controlling interests 434.2 \u2013 Increase in cash posted as collateral and other short term loans 241.6 111.8 (Increase)/decrease in adjusted net debt and hybrid capital APM (295.9) 300.7 Cash posted/held as collateral refers to amounts deposited on commodity trading exchanges and loans provided with a less than three month maturity which are reported within trade and other receivables on the face of the balance sheet. 21.5 Reconciliation of movements in financing liabilities At 31 March 2022 \u00a3m Financing cash flows Non-cash movements At 31 March 2023 \u00a3m New borrowings \u00a3m Disposal of borrowings \u00a3m Repayment of borrowings \u00a3m Repayment of lease creditor \u00a3m Fair value movements \u00a3m Foreign exchange movements \u00a3m Lease liabilities \u00a3m Re- classification \u00a3m Other \u00a3m Financing Liabilities Bank loans 549.8 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (50.0) 0.1 499.9 Private placement 784.5 350.0 \u2013 \u2013 \u2013 (3.2) \u2013 \u2013 (154.8) 1.6 978.1 Fixed rate Eurobonds 4,945.0 545.5 \u2013 \u2013 \u2013 75.1 47.4 \u2013 (514.5) 0.4 5,098.9 Index linked loans 299.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 39.3 338.6 Hybrid debt 973.9 \u2013 \u2013 (1,029.4) \u2013 51.1 4.1 \u2013 \u2013 0.3 \u2013 Total long term borrowings 7,552.5 895.5 \u2013 (1,029.4) \u2013 123.0 51.5 \u2013 (719.3) 41.7 6,915.5 Bank loans 150.0 \u2013 \u2013 (150.0) \u2013 \u2013 \u2013 \u2013 50.0 \u2013 50.0 Fixed rate Eurobonds 299.9 \u2013 \u2013 (299.9) \u2013 \u2013 \u2013 \u2013 514.5 \u2013 514.5 Other short term loans \u2013 non- amortising 506.1 1,019.2 \u2013 (506.1) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,019.2 US private placement 162.7 \u2013 \u2013 (162.7) \u2013 \u2013 \u2013 \u2013 154.8 \u2013 154.8 Total short term borrowings 1,118.7 1,019.2 \u2013 (1,118.7) \u2013 \u2013 \u2013 \u2013 719.3 \u2013 1,738.5 8,671.2 1,914.7 \u2013 (2,148.1) \u2013 123.0 51.5 \u2013 \u2013 41.7 8,654.0 Lease liabilities 393.5 \u2013 \u2013 \u2013 (94.4) \u2013 \u2013 106.8 \u2013 \u2013 405.9 Total loans and borrowings 9,064.7 1,914.7 \u2013 (2,148.1) (94.4) 123.0 51.5 106.8 \u2013 41.7 9,059.9 Assets held to hedge long term borrowings 242.1 \u2013 \u2013 \u2013 \u2013 (371.4) \u2013 \u2013 \u2013 \u2013 (129.3) 9,306.8 1,914.7 \u2013 (2,148.1) (94.4) (248.4) 51.5 106.8 \u2013 41.7 8,930.6 At 31 March 2021 \u00a3m Financing cash flows Non-cash movements At 31 March 2022 \u00a3m New borrowings \u00a3m Disposal of borrowings \u00a3m Repayment of borrowings \u00a3m Repayment of lease creditor \u00a3m Fair value movements \u00a3m Foreign exchange movements \u00a3m Lease liabilities \u00a3m Re- classification \u00a3m Other \u00a3m Financing Liabilities Bank loans 699.7 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (150.0) 0.1 549.8 Private placement 915.9 \u2013 \u2013 \u2013 \u2013 29.8 \u2013 \u2013 (162.7) 1.5 784.5 Fixed rate Eurobonds 5,278.1 \u2013 \u2013 \u2013 \u2013 (30.7) (4.8) \u2013 (299.9) 2.3 4,945.0 Index linked loans 283.0 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 16.3 299.3 Hybrid debt 950.8 \u2013 \u2013 \u2013 \u2013 26.7 (4.7) \u2013 \u2013 1.1 973.9 Total long term borrowings 8,127.5 \u2013 \u2013 \u2013 25.8 (9.5) \u2013 (612.6) 21.3 7,552.5 Bank loans 150.0 \u2013 \u2013 (150.0) \u2013 \u2013 \u2013 \u2013 150.0 \u2013 150.0 Fixed rate Eurobonds 712.1 \u2013 \u2013 (715.0) \u2013 2.6 \u2013 \u2013 299.9 0.3 299.9 Other short term loans \u2013 non- amortising \u2013 506.1 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 506.1 US private placement \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 162.7 \u2013 162.7 Total short term borrowings 862.1 506.1 \u2013 (865.0) \u2013 2.6 \u2013 \u2013 612.6 0.3 1,118.7 8,989.6 506.1 \u2013 (865.0) \u2013 28.4 (9.5) \u2013 \u2013 21.6 8,671.2 Lease liabilities 421.0 \u2013 \u2013 \u2013 (95.1) \u2013 \u2013 67.6 \u2013 \u2013 393.5 Total loans and borrowings 9,410.6 506.1 \u2013 (865.0) (95.1) 28.4 (9.5) 67.6 \u2013 21.6 9,064.7 Assets held to hedge long term borrowings 315.4 \u2013 \u2013 \u2013 \u2013 (73.3) \u2013 \u2013 \u2013 \u2013 242.1 9,726.0 506.1 \u2013 (865.0) (95.1) (44.9) (9.5) 67.6 \u2013 21.6 9,306.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-711": { "value": "22. Equity 22.1 Share capital Number (millions) \u00a3m Allotted, called up and fully paid: At 1 April 2021 1,049.1 524.5 Issue of shares (i) 24.0 12.0 At 31 March 2022 1,073.1 536.5 Issue of shares(i) 27.7 13.9 Shares repurchased(ii) (6.9) (3.4) At 31 March 2023 1,093.9 547.0 The Company has one class of ordinary share which carries no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. (i) Shareholders were able to elect to receive ordinary shares in place of the final dividend of 60.2p per ordinary share (in relation to year ended 31 March 2022) and the interim dividend of 29.0p (in relation to the current year) under the terms of the Company\u2019s scrip dividend scheme. This resulted in the issue of 18,241,941 and 9,413,103 new fully paid ordinary shares respectively (2022: 22,201,443 and 1,782,473). In addition, the Company issued 1.9m (2022: 0.6m) shares during the year under the savings-related share option schemes (all of which were settled by shares held in Treasury) for a consideration of \u00a318.0m (2022: \u00a36.3m). (ii) Under the share buyback programme announced on 28 September 2022 6.9m of shares were repurchased and cancelled in the year to 31 March 2023 for a total consideration of \u00a3107.6m (including stamp duty and commission). The nominal value of share capital repurchased and cancelled is transferred out of share capital and into the capital redemption reserve. Of the 1,093.9m shares in issue, 3.6m are held as treasury shares. These shares will be held by the Group and used to award shares to employees under the Sharesave scheme in the UK. During the year, on behalf of the Company, the employee share trust purchased 1.4m shares for a total consideration of \u00a323.4m (2022: 0.9m shares, consideration of \u00a314.1m) to be held in trust for the benefit of employee share schemes. At 31 March 2023, the trust held 6.5m shares (2022: 6.3m) which had a market value of \u00a3118.0m (2022: \u00a3110.0m). 22.2 Capital redemption reserve The capital redemption reserve comprises the value of shares redeemed or purchased by the Company from distributable profits. 22.3 Hedge reserve The hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedge derivative instruments related to hedged transactions that have not yet occurred. 22.4 Translation reserve Comprises exchange translation differences on foreign currency net investments offset by exchange translation differences on borrowings and derivatives classified as net investment hedges under IAS 39. 22.5 Hybrid Equity 2023 \u00a3m 2022 \u00a3m GBP 600m 3.74% perpetual subordinated capital securities(i) 598.0 598.0 EUR 500m 3.125% perpetual subordinated capital securities(i) 453.0 453.0 EUR 1,000m 4.00% perpetual subordinated capital securities (ii) 831.4 \u2013 1,882.4 1,051.0 (i) 2 July 2020 \u00a3600m and \u20ac500m Hybrid Capital Bonds The hybrid capital bonds issued in July 2020 have no fixed redemption date, but the Company may, at its sole discretion, redeem all but not part of the capital securities at their principal amount. The date for the first potential discretionary redemption of the \u00a3600m hybrid bond is 14 April 2026 and then every 5 years thereafter. The date for the first potential discretionary redemption of the \u20ac500m hybrid capital bond is 14 July 2027 and then every 5 years thereafter. For the \u00a3600m Hybrid the discretionary coupon payments are made annually on 14 April and for the \u20ac500m Hybrid the coupon payments are made annually on 14 July. (ii) 12 April 2022 \u20ac1,000m Hybrid Capital Bonds The hybrid capital bond issued in April 2022 has no fixed redemption date, but the Company may, at its sole discretion, redeem all but not part of the capital securities at their principal amount. The date for the first potential discretionary redemption is 21 April 2028 and then every 5 years thereafter. The discretionary hybrid coupon payments are made annually on 21 April. (iii) Coupon Payments In relation to the \u00a3600m hybrid equity bond a discretionary coupon payment of \u00a322.4m (2022: \u00a316.8m) was made on 14 April 2022 and for the \u20ac500m hybrid equity bond a discretionary coupon payment of \u00a316.4m (2022: \u00a316.4m) was made on 14 July 2022. Additionally, in relation to the \u20ac600m hybrid equity bond (redeemed on 1 April 2021), the final discretionary coupon payment of \u00a317.5m was made on 1 April 2021. The first discretionary coupon payment on the new \u20ac1bn hybrid equity bond will occur on 21 April 2023. The coupon payments in the year to 31 March 2023 consequently totalled \u00a338.8m (2022: \u00a350.7m). The Company has the option to defer coupon payments on the bonds on any relevant payment date, as long as a dividend on the ordinary shares has not been declared. Deferred coupons shall be satisfied only on redemption; or on a dividend payment on ordinary shares, both of which occur at the sole option of the Company. Interest will accrue on any deferred coupon. 22.6 Equity attributable to non-controlling interests Equity attributable to non-wholly owned but controlled subsidiaries which are consolidated within the financial statements of the Group under IFRS. At 31 March 2023 the amount attributable to non-controlling interests is \u00a3649.1m (2022: \u00a340.6m), which relates to SHET of \u00a3606.5m (2022: \u00a3nil) and SSE Pacifico \u00a342.6m (2022: \u00a340.6m). The SHET\u2019s summarised financial information is included in note 12.2(i). The profit and loss attributable to non-controlling interests for the year ended 31 March 2023 is \u00a323.6m gain (2022: \u00a3nil), which relates to SHET \u00a325.5m gain (2022: \u00a3nil) and SSE Pacifico \u00a31.9m loss (2022: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-752": { "value": "22.1 Share capital Number (millions) \u00a3m Allotted, called up and fully paid: At 1 April 2021 1,049.1 524.5 Issue of shares (i) 24.0 12.0 At 31 March 2022 1,073.1 536.5 Issue of shares(i) 27.7 13.9 Shares repurchased(ii) (6.9) (3.4) At 31 March 2023 1,093.9 547.0 The Company has one class of ordinary share which carries no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. (i) Shareholders were able to elect to receive ordinary shares in place of the final dividend of 60.2p per ordinary share (in relation to year ended 31 March 2022) and the interim dividend of 29.0p (in relation to the current year) under the terms of the Company\u2019s scrip dividend scheme. This resulted in the issue of 18,241,941 and 9,413,103 new fully paid ordinary shares respectively (2022: 22,201,443 and 1,782,473). In addition, the Company issued 1.9m (2022: 0.6m) shares during the year under the savings-related share option schemes (all of which were settled by shares held in Treasury) for a consideration of \u00a318.0m (2022: \u00a36.3m). (ii) Under the share buyback programme announced on 28 September 2022 6.9m of shares were repurchased and cancelled in the year to 31 March 2023 for a total consideration of \u00a3107.6m (including stamp duty and commission). The nominal value of share capital repurchased and cancelled is transferred out of share capital and into the capital redemption reserve. Of the 1,093.9m shares in issue, 3.6m are held as treasury shares. These shares will be held by the Group and used to award shares to employees under the Sharesave scheme in the UK. During the year, on behalf of the Company, the employee share trust purchased 1.4m shares for a total consideration of \u00a323.4m (2022: 0.9m shares, consideration of \u00a314.1m) to be held in trust for the benefit of employee share schemes. At 31 March 2023, the trust held 6.5m shares (2022: 6.3m) which had a market value of \u00a3118.0m (2022: \u00a3110.0m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-753": { "value": "22.2 Capital redemption reserve The capital redemption reserve comprises the value of shares redeemed or purchased by the Company from distributable profits. 22.3 Hedge reserve The hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedge derivative instruments related to hedged transactions that have not yet occurred. 22.4 Translation reserve Comprises exchange translation differences on foreign currency net investments offset by exchange translation differences on borrowings and derivatives classified as net investment hedges under IAS 39. 22.5 Hybrid Equity 2023 \u00a3m 2022 \u00a3m GBP 600m 3.74% perpetual subordinated capital securities(i) 598.0 598.0 EUR 500m 3.125% perpetual subordinated capital securities(i) 453.0 453.0 EUR 1,000m 4.00% perpetual subordinated capital securities (ii) 831.4 \u2013 1,882.4 1,051.0 (i) 2 July 2020 \u00a3600m and \u20ac500m Hybrid Capital Bonds The hybrid capital bonds issued in July 2020 have no fixed redemption date, but the Company may, at its sole discretion, redeem all but not part of the capital securities at their principal amount. The date for the first potential discretionary redemption of the \u00a3600m hybrid bond is 14 April 2026 and then every 5 years thereafter. The date for the first potential discretionary redemption of the \u20ac500m hybrid capital bond is 14 July 2027 and then every 5 years thereafter. For the \u00a3600m Hybrid the discretionary coupon payments are made annually on 14 April and for the \u20ac500m Hybrid the coupon payments are made annually on 14 July. (ii) 12 April 2022 \u20ac1,000m Hybrid Capital Bonds The hybrid capital bond issued in April 2022 has no fixed redemption date, but the Company may, at its sole discretion, redeem all but not part of the capital securities at their principal amount. The date for the first potential discretionary redemption is 21 April 2028 and then every 5 years thereafter. The discretionary hybrid coupon payments are made annually on 21 April. (iii) Coupon Payments In relation to the \u00a3600m hybrid equity bond a discretionary coupon payment of \u00a322.4m (2022: \u00a316.8m) was made on 14 April 2022 and for the \u20ac500m hybrid equity bond a discretionary coupon payment of \u00a316.4m (2022: \u00a316.4m) was made on 14 July 2022. Additionally, in relation to the \u20ac600m hybrid equity bond (redeemed on 1 April 2021), the final discretionary coupon payment of \u00a317.5m was made on 1 April 2021. The first discretionary coupon payment on the new \u20ac1bn hybrid equity bond will occur on 21 April 2023. The coupon payments in the year to 31 March 2023 consequently totalled \u00a338.8m (2022: \u00a350.7m). The Company has the option to defer coupon payments on the bonds on any relevant payment date, as long as a dividend on the ordinary shares has not been declared. Deferred coupons shall be satisfied only on redemption; or on a dividend payment on ordinary shares, both of which occur at the sole option of the Company. Interest will accrue on any deferred coupon. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-754": { "value": "22.6 Equity attributable to non-controlling interests Equity attributable to non-wholly owned but controlled subsidiaries which are consolidated within the financial statements of the Group under IFRS. At 31 March 2023 the amount attributable to non-controlling interests is \u00a3649.1m (2022: \u00a340.6m), which relates to SHET of \u00a3606.5m (2022: \u00a3nil) and SSE Pacifico \u00a342.6m (2022: \u00a340.6m). The SHET\u2019s summarised financial information is included in note 12.2(i). The profit and loss attributable to non-controlling interests for the year ended 31 March 2023 is \u00a323.6m gain (2022: \u00a3nil), which relates to SHET \u00a325.5m gain (2022: \u00a3nil) and SSE Pacifico \u00a31.9m loss (2022: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-712": { "value": "23. Retirement benefit obligations Defined benefit schemes The Group has two funded final salary pension schemes which provide defined benefits based on final pensionable pay. The schemes are subject to independent valuations at least every three years. The future benefit obligations are valued by actuarial methods on the basis of an appropriate assessment of the relevant parameters. The Group also has an Employer Financed Retirement Benefit scheme and a defined contribution scheme, SSE Pensions+ under a master trust with Aviva. The Group matches employee contributions up to a specified limit, in most circumstances this is set at 6%. The Group may also provide additional contributions of 3% after five years and a further 3% after ten years continuous Group service. The Group presents its pension scheme valuations under two different measurement bases, an actuarial valuation and an IAS 19 valuation as required by accounting standards. The IAS 19 valuation is used to determine the assets and obligations recognised in the Group\u2019s consolidated balance sheet and is calculated annually by scheme actuaries, whereas the formal actuarial valuation is used to determine the contributions the Group makes to each scheme. The actuarial valuation is recalculated for each scheme every three years. Actuarial valuations The individual pension scheme details based on the latest formal actuarial valuations are as follows: Scottish Hydro Electric SSE Southern Latest formal actuarial valuation 31 March 2021 31 March 2022 Valuation carried out by Hymans Robertson Aon Hewitt Value of assets based on valuation \u00a32,050.5m \u00a32,395.6m Value of liabilities based on valuation \u00a31,782.2m \u00a32,475.2m Valuation method adopted Projected Unit Projected Unit Average salary increase RPI+0.5% RPI+0.25% Average pension increase RPI RPI Value of fund assets/accrued benefits 115.1% 96.8% Future contributions Scottish Hydro Electric Pension Scheme The last triennial actuarial valuation of the scheme was carried out at 31 March 2021 and showed a surplus of \u00a3268.3m on a projected unit basis. Following this valuation, the Group agreed to a new schedule of contributions which does not require contributions to be paid to the scheme, unless there is a deficit on the valuation basis for two successive quarterly valuations. Consequently, the Group has not made contributions to the scheme in the year ending 31 March 2023. The next triennial funding valuation will be carried out as at 31 March 2024. SSE Southern Group of the Electricity Supply Pension Scheme The last triennial actuarial valuation of the Scheme as at 31 March 2022 was finalised in April 2023, and showed a deficit of \u00a379.6m on a projected unit basis. Following this valuation, the Group agreed to a new schedule of contributions which, along with investment returns from return-seeking assets, are expected to make good this shortfall by 31 March 2027. The next funding valuation will be carried out at 31 March 2025. The Group also pays contributions in respect of current accrual. Total contributions of approximately \u00a329.0m are expected to be paid by the Company during the year ending on 31 March 2024, including deficit repair contributions of \u00a314.2m. The deficit repair contribution will be made annually until March 2027, increasing in line with inflation each year. During the year ending 31 March 2023 the Group continued to pay deficit contributions of \u00a338.0m. Pension summary as measured under IAS 19: Scheme type Net actuarial (loss)/gain recognised in respect of the pension asset in the statement of comprehensive income Net pension asset 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Scottish Hydro Electric Defined benefit (152.0) (24.6) 366.6 517.5 SSE Southern Defined benefit 72.8 221.9 174.5 67.4 Net actuarial (loss)/gain (79.2) 197.3 541.1 584.9 IFRC 14 surplus restrictions The value of Scottish Hydro Electric Pension Scheme assets recognised was previously impacted by the asset ceiling test which restricts the surplus that can be recognised to assets that can be recovered through future refunds or reductions in future contributions to the schemes, and may increase the value of scheme liabilities where there are minimum funding liabilities in relation to agreed contributions. IFRIC 14 \u2018IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019 clarifies that future refunds may be recognised if the sponsoring entity has an unconditional right to a refund in certain circumstances. In 2016/17 the Group agreed with the trustees to the Scottish Hydro Electric Pension Scheme an amendment to the scheme rules to clarify that the Company has a clear right to any surplus upon final winding up of the scheme. This amendment removes the previous restriction on recognition of any surplus and as such the previously applied restriction is no longer recognised. The net pension asset of the Scottish Hydro Electric Scheme at 31 March 2023 was equal to \u00a3366.6m (2022: \u00a3517.5m). At 31 March 2023, the SSE Southern Pension Scheme has a net surplus of \u00a3174.5m (2022: \u00a367.4m), and unrecognised future contributions of \u00a350.9m (2022: \u00a3195.7m), subject to increases in line with inflation. The Group has assessed that it has the right to recognise the current and any future surpluses on the scheme, therefore has not recognised a liability for future unrecoverable contributions. 23.1 Pension scheme assumptions Both schemes have been updated to 31 March 2023 by qualified independent actuaries. The valuations have been prepared for the purposes of meeting the requirements of IAS 19. The major assumptions used by the actuaries in both schemes were: At 31 March 2023 At 31 March 2022 Rate of increase in pensionable salaries 3.5% 4.2% Rate of increase in pension payments 3.2% 3.7% Discount rate 4.8% 2.7% Inflation rate 3.2% 3.7% The assumptions relating to longevity underlying the pension liabilities at 31 March 2023 are based on standard actuarial mortality tables, and include an allowance for future improvements in longevity. The assumptions, equivalent to future longevity for members in normal health at age 65, are as follows: Scottish Hydro Electric At 31 March 2023 At 31 March 2022 Male Female Male Female Currently aged 65 22 24 22 24 Currently aged 45 24 26 24 27 SSE Southern At 31 March 2023 At 31 March 2022 Male Female Male Female Currently aged 65 22 24 23 25 Currently aged 45 24 26 24 26 23.2 Sensitivity analysis The impact on the schemes\u2019 liabilities of changing certain of the major assumptions is as follows: Scottish Hydro Electric At 31 March 2023 At 31 March 2022 Increase/ decrease in assumption Effect on scheme\u2019s liabilities Increase/ decrease in assumption Effect on scheme\u2019s liabilities Rate of increase in pensionable salaries 0.1% +/-0.1% 0.1% +/-0.1% Rate of increase in pension payments 0.1% +/-0.7% 0.1% +/-0.9% Discount rate 0.1% +/-0.7% 0.1% +/-1.0% Longevity 1 year +/-1.9% 1 year +/-2.0% SSE Southern At 31 March 2023 At 31 March 2022 Increase/ decrease in assumption Effect on scheme\u2019s liabilities Increase/ decrease in assumption Effect on scheme\u2019s liabilities Rate of increase in pensionable salaries 0.1% +/-0.1% 0.1% +/-0.2% Rate of increase in pension payments 0.1% +/-1.2% 0.1% +/-1.5% Discount rate 0.1% +/-1.3% 0.1% +/-1.5% Longevity 1 year +/-3.3% 1 year +/-5.8% 23.3 Valuation of combined Pension Schemes Quoted \u00a3m Unquoted \u00a3m Value at 31 March 2023 \u00a3m Quoted \u00a3m Unquoted \u00a3m Value at 31 March 2022 \u00a3m Equities 94.3 \u2013 94.3 511.5 \u2013 511.5 Government bonds 1,381.6 \u2013 1,381.6 1,332.7 \u2013 1,332.7 Corporate bonds 122.8 \u2013 122.8 167.6 \u2013 167.6 Insurance contracts(i) \u2013 532.4 532.4 \u2013 713.5 713.5 Other investments 1,057.5 \u2013 1 ,057.5 1,585.9 \u2013 1,585.9 Total fair value of plan assets 3,188.6 4,311.2 Present value of defined benefit obligation (2,647.5) (3,726.3) Surplus in the schemes 541.1 584.9 Deferred tax thereon (ii) (135.3) (146.2) Net pension asset 405.8 438.7 (i) See details of valuations of insurance contracts in note 23.7 (ii). (ii) Deferred tax rate of 25% applied to net pension surplus position (2022: 25%). 23.4 Movements in the combined defined benefit asset obligations and assets during the year: 2023 2022 Assets \u00a3m Obligations \u00a3m Total Assets \u00a3m Obligations \u00a3m Total At 1 April 4,311.2 (3,726.3) 584.9 4,312.1 (3,955.1) 357.0 Included in Income Statement Current service cost \u2013 (28.2) (28.2) \u2013 (31.0) (31.0) Past service cost \u2013 (5.7) (5.7) \u2013 (5.1) (5.1) Settlements and curtailments \u2013 \u2013 \u2013 (2.5) 2.6 0.1 Interest income/(cost) 114.8 (98.6) 16.2 85.2 (77.6) 7.6 114.8 (132.5) (17.7) 82.7 (111.1) (28.4) Included in Other Comprehensive Income Actuarial gain/(loss) arising from: Demographic assumptions \u2013 71.7 71.7 \u2013 16.8 16.8 Financial assumptions \u2013 1,099.8 1,099.8 \u2013 195.6 195.6 Experience assumptions \u2013 (135.1) (135.1) \u2013 (41.5) (41.5) Return on plan assets excluding interest income (1,115.6) \u2013 (1,115.6) 26.4 \u2013 26.4 (1,115.6) 1,036.4 (79.2) 26.4 170.9 197.3 Other Contributions paid by the employer 53.1 \u2013 53.1 59.0 \u2013 59.0 Scheme participant\u2019s contributions 0.1 (0.1) \u2013 0.1 (0.1) \u2013 Benefits paid (175.0) 175.0 \u2013 (169.1) 169.1 \u2013 (121.8) 174.9 53.1 (110.0) 169.0 59.0 Balance at 31 March 3,188.6 (2,647.5) 541.1 4,311.2 (3,726.3) 584.9 23.5 Pension scheme contributions and costs Charges/(credits) recognised: 2023 \u00a3m 2022 \u00a3m Service costs (charged to operating profit) 33.9 36.1 Settlements and curtailment gains \u2013 (0.1) 33.9 36.0 (Credited)/charged to finance costs: Interest from pension scheme assets (114.8) (85.2) Interest on pension scheme liabilities 98.6 7 7.6 (16.2) (7.6) The return on pension scheme assets is as follows: 2023 \u00a3m 2022 \u00a3m Return on pension scheme assets (1,000.8) 111.6 Defined contribution scheme The total contribution paid by the Group to defined contribution pension schemes was \u00a358.7m (2022: \u00a357.3m). Employer financed retirement benefit (EFRB) pension costs The decrease in the year in relation to EFRB was \u00a38.9m (2022: decrease of \u00a31.1m). This is included in Employee related provisions (note 20). Staff costs analysis The pension costs in note 8 can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Service costs 33.9 36.1 Defined contribution scheme payments 60.1 57.3 94.0 93.4 23.6 Pension scheme risk assessment and mitigation Risks to which the Pension Schemes exposes the Group The nature of the Group\u2019s defined benefit pension schemes expose the Group to the risk of paying unanticipated additional contributions to the schemes in times of adverse experience. The most financially significant risks are likely to be: (i) Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a deficit. The schemes hold a proportion of growth assets (equities, diversified growth fund and global absolute return fund) which, though expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. The allocation to growth assets is monitored to ensure it remains appropriate given the schemes\u2019 long term objectives. The SHEPS has a much lower proportion of growth assets than the SSE Southern Pension Scheme reflecting the maturity of each scheme. (ii) Changes in bond yields A decrease in corporate bond yields will increase the value placed on the schemes\u2019 liabilities for accounting purposes. However, this will be partially offset by an increase in the value of the schemes\u2019 bond holdings and its interest rate hedging in both schemes. (iii) Inflation risk The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation). The majority of the assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit, although this is further limited by the inflation hedging in both schemes. (iv) Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the members, so an increase in the life expectancy will result in an increase in the liabilities. The sensitivity analysis disclosed is intended to provide an indication of the impact on the value of the schemes\u2019 liabilities of the risks highlighted. (v) Liability versus asset risk The risk that movement in the value of the schemes\u2019 liabilities are not met by corresponding movements in the value of the schemes\u2019 assets will expose the Group to movements in the overall funding surplus. 23.7 Risk mitigation (i) De-risking The Trustees have taken a number of steps to control the level of investment risk including reducing the Schemes\u2019 exposures to higher risk assets and increasing the level of protection against adverse movements in interest rates and inflation. The Trustees of both schemes continue to review the risk exposures in light of the longer term objectives of the respective schemes, including consideration of the impact of climate-related risk. Detailed below are further details on the hedging of pensioner longevity risk. (ii) Asset buy-in On 1 October 2019, the Scottish Hydro Electric Pension Scheme entered into an asset buy-in, transferring the risk of volatility in the assumptions used to calculate the obligation for 1,800 pensioners and 567 dependants (covering c.\u00a3800m of the scheme\u2019s liabilities) to a third party. The asset buy-in is valued under the accounting principles of IFRS 13 and is considered a Level 3 instrument in the fair value hierarchy. This is in addition to a previous buy-in completed during the year ended 31 March 2018 when c.\u00a3250m of the scheme\u2019s assets and liabilities related to 617 pensioners and 190 dependants were transferred to a third party. The Group has now insured against volatility in obligations related to pensioners who retired before 1 October 2019 to third parties (insurer PIC) and is now only exposed to valuation fluctuations related to active and deferred members and any members who retired after 1 October 2019. (iii) Asset-liability matching strategies used by the Scheme The Company and trustees of the schemes have agreed a long term investment strategy that seeks to reduce investment risk as and when appropriate. The asset-liability matching strategy is part of this approach which aims to reduce the volatility of the funding level of the pension schemes by investing in assets which perform in line with the liabilities of the schemes so as to protect against inflation being higher than expected. This has been adopted for a proportion of the schemes\u2019 assets, which is designed to provide partial protection against adverse movements in interest rates and inflation. The trustees of the respective schemes review the schemes\u2019 asset allocation on an ongoing basis in light of changes in the funding position and market opportunities. 23.8 Risk assessment (i) Maturity profile of the defined benefit obligations The weighted average duration of the defined benefit obligation is 17 years (2022: 17 years) for the Scottish Hydro Electric Pension Scheme and 14 years (2022: 16 years) for the SSE Southern Pension Scheme. 23.8 Risk assessment continued (ii) Information about the defined benefit obligations Status of members is weighted by the liabilities of each scheme Scottish Hydro Electric SSE Southern Active members 23% 18% Deferred members 14% 8% Pensioners 63% 74% 100% 100% 23.9 Pension scheme policies (i) Recognition of gains and losses The Group recognises actuarial gains and losses in the Statement of Other Comprehensive Income following the re-measurement of the net defined benefit liabilities of the schemes. (ii) Methods and assumptions used in preparing the sensitivity analyses The sensitivities disclosed are calculated using approximate methods taking into account the duration of the schemes\u2019 liabilities. While these have been calculated consistently with the previous financial year, the method applied may change over time with financial conditions and assumptions. (iii) Asset recognition The Group has recognised net pension assets in relation to the Scottish Hydro Electric and SSE Southern pension schemes due to a surplus existing under IAS 19 accounting. The Group will only recognise a surplus should it have rights to that surplus under the rules of the pension scheme. The company no longer applies the \u2018asset ceiling\u2019 restriction mandated by IFRIC 14. Details on this key accounting consideration are provided above. (iv) Fair value assessment of scheme assets The Group seeks to assess whether there is a quotable market value (referenced as \u2018quotable\u2019 above) in relation to pension scheme assets held. This assessment is based on regular reviews conducted in conjunction with the trustees of the schemes. For assets where no quotable market value exists, these assets will be valued based on a set methodology agreed by trustees and scheme advisors and then regularly assessed. Currently only one unquotable value exists within the two pension schemes of the Group, this being insurance contracts (or \u2018buy-in\u2019) held by the Scottish Hydro Electric Pension Scheme. These assets are currently valued consistently with the scheme\u2019s liabilities with the expected return on these assets being set equal to the discount rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-789": { "value": "Defined benefit schemes The Group has two funded final salary pension schemes which provide defined benefits based on final pensionable pay. The schemes are subject to independent valuations at least every three years. The future benefit obligations are valued by actuarial methods on the basis of an appropriate assessment of the relevant parameters. The Group also has an Employer Financed Retirement Benefit scheme and a defined contribution scheme, SSE Pensions+ under a master trust with Aviva. The Group matches employee contributions up to a specified limit, in most circumstances this is set at 6%. The Group may also provide additional contributions of 3% after five years and a further 3% after ten years continuous Group service. The Group presents its pension scheme valuations under two different measurement bases, an actuarial valuation and an IAS 19 valuation as required by accounting standards. The IAS 19 valuation is used to determine the assets and obligations recognised in the Group\u2019s consolidated balance sheet and is calculated annually by scheme actuaries, whereas the formal actuarial valuation is used to determine the contributions the Group makes to each scheme. The actuarial valuation is recalculated for each scheme every three years. Actuarial valuations The individual pension scheme details based on the latest formal actuarial valuations are as follows: Scottish Hydro Electric SSE Southern Latest formal actuarial valuation 31 March 2021 31 March 2022 Valuation carried out by Hymans Robertson Aon Hewitt Value of assets based on valuation \u00a32,050.5m \u00a32,395.6m Value of liabilities based on valuation \u00a31,782.2m \u00a32,475.2m Valuation method adopted Projected Unit Projected Unit Average salary increase RPI+0.5% RPI+0.25% Average pension increase RPI RPI Value of fund assets/accrued benefits 115.1% 96.8% Future contributions Scottish Hydro Electric Pension Scheme The last triennial actuarial valuation of the scheme was carried out at 31 March 2021 and showed a surplus of \u00a3268.3m on a projected unit basis. Following this valuation, the Group agreed to a new schedule of contributions which does not require contributions to be paid to the scheme, unless there is a deficit on the valuation basis for two successive quarterly valuations. Consequently, the Group has not made contributions to the scheme in the year ending 31 March 2023. The next triennial funding valuation will be carried out as at 31 March 2024. SSE Southern Group of the Electricity Supply Pension Scheme The last triennial actuarial valuation of the Scheme as at 31 March 2022 was finalised in April 2023, and showed a deficit of \u00a379.6m on a projected unit basis. Following this valuation, the Group agreed to a new schedule of contributions which, along with investment returns from return-seeking assets, are expected to make good this shortfall by 31 March 2027. The next funding valuation will be carried out at 31 March 2025. The Group also pays contributions in respect of current accrual. Total contributions of approximately \u00a329.0m are expected to be paid by the Company during the year ending on 31 March 2024, including deficit repair contributions of \u00a314.2m. The deficit repair contribution will be made annually until March 2027, increasing in line with inflation each year. During the year ending 31 March 2023 the Group continued to pay deficit contributions of \u00a338.0m. Pension summary as measured under IAS 19: Scheme type Net actuarial (loss)/gain recognised in respect of the pension asset in the statement of comprehensive income Net pension asset 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Scottish Hydro Electric Defined benefit (152.0) (24.6) 366.6 517.5 SSE Southern Defined benefit 72.8 221.9 174.5 67.4 Net actuarial (loss)/gain (79.2) 197.3 541.1 584.9 IFRC 14 surplus restrictions The value of Scottish Hydro Electric Pension Scheme assets recognised was previously impacted by the asset ceiling test which restricts the surplus that can be recognised to assets that can be recovered through future refunds or reductions in future contributions to the schemes, and may increase the value of scheme liabilities where there are minimum funding liabilities in relation to agreed contributions. IFRIC 14 \u2018IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019 clarifies that future refunds may be recognised if the sponsoring entity has an unconditional right to a refund in certain circumstances. In 2016/17 the Group agreed with the trustees to the Scottish Hydro Electric Pension Scheme an amendment to the scheme rules to clarify that the Company has a clear right to any surplus upon final winding up of the scheme. This amendment removes the previous restriction on recognition of any surplus and as such the previously applied restriction is no longer recognised. The net pension asset of the Scottish Hydro Electric Scheme at 31 March 2023 was equal to \u00a3366.6m (2022: \u00a3517.5m). At 31 March 2023, the SSE Southern Pension Scheme has a net surplus of \u00a3174.5m (2022: \u00a367.4m), and unrecognised future contributions of \u00a350.9m (2022: \u00a3195.7m), subject to increases in line with inflation. The Group has assessed that it has the right to recognise the current and any future surpluses on the scheme, therefore has not recognised a liability for future unrecoverable contributions. 23.1 Pension scheme assumptions Both schemes have been updated to 31 March 2023 by qualified independent actuaries. The valuations have been prepared for the purposes of meeting the requirements of IAS 19. The major assumptions used by the actuaries in both schemes were: At 31 March 2023 At 31 March 2022 Rate of increase in pensionable salaries 3.5% 4.2% Rate of increase in pension payments 3.2% 3.7% Discount rate 4.8% 2.7% Inflation rate 3.2% 3.7% The assumptions relating to longevity underlying the pension liabilities at 31 March 2023 are based on standard actuarial mortality tables, and include an allowance for future improvements in longevity. The assumptions, equivalent to future longevity for members in normal health at age 65, are as follows: Scottish Hydro Electric At 31 March 2023 At 31 March 2022 Male Female Male Female Currently aged 65 22 24 22 24 Currently aged 45 24 26 24 27 SSE Southern At 31 March 2023 At 31 March 2022 Male Female Male Female Currently aged 65 22 24 23 25 Currently aged 45 24 26 24 26 23.2 Sensitivity analysis The impact on the schemes\u2019 liabilities of changing certain of the major assumptions is as follows: Scottish Hydro Electric At 31 March 2023 At 31 March 2022 Increase/ decrease in assumption Effect on scheme\u2019s liabilities Increase/ decrease in assumption Effect on scheme\u2019s liabilities Rate of increase in pensionable salaries 0.1% +/-0.1% 0.1% +/-0.1% Rate of increase in pension payments 0.1% +/-0.7% 0.1% +/-0.9% Discount rate 0.1% +/-0.7% 0.1% +/-1.0% Longevity 1 year +/-1.9% 1 year +/-2.0% SSE Southern At 31 March 2023 At 31 March 2022 Increase/ decrease in assumption Effect on scheme\u2019s liabilities Increase/ decrease in assumption Effect on scheme\u2019s liabilities Rate of increase in pensionable salaries 0.1% +/-0.1% 0.1% +/-0.2% Rate of increase in pension payments 0.1% +/-1.2% 0.1% +/-1.5% Discount rate 0.1% +/-1.3% 0.1% +/-1.5% Longevity 1 year +/-3.3% 1 year +/-5.8% 23.3 Valuation of combined Pension Schemes Quoted \u00a3m Unquoted \u00a3m Value at 31 March 2023 \u00a3m Quoted \u00a3m Unquoted \u00a3m Value at 31 March 2022 \u00a3m Equities 94.3 \u2013 94.3 511.5 \u2013 511.5 Government bonds 1,381.6 \u2013 1,381.6 1,332.7 \u2013 1,332.7 Corporate bonds 122.8 \u2013 122.8 167.6 \u2013 167.6 Insurance contracts(i) \u2013 532.4 532.4 \u2013 713.5 713.5 Other investments 1,057.5 \u2013 1 ,057.5 1,585.9 \u2013 1,585.9 Total fair value of plan assets 3,188.6 4,311.2 Present value of defined benefit obligation (2,647.5) (3,726.3) Surplus in the schemes 541.1 584.9 Deferred tax thereon (ii) (135.3) (146.2) Net pension asset 405.8 438.7 (i) See details of valuations of insurance contracts in note 23.7 (ii). (ii) Deferred tax rate of 25% applied to net pension surplus position (2022: 25%). Staff costs analysis The pension costs in note 8 can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Service costs 33.9 36.1 Defined contribution scheme payments 60.1 57.3 94.0 93.4 23.6 Pension scheme risk assessment and mitigation Risks to which the Pension Schemes exposes the Group The nature of the Group\u2019s defined benefit pension schemes expose the Group to the risk of paying unanticipated additional contributions to the schemes in times of adverse experience. The most financially significant risks are likely to be: (i) Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a deficit. The schemes hold a proportion of growth assets (equities, diversified growth fund and global absolute return fund) which, though expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. The allocation to growth assets is monitored to ensure it remains appropriate given the schemes\u2019 long term objectives. The SHEPS has a much lower proportion of growth assets than the SSE Southern Pension Scheme reflecting the maturity of each scheme. (ii) Changes in bond yields A decrease in corporate bond yields will increase the value placed on the schemes\u2019 liabilities for accounting purposes. However, this will be partially offset by an increase in the value of the schemes\u2019 bond holdings and its interest rate hedging in both schemes. (iii) Inflation risk The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation). The majority of the assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit, although this is further limited by the inflation hedging in both schemes. (iv) Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the members, so an increase in the life expectancy will result in an increase in the liabilities. The sensitivity analysis disclosed is intended to provide an indication of the impact on the value of the schemes\u2019 liabilities of the risks highlighted. (v) Liability versus asset risk The risk that movement in the value of the schemes\u2019 liabilities are not met by corresponding movements in the value of the schemes\u2019 assets will expose the Group to movements in the overall funding surplus. 23.7 Risk mitigation (i) De-risking The Trustees have taken a number of steps to control the level of investment risk including reducing the Schemes\u2019 exposures to higher risk assets and increasing the level of protection against adverse movements in interest rates and inflation. The Trustees of both schemes continue to review the risk exposures in light of the longer term objectives of the respective schemes, including consideration of the impact of climate-related risk. Detailed below are further details on the hedging of pensioner longevity risk. (ii) Asset buy-in On 1 October 2019, the Scottish Hydro Electric Pension Scheme entered into an asset buy-in, transferring the risk of volatility in the assumptions used to calculate the obligation for 1,800 pensioners and 567 dependants (covering c.\u00a3800m of the scheme\u2019s liabilities) to a third party. The asset buy-in is valued under the accounting principles of IFRS 13 and is considered a Level 3 instrument in the fair value hierarchy. This is in addition to a previous buy-in completed during the year ended 31 March 2018 when c.\u00a3250m of the scheme\u2019s assets and liabilities related to 617 pensioners and 190 dependants were transferred to a third party. The Group has now insured against volatility in obligations related to pensioners who retired before 1 October 2019 to third parties (insurer PIC) and is now only exposed to valuation fluctuations related to active and deferred members and any members who retired after 1 October 2019. (iii) Asset-liability matching strategies used by the Scheme The Company and trustees of the schemes have agreed a long term investment strategy that seeks to reduce investment risk as and when appropriate. The asset-liability matching strategy is part of this approach which aims to reduce the volatility of the funding level of the pension schemes by investing in assets which perform in line with the liabilities of the schemes so as to protect against inflation being higher than expected. This has been adopted for a proportion of the schemes\u2019 assets, which is designed to provide partial protection against adverse movements in interest rates and inflation. The trustees of the respective schemes review the schemes\u2019 asset allocation on an ongoing basis in light of changes in the funding position and market opportunities. 23.8 Risk assessment (i) Maturity profile of the defined benefit obligations The weighted average duration of the defined benefit obligation is 17 years (2022: 17 years) for the Scottish Hydro Electric Pension Scheme and 14 years (2022: 16 years) for the SSE Southern Pension Scheme. 23.8 Risk assessment continued (ii) Information about the defined benefit obligations Status of members is weighted by the liabilities of each scheme Scottish Hydro Electric SSE Southern Active members 23% 18% Deferred members 14% 8% Pensioners 63% 74% 100% 100% 23.9 Pension scheme policies (i) Recognition of gains and losses The Group recognises actuarial gains and losses in the Statement of Other Comprehensive Income following the re-measurement of the net defined benefit liabilities of the schemes. (ii) Methods and assumptions used in preparing the sensitivity analyses The sensitivities disclosed are calculated using approximate methods taking into account the duration of the schemes\u2019 liabilities. While these have been calculated consistently with the previous financial year, the method applied may change over time with financial conditions and assumptions. (iii) Asset recognition The Group has recognised net pension assets in relation to the Scottish Hydro Electric and SSE Southern pension schemes due to a surplus existing under IAS 19 accounting. The Group will only recognise a surplus should it have rights to that surplus under the rules of the pension scheme. The company no longer applies the \u2018asset ceiling\u2019 restriction mandated by IFRIC 14. Details on this key accounting consideration are provided above. (iv) Fair value assessment of scheme assets The Group seeks to assess whether there is a quotable market value (referenced as \u2018quotable\u2019 above) in relation to pension scheme assets held. This assessment is based on regular reviews conducted in conjunction with the trustees of the schemes. For assets where no quotable market value exists, these assets will be valued based on a set methodology agreed by trustees and scheme advisors and then regularly assessed. Currently only one unquotable value exists within the two pension schemes of the Group, this being insurance contracts (or \u2018buy-in\u2019) held by the Scottish Hydro Electric Pension Scheme. These assets are currently valued consistently with the scheme\u2019s liabilities with the expected return on these assets being set equal to the discount rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-755": { "value": "23.2 Sensitivity analysis The impact on the schemes\u2019 liabilities of changing certain of the major assumptions is as follows: Scottish Hydro Electric At 31 March 2023 At 31 March 2022 Increase/ decrease in assumption Effect on scheme\u2019s liabilities Increase/ decrease in assumption Effect on scheme\u2019s liabilities Rate of increase in pensionable salaries 0.1% +/-0.1% 0.1% +/-0.1% Rate of increase in pension payments 0.1% +/-0.7% 0.1% +/-0.9% Discount rate 0.1% +/-0.7% 0.1% +/-1.0% Longevity 1 year +/-1.9% 1 year +/-2.0% SSE Southern At 31 March 2023 At 31 March 2022 Increase/ decrease in assumption Effect on scheme\u2019s liabilities Increase/ decrease in assumption Effect on scheme\u2019s liabilities Rate of increase in pensionable salaries 0.1% +/-0.1% 0.1% +/-0.2% Rate of increase in pension payments 0.1% +/-1.2% 0.1% +/-1.5% Discount rate 0.1% +/-1.3% 0.1% +/-1.5% Longevity 1 year +/-3.3% 1 year +/-5.8% ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-798": { "value": "23.4 Movements in the combined defined benefit asset obligations and assets during the year: 2023 2022 Assets \u00a3m Obligations \u00a3m Total Assets \u00a3m Obligations \u00a3m Total At 1 April 4,311.2 (3,726.3) 584.9 4,312.1 (3,955.1) 357.0 Included in Income Statement Current service cost \u2013 (28.2) (28.2) \u2013 (31.0) (31.0) Past service cost \u2013 (5.7) (5.7) \u2013 (5.1) (5.1) Settlements and curtailments \u2013 \u2013 \u2013 (2.5) 2.6 0.1 Interest income/(cost) 114.8 (98.6) 16.2 85.2 (77.6) 7.6 114.8 (132.5) (17.7) 82.7 (111.1) (28.4) Included in Other Comprehensive Income Actuarial gain/(loss) arising from: Demographic assumptions \u2013 71.7 71.7 \u2013 16.8 16.8 Financial assumptions \u2013 1,099.8 1,099.8 \u2013 195.6 195.6 Experience assumptions \u2013 (135.1) (135.1) \u2013 (41.5) (41.5) Return on plan assets excluding interest income (1,115.6) \u2013 (1,115.6) 26.4 \u2013 26.4 (1,115.6) 1,036.4 (79.2) 26.4 170.9 197.3 Other Contributions paid by the employer 53.1 \u2013 53.1 59.0 \u2013 59.0 Scheme participant\u2019s contributions 0.1 (0.1) \u2013 0.1 (0.1) \u2013 Benefits paid (175.0) 175.0 \u2013 (169.1) 169.1 \u2013 (121.8) 174.9 53.1 (110.0) 169.0 59.0 Balance at 31 March 3,188.6 (2,647.5) 541.1 4,311.2 (3,726.3) 584.9 (iv) Fair value assessment of scheme assets The Group seeks to assess whether there is a quotable market value (referenced as \u2018quotable\u2019 above) in relation to pension scheme assets held. This assessment is based on regular reviews conducted in conjunction with the trustees of the schemes. For assets where no quotable market value exists, these assets will be valued based on a set methodology agreed by trustees and scheme advisors and then regularly assessed. Currently only one unquotable value exists within the two pension schemes of the Group, this being insurance contracts (or \u2018buy-in\u2019) held by the Scottish Hydro Electric Pension Scheme. These assets are currently valued consistently with the scheme\u2019s liabilities with the expected return on these assets being set equal to the discount rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-790": { "value": "23.4 Movements in the combined defined benefit asset obligations and assets during the year: 2023 2022 Assets \u00a3m Obligations \u00a3m Total Assets \u00a3m Obligations \u00a3m Total At 1 April 4,311.2 (3,726.3) 584.9 4,312.1 (3,955.1) 357.0 Included in Income Statement Current service cost \u2013 (28.2) (28.2) \u2013 (31.0) (31.0) Past service cost \u2013 (5.7) (5.7) \u2013 (5.1) (5.1) Settlements and curtailments \u2013 \u2013 \u2013 (2.5) 2.6 0.1 Interest income/(cost) 114.8 (98.6) 16.2 85.2 (77.6) 7.6 114.8 (132.5) (17.7) 82.7 (111.1) (28.4) Included in Other Comprehensive Income Actuarial gain/(loss) arising from: Demographic assumptions \u2013 71.7 71.7 \u2013 16.8 16.8 Financial assumptions \u2013 1,099.8 1,099.8 \u2013 195.6 195.6 Experience assumptions \u2013 (135.1) (135.1) \u2013 (41.5) (41.5) Return on plan assets excluding interest income (1,115.6) \u2013 (1,115.6) 26.4 \u2013 26.4 (1,115.6) 1,036.4 (79.2) 26.4 170.9 197.3 Other Contributions paid by the employer 53.1 \u2013 53.1 59.0 \u2013 59.0 Scheme participant\u2019s contributions 0.1 (0.1) \u2013 0.1 (0.1) \u2013 Benefits paid (175.0) 175.0 \u2013 (169.1) 169.1 \u2013 (121.8) 174.9 53.1 (110.0) 169.0 59.0 Balance at 31 March 3,188.6 (2,647.5) 541.1 4,311.2 (3,726.3) 584.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-756": { "value": "23.5 Pension scheme contributions and costs Charges/(credits) recognised: 2023 \u00a3m 2022 \u00a3m Service costs (charged to operating profit) 33.9 36.1 Settlements and curtailment gains \u2013 (0.1) 33.9 36.0 (Credited)/charged to finance costs: Interest from pension scheme assets (114.8) (85.2) Interest on pension scheme liabilities 98.6 7 7.6 (16.2) (7.6) The return on pension scheme assets is as follows: 2023 \u00a3m 2022 \u00a3m Return on pension scheme assets (1,000.8) 111.6 Defined contribution scheme The total contribution paid by the Group to defined contribution pension schemes was \u00a358.7m (2022: \u00a357.3m). Employer financed retirement benefit (EFRB) pension costs The decrease in the year in relation to EFRB was \u00a38.9m (2022: decrease of \u00a31.1m). This is included in Employee related provisions (note 20). Staff costs analysis The pension costs in note 8 can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Service costs 33.9 36.1 Defined contribution scheme payments 60.1 57.3 94.0 93.4 23.8 Risk assessment (i) Maturity profile of the defined benefit obligations The weighted average duration of the defined benefit obligation is 17 years (2022: 17 years) for the Scottish Hydro Electric Pension Scheme and 14 years (2022: 16 years) for the SSE Southern Pension Scheme. (ii) Information about the defined benefit obligations Status of members is weighted by the liabilities of each scheme Scottish Hydro Electric SSE Southern Active members 23% 18% Deferred members 14% 8% Pensioners 63% 74% 100% 100% ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-799": { "value": "23.6 Pension scheme risk assessment and mitigation Risks to which the Pension Schemes exposes the Group The nature of the Group\u2019s defined benefit pension schemes expose the Group to the risk of paying unanticipated additional contributions to the schemes in times of adverse experience. The most financially significant risks are likely to be: (i) Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, this will create a deficit. The schemes hold a proportion of growth assets (equities, diversified growth fund and global absolute return fund) which, though expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. The allocation to growth assets is monitored to ensure it remains appropriate given the schemes\u2019 long term objectives. The SHEPS has a much lower proportion of growth assets than the SSE Southern Pension Scheme reflecting the maturity of each scheme. (ii) Changes in bond yields A decrease in corporate bond yields will increase the value placed on the schemes\u2019 liabilities for accounting purposes. However, this will be partially offset by an increase in the value of the schemes\u2019 bond holdings and its interest rate hedging in both schemes. (iii) Inflation risk The majority of the schemes\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation). The majority of the assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit, although this is further limited by the inflation hedging in both schemes. (iv) Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the members, so an increase in the life expectancy will result in an increase in the liabilities. The sensitivity analysis disclosed is intended to provide an indication of the impact on the value of the schemes\u2019 liabilities of the risks highlighted. (v) Liability versus asset risk The risk that movement in the value of the schemes\u2019 liabilities are not met by corresponding movements in the value of the schemes\u2019 assets will expose the Group to movements in the overall funding surplus. 23.7 Risk mitigation (i) De-risking The Trustees have taken a number of steps to control the level of investment risk including reducing the Schemes\u2019 exposures to higher risk assets and increasing the level of protection against adverse movements in interest rates and inflation. The Trustees of both schemes continue to review the risk exposures in light of the longer term objectives of the respective schemes, including consideration of the impact of climate-related risk. Detailed below are further details on the hedging of pensioner longevity risk. (ii) Asset buy-in On 1 October 2019, the Scottish Hydro Electric Pension Scheme entered into an asset buy-in, transferring the risk of volatility in the assumptions used to calculate the obligation for 1,800 pensioners and 567 dependants (covering c.\u00a3800m of the scheme\u2019s liabilities) to a third party. The asset buy-in is valued under the accounting principles of IFRS 13 and is considered a Level 3 instrument in the fair value hierarchy. This is in addition to a previous buy-in completed during the year ended 31 March 2018 when c.\u00a3250m of the scheme\u2019s assets and liabilities related to 617 pensioners and 190 dependants were transferred to a third party. The Group has now insured against volatility in obligations related to pensioners who retired before 1 October 2019 to third parties (insurer PIC) and is now only exposed to valuation fluctuations related to active and deferred members and any members who retired after 1 October 2019. (iii) Asset-liability matching strategies used by the Scheme The Company and trustees of the schemes have agreed a long term investment strategy that seeks to reduce investment risk as and when appropriate. The asset-liability matching strategy is part of this approach which aims to reduce the volatility of the funding level of the pension schemes by investing in assets which perform in line with the liabilities of the schemes so as to protect against inflation being higher than expected. This has been adopted for a proportion of the schemes\u2019 assets, which is designed to provide partial protection against adverse movements in interest rates and inflation. The trustees of the respective schemes review the schemes\u2019 asset allocation on an ongoing basis in light of changes in the funding position and market opportunities. 23.8 Risk assessment (i) Maturity profile of the defined benefit obligations The weighted average duration of the defined benefit obligation is 17 years (2022: 17 years) for the Scottish Hydro Electric Pension Scheme and 14 years (2022: 16 years) for the SSE Southern Pension Scheme. (ii) Information about the defined benefit obligations Status of members is weighted by the liabilities of each scheme Scottish Hydro Electric SSE Southern Active members 23% 18% Deferred members 14% 8% Pensioners 63% 74% 100% 100% ", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-757": { "value": "24. Financial instruments For financial reporting purposes, the Group has classified derivative financial instruments into two categories, operating derivatives and financing derivatives. Operating derivatives include all qualifying commodity contracts including those for electricity, gas, oil, and carbon and the post-day 1 fair value movements on non-government backed contracts for difference in SSE Renewables. Financing derivatives include all fair value and cash flow interest rate hedges, non-hedge accounted (mark-to-market) interest rate derivatives, cash flow foreign exchange hedges and non-hedge accounted foreign exchange contracts. Non-hedge accounted contracts are treated as held for trading. 24.1 Financial instruments \u2013 income statement 2023 \u00a3m 2022 \u00a3m Operating derivatives Total result on operating derivatives (i) (2,980.2) 3,527.2 Less: Amounts settled(ii) 272.0 (1,426.8) Movement in unrealised derivatives (2,708.2) 2,100.4 Financing derivatives (and hedged items) Total result on financing derivatives (i) 81.3 (43.3) Less: Amounts settled(ii) 120.6 64.3 Movement in unrealised derivatives 201.9 21.0 Net income statement impact (2,506.3) 2,121.4 (i) Total result on derivatives in the income statement represents the total amounts (charged) or credited to the income statement in respect of operating and financial derivatives. (ii) Amounts settled in the year represent the result on derivatives transacted which have matured or been delivered and have been included within the total result on derivatives. The movement in unrealised operating derivative excludes \u00a316.6m of gains on proprietary trades, which has been recognised in the underlying profit of the Group. 24.2 Financial instruments \u2013 balance sheet The derivative financial assets and (liabilities) are represented as follows: Derivative financial assets 2023 \u00a3m 2022 \u00a3m Non-current 246.0 371.7 Current 759.2 2,941.8 Total derivative assets 1,005.2 3,313.5 Derivative liabilities Non-current (1,021.0) (549.6) Current (243.3) (701.5) Total derivative liabilities (1,264.3) (1,251.1) Net liability (259.1) 2,062.4 Information on the Group\u2019s financial risk management and the fair value of financial instruments is available at A6 and A7 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-713": { "value": "24. Financial instruments For financial reporting purposes, the Group has classified derivative financial instruments into two categories, operating derivatives and financing derivatives. Operating derivatives include all qualifying commodity contracts including those for electricity, gas, oil, and carbon and the post-day 1 fair value movements on non-government backed contracts for difference in SSE Renewables. Financing derivatives include all fair value and cash flow interest rate hedges, non-hedge accounted (mark-to-market) interest rate derivatives, cash flow foreign exchange hedges and non-hedge accounted foreign exchange contracts. Non-hedge accounted contracts are treated as held for trading. 24.1 Financial instruments \u2013 income statement 2023 \u00a3m 2022 \u00a3m Operating derivatives Total result on operating derivatives (i) (2,980.2) 3,527.2 Less: Amounts settled(ii) 272.0 (1,426.8) Movement in unrealised derivatives (2,708.2) 2,100.4 Financing derivatives (and hedged items) Total result on financing derivatives (i) 81.3 (43.3) Less: Amounts settled(ii) 120.6 64.3 Movement in unrealised derivatives 201.9 21.0 Net income statement impact (2,506.3) 2,121.4 (i) Total result on derivatives in the income statement represents the total amounts (charged) or credited to the income statement in respect of operating and financial derivatives. (ii) Amounts settled in the year represent the result on derivatives transacted which have matured or been delivered and have been included within the total result on derivatives. The movement in unrealised operating derivative excludes \u00a316.6m of gains on proprietary trades, which has been recognised in the underlying profit of the Group. 24.2 Financial instruments \u2013 balance sheet The derivative financial assets and (liabilities) are represented as follows: Derivative financial assets 2023 \u00a3m 2022 \u00a3m Non-current 246.0 371.7 Current 759.2 2,941.8 Total derivative assets 1,005.2 3,313.5 Derivative liabilities Non-current (1,021.0) (549.6) Current (243.3) (701.5) Total derivative liabilities (1,264.3) (1,251.1) Net liability (259.1) 2,062.4 Information on the Group\u2019s financial risk management and the fair value of financial instruments is available at A6 and A7 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-714": { "value": "25. Commitments and contingencies 25.1 Capital commitments 2023 \u00a3m 2022 \u00a3m Capital expenditure: Contracted for but not provided 1,035.6 985.9 Contracted for but not provided capital commitments include the fixed contracted costs of the Group\u2019s major capital projects. In practice contractual variations may arise on the final settlement of these contractual costs. 25.2 Contingent assets and liabilities The Group has unrecognised contingent assets in relation to the part disposal transactions of Neos Networks Limited, SSE Slough Multifuel Limited, Seagreen and Doggerbank C. In total, contingent consideration receivable is up to \u00a3149.1m (2022: \u00a3187.1m), for which the Group has recognised a net receivable of \u00a34.1m (2022: \u00a34.1m). The payments of the remaining \u00a3145.0m (2022: \u00a3183.0m) are subject to various earn outs or contract and planning milestones, some of which the Group has assessed are unachievable or are out of the Group\u2019s control. At 31 March 2023, the Group has assessed that there is neither the required certainty of receipt, nor the ability to accurately assess the amounts receivable for recognition of these amounts. Contingent liabilities for the Group solely relate to SSE plc, and have been disclosed within note 12 to the Company Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-758": { "value": "25.1 Capital commitments 2023 \u00a3m 2022 \u00a3m Capital expenditure: Contracted for but not provided 1,035.6 985.9 Contracted for but not provided capital commitments include the fixed contracted costs of the Group\u2019s major capital projects. In practice contractual variations may arise on the final settlement of these contractual costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-759": { "value": "25.2 Contingent assets and liabilities The Group has unrecognised contingent assets in relation to the part disposal transactions of Neos Networks Limited, SSE Slough Multifuel Limited, Seagreen and Doggerbank C. In total, contingent consideration receivable is up to \u00a3149.1m (2022: \u00a3187.1m), for which the Group has recognised a net receivable of \u00a34.1m (2022: \u00a34.1m). The payments of the remaining \u00a3145.0m (2022: \u00a3183.0m) are subject to various earn outs or contract and planning milestones, some of which the Group has assessed are unachievable or are out of the Group\u2019s control. At 31 March 2023, the Group has assessed that there is neither the required certainty of receipt, nor the ability to accurately assess the amounts receivable for recognition of these amounts. Contingent liabilities for the Group solely relate to SSE plc, and have been disclosed within note 12 to the Company Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-715": { "value": "26. Post balance sheet events 26.1 Glendoe Hydro Electric Station announcement On 23 March 2023, the Group\u2019s case concerning the availability of capital allowances on Glendoe Hydro Electric Station was heard at the Supreme Court. On 17 May 2023, the Supreme Court released its decision, which rejected HMRC\u2019s appeal in full. The matter is now concluded and is not subject to further appeal. Accordingly, the release of the Group\u2019s provision on its uncertain tax position of \u00a327.9m and the associated recognition of \u00a323.4m deferred tax liabilities in relation to Glendoe\u2019s capital allowances is an adjusting post balance sheet event. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-716": { "value": "A1. Basis of consolidation and significant accounting policies A1.1 Basis of consolidation The financial statements consolidate the results of the Company and its subsidiaries together with the Group\u2019s share of the results and net assets of its interests in joint arrangements and associates. Where necessary to ensure consistency, the accounting policies of the subsidiaries, joint arrangements or associates have been adjusted to align to the accounting policies of the Group. Intra-Group balances and any unrealised gains and losses or income and expenses arising from Intra-Group transactions are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising from transactions with joint arrangements and associates are eliminated to the extent of the Group\u2019s interest in the entity. Non-controlling interests represent the equity in subsidiaries that is not attributable, either directly or indirectly, to SSE plc shareholders. Subsidiaries (Accompanying Information A3) Subsidiaries are those entities controlled by the Group or the Company. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity in order to obtain variable returns from its activities. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries acquired are consolidated in the financial statements of the Group from the date that control commences until the date control ceases. Transactions with non-controlling interests that relate to their ownership interests and do not result in a loss of control are accounted for as equity transactions. Interests in joint arrangements and associates (note 16 and Accompanying Information A3) Joint arrangements, as defined by IFRS 11 \u2018Joint Arrangements\u2019, are those arrangements that convey to two or more parties \u2018joint control\u2019. Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement, are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019, being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and obligations over the assets and liabilities of the investee. Associates are those investments over which the Group has significant influence but neither control nor joint control. The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from the arrangement. The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post- acquisition results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted operations after tax and interest in the income statement. Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the functional currency of the parent. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured accordingly. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Any gain or loss arising on the restatement of such items is taken to the income statement as a finance cost, with the exception of exchange gains or losses on foreign currency borrowings that provide a hedge against a net investment in a foreign entity or exchange gains or losses incurred as part of a qualifying cash flow hedge. These exchange gains or losses are transferred to the translation reserve to the extent the hedge is effective. Non-monetary assets that are measured in terms of historical cost in a foreign currency are translated at the historic rate at the date of transaction. For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds sterling at the balance sheet closing rate. The results of these operations are translated at the average rate in the relevant period. Exchange differences on retranslation of the opening net assets and the results of foreign operations are transferred to the translation reserve and are reported in the consolidated statement of comprehensive income. The average and spot rates for the principal functional currencies that the Group\u2019s foreign operations are denominated in are shown in the table below. 2023 2022 Change EUR v GBP Year end spot rate 1.1374 1.1856 (4.1)% Average spot rate 1.1564 1.1750 (1.6)% US$ v GBP Year end spot rate 1.2337 1.3139 (6.1)% Average spot rate 1.2050 1.3616 (11.5)% JPY v GBP Year end spot rate 163.8230 159.7110 2.6% Average spot rate 163.2888 153.8007 6.2% ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-689": { "value": "A1. Basis of consolidation and significant accounting policies A1.1 Basis of consolidation The financial statements consolidate the results of the Company and its subsidiaries together with the Group\u2019s share of the results and net assets of its interests in joint arrangements and associates. Where necessary to ensure consistency, the accounting policies of the subsidiaries, joint arrangements or associates have been adjusted to align to the accounting policies of the Group. Intra-Group balances and any unrealised gains and losses or income and expenses arising from Intra-Group transactions are eliminated in preparing the consolidated financial statements. Unrealised gains and losses arising from transactions with joint arrangements and associates are eliminated to the extent of the Group\u2019s interest in the entity. Non-controlling interests represent the equity in subsidiaries that is not attributable, either directly or indirectly, to SSE plc shareholders. Subsidiaries (Accompanying Information A3) Subsidiaries are those entities controlled by the Group or the Company. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity in order to obtain variable returns from its activities. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries acquired are consolidated in the financial statements of the Group from the date that control commences until the date control ceases. Transactions with non-controlling interests that relate to their ownership interests and do not result in a loss of control are accounted for as equity transactions. Interests in joint arrangements and associates (note 16 and Accompanying Information A3) Joint arrangements, as defined by IFRS 11 \u2018Joint Arrangements\u2019, are those arrangements that convey to two or more parties \u2018joint control\u2019. Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement, are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019, being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and obligations over the assets and liabilities of the investee. Associates are those investments over which the Group has significant influence but neither control nor joint control. The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from the arrangement. The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post- acquisition results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted operations after tax and interest in the income statement. Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the functional currency of the parent. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured accordingly. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Any gain or loss arising on the restatement of such items is taken to the income statement as a finance cost, with the exception of exchange gains or losses on foreign currency borrowings that provide a hedge against a net investment in a foreign entity or exchange gains or losses incurred as part of a qualifying cash flow hedge. These exchange gains or losses are transferred to the translation reserve to the extent the hedge is effective. Non-monetary assets that are measured in terms of historical cost in a foreign currency are translated at the historic rate at the date of transaction. For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds sterling at the balance sheet closing rate. The results of these operations are translated at the average rate in the relevant period. Exchange differences on retranslation of the opening net assets and the results of foreign operations are transferred to the translation reserve and are reported in the consolidated statement of comprehensive income. The average and spot rates for the principal functional currencies that the Group\u2019s foreign operations are denominated in are shown in the table below. 2023 2022 Change EUR v GBP Year end spot rate 1.1374 1.1856 (4.1)% Average spot rate 1.1564 1.1750 (1.6)% US$ v GBP Year end spot rate 1.2337 1.3139 (6.1)% Average spot rate 1.2050 1.3616 (11.5)% JPY v GBP Year end spot rate 163.8230 159.7110 2.6% Average spot rate 163.2888 153.8007 6.2% A1.2 Significant accounting policies Revenue (notes 2 and 5) Revenue from contracts with customers is recognised to the extent that it reflects the expected consideration for goods or services provided to the customer under contract, over the performance obligations they are being provided. For each separable performance obligation identified, the Group determines whether it is satisfied at a \u2018point in time\u2019 or \u2018over time\u2019 based upon an evaluation of the receipt and consumption of benefits, control of assets and enforceable payment rights associated with that obligation. If the criteria required for \u2018over time\u2019 recognition are not met, the performance obligation is deemed to be satisfied at a \u2018point in time\u2019. Revenue principally arises as a result of the Group\u2019s activities in energy production, storage, transmission, distribution, supply and related services in the energy markets in Great Britain and Ireland. The key policies applied by each Business Unit are as follows: Transmission Use of electricity transmission networks Revenue from use of electricity transmission networks is derived from the allowed revenue as defined by the parameters in the relevant electricity transmission licence, which informs the tariffs set. Electricity transmission revenue is determined in accordance with the regulatory licence, based on an Ofgem approved revenue model and is recognised \u2018over time\u2019 as charged to National Grid. Where this revenue differs from the allowed revenue, there may be an over- or under-recovery of revenue which will be reflected in future financial years\u2019 allowed revenue as set out in the regulatory licence. No accounting adjustments are made for over- or under-recoveries in the year that they arise as they are contingent on future events (being the transmission of electricity in a future period). The over or under recovery adjustment is recognised in the subsequent period when included within the tariffs that form allowed revenue under the regulatory agreement. Transmission network contracted services Where the Group has an ongoing obligation to provide contracted services (transmission network connections), revenues are recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of that service across the expected contractual service period. Any assets constructed in order to deliver the service are capitalised and depreciated over their useful life. Payments are typically received from customers in advance of providing the contracted service and are deferred on balance sheet. No extended warranty periods are offered. Distribution Use of electricity distribution networks Revenue from use of electricity distribution networks is derived from the allowed revenue as defined by the parameters in the relevant electricity distribution licence, which informs the tariffs set. Electricity distribution revenue recognised is based on the volume of electricity distributed \u2018over time\u2019, as use of distribution service is determined by the customer, and the set customer tariff. As with electricity transmission revenue, any over- or under-recovery of revenue is reflected in future financial years\u2019 allowed revenue as set out in the regulatory licence. No accounting adjustments are made for over- or under-recoveries in the year that they arise as they are contingent on future events (being the distribution of electricity in a future period). The over or under recovery adjustment is recognised in the subsequent period when included within the tariffs that form allowed revenue under the regulatory agreement. The Distribution business is responsible for recovering industry charges for supplier failures from customers under Ofgem\u2019s Supplier of Last Resort scheme. The Group\u2019s policy is to recognise revenue for recovered amounts when the Group is entitled to invoice customers through its regulated use of system tariff. The Group recognises its obligation to pay amounts recovered to eligible suppliers when the Group is entitled to invoice customers through its regulated use of system tariff. Distribution network contracted services Where the Group has an ongoing obligation to provide contracted services (such as for distribution network connections), revenues are recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of that service across the expected contractual service period. Any assets constructed in order to deliver the service are capitalised and depreciated over their useful life. Payments are typically received from customers in advance of providing the contracted service and are deferred on balance sheet. No extended warranty periods are offered. Renewables Electricity generation Revenue from the physical generation of electricity is recognised \u2018point in time\u2019 as generated and supplied to the national settlements body. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own use\u2019 designation. Renewables contracted services Revenue from national support schemes, such as Renewable Obligation Certificates, is recognised at the point the performance obligation has been met. This is typically considered to be either at the point electricity has been physically generated or over the contractual period, depending on the underlying performance obligation. Revenue is measured either at the market rate at the point of generation, or at the fixed contractual consideration, depending on the individual scheme mechanic. Revenue from other ancillary generation services is recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of those services across the expected contractual service period, and at the contracted consideration. Thermal Electricity generation Revenue from the physical generation of electricity is recognised \u2018point in time\u2019 as generated and supplied to the national settlements body. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own use\u2019 designation. Gas storage Revenue from gas storage trading activities is recognised \u2018point in time\u2019 as injected back into the gas network. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own use\u2019 designation. Thermal Generation contracted services Revenue from national support schemes, such as the Capacity Market mechanism, is recognised at the point the performance obligation has been met. This is typically considered to be either at the point electricity has been physically generated or over the contractual period, depending on the underlying performance obligation. Revenue is measured either at the market rate at the point of generation, or at the fixed contractual consideration, depending on the individual scheme mechanic. Revenue from other ancillary generation services is recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of those services across the expected contractual service period, and at the contracted consideration. Customers Supply of energy Revenue on the supply of energy comprises sales to domestic (in Ireland) and business end-user customers (in GB and Ireland) based on actual energy consumption including an estimate of the value of electricity and gas supplied to customers between the date of the last meter reading and the year end. Revenue is recognised \u2018over time\u2019 consistent with the delivery of energy to the customer as we consider the receipt and consumption of the benefits of the energy to be simultaneous. Revenue is measured based on the applicable customer tariff rate and after deduction of any applicable contractual discounts. Details of the judgements involved in the estimation process for the value of electricity and gas supplied to customers is given within note 4.1(iii). Payments from customers may be received in advance of providing the contracted service and are deferred on balance sheet. Amounts received from customers in relation to energy management services provided by Third Party Intermediaries (\u2018TPIs\u2019) are offset against payments to those TPIs, reflecting the responsibility for providing the energy management service. Energy related services Where the Group has an ongoing obligation to provide contracted energy related services, revenues are recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of that service across the expected contractual service period at the fixed contracted rate. Where the Group has an obligation to perform a specific service, revenues are recognised \u2018point in time\u2019, following performance of the service at the fixed contracted consideration. No extended warranty periods are offered. Distributed Energy Construction related services Construction related service revenue related to the Contracting and Rail business, which was disposed on 30 June 2021. For construction related services, revenue was recognised for each identified performance obligation \u2018over time\u2019 by applying an input method to determine the proportion of total contract revenue (being fixed price consideration plus the latest estimate of variable consideration) that should be recognised. The input method applied was calculated by reference to the costs incurred to date on that performance obligation, relative to the total expected costs to satisfy that performance obligation, provided the contract outcome can be assessed with reasonable certainty. Revenue from non-contracted agreements or variations to contracted work was only recognised to the extent there is additional supporting evidence to their recoverability and may be subject to constraints on recognition. Revenue on contracts in customer dispute was recognised only to the extent it is considered to be highly probable that the revenue will be recovered. Commissions in relation to acquisition of construction related contracts were expensed as incurred. No extended warranty periods were offered. Payments from customers were based on agreed billing schedules, with payment milestones typically aligned with delivery of performance obligations. EPM & I Commodity optimisation and other services Income from sales commodity optimisation trading occurring in any business unit is presented net in cost of sales alongside purchase commodity optimisation trades. Revenue on physical power and gas supplies recognised \u2018point in time\u2019 as delivered to the national settlements body or third parties. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own use\u2019 designation. Revenue arising on commodities purchased in excess of the Group\u2019s requirements and recorded as inventory assets, such as Renewables Obligation Certificates, is recognised \u2018point in time\u2019 on disposal of these inventory assets to third parties. Revenue from other ancillary services is recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of those services across the expected contractual service period, and at the contracted consideration. Physical energy production The Group\u2019s Gas production business was disposed on 14 October 2021 and was presented as a discontinued operation within the prior year financial statements. Revenue from the physical production of natural gas, crude oil and condensates arose from the Group\u2019s interest in various joint ventures and associates and was based on the entitlement method; whereby the Group\u2019s share of interest and production sharing terms were used to determine the allocation of production to each party in the arrangement. Revenue was recognised \u2018point in time\u2019 based on the production delivered to the customer at the specified delivery point and measured based on the applicable market price as specified in the customer contracts. Aside from where specifically noted above, consideration is due when the performance obligation has been satisfied. As the period between satisfaction of the performance obligation and receipt of consideration from the customer is expected to be less than a year, the Group has applied the practical expedient not to adjust revenue for the effect of any financing components. Revenue from sources other than the Group\u2019s contracts with customers principally comprise meter rental income within the Distributed Energy business, and Contract for Difference income within certain Joint Venture arrangements. Income on meter rental agreements, which are classified as operating leases, are presented as revenue where they relate to the core operating activities of that business. Lease payments are recognised as income on a straight-line basis over the lease term. Other operating income \u2013 Government Grants (note 6) During the year ended 31 March 2023, the UK and Irish governments introduced customer support schemes under which licensed energy suppliers are required to provide a discount on gas and electricity prices to customers. The level of discount applied to each customer varied dependent upon energy tariff and support scheme applicable to each customer. Where SSE provided a discount to customer through reduction of energy bill, the cost of applying these discounts was recovered from the Government. The amounts reclaimed under this scheme are recognised as government grant income within Other Operating Income in the consolidated income statement. The most significant customer support scheme administered by the Group during the year was the Energy Bill Relief Scheme, applicable to GB commercial gas and electricity customer usage during the period 1 October 2022 to 31 March 2023. This scheme impacts GB Business Energy with discounts made to SSE\u2019s billings to customers and unbilled income accrual and a separate asset recognised in respect of claimed or to-be-claimed receipts from the UK government. Contract for Differences (\u2018CfD\u2019) are agreements between a low-carbon electricity generator and the Low Carbon Contracts Company (\u2018LCCC\u2019), a UK Government owned entity responsible for delivering support mechanisms for low-carbon electricity generation. These agreements are not considered to be contracts with a customer, as the LCCC does not receive any goods or services from the generator. These arrangements are instead considered to be Government Grants, with income arising from these grants recognised in the income statement in the period in which generation takes place. In the year, the Group recognised no income or expense related to Contracts for Difference with the LCCC within its wholly owned subsidiaries. The Group\u2019s joint venture investment, Beatrice Offshore Windfarm Limited, has a CfD with the LCCC which resulted in payments from the LCCC of \u00a325.6m in the year (SSE share of \u00a312.8m recognised within share of profit). The Group\u2019s wholly owned Viking windfarm and joint venture investment Seagreen Wind Energy Limited also have a CfD arrangements in place with LCCC, however these agreements have not yet commenced and no income or cost was recognised during the year. Where the CfD strike price falls below the spot price of generation and payments are made to the LCCC, these payments are expensed as incurred within operating costs. The Group has commercial CfD arrangements in place where the Group has agreed to provide a revenue support contract. Where the Group has entered into these arrangements and there is no relationship with a government entity, the instruments are classified as derivatives and accounted for under IFRS 9. The Group has assessed that due to the valuation complexity of these arrangements, they are Level 3 financial instruments in the fair value hierarchy. On day 1, the Group recognises no gain or loss arising from the instrument, but instead defers this gain or loss and recognises it progressively over the life of the instrument. At each balance sheet date the fair value of the instrument is assessed with any movement in fair value recognised in the income statement in the period it arises. None of these contracts were active at 31 March 2023. Cost of sales (note 6) Cost of sales includes fuel and energy purchases, direct employee benefits, and depreciation of property, plant and equipment. The net result from sales and purchases of commodity optimisation trades \u2013 comprising both realised and unrealised gains and losses arising from optimisation trading activities \u2013 is also presented within cost of sales, reflecting the underlying economic purpose of this trading activity. Finance income and costs (note 9) Interest income and costs are recognised in the income statement as they accrue, on an effective interest method. The issue costs and interest payable on bonds and all other interest payable and receivable is reflected in the income statement on the same basis. Interest on the funding attributable to major capital projects is capitalised during the period of construction and depreciated as part of the total cost over the useful life of the asset. The accounting policy for foreign exchange translation of monetary assets and liabilities is described on page 276 and for lease liability charges on page 283 . Taxation (note 10) Taxation on the profit for the year comprises current and deferred tax. Taxation is recognised in the income statement unless it relates to items recognised directly in equity, in which case it is recognised in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is calculated using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets or liabilities other than in business combinations that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset within the same tax authority and where the Group intends to either settle them on a net basis, or to realise the asset and settle the liability simultaneously. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. During the year ended 31 March 2023, the UK government announced draft legislation related to the Electricity Generator Levy (\u2018EGL\u2019), which is effective for periods from 1 January 2023 to 31 March 2028. The Group has assessed that the EGL has the characteristics of a levy rather than an income tax. While the legislation was not enacted by the balance sheet date, legislation was passing through Parliament and the Group expects no significant amendments will be made to the draft legislation through the enactment process. As a result, the Group has recognised an accrual of \u00a343.4m for the period 1 January 2023 to 31 March 2023 within cost of sales (\u00a333.6m) and share of operating profit from joint ventures and associates (\u00a39.8m) . Business Combinations (note 12) The acquisition of subsidiaries, and joint operations that meet the definition of a business, is accounted for under the acquisition method as defined by IFRS 3 \u2018Business Combinations\u2019. The cost of acquisition is measured as being the aggregate fair value of consideration to be transferred at the date control is obtained. Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling interests, less the net recognised amount (which is generally fair value) of the identifiable assets and liabilities assumed. Goodwill is subject to an annual review for impairment (or more frequently if necessary) in accordance with the Group\u2019s impairment accounting policy. Contingent consideration is classified as a liability and subsequently re-measured through the income statement. Acquisition costs are expensed as incurred. Changes in ownership that do not result in a change of control are accounted for as equity transactions. Held for sale assets and liabilities and discontinued operations (note 12) Non-current assets are classified as held for sale if their recoverable value is likely to be recovered via a sale or distribution as opposed to continued use by the Group. In order to be classified as assets held for sale, assets must meet all of the following conditions: the sale is highly probable; it is available for immediate sale; it is being actively marketed; and the sale is likely to occur within one year. Assets that qualify as held for sale and related liabilities are disclosed separately from other assets and liabilities in the balance sheet prospectively from the date of classification. Non-current assets determined as held for sale are measured at the lower of carrying value and fair value less costs to sell, no depreciation is charged in respect of these assets after classification as held for sale. Assets or groups of assets and related liabilities that qualify as held for sale are classified as discontinued operations when they represent a separate major line of business or geographical area, are part of a single plan to dispose of a separate major line of business or geographical area or are acquired exclusively with a view to resale. Income and expenses relating to these discontinued operations are disclosed in a single net amount after taxes in the income statement, with comparative amounts re-presented accordingly. Intra-Group balances and any unrealised gains and losses or income and expenses arising from trading between continuing and discontinued operations continue to be eliminated in preparing the consolidated financial statements. Intangible assets (note 13) Goodwill and impairment testing Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or joint venture at the date of acquisition. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment at least on an annual basis. For the purpose of impairment testing, goodwill is allocated on initial recognition to the cash-generating units (CGUs) or groups of CGUs expected to benefit from the combination\u2019s synergies. The CGUs (or groups of CGUs) used for goodwill impairment testing purposes will represent how goodwill was attributed but may not represent reportable business segments. Goodwill may also arise upon investments in joint arrangements and associates. Goodwill arising on a joint operation is recorded as a separate asset and any impairment loss is recognised in the income statement. Goodwill arising on a joint venture or associate is recorded within the carrying amount of the Group\u2019s investment and any impairment loss is included within the share of result from joint ventures and associates. On disposal or closure of a previously acquired investment or business, any attributed goodwill will be included in determining the profit or loss on disposal. Allowances and certificates Allowances and certificates consist of purchased carbon emissions allowances and generated or purchased obligations certificates. These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s Thermal and Business Energy businesses. The EU Emissions Trading Scheme (EU ETS) has been in operation since 1 January 2005, with the Group operating under the established EU ETS carbon pricing system from that date. Since 1 January 2021, following Brexit, the UK Government has established a UK Emissions Trading Scheme (UK ETS) to replace the EU ETS with the Group\u2019s UK generation assets now operating under the UK ETS carbon pricing system. The Group continues to hold EU ETS certificates to settle obligations arising through the activities of its Irish Thermal generation assets. Carbon allowances purchased are recorded at cost within intangible assets. Forward carbon contracts are measured at fair value with gains or losses arising on re-measurement being recognised in the income statement. A liability is recognised based on the level of emissions recorded. Up to the level of allowances held, including forward carbon contracts, the liability is measured at the cost of purchase. When the carbon emission liability exceeds the carbon allowances held, the difference is measured at market value selling price. Subsequent movements in market value are prospectively recognised in operating profit. The carbon allowance intangible asset is surrendered at the end of the compliance period to the extent requested reflecting the consumption of the economic benefit and is recorded as being utilised. As a result, no amortisation is booked but an impairment charge may be recognised should the carrying value of allowances exceed market or fair value. Under the Renewable Obligations Certificates (ROCs) scheme, certificates obtained from own generation are awarded by a third party, Ofgem. ROCs can be traded with third parties and are ultimately used by suppliers to demonstrate to Ofgem that they have met their obligation to source a set proportion of the electricity they supply from renewable sources. The value of a ROC to a supplier comprises two elements: the \u2018buy-out\u2019 price which is set annually in advance of the compliance period by Ofgem; and the \u2018recycle\u2019 price which is determined after the compliance period by Ofgem. The recycle price element is estimated at the balance sheet date based on assumptions at that point in time around likely levels of renewable generation and supply over the remaining compliance period, and is therefore subject to possible future variation. Where ROCs are self-generated or purchased to fulfil the Group\u2019s liability under the renewable obligation, they are recorded at market value at the point of generation or purchased within intangible assets. The Group can hold ROCs in excess of the Group\u2019s renewables obligation, which, due to limited evidence of liquidity or net settlement for ROC trades, are recorded at the lower of cost or net realisable value within inventories. Similarly, the fair value of any forward contracts entered into at the balance sheet date for the purchase or sale of ROCs in future periods are not recognised, as there is insufficient liquidity for net settlement. The Group\u2019s liability under the renewable obligation is recognised based on electricity supplied to customers, the obligation level set by Ofgem and the prevailing market price. The intangible assets are surrendered at the end of the compliance period reflecting the consumption of economic benefit and release of the associated liability. As a result, no amortisation is recorded during the period. Research and development Expenditure on research activities is charged to the income statement as incurred. Expenditure on development activities is capitalised as intangible assets if the project or process is considered to be technically and commercially feasible and the Group intends to complete the project or process for use or for sale. Development projects include wind farm developments, battery storage and solar developments, thermal generation projects and other developments relating to proven technologies. Costs incurred in bringing these projects to the consent stage include options over land rights, planning application costs and environmental impact studies and may be costs incurred directly or part of the fair value exercise on acquisition of an interest in a project. At the point that the project reaches the consent stage and is approved by the Board, the carrying value of the project is transferred to property, plant and equipment as assets under construction. Revenue and costs incurred through pre-commissioning testing activities are reflected in the income statement. Once in operation, depreciation will be charged over the expected useful life of the asset. The asset is derecognised on disposal, or when no future economic benefits are expected to arise. Intangible assets (note 13) continued Other intangible assets Other intangible assets that have been acquired separately by the Group are stated at cost less accumulated amortisation and impairment losses. Expenditure on internally generated brands or customer lists are expensed as incurred. Expenditure on internally developed software assets and application software licences includes contractors\u2019 fees and directly attributable labour and overheads. Amortisation is charged to the income statement on a straight-line basis over the estimated useful life of these assets. The amortisation periods utilised are as follows: Years Brands 10 Customer lists Contract term Developed software assets and application software licences 3 to 15 The useful lives of all the intangible assets are reviewed annually and amended, as required, on a prospective basis. Intangible assets are derecognised on disposal, or when no future economic benefits are expected from their use. Cloud computing arrangements The Group has contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements. Where the Group does not control the underlying assets in these arrangements, costs are expensed as incurred. Implementation costs in respect of these contracts are capitalised when the definition and recognition criteria of an intangible asset under IAS 38 are met. Property, plant and equipment (note 14) Owned assets Items of property, plant and equipment are stated at cost less accumulated depreciation and impairments. The cost of self-constructed assets includes the cost of materials, direct labour and other directly attributable costs. Where the asset is a qualifying asset, for which a considerable period of time is required to prepare the asset for use or sale, borrowing costs will be capitalised as part of the asset\u2019s cost. Where an item of property, plant and equipment comprises major components having different useful lives, the components are accounted for as separate items of property, plant and equipment, and depreciated accordingly. An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. Right of use assets Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. Hydro civil assets The Group is obliged under the Reservoirs Act 1975 to maintain its hydro infrastructure network, including its dams, tunnels and other hydro civil engineering structures (hydro civil assets). All items of property, plant and equipment within hydro civil assets, with the exception of land, are subject to depreciation. In accordance with the transition provisions of IFRS 1 \u2018First-time Adoption of IFRS\u2019, the Group identified the carrying value of these assets at privatisation and has treated this value as deemed cost. Following this assessment, the assets, and all subsequent enhancement and replacement expenditure, has been subject to depreciation over a useful economic life of 75 years. All subsequent maintenance expenditure is chargeable directly to the income statement. Depreciation Depreciation is charged to the income statement to write off cost, less residual values, on a straight line basis over their estimated useful lives. Heritable and freehold land is not depreciated. Depreciation policy, useful lives and residual values are reviewed at least annually, for all asset classes to ensure that the current method is the most appropriate. Depreciation commences following the asset commissioning period and when the asset is available for commercial operation. The estimated useful lives for assets depreciated on a straight line basis are as follows: Years Hydro civil assets (classified within Renewable power generation assets) 75 to 100 Thermal and hydro power stations including electrical and mechanical assets (classified within Thermal power generation assets) 20 to 60 Onshore wind farms (classified within Renewable power generation assets) 20 to 25 Offshore wind farms (classified within Renewable power generation assets) 23 to 30 Gas storage facilities (classified within Other assets) 25 to 50 Overhead lines, underground cables and other network assets (classified within Distribution or Transmission network assets) 5 to 80 Office buildings (classified within Land and buildings) 30 to 40 Fixtures, IT assets, vehicles and mobile plant (classified within Other assets) 3 to 15 Assets held under leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease agreement. Subsequent expenditure It is the Group policy to capitalise qualifying replacement expenditure and depreciate it over the expected useful life of the replaced asset. Replaced assets are derecognised at this point and the costs recorded as costs of disposal. Where an item of property, plant and equipment is replaced and it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement adjusted for inflation will be used as an approximation of the cost of the replaced part at the time it was acquired or constructed. Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately is capitalised. Other subsequent expenditure is capitalised only when it increases the future economic benefits of the item of property, plant and equipment to which it relates. Maintenance and repair costs are expensed as incurred. Derecognition An item of property, plant or equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Gains and losses on disposals are determined by comparing the proceeds received with the carrying amount of the asset and are included in the income statement. Any gain or loss on derecognition of the asset is included in the income statement in the period of derecognition. Lease arrangements (note 21) Lease arrangements are separately distinguished from service contracts based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Group is deemed to control the use of an identified asset, a right of use asset and a corresponding lease liability are recognised on the balance sheet. Right of use assets are capitalised and held as part of property, plant and equipment. The accounting policy for such arrangements is described on page 282 . Lease liabilities are initially measured at the present value of the future lease payments discounted using the rate implicit in the lease if that can be readily determined. If the interest rate implicit in the lease cannot be readily determined the incremental borrowing rate is used. Where the interest rate implicit in the lease is not readily determinable, the Group has applied the intercompany borrowing rate which is based on the Group\u2019s external medium-term borrowing rates with premia adjustments for any subsidiary specific risk factors. In determining whether any break and/or extension clauses should be included within the lease term, the Group has considered that where an internal decision has been made to break or extend the lease agreement, that decision shall be applied in determining the appropriate lease term. Where an internal decision has not been made, and where the non-cancellable element of the lease term has longer than five years remaining, it is considered that any clauses will not be triggered as any decision beyond that date is not reasonably certain. For all leases with less than five years remaining, an assessment is made at each reporting period on a lease-by-lease basis on whether the clause is reasonably certain to be triggered. Reassessment of break and/or extension judgements made in prior periods could result in recalculation of the lease liability and adjustments to associated balances. The lease liability is subsequently adjusted for the unwind of discounting, repayments and other modifications to the underlying agreement. Lease modifications are accounted for as a separate lease where the scope of the lease increases through the right to use one or more underlying assets and where the consideration of the lease increases by an amount that is equivalent to the standalone price of the increase in scope. Where a modification decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. Leases with a duration of 12 months or less and leases for assets which are deemed \u2018low value\u2019 are expensed to the income statement on a straight-line basis over the lease term. Impairment review (note 15) The carrying amounts of the Group\u2019s property, plant and equipment and other intangible assets and the Group\u2019s investments in joint ventures and associates, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, or where there are indications that a previously recognised impairment loss has reduced. For property, plant and equipment assets that have previously been identified as exhibiting indications of impairment, the review of impairment will be performed annually until there is sufficient evidence to confirm that any potential impairment loss has been appropriately recognised, or until previously recognised impairment losses have been fully written back. For goodwill and other intangible assets with an indefinite life or which are not yet ready for use, the test for impairment is carried out annually. In addition, financial assets measured at amortised cost are also reviewed for impairment annually. Impairment review (note 15) continued For assets subject to impairment testing, the asset\u2019s carrying value is compared to the asset\u2019s (or cash-generating unit\u2019s, in the case of goodwill), recoverable amount. The recoverable amount is determined to be the higher of the fair value less costs to sell (\u2018FVLCS\u2019) and the value-in-use (\u2018VIU\u2019) of the asset or cash-generating unit (\u2018CGU\u2019). For financial assets measured at amortised cost the impairment is measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge will be recognised immediately in the income statement. Reversals of previous impairment charges are recognised if the recoverable amount of the asset or CGU significantly exceeds the carrying amount. Previous impairments of goodwill are not reversed. Value in use (\u2018VIU\u2019) calculations require the estimation of future cash flows to be derived from the respective assets (or CGUs) and the selection of an appropriate discount rate in order to calculate their present value. The VIU methodology is consistent with the approach taken by management to evaluate economic value and is deemed to be the most appropriate for reviews of property, plant and equipment assets and the Group\u2019s identified goodwill-related CGUs. The methodology is based on the pre-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted using a pre-tax discount rate based on the Group\u2019s cost of funding and adjusted for any specific risks. The estimation of the timing and value of underlying projected cash flows and the selection of appropriate discount rates involves management judgement. Subsequent changes to these estimates or judgements may impact the carrying value of the assets. The fair value less costs to sell methodology also uses a present value technique, unless there is a quoted price in an active market for that asset. The methodology is based on the post-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted using a post-tax discount rate determined in the same manner as the rates used in the VIU calculations, adjusted for the relevant taxation rate. Any impairment charge identified will initially be adjusted against the goodwill allocated to the cash-generating unit. Any excess charge will be allocated against the remaining assets of the cash-generating unit. Reversals of previous impairment charges are allocated against the carrying value of assets previously subject to an impairment charge. Inventories (note 17) Inventories \u2013 aside from inventory purchased by the Gas Storage business for trading activities \u2013 are valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Gas inventory purchased by the Gas Storage business for trading activities is held at fair value with reference to the forward month market price. Gains and losses on remeasurement at fair value are recognised within the Income Statement, as a \u2018certain remeasurement\u2019 item. Provisions (note 20) A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, it can be measured reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Decommissioning The Group engages independent experts to estimate the cost to decommission its Renewable, Thermal and Gas Storage assets every three years. In the intervening years, management updates the external valuation based on factors arising since the last formal valuation date. Provision is made for the net present value of the estimated cost of decommissioning gas storage facilities, wind farms and power stations at the end of the useful life of the facilities. This includes development assets, where if a present obligation exists, a provision is recognised during construction and prior to commencement of operations from the site. The estimates are based on technology and prices at the balance sheet date and exclude any salvage value related to those assets. A corresponding decommissioning asset is recognised and is included within property, plant and equipment when it gives access to future economic benefits, and is depreciated on a straight-line basis over the expected useful life of the asset. Changes in these provisions are recognised prospectively. The unwind of discounting of the provision is included in finance costs. The Group retained a decommissioning obligation following the disposal of its Gas Production business. The decommissioning cost estimates are updated periodically by field operators based on current technology and prices. Field operators also provide estimated end of field life dates for each field, which can change based on market commodity prices. Retirement benefit obligations (note 23) Defined benefit pension schemes The Group operates two defined benefit pension schemes, one of which is operated by the Company. Pension scheme assets are measured using bid market values. Pension scheme liabilities are measured using the projected unit credit actuarial method and are discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. Any increase in the present value of liabilities within the Group\u2019s defined benefit pension schemes expected to arise from employee service in the year is charged as service costs to operating profit. Net interest costs are based on net scheme assets or liabilities, adjusted for minimum funding requirement and pension surplus restrictions under IFRIC 14 \u2018IAS 19\u2014The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. Actuarial gains and losses are recognised in full in the consolidated statement of comprehensive income. Pension scheme surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the balance sheet. Defined contribution pension schemes The Group also operates a number of defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The amounts charged represent the contributions payable to the schemes in the year and are charged directly to the income statement. Equity and equity-related compensation benefits The Group operates a number of employee share schemes as described in the Remuneration Report. These schemes enable Group employees to acquire shares of the Company. The exercise prices of the sharesave scheme are set at a discount to market price at the date of the grant. The fair value of the sharesave scheme option granted is measured at the grant date by use of a Black-Scholes model. The fair value of the options granted is recognised as an expense on a straight-line basis over the period that the scheme vests. Estimates are updated for non-market conditions at each balance sheet date with any adjustment in respect of the current and prior years being recognised in the income statement. The costs associated with the other main employee schemes are recognised over the period to which they relate. The charge related to the equity shares in the Company awarded under the share schemes is treated as an increase in the cost of investment held by the Company in the subsidiary companies of the Group. The disclosures on equity and equity-related compensation benefits have been removed on the grounds of materiality in relation to the Group. Financial instruments (note 24) The Group uses a range of financial instruments to hedge exposures to financial risks, such as interest rate, foreign exchange and energy price fluctuations in its normal course of business and in accordance with the Group\u2019s risk management policies. The Group\u2019s risk management policies are further explained in A6 . The Group\u2019s review of the IFRS 9 hedge accounting model concluded that, whilst adoption would not change the treatment of existing hedging arrangements, the changes made would not result in any additional hedge designations either. As such, the existing hedge accounting model under IAS 39 appropriately reflects the Group\u2019s risk management activities in the financial statements. Therefore, as permitted by IFRS 9, the Group has elected to continue to apply the hedge accounting requirements of IAS 39. This policy choice will be periodically reviewed to consider any changes in our risk management activities. Interest rate and foreign exchange derivatives Financial derivative instruments are used by the Group to hedge interest rate and currency exposures. All such derivatives are recognised at fair value and are re-measured to fair value each reporting period. Certain derivative financial instruments are designated as being held for hedging purposes. The designation of the hedge relationship is established at the inception of the hedge and procedures are applied to ensure the derivative is highly effective in achieving its objective and that the effectiveness of the hedge can be reliably measured. The treatment of gains and losses on re-measurement is dependent on the classification of the hedge and whether the hedge relationship is designated as either a \u2018fair value\u2019 or \u2018cash flow\u2019 hedge. Derivatives that are not designated as hedges are treated as if held for trading, with all fair value movements being recorded through the income statement. A derivative classified as a \u2018fair value\u2019 hedge recognises gains and losses from re-measurement immediately in the income statement. Loans and borrowings are measured at cost except where they form the underlying transaction in an effective fair value hedge relationship. In such cases, the carrying value of the loan or borrowing is adjusted to reflect fair value movements with the gain or loss being reported in the income statement. A derivative classified as a \u2018cash flow\u2019 hedge recognises the portion of gains or losses on the derivative which are deemed to be effective directly in equity in the hedge reserve. Any ineffective portion of the gains or losses is recognised in the consolidated income statement. When hedged cash flows result in the recognition of a non-financial asset or liability, the associated gains or losses previously recognised in equity are included in the initial measurement of the asset or liability. For all other cash flow hedges, the gains or losses that are recognised in equity are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. Financial instruments (note 24) continued Interest rate and foreign exchange derivatives continued Hedge accounting is discontinued when the hedging instrument expires, or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At the point of discontinuation, any cumulative gain or loss on the hedging instrument recognised in equity remains in equity until the forecast transaction affects profit or loss. On settlement, the cumulative gain or loss recognised in equity is recognised in the income statement. Commodity derivatives Within its regular course of business, the Group routinely enters into sale and purchase derivative contracts for commodities such as electricity, gas, carbon allowances and oil. Where the contract was entered into and continues to be held for the purpose of receipt or delivery in accordance with the Group\u2019s expected sale, purchase or usage requirements, the contracts are designated as \u2018own use\u2019 contracts and are measured at cost. These contracts are not within the scope of IFRS 9. Derivative commodity contracts which are not designated as own use contracts are accounted for as trading derivatives and are recognised in the balance sheet at fair value. Where a hedge accounting relationship is designated and is proven to be effective, the changes in fair value will be recognised in accordance with the rules noted above. There are currently no designated hedge relationships in relation to commodity contracts. Other commodity contracts, where own use is not established and a hedge accounting relationship is not designated, are measured at fair value with gains and losses on re-measurement being recognised in the income statement in cost of sales. Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives where the characteristics of the derivatives are not closely related to those of the host contracts. Net investment hedges Hedges of net investments in foreign operations are accounted in a manner similar to effective cash flow hedges. Any gain or loss on the effective portion of the hedge is recognised in equity, in the translation reserve, and any gain or loss on the ineffective portion of the hedge is recognised in the income statement. On disposal of the foreign operation, the cumulative value of any gains or losses recognised directly in equity is transferred to the income statement. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Trade receivables Trade receivables do not carry any interest and are measured at cost less an appropriate allowance for lifetime expected credit losses. Interest-bearing loans and borrowings All such loans and borrowings are initially recognised at fair value including transaction costs and are subsequently measured at amortised cost, except where the loan or borrowing is the hedged item in an effective fair value hedge relationship. Share capital Ordinary shares are accounted for as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds received. Own equity instruments that are reacquired are deducted from equity. No gain or loss is recognised in the Group Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Hybrid equity Hybrid equity comprises issued bonds that qualify for recognition as equity. Accordingly, any coupon payments are accounted for as dividends and are recognised directly in equity at the time the payment obligation arises. This is because the coupon payments are discretionary and relate to equity. Coupon payments consequently do not have any impact on the income statement. Coupon payments are recognised in the cash flow statement in the same way as dividends to ordinary shareholders. Tax credits in relation to the coupon payments are linked to the past transactions or events that support the coupon payments and consequently the tax credits are reported in the income statement. Hybrid debt Hybrid debt comprises issued bonds that have a fixed redemption date and are accounted within Loans and Borrowings. Coupon payments are recognised within the income statement as a finance cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-760": { "value": "Subsidiaries (Accompanying Information A3) Subsidiaries are those entities controlled by the Group or the Company. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity in order to obtain variable returns from its activities. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries acquired are consolidated in the financial statements of the Group from the date that control commences until the date control ceases. Transactions with non-controlling interests that relate to their ownership interests and do not result in a loss of control are accounted for as equity transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-800": { "value": "Interests in joint arrangements and associates (note 16 and Accompanying Information A3) Joint arrangements, as defined by IFRS 11 \u2018Joint Arrangements\u2019, are those arrangements that convey to two or more parties \u2018joint control\u2019. Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement, are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019, being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and obligations over the assets and liabilities of the investee. Associates are those investments over which the Group has significant influence but neither control nor joint control. The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from the arrangement. The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post- acquisition results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted operations after tax and interest in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-791": { "value": "Interests in joint arrangements and associates (note 16 and Accompanying Information A3) Joint arrangements, as defined by IFRS 11 \u2018Joint Arrangements\u2019, are those arrangements that convey to two or more parties \u2018joint control\u2019. Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement, are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019, being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and obligations over the assets and liabilities of the investee. Associates are those investments over which the Group has significant influence but neither control nor joint control. The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from the arrangement. The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post- acquisition results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted operations after tax and interest in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-761": { "value": "Interests in joint arrangements and associates (note 16 and Accompanying Information A3) Joint arrangements, as defined by IFRS 11 \u2018Joint Arrangements\u2019, are those arrangements that convey to two or more parties \u2018joint control\u2019. Joint control exists when decisions about the \u2018relevant activities\u2019, being the financial, operational or strategic policies of the arrangement, are made with the unanimous consent of the parties sharing control. Whilst this assessment is principally focused on any \u2018reserved matters\u2019, being the material activities that typically require all significant shareholders to approve, other contractual agreements such as Power Purchase Agreements and Management Services Agreements are also considered. The Group\u2019s investments in joint arrangements are classified as either joint operations or joint ventures depending on the investee\u2019s legal form and the investor\u2019s contractual rights and obligations over the assets and liabilities of the investee. Associates are those investments over which the Group has significant influence but neither control nor joint control. The Group\u2019s interests in its joint operations are accounted for by recognising its share of the assets, liabilities, revenue and expenses of the operation. In these arrangements, the Group\u2019s share of the revenue will be eliminated as it relates to its purchased share of the output from the arrangement. The Group\u2019s joint ventures and associates are accounted for using the equity method of accounting where the joint venture and associate net investments (comprising both equity and long term loans) are carried at historical cost plus the Group\u2019s share of post- acquisition results, less any impairment in value. Where an impairment is recognised against the carrying value of an investment, it is recognised within the operating costs line of the consolidated financial statements. For those investments that were formerly subsidiaries of the Group, this will also include any fair value uplift arising from loss of control. The Group recognises its share of the results of these equity-accounted operations after tax and interest in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-792": { "value": "Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the functional currency of the parent. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured accordingly. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Any gain or loss arising on the restatement of such items is taken to the income statement as a finance cost, with the exception of exchange gains or losses on foreign currency borrowings that provide a hedge against a net investment in a foreign entity or exchange gains or losses incurred as part of a qualifying cash flow hedge. These exchange gains or losses are transferred to the translation reserve to the extent the hedge is effective. Non-monetary assets that are measured in terms of historical cost in a foreign currency are translated at the historic rate at the date of transaction. For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds sterling at the balance sheet closing rate. The results of these operations are translated at the average rate in the relevant period. Exchange differences on retranslation of the opening net assets and the results of foreign operations are transferred to the translation reserve and are reported in the consolidated statement of comprehensive income. The average and spot rates for the principal functional currencies that the Group\u2019s foreign operations are denominated in are shown in the table below. 2023 2022 Change EUR v GBP Year end spot rate 1.1374 1.1856 (4.1)% Average spot rate 1.1564 1.1750 (1.6)% US$ v GBP Year end spot rate 1.2337 1.3139 (6.1)% Average spot rate 1.2050 1.3616 (11.5)% JPY v GBP Year end spot rate 163.8230 159.7110 2.6% Average spot rate 163.2888 153.8007 6.2% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-762": { "value": "Foreign currencies The consolidated financial statements are presented in pounds sterling, which is the functional currency of the parent. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured accordingly. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Any gain or loss arising on the restatement of such items is taken to the income statement as a finance cost, with the exception of exchange gains or losses on foreign currency borrowings that provide a hedge against a net investment in a foreign entity or exchange gains or losses incurred as part of a qualifying cash flow hedge. These exchange gains or losses are transferred to the translation reserve to the extent the hedge is effective. Non-monetary assets that are measured in terms of historical cost in a foreign currency are translated at the historic rate at the date of transaction. For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into pounds sterling at the balance sheet closing rate. The results of these operations are translated at the average rate in the relevant period. Exchange differences on retranslation of the opening net assets and the results of foreign operations are transferred to the translation reserve and are reported in the consolidated statement of comprehensive income. The average and spot rates for the principal functional currencies that the Group\u2019s foreign operations are denominated in are shown in the table below. 2023 2022 Change EUR v GBP Year end spot rate 1.1374 1.1856 (4.1)% Average spot rate 1.1564 1.1750 (1.6)% US$ v GBP Year end spot rate 1.2337 1.3139 (6.1)% Average spot rate 1.2050 1.3616 (11.5)% JPY v GBP Year end spot rate 163.8230 159.7110 2.6% Average spot rate 163.2888 153.8007 6.2% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-717": { "value": "Revenue (notes 2 and 5) Revenue from contracts with customers is recognised to the extent that it reflects the expected consideration for goods or services provided to the customer under contract, over the performance obligations they are being provided. For each separable performance obligation identified, the Group determines whether it is satisfied at a \u2018point in time\u2019 or \u2018over time\u2019 based upon an evaluation of the receipt and consumption of benefits, control of assets and enforceable payment rights associated with that obligation. If the criteria required for \u2018over time\u2019 recognition are not met, the performance obligation is deemed to be satisfied at a \u2018point in time\u2019. Revenue principally arises as a result of the Group\u2019s activities in energy production, storage, transmission, distribution, supply and related services in the energy markets in Great Britain and Ireland. The key policies applied by each Business Unit are as follows: Transmission Use of electricity transmission networks Revenue from use of electricity transmission networks is derived from the allowed revenue as defined by the parameters in the relevant electricity transmission licence, which informs the tariffs set. Electricity transmission revenue is determined in accordance with the regulatory licence, based on an Ofgem approved revenue model and is recognised \u2018over time\u2019 as charged to National Grid. Where this revenue differs from the allowed revenue, there may be an over- or under-recovery of revenue which will be reflected in future financial years\u2019 allowed revenue as set out in the regulatory licence. No accounting adjustments are made for over- or under-recoveries in the year that they arise as they are contingent on future events (being the transmission of electricity in a future period). The over or under recovery adjustment is recognised in the subsequent period when included within the tariffs that form allowed revenue under the regulatory agreement. Transmission network contracted services Where the Group has an ongoing obligation to provide contracted services (transmission network connections), revenues are recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of that service across the expected contractual service period. Any assets constructed in order to deliver the service are capitalised and depreciated over their useful life. Payments are typically received from customers in advance of providing the contracted service and are deferred on balance sheet. No extended warranty periods are offered. Distribution Use of electricity distribution networks Revenue from use of electricity distribution networks is derived from the allowed revenue as defined by the parameters in the relevant electricity distribution licence, which informs the tariffs set. Electricity distribution revenue recognised is based on the volume of electricity distributed \u2018over time\u2019, as use of distribution service is determined by the customer, and the set customer tariff. As with electricity transmission revenue, any over- or under-recovery of revenue is reflected in future financial years\u2019 allowed revenue as set out in the regulatory licence. No accounting adjustments are made for over- or under-recoveries in the year that they arise as they are contingent on future events (being the distribution of electricity in a future period). The over or under recovery adjustment is recognised in the subsequent period when included within the tariffs that form allowed revenue under the regulatory agreement. The Distribution business is responsible for recovering industry charges for supplier failures from customers under Ofgem\u2019s Supplier of Last Resort scheme. The Group\u2019s policy is to recognise revenue for recovered amounts when the Group is entitled to invoice customers through its regulated use of system tariff. The Group recognises its obligation to pay amounts recovered to eligible suppliers when the Group is entitled to invoice customers through its regulated use of system tariff. Distribution network contracted services Where the Group has an ongoing obligation to provide contracted services (such as for distribution network connections), revenues are recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of that service across the expected contractual service period. Any assets constructed in order to deliver the service are capitalised and depreciated over their useful life. Payments are typically received from customers in advance of providing the contracted service and are deferred on balance sheet. No extended warranty periods are offered. Renewables Electricity generation Revenue from the physical generation of electricity is recognised \u2018point in time\u2019 as generated and supplied to the national settlements body. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own use\u2019 designation. Renewables contracted services Revenue from national support schemes, such as Renewable Obligation Certificates, is recognised at the point the performance obligation has been met. This is typically considered to be either at the point electricity has been physically generated or over the contractual period, depending on the underlying performance obligation. Revenue is measured either at the market rate at the point of generation, or at the fixed contractual consideration, depending on the individual scheme mechanic. Revenue from other ancillary generation services is recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of those services across the expected contractual service period, and at the contracted consideration. Thermal Electricity generation Revenue from the physical generation of electricity is recognised \u2018point in time\u2019 as generated and supplied to the national settlements body. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own use\u2019 designation. Gas storage Revenue from gas storage trading activities is recognised \u2018point in time\u2019 as injected back into the gas network. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own use\u2019 designation. Thermal Generation contracted services Revenue from national support schemes, such as the Capacity Market mechanism, is recognised at the point the performance obligation has been met. This is typically considered to be either at the point electricity has been physically generated or over the contractual period, depending on the underlying performance obligation. Revenue is measured either at the market rate at the point of generation, or at the fixed contractual consideration, depending on the individual scheme mechanic. Revenue from other ancillary generation services is recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of those services across the expected contractual service period, and at the contracted consideration. Customers Supply of energy Revenue on the supply of energy comprises sales to domestic (in Ireland) and business end-user customers (in GB and Ireland) based on actual energy consumption including an estimate of the value of electricity and gas supplied to customers between the date of the last meter reading and the year end. Revenue is recognised \u2018over time\u2019 consistent with the delivery of energy to the customer as we consider the receipt and consumption of the benefits of the energy to be simultaneous. Revenue is measured based on the applicable customer tariff rate and after deduction of any applicable contractual discounts. Details of the judgements involved in the estimation process for the value of electricity and gas supplied to customers is given within note 4.1(iii). Payments from customers may be received in advance of providing the contracted service and are deferred on balance sheet. Amounts received from customers in relation to energy management services provided by Third Party Intermediaries (\u2018TPIs\u2019) are offset against payments to those TPIs, reflecting the responsibility for providing the energy management service. Energy related services Where the Group has an ongoing obligation to provide contracted energy related services, revenues are recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of that service across the expected contractual service period at the fixed contracted rate. Where the Group has an obligation to perform a specific service, revenues are recognised \u2018point in time\u2019, following performance of the service at the fixed contracted consideration. No extended warranty periods are offered. Distributed Energy Construction related services Construction related service revenue related to the Contracting and Rail business, which was disposed on 30 June 2021. For construction related services, revenue was recognised for each identified performance obligation \u2018over time\u2019 by applying an input method to determine the proportion of total contract revenue (being fixed price consideration plus the latest estimate of variable consideration) that should be recognised. The input method applied was calculated by reference to the costs incurred to date on that performance obligation, relative to the total expected costs to satisfy that performance obligation, provided the contract outcome can be assessed with reasonable certainty. Revenue from non-contracted agreements or variations to contracted work was only recognised to the extent there is additional supporting evidence to their recoverability and may be subject to constraints on recognition. Revenue on contracts in customer dispute was recognised only to the extent it is considered to be highly probable that the revenue will be recovered. Commissions in relation to acquisition of construction related contracts were expensed as incurred. No extended warranty periods were offered. Payments from customers were based on agreed billing schedules, with payment milestones typically aligned with delivery of performance obligations. EPM & I Commodity optimisation and other services Income from sales commodity optimisation trading occurring in any business unit is presented net in cost of sales alongside purchase commodity optimisation trades. Revenue on physical power and gas supplies recognised \u2018point in time\u2019 as delivered to the national settlements body or third parties. Revenue is measured at either the spot price at the time of delivery, or trade price where that trade is eligible for \u2018own use\u2019 designation. Revenue arising on commodities purchased in excess of the Group\u2019s requirements and recorded as inventory assets, such as Renewables Obligation Certificates, is recognised \u2018point in time\u2019 on disposal of these inventory assets to third parties. Revenue from other ancillary services is recognised \u2018over time\u2019 consistent with the customer receiving and consuming the benefits of those services across the expected contractual service period, and at the contracted consideration. Physical energy production The Group\u2019s Gas production business was disposed on 14 October 2021 and was presented as a discontinued operation within the prior year financial statements. Revenue from the physical production of natural gas, crude oil and condensates arose from the Group\u2019s interest in various joint ventures and associates and was based on the entitlement method; whereby the Group\u2019s share of interest and production sharing terms were used to determine the allocation of production to each party in the arrangement. Revenue was recognised \u2018point in time\u2019 based on the production delivered to the customer at the specified delivery point and measured based on the applicable market price as specified in the customer contracts. Aside from where specifically noted above, consideration is due when the performance obligation has been satisfied. As the period between satisfaction of the performance obligation and receipt of consideration from the customer is expected to be less than a year, the Group has applied the practical expedient not to adjust revenue for the effect of any financing components. Revenue from sources other than the Group\u2019s contracts with customers principally comprise meter rental income within the Distributed Energy business, and Contract for Difference income within certain Joint Venture arrangements. Income on meter rental agreements, which are classified as operating leases, are presented as revenue where they relate to the core operating activities of that business. Lease payments are recognised as income on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-718": { "value": "Other operating income \u2013 Government Grants (note 6) During the year ended 31 March 2023, the UK and Irish governments introduced customer support schemes under which licensed energy suppliers are required to provide a discount on gas and electricity prices to customers. The level of discount applied to each customer varied dependent upon energy tariff and support scheme applicable to each customer. Where SSE provided a discount to customer through reduction of energy bill, the cost of applying these discounts was recovered from the Government. The amounts reclaimed under this scheme are recognised as government grant income within Other Operating Income in the consolidated income statement. The most significant customer support scheme administered by the Group during the year was the Energy Bill Relief Scheme, applicable to GB commercial gas and electricity customer usage during the period 1 October 2022 to 31 March 2023. This scheme impacts GB Business Energy with discounts made to SSE\u2019s billings to customers and unbilled income accrual and a separate asset recognised in respect of claimed or to-be-claimed receipts from the UK government. Contract for Differences (\u2018CfD\u2019) are agreements between a low-carbon electricity generator and the Low Carbon Contracts Company (\u2018LCCC\u2019), a UK Government owned entity responsible for delivering support mechanisms for low-carbon electricity generation. These agreements are not considered to be contracts with a customer, as the LCCC does not receive any goods or services from the generator. These arrangements are instead considered to be Government Grants, with income arising from these grants recognised in the income statement in the period in which generation takes place. In the year, the Group recognised no income or expense related to Contracts for Difference with the LCCC within its wholly owned subsidiaries. The Group\u2019s joint venture investment, Beatrice Offshore Windfarm Limited, has a CfD with the LCCC which resulted in payments from the LCCC of \u00a325.6m in the year (SSE share of \u00a312.8m recognised within share of profit). The Group\u2019s wholly owned Viking windfarm and joint venture investment Seagreen Wind Energy Limited also have a CfD arrangements in place with LCCC, however these agreements have not yet commenced and no income or cost was recognised during the year. Where the CfD strike price falls below the spot price of generation and payments are made to the LCCC, these payments are expensed as incurred within operating costs. The Group has commercial CfD arrangements in place where the Group has agreed to provide a revenue support contract. Where the Group has entered into these arrangements and there is no relationship with a government entity, the instruments are classified as derivatives and accounted for under IFRS 9. The Group has assessed that due to the valuation complexity of these arrangements, they are Level 3 financial instruments in the fair value hierarchy. On day 1, the Group recognises no gain or loss arising from the instrument, but instead defers this gain or loss and recognises it progressively over the life of the instrument. At each balance sheet date the fair value of the instrument is assessed with any movement in fair value recognised in the income statement in the period it arises. None of these contracts were active at 31 March 2023. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-719": { "value": "Cost of sales (note 6) Cost of sales includes fuel and energy purchases, direct employee benefits, and depreciation of property, plant and equipment. The net result from sales and purchases of commodity optimisation trades \u2013 comprising both realised and unrealised gains and losses arising from optimisation trading activities \u2013 is also presented within cost of sales, reflecting the underlying economic purpose of this trading activity. ", "dimensions": { "concept": "sseplc:DescriptionOfAccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-720": { "value": "Finance income and costs (note 9) Interest income and costs are recognised in the income statement as they accrue, on an effective interest method. The issue costs and interest payable on bonds and all other interest payable and receivable is reflected in the income statement on the same basis. Interest on the funding attributable to major capital projects is capitalised during the period of construction and depreciated as part of the total cost over the useful life of the asset. The accounting policy for foreign exchange translation of monetary assets and liabilities is described on page 276 and for lease liability charges on page 283 . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-763": { "value": "Finance income and costs (note 9) Interest income and costs are recognised in the income statement as they accrue, on an effective interest method. The issue costs and interest payable on bonds and all other interest payable and receivable is reflected in the income statement on the same basis. Interest on the funding attributable to major capital projects is capitalised during the period of construction and depreciated as part of the total cost over the useful life of the asset. The accounting policy for foreign exchange translation of monetary assets and liabilities is described on page 276 and for lease liability charges on page 283 . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-764": { "value": "Taxation (note 10) Taxation on the profit for the year comprises current and deferred tax. Taxation is recognised in the income statement unless it relates to items recognised directly in equity, in which case it is recognised in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is calculated using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets or liabilities other than in business combinations that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset within the same tax authority and where the Group intends to either settle them on a net basis, or to realise the asset and settle the liability simultaneously. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. During the year ended 31 March 2023, the UK government announced draft legislation related to the Electricity Generator Levy (\u2018EGL\u2019), which is effective for periods from 1 January 2023 to 31 March 2028. The Group has assessed that the EGL has the characteristics of a levy rather than an income tax. While the legislation was not enacted by the balance sheet date, legislation was passing through Parliament and the Group expects no significant amendments will be made to the draft legislation through the enactment process. As a result, the Group has recognised an accrual of \u00a343.4m for the period 1 January 2023 to 31 March 2023 within cost of sales (\u00a333.6m) and share of operating profit from joint ventures and associates (\u00a39.8m) . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-721": { "value": "Taxation (note 10) Taxation on the profit for the year comprises current and deferred tax. Taxation is recognised in the income statement unless it relates to items recognised directly in equity, in which case it is recognised in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is calculated using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets or liabilities other than in business combinations that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset within the same tax authority and where the Group intends to either settle them on a net basis, or to realise the asset and settle the liability simultaneously. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. During the year ended 31 March 2023, the UK government announced draft legislation related to the Electricity Generator Levy (\u2018EGL\u2019), which is effective for periods from 1 January 2023 to 31 March 2028. The Group has assessed that the EGL has the characteristics of a levy rather than an income tax. While the legislation was not enacted by the balance sheet date, legislation was passing through Parliament and the Group expects no significant amendments will be made to the draft legislation through the enactment process. As a result, the Group has recognised an accrual of \u00a343.4m for the period 1 January 2023 to 31 March 2023 within cost of sales (\u00a333.6m) and share of operating profit from joint ventures and associates (\u00a39.8m) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-722": { "value": "Business Combinations (note 12) The acquisition of subsidiaries, and joint operations that meet the definition of a business, is accounted for under the acquisition method as defined by IFRS 3 \u2018Business Combinations\u2019. The cost of acquisition is measured as being the aggregate fair value of consideration to be transferred at the date control is obtained. Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling interests, less the net recognised amount (which is generally fair value) of the identifiable assets and liabilities assumed. Goodwill is subject to an annual review for impairment (or more frequently if necessary) in accordance with the Group\u2019s impairment accounting policy. Contingent consideration is classified as a liability and subsequently re-measured through the income statement. Acquisition costs are expensed as incurred. Changes in ownership that do not result in a change of control are accounted for as equity transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-723": { "value": "Held for sale assets and liabilities and discontinued operations (note 12) Non-current assets are classified as held for sale if their recoverable value is likely to be recovered via a sale or distribution as opposed to continued use by the Group. In order to be classified as assets held for sale, assets must meet all of the following conditions: the sale is highly probable; it is available for immediate sale; it is being actively marketed; and the sale is likely to occur within one year. Assets that qualify as held for sale and related liabilities are disclosed separately from other assets and liabilities in the balance sheet prospectively from the date of classification. Non-current assets determined as held for sale are measured at the lower of carrying value and fair value less costs to sell, no depreciation is charged in respect of these assets after classification as held for sale. Assets or groups of assets and related liabilities that qualify as held for sale are classified as discontinued operations when they represent a separate major line of business or geographical area, are part of a single plan to dispose of a separate major line of business or geographical area or are acquired exclusively with a view to resale. Income and expenses relating to these discontinued operations are disclosed in a single net amount after taxes in the income statement, with comparative amounts re-presented accordingly. Intra-Group balances and any unrealised gains and losses or income and expenses arising from trading between continuing and discontinued operations continue to be eliminated in preparing the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-793": { "value": "Held for sale assets and liabilities and discontinued operations (note 12) Non-current assets are classified as held for sale if their recoverable value is likely to be recovered via a sale or distribution as opposed to continued use by the Group. In order to be classified as assets held for sale, assets must meet all of the following conditions: the sale is highly probable; it is available for immediate sale; it is being actively marketed; and the sale is likely to occur within one year. Assets that qualify as held for sale and related liabilities are disclosed separately from other assets and liabilities in the balance sheet prospectively from the date of classification. Non-current assets determined as held for sale are measured at the lower of carrying value and fair value less costs to sell, no depreciation is charged in respect of these assets after classification as held for sale. Assets or groups of assets and related liabilities that qualify as held for sale are classified as discontinued operations when they represent a separate major line of business or geographical area, are part of a single plan to dispose of a separate major line of business or geographical area or are acquired exclusively with a view to resale. Income and expenses relating to these discontinued operations are disclosed in a single net amount after taxes in the income statement, with comparative amounts re-presented accordingly. Intra-Group balances and any unrealised gains and losses or income and expenses arising from trading between continuing and discontinued operations continue to be eliminated in preparing the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-765": { "value": "Held for sale assets and liabilities and discontinued operations (note 12) Non-current assets are classified as held for sale if their recoverable value is likely to be recovered via a sale or distribution as opposed to continued use by the Group. In order to be classified as assets held for sale, assets must meet all of the following conditions: the sale is highly probable; it is available for immediate sale; it is being actively marketed; and the sale is likely to occur within one year. Assets that qualify as held for sale and related liabilities are disclosed separately from other assets and liabilities in the balance sheet prospectively from the date of classification. Non-current assets determined as held for sale are measured at the lower of carrying value and fair value less costs to sell, no depreciation is charged in respect of these assets after classification as held for sale. Assets or groups of assets and related liabilities that qualify as held for sale are classified as discontinued operations when they represent a separate major line of business or geographical area, are part of a single plan to dispose of a separate major line of business or geographical area or are acquired exclusively with a view to resale. Income and expenses relating to these discontinued operations are disclosed in a single net amount after taxes in the income statement, with comparative amounts re-presented accordingly. Intra-Group balances and any unrealised gains and losses or income and expenses arising from trading between continuing and discontinued operations continue to be eliminated in preparing the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-724": { "value": "Intangible assets (note 13) Goodwill and impairment testing Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or joint venture at the date of acquisition. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment at least on an annual basis. For the purpose of impairment testing, goodwill is allocated on initial recognition to the cash-generating units (CGUs) or groups of CGUs expected to benefit from the combination\u2019s synergies. The CGUs (or groups of CGUs) used for goodwill impairment testing purposes will represent how goodwill was attributed but may not represent reportable business segments. Goodwill may also arise upon investments in joint arrangements and associates. Goodwill arising on a joint operation is recorded as a separate asset and any impairment loss is recognised in the income statement. Goodwill arising on a joint venture or associate is recorded within the carrying amount of the Group\u2019s investment and any impairment loss is included within the share of result from joint ventures and associates. On disposal or closure of a previously acquired investment or business, any attributed goodwill will be included in determining the profit or loss on disposal. Allowances and certificates Allowances and certificates consist of purchased carbon emissions allowances and generated or purchased obligations certificates. These allowances and certificates will be utilised in settlement of environmental obligations incurred by the Group\u2019s Thermal and Business Energy businesses. The EU Emissions Trading Scheme (EU ETS) has been in operation since 1 January 2005, with the Group operating under the established EU ETS carbon pricing system from that date. Since 1 January 2021, following Brexit, the UK Government has established a UK Emissions Trading Scheme (UK ETS) to replace the EU ETS with the Group\u2019s UK generation assets now operating under the UK ETS carbon pricing system. The Group continues to hold EU ETS certificates to settle obligations arising through the activities of its Irish Thermal generation assets. Carbon allowances purchased are recorded at cost within intangible assets. Forward carbon contracts are measured at fair value with gains or losses arising on re-measurement being recognised in the income statement. A liability is recognised based on the level of emissions recorded. Up to the level of allowances held, including forward carbon contracts, the liability is measured at the cost of purchase. When the carbon emission liability exceeds the carbon allowances held, the difference is measured at market value selling price. Subsequent movements in market value are prospectively recognised in operating profit. The carbon allowance intangible asset is surrendered at the end of the compliance period to the extent requested reflecting the consumption of the economic benefit and is recorded as being utilised. As a result, no amortisation is booked but an impairment charge may be recognised should the carrying value of allowances exceed market or fair value. Under the Renewable Obligations Certificates (ROCs) scheme, certificates obtained from own generation are awarded by a third party, Ofgem. ROCs can be traded with third parties and are ultimately used by suppliers to demonstrate to Ofgem that they have met their obligation to source a set proportion of the electricity they supply from renewable sources. The value of a ROC to a supplier comprises two elements: the \u2018buy-out\u2019 price which is set annually in advance of the compliance period by Ofgem; and the \u2018recycle\u2019 price which is determined after the compliance period by Ofgem. The recycle price element is estimated at the balance sheet date based on assumptions at that point in time around likely levels of renewable generation and supply over the remaining compliance period, and is therefore subject to possible future variation. Where ROCs are self-generated or purchased to fulfil the Group\u2019s liability under the renewable obligation, they are recorded at market value at the point of generation or purchased within intangible assets. The Group can hold ROCs in excess of the Group\u2019s renewables obligation, which, due to limited evidence of liquidity or net settlement for ROC trades, are recorded at the lower of cost or net realisable value within inventories. Similarly, the fair value of any forward contracts entered into at the balance sheet date for the purchase or sale of ROCs in future periods are not recognised, as there is insufficient liquidity for net settlement. The Group\u2019s liability under the renewable obligation is recognised based on electricity supplied to customers, the obligation level set by Ofgem and the prevailing market price. The intangible assets are surrendered at the end of the compliance period reflecting the consumption of economic benefit and release of the associated liability. As a result, no amortisation is recorded during the period. Research and development Expenditure on research activities is charged to the income statement as incurred. Expenditure on development activities is capitalised as intangible assets if the project or process is considered to be technically and commercially feasible and the Group intends to complete the project or process for use or for sale. Development projects include wind farm developments, battery storage and solar developments, thermal generation projects and other developments relating to proven technologies. Costs incurred in bringing these projects to the consent stage include options over land rights, planning application costs and environmental impact studies and may be costs incurred directly or part of the fair value exercise on acquisition of an interest in a project. At the point that the project reaches the consent stage and is approved by the Board, the carrying value of the project is transferred to property, plant and equipment as assets under construction. Revenue and costs incurred through pre-commissioning testing activities are reflected in the income statement. Once in operation, depreciation will be charged over the expected useful life of the asset. The asset is derecognised on disposal, or when no future economic benefits are expected to arise. Other intangible assets Other intangible assets that have been acquired separately by the Group are stated at cost less accumulated amortisation and impairment losses. Expenditure on internally generated brands or customer lists are expensed as incurred. Expenditure on internally developed software assets and application software licences includes contractors\u2019 fees and directly attributable labour and overheads. Amortisation is charged to the income statement on a straight-line basis over the estimated useful life of these assets. The amortisation periods utilised are as follows: Years Brands 10 Customer lists Contract term Developed software assets and application software licences 3 to 15 The useful lives of all the intangible assets are reviewed annually and amended, as required, on a prospective basis. Intangible assets are derecognised on disposal, or when no future economic benefits are expected from their use. Cloud computing arrangements The Group has contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements. Where the Group does not control the underlying assets in these arrangements, costs are expensed as incurred. Implementation costs in respect of these contracts are capitalised when the definition and recognition criteria of an intangible asset under IAS 38 are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-766": { "value": "Goodwill and impairment testing Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or joint venture at the date of acquisition. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment at least on an annual basis. For the purpose of impairment testing, goodwill is allocated on initial recognition to the cash-generating units (CGUs) or groups of CGUs expected to benefit from the combination\u2019s synergies. The CGUs (or groups of CGUs) used for goodwill impairment testing purposes will represent how goodwill was attributed but may not represent reportable business segments. Goodwill may also arise upon investments in joint arrangements and associates. Goodwill arising on a joint operation is recorded as a separate asset and any impairment loss is recognised in the income statement. Goodwill arising on a joint venture or associate is recorded within the carrying amount of the Group\u2019s investment and any impairment loss is included within the share of result from joint ventures and associates. On disposal or closure of a previously acquired investment or business, any attributed goodwill will be included in determining the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-767": { "value": "Research and development Expenditure on research activities is charged to the income statement as incurred. Expenditure on development activities is capitalised as intangible assets if the project or process is considered to be technically and commercially feasible and the Group intends to complete the project or process for use or for sale. Development projects include wind farm developments, battery storage and solar developments, thermal generation projects and other developments relating to proven technologies. Costs incurred in bringing these projects to the consent stage include options over land rights, planning application costs and environmental impact studies and may be costs incurred directly or part of the fair value exercise on acquisition of an interest in a project. At the point that the project reaches the consent stage and is approved by the Board, the carrying value of the project is transferred to property, plant and equipment as assets under construction. Revenue and costs incurred through pre-commissioning testing activities are reflected in the income statement. Once in operation, depreciation will be charged over the expected useful life of the asset. The asset is derecognised on disposal, or when no future economic benefits are expected to arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-768": { "value": "Other intangible assets Other intangible assets that have been acquired separately by the Group are stated at cost less accumulated amortisation and impairment losses. Expenditure on internally generated brands or customer lists are expensed as incurred. Expenditure on internally developed software assets and application software licences includes contractors\u2019 fees and directly attributable labour and overheads. Amortisation is charged to the income statement on a straight-line basis over the estimated useful life of these assets. The amortisation periods utilised are as follows: Years Brands 10 Customer lists Contract term Developed software assets and application software licences 3 to 15 The useful lives of all the intangible assets are reviewed annually and amended, as required, on a prospective basis. Intangible assets are derecognised on disposal, or when no future economic benefits are expected from their use. Cloud computing arrangements The Group has contracts for Software as a Service (SaaS) and Platform as a Service (PaaS) Cloud Computing Arrangements. Where the Group does not control the underlying assets in these arrangements, costs are expensed as incurred. Implementation costs in respect of these contracts are capitalised when the definition and recognition criteria of an intangible asset under IAS 38 are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-725": { "value": "Property, plant and equipment (note 14) Owned assets Items of property, plant and equipment are stated at cost less accumulated depreciation and impairments. The cost of self-constructed assets includes the cost of materials, direct labour and other directly attributable costs. Where the asset is a qualifying asset, for which a considerable period of time is required to prepare the asset for use or sale, borrowing costs will be capitalised as part of the asset\u2019s cost. Where an item of property, plant and equipment comprises major components having different useful lives, the components are accounted for as separate items of property, plant and equipment, and depreciated accordingly. An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. Right of use assets Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. Hydro civil assets The Group is obliged under the Reservoirs Act 1975 to maintain its hydro infrastructure network, including its dams, tunnels and other hydro civil engineering structures (hydro civil assets). All items of property, plant and equipment within hydro civil assets, with the exception of land, are subject to depreciation. In accordance with the transition provisions of IFRS 1 \u2018First-time Adoption of IFRS\u2019, the Group identified the carrying value of these assets at privatisation and has treated this value as deemed cost. Following this assessment, the assets, and all subsequent enhancement and replacement expenditure, has been subject to depreciation over a useful economic life of 75 years. All subsequent maintenance expenditure is chargeable directly to the income statement. Depreciation Depreciation is charged to the income statement to write off cost, less residual values, on a straight line basis over their estimated useful lives. Heritable and freehold land is not depreciated. Depreciation policy, useful lives and residual values are reviewed at least annually, for all asset classes to ensure that the current method is the most appropriate. Depreciation commences following the asset commissioning period and when the asset is available for commercial operation. The estimated useful lives for assets depreciated on a straight line basis are as follows: Years Hydro civil assets (classified within Renewable power generation assets) 75 to 100 Thermal and hydro power stations including electrical and mechanical assets (classified within Thermal power generation assets) 20 to 60 Onshore wind farms (classified within Renewable power generation assets) 20 to 25 Offshore wind farms (classified within Renewable power generation assets) 23 to 30 Gas storage facilities (classified within Other assets) 25 to 50 Overhead lines, underground cables and other network assets (classified within Distribution or Transmission network assets) 5 to 80 Office buildings (classified within Land and buildings) 30 to 40 Fixtures, IT assets, vehicles and mobile plant (classified within Other assets) 3 to 15 Assets held under leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease agreement. Subsequent expenditure It is the Group policy to capitalise qualifying replacement expenditure and depreciate it over the expected useful life of the replaced asset. Replaced assets are derecognised at this point and the costs recorded as costs of disposal. Where an item of property, plant and equipment is replaced and it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement adjusted for inflation will be used as an approximation of the cost of the replaced part at the time it was acquired or constructed. Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately is capitalised. Other subsequent expenditure is capitalised only when it increases the future economic benefits of the item of property, plant and equipment to which it relates. Maintenance and repair costs are expensed as incurred. Derecognition An item of property, plant or equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Gains and losses on disposals are determined by comparing the proceeds received with the carrying amount of the asset and are included in the income statement. Any gain or loss on derecognition of the asset is included in the income statement in the period of derecognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-726": { "value": "Lease arrangements (note 21) Lease arrangements are separately distinguished from service contracts based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Group is deemed to control the use of an identified asset, a right of use asset and a corresponding lease liability are recognised on the balance sheet. Right of use assets are capitalised and held as part of property, plant and equipment. The accounting policy for such arrangements is described on page 282 . Lease liabilities are initially measured at the present value of the future lease payments discounted using the rate implicit in the lease if that can be readily determined. If the interest rate implicit in the lease cannot be readily determined the incremental borrowing rate is used. Where the interest rate implicit in the lease is not readily determinable, the Group has applied the intercompany borrowing rate which is based on the Group\u2019s external medium-term borrowing rates with premia adjustments for any subsidiary specific risk factors. In determining whether any break and/or extension clauses should be included within the lease term, the Group has considered that where an internal decision has been made to break or extend the lease agreement, that decision shall be applied in determining the appropriate lease term. Where an internal decision has not been made, and where the non-cancellable element of the lease term has longer than five years remaining, it is considered that any clauses will not be triggered as any decision beyond that date is not reasonably certain. For all leases with less than five years remaining, an assessment is made at each reporting period on a lease-by-lease basis on whether the clause is reasonably certain to be triggered. Reassessment of break and/or extension judgements made in prior periods could result in recalculation of the lease liability and adjustments to associated balances. The lease liability is subsequently adjusted for the unwind of discounting, repayments and other modifications to the underlying agreement. Lease modifications are accounted for as a separate lease where the scope of the lease increases through the right to use one or more underlying assets and where the consideration of the lease increases by an amount that is equivalent to the standalone price of the increase in scope. Where a modification decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. Leases with a duration of 12 months or less and leases for assets which are deemed \u2018low value\u2019 are expensed to the income statement on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-727": { "value": "Impairment review (note 15) The carrying amounts of the Group\u2019s property, plant and equipment and other intangible assets and the Group\u2019s investments in joint ventures and associates, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, or where there are indications that a previously recognised impairment loss has reduced. For property, plant and equipment assets that have previously been identified as exhibiting indications of impairment, the review of impairment will be performed annually until there is sufficient evidence to confirm that any potential impairment loss has been appropriately recognised, or until previously recognised impairment losses have been fully written back. For goodwill and other intangible assets with an indefinite life or which are not yet ready for use, the test for impairment is carried out annually. In addition, financial assets measured at amortised cost are also reviewed for impairment annually. For assets subject to impairment testing, the asset\u2019s carrying value is compared to the asset\u2019s (or cash-generating unit\u2019s, in the case of goodwill), recoverable amount. The recoverable amount is determined to be the higher of the fair value less costs to sell (\u2018FVLCS\u2019) and the value-in-use (\u2018VIU\u2019) of the asset or cash-generating unit (\u2018CGU\u2019). For financial assets measured at amortised cost the impairment is measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge will be recognised immediately in the income statement. Reversals of previous impairment charges are recognised if the recoverable amount of the asset or CGU significantly exceeds the carrying amount. Previous impairments of goodwill are not reversed. Value in use (\u2018VIU\u2019) calculations require the estimation of future cash flows to be derived from the respective assets (or CGUs) and the selection of an appropriate discount rate in order to calculate their present value. The VIU methodology is consistent with the approach taken by management to evaluate economic value and is deemed to be the most appropriate for reviews of property, plant and equipment assets and the Group\u2019s identified goodwill-related CGUs. The methodology is based on the pre-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted using a pre-tax discount rate based on the Group\u2019s cost of funding and adjusted for any specific risks. The estimation of the timing and value of underlying projected cash flows and the selection of appropriate discount rates involves management judgement. Subsequent changes to these estimates or judgements may impact the carrying value of the assets. The fair value less costs to sell methodology also uses a present value technique, unless there is a quoted price in an active market for that asset. The methodology is based on the post-tax cash flows arising from the specific assets, underlying assets or CGUs, and discounted using a post-tax discount rate determined in the same manner as the rates used in the VIU calculations, adjusted for the relevant taxation rate. Any impairment charge identified will initially be adjusted against the goodwill allocated to the cash-generating unit. Any excess charge will be allocated against the remaining assets of the cash-generating unit. Reversals of previous impairment charges are allocated against the carrying value of assets previously subject to an impairment charge. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-728": { "value": "Inventories (note 17) Inventories \u2013 aside from inventory purchased by the Gas Storage business for trading activities \u2013 are valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Gas inventory purchased by the Gas Storage business for trading activities is held at fair value with reference to the forward month market price. Gains and losses on remeasurement at fair value are recognised within the Income Statement, as a \u2018certain remeasurement\u2019 item. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-729": { "value": "Provisions (note 20) A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, it can be measured reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Decommissioning The Group engages independent experts to estimate the cost to decommission its Renewable, Thermal and Gas Storage assets every three years. In the intervening years, management updates the external valuation based on factors arising since the last formal valuation date. Provision is made for the net present value of the estimated cost of decommissioning gas storage facilities, wind farms and power stations at the end of the useful life of the facilities. This includes development assets, where if a present obligation exists, a provision is recognised during construction and prior to commencement of operations from the site. The estimates are based on technology and prices at the balance sheet date and exclude any salvage value related to those assets. A corresponding decommissioning asset is recognised and is included within property, plant and equipment when it gives access to future economic benefits, and is depreciated on a straight-line basis over the expected useful life of the asset. Changes in these provisions are recognised prospectively. The unwind of discounting of the provision is included in finance costs. The Group retained a decommissioning obligation following the disposal of its Gas Production business. The decommissioning cost estimates are updated periodically by field operators based on current technology and prices. Field operators also provide estimated end of field life dates for each field, which can change based on market commodity prices.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-769": { "value": "Decommissioning The Group engages independent experts to estimate the cost to decommission its Renewable, Thermal and Gas Storage assets every three years. In the intervening years, management updates the external valuation based on factors arising since the last formal valuation date. Provision is made for the net present value of the estimated cost of decommissioning gas storage facilities, wind farms and power stations at the end of the useful life of the facilities. This includes development assets, where if a present obligation exists, a provision is recognised during construction and prior to commencement of operations from the site. The estimates are based on technology and prices at the balance sheet date and exclude any salvage value related to those assets. A corresponding decommissioning asset is recognised and is included within property, plant and equipment when it gives access to future economic benefits, and is depreciated on a straight-line basis over the expected useful life of the asset. Changes in these provisions are recognised prospectively. The unwind of discounting of the provision is included in finance costs. The Group retained a decommissioning obligation following the disposal of its Gas Production business. The decommissioning cost estimates are updated periodically by field operators based on current technology and prices. Field operators also provide estimated end of field life dates for each field, which can change based on market commodity prices. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-730": { "value": "Retirement benefit obligations (note 23) Defined benefit pension schemes The Group operates two defined benefit pension schemes, one of which is operated by the Company. Pension scheme assets are measured using bid market values. Pension scheme liabilities are measured using the projected unit credit actuarial method and are discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. Any increase in the present value of liabilities within the Group\u2019s defined benefit pension schemes expected to arise from employee service in the year is charged as service costs to operating profit. Net interest costs are based on net scheme assets or liabilities, adjusted for minimum funding requirement and pension surplus restrictions under IFRIC 14 \u2018IAS 19\u2014The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. Actuarial gains and losses are recognised in full in the consolidated statement of comprehensive income. Pension scheme surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the balance sheet. Defined contribution pension schemes The Group also operates a number of defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The amounts charged represent the contributions payable to the schemes in the year and are charged directly to the income statement. Equity and equity-related compensation benefits The Group operates a number of employee share schemes as described in the Remuneration Report. These schemes enable Group employees to acquire shares of the Company. The exercise prices of the sharesave scheme are set at a discount to market price at the date of the grant. The fair value of the sharesave scheme option granted is measured at the grant date by use of a Black-Scholes model. The fair value of the options granted is recognised as an expense on a straight-line basis over the period that the scheme vests. Estimates are updated for non-market conditions at each balance sheet date with any adjustment in respect of the current and prior years being recognised in the income statement. The costs associated with the other main employee schemes are recognised over the period to which they relate. The charge related to the equity shares in the Company awarded under the share schemes is treated as an increase in the cost of investment held by the Company in the subsidiary companies of the Group. The disclosures on equity and equity-related compensation benefits have been removed on the grounds of materiality in relation to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-731": { "value": "Financial instruments (note 24) The Group uses a range of financial instruments to hedge exposures to financial risks, such as interest rate, foreign exchange and energy price fluctuations in its normal course of business and in accordance with the Group\u2019s risk management policies. The Group\u2019s risk management policies are further explained in A6 . The Group\u2019s review of the IFRS 9 hedge accounting model concluded that, whilst adoption would not change the treatment of existing hedging arrangements, the changes made would not result in any additional hedge designations either. As such, the existing hedge accounting model under IAS 39 appropriately reflects the Group\u2019s risk management activities in the financial statements. Therefore, as permitted by IFRS 9, the Group has elected to continue to apply the hedge accounting requirements of IAS 39. This policy choice will be periodically reviewed to consider any changes in our risk management activities. Interest rate and foreign exchange derivatives Financial derivative instruments are used by the Group to hedge interest rate and currency exposures. All such derivatives are recognised at fair value and are re-measured to fair value each reporting period. Certain derivative financial instruments are designated as being held for hedging purposes. The designation of the hedge relationship is established at the inception of the hedge and procedures are applied to ensure the derivative is highly effective in achieving its objective and that the effectiveness of the hedge can be reliably measured. The treatment of gains and losses on re-measurement is dependent on the classification of the hedge and whether the hedge relationship is designated as either a \u2018fair value\u2019 or \u2018cash flow\u2019 hedge. Derivatives that are not designated as hedges are treated as if held for trading, with all fair value movements being recorded through the income statement. A derivative classified as a \u2018fair value\u2019 hedge recognises gains and losses from re-measurement immediately in the income statement. Loans and borrowings are measured at cost except where they form the underlying transaction in an effective fair value hedge relationship. In such cases, the carrying value of the loan or borrowing is adjusted to reflect fair value movements with the gain or loss being reported in the income statement. A derivative classified as a \u2018cash flow\u2019 hedge recognises the portion of gains or losses on the derivative which are deemed to be effective directly in equity in the hedge reserve. Any ineffective portion of the gains or losses is recognised in the consolidated income statement. When hedged cash flows result in the recognition of a non-financial asset or liability, the associated gains or losses previously recognised in equity are included in the initial measurement of the asset or liability. For all other cash flow hedges, the gains or losses that are recognised in equity are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. Interest rate and foreign exchange derivatives continued Hedge accounting is discontinued when the hedging instrument expires, or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At the point of discontinuation, any cumulative gain or loss on the hedging instrument recognised in equity remains in equity until the forecast transaction affects profit or loss. On settlement, the cumulative gain or loss recognised in equity is recognised in the income statement. Commodity derivatives Within its regular course of business, the Group routinely enters into sale and purchase derivative contracts for commodities such as electricity, gas, carbon allowances and oil. Where the contract was entered into and continues to be held for the purpose of receipt or delivery in accordance with the Group\u2019s expected sale, purchase or usage requirements, the contracts are designated as \u2018own use\u2019 contracts and are measured at cost. These contracts are not within the scope of IFRS 9. Derivative commodity contracts which are not designated as own use contracts are accounted for as trading derivatives and are recognised in the balance sheet at fair value. Where a hedge accounting relationship is designated and is proven to be effective, the changes in fair value will be recognised in accordance with the rules noted above. There are currently no designated hedge relationships in relation to commodity contracts. Other commodity contracts, where own use is not established and a hedge accounting relationship is not designated, are measured at fair value with gains and losses on re-measurement being recognised in the income statement in cost of sales. Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives where the characteristics of the derivatives are not closely related to those of the host contracts. Net investment hedges Hedges of net investments in foreign operations are accounted in a manner similar to effective cash flow hedges. Any gain or loss on the effective portion of the hedge is recognised in equity, in the translation reserve, and any gain or loss on the ineffective portion of the hedge is recognised in the income statement. On disposal of the foreign operation, the cumulative value of any gains or losses recognised directly in equity is transferred to the income statement. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Trade receivables Trade receivables do not carry any interest and are measured at cost less an appropriate allowance for lifetime expected credit losses. Interest-bearing loans and borrowings All such loans and borrowings are initially recognised at fair value including transaction costs and are subsequently measured at amortised cost, except where the loan or borrowing is the hedged item in an effective fair value hedge relationship. Share capital Ordinary shares are accounted for as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds received. Own equity instruments that are reacquired are deducted from equity. No gain or loss is recognised in the Group Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Hybrid equity Hybrid equity comprises issued bonds that qualify for recognition as equity. Accordingly, any coupon payments are accounted for as dividends and are recognised directly in equity at the time the payment obligation arises. This is because the coupon payments are discretionary and relate to equity. Coupon payments consequently do not have any impact on the income statement. Coupon payments are recognised in the cash flow statement in the same way as dividends to ordinary shareholders. Tax credits in relation to the coupon payments are linked to the past transactions or events that support the coupon payments and consequently the tax credits are reported in the income statement. Hybrid debt Hybrid debt comprises issued bonds that have a fixed redemption date and are accounted within Loans and Borrowings. Coupon payments are recognised within the income statement as a finance cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-794": { "value": "Interest rate and foreign exchange derivatives Financial derivative instruments are used by the Group to hedge interest rate and currency exposures. All such derivatives are recognised at fair value and are re-measured to fair value each reporting period. Certain derivative financial instruments are designated as being held for hedging purposes. The designation of the hedge relationship is established at the inception of the hedge and procedures are applied to ensure the derivative is highly effective in achieving its objective and that the effectiveness of the hedge can be reliably measured. The treatment of gains and losses on re-measurement is dependent on the classification of the hedge and whether the hedge relationship is designated as either a \u2018fair value\u2019 or \u2018cash flow\u2019 hedge. Derivatives that are not designated as hedges are treated as if held for trading, with all fair value movements being recorded through the income statement. A derivative classified as a \u2018fair value\u2019 hedge recognises gains and losses from re-measurement immediately in the income statement. Loans and borrowings are measured at cost except where they form the underlying transaction in an effective fair value hedge relationship. In such cases, the carrying value of the loan or borrowing is adjusted to reflect fair value movements with the gain or loss being reported in the income statement. A derivative classified as a \u2018cash flow\u2019 hedge recognises the portion of gains or losses on the derivative which are deemed to be effective directly in equity in the hedge reserve. Any ineffective portion of the gains or losses is recognised in the consolidated income statement. When hedged cash flows result in the recognition of a non-financial asset or liability, the associated gains or losses previously recognised in equity are included in the initial measurement of the asset or liability. For all other cash flow hedges, the gains or losses that are recognised in equity are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. Hedge accounting is discontinued when the hedging instrument expires, or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At the point of discontinuation, any cumulative gain or loss on the hedging instrument recognised in equity remains in equity until the forecast transaction affects profit or loss. On settlement, the cumulative gain or loss recognised in equity is recognised in the income statement. Commodity derivatives Within its regular course of business, the Group routinely enters into sale and purchase derivative contracts for commodities such as electricity, gas, carbon allowances and oil. Where the contract was entered into and continues to be held for the purpose of receipt or delivery in accordance with the Group\u2019s expected sale, purchase or usage requirements, the contracts are designated as \u2018own use\u2019 contracts and are measured at cost. These contracts are not within the scope of IFRS 9. Derivative commodity contracts which are not designated as own use contracts are accounted for as trading derivatives and are recognised in the balance sheet at fair value. Where a hedge accounting relationship is designated and is proven to be effective, the changes in fair value will be recognised in accordance with the rules noted above. There are currently no designated hedge relationships in relation to commodity contracts. Other commodity contracts, where own use is not established and a hedge accounting relationship is not designated, are measured at fair value with gains and losses on re-measurement being recognised in the income statement in cost of sales. Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives where the characteristics of the derivatives are not closely related to those of the host contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-770": { "value": "Interest rate and foreign exchange derivatives Financial derivative instruments are used by the Group to hedge interest rate and currency exposures. All such derivatives are recognised at fair value and are re-measured to fair value each reporting period. Certain derivative financial instruments are designated as being held for hedging purposes. The designation of the hedge relationship is established at the inception of the hedge and procedures are applied to ensure the derivative is highly effective in achieving its objective and that the effectiveness of the hedge can be reliably measured. The treatment of gains and losses on re-measurement is dependent on the classification of the hedge and whether the hedge relationship is designated as either a \u2018fair value\u2019 or \u2018cash flow\u2019 hedge. Derivatives that are not designated as hedges are treated as if held for trading, with all fair value movements being recorded through the income statement. A derivative classified as a \u2018fair value\u2019 hedge recognises gains and losses from re-measurement immediately in the income statement. Loans and borrowings are measured at cost except where they form the underlying transaction in an effective fair value hedge relationship. In such cases, the carrying value of the loan or borrowing is adjusted to reflect fair value movements with the gain or loss being reported in the income statement. A derivative classified as a \u2018cash flow\u2019 hedge recognises the portion of gains or losses on the derivative which are deemed to be effective directly in equity in the hedge reserve. Any ineffective portion of the gains or losses is recognised in the consolidated income statement. When hedged cash flows result in the recognition of a non-financial asset or liability, the associated gains or losses previously recognised in equity are included in the initial measurement of the asset or liability. For all other cash flow hedges, the gains or losses that are recognised in equity are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. Hedge accounting is discontinued when the hedging instrument expires, or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At the point of discontinuation, any cumulative gain or loss on the hedging instrument recognised in equity remains in equity until the forecast transaction affects profit or loss. On settlement, the cumulative gain or loss recognised in equity is recognised in the income statement. Commodity derivatives Within its regular course of business, the Group routinely enters into sale and purchase derivative contracts for commodities such as electricity, gas, carbon allowances and oil. Where the contract was entered into and continues to be held for the purpose of receipt or delivery in accordance with the Group\u2019s expected sale, purchase or usage requirements, the contracts are designated as \u2018own use\u2019 contracts and are measured at cost. These contracts are not within the scope of IFRS 9. Derivative commodity contracts which are not designated as own use contracts are accounted for as trading derivatives and are recognised in the balance sheet at fair value. Where a hedge accounting relationship is designated and is proven to be effective, the changes in fair value will be recognised in accordance with the rules noted above. There are currently no designated hedge relationships in relation to commodity contracts. Other commodity contracts, where own use is not established and a hedge accounting relationship is not designated, are measured at fair value with gains and losses on re-measurement being recognised in the income statement in cost of sales. Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives where the characteristics of the derivatives are not closely related to those of the host contracts. Net investment hedges Hedges of net investments in foreign operations are accounted in a manner similar to effective cash flow hedges. Any gain or loss on the effective portion of the hedge is recognised in equity, in the translation reserve, and any gain or loss on the ineffective portion of the hedge is recognised in the income statement. On disposal of the foreign operation, the cumulative value of any gains or losses recognised directly in equity is transferred to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-795": { "value": "Net investment hedges Hedges of net investments in foreign operations are accounted in a manner similar to effective cash flow hedges. Any gain or loss on the effective portion of the hedge is recognised in equity, in the translation reserve, and any gain or loss on the ineffective portion of the hedge is recognised in the income statement. On disposal of the foreign operation, the cumulative value of any gains or losses recognised directly in equity is transferred to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-771": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-772": { "value": "Trade receivables Trade receivables do not carry any interest and are measured at cost less an appropriate allowance for lifetime expected credit losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-773": { "value": "Interest-bearing loans and borrowings All such loans and borrowings are initially recognised at fair value including transaction costs and are subsequently measured at amortised cost, except where the loan or borrowing is the hedged item in an effective fair value hedge relationship. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-774": { "value": "Share capital Ordinary shares are accounted for as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds received. Own equity instruments that are reacquired are deducted from equity. No gain or loss is recognised in the Group Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-732": { "value": "A3. Related undertakings A3.1.1 Subsidiary undertakings Details of the Group\u2019s subsidiary undertakings at 31 March are as follows: Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity Aberarder Wind Farm (Scotland) Limited Scotland A 100.0 \u2013 Renewable Development Aberarder Wind Farm LLP England and Wales B 100.0 \u2013 Renewable Development Abernedd Power Company Limited England and Wales B 100.0 100.0 Holding Company Aichi Offshore Wind Power No. 1 G.K. Japan Y 80.0 80.0 Renewable Development Aichi Offshore Wind Power No. 2 G.K. Japan Y 80.0 80.0 Renewable Development Airtricity Windfarm Finance Limited Ireland C 100.0 100.0 Holding Company Arklow Offshore Phase II Company Limited Ireland C 100.0 100.0 Dormant Beithe (HK) Limited Hong Kong V 100.0 100.0 Holding Company Beithe AG Switzerland T \u2013 100.0 Holding Company Berwick Bank A Limited England and Wales B 100.0 100.0 Renewable Development Berwick Bank B Limited England and Wales B 100.0 100.0 Renewable Development Berwick Bank C Limited England and Wales B 100.0 100.0 Renewable Development Berwick Bank Holdings A Limited England and Wales B 100.0 100.0 Holding Company Berwick Bank Holdings B Limited England and Wales B 100.0 100.0 Holding Company Berwick Bank Holdings C Limited England and Wales B 100.0 100.0 Holding Company Berwick Bank Wind Farm Limited Scotland A 100.0 100.0 Renewable Development Bhlaraidh Wind Farm Limited Scotland A 100.0 100.0 Power Generation Bindoo Windfarm (ROI) Limited Ireland C 100.0 100.0 Power Generation BOC1234 Limited (formerly Aberader Wind Farm (Scotland) Limited Scotland A 100.0 \u2013 Dormant Brickmount Limited Ireland C 100.0 100.0 Power Generation Building Automation Solutions Limited England and Wales D 100.0 100.0 Dormant By-Pass Farm Solar Limited England and Wales B 100.0 \u2013 Power Generation Coire Glas Hydro Pumped Storage Limited Scotland A 100.0 100.0 Power Generation Comhlacht Gaoithe Teoranta Ireland C 100.0 100.0 Power Generation Coomacheo Wind Farm Limited Ireland C 100.0 100.0 Power Generation Coomatallin Windfarm (ROI) Limited Ireland C 100.0* 100.0* Power Generation Curragh Mountain Windfarm Limited Ireland C 100.0 100.0 Power Generation Dedondo Limited Ireland C 100.0 100.0 Power Generation Dromada Windfarm (ROI) Limited Ireland C 100.0 100.0 Power Generation Drumnahough Wind Farm Designated Activity Company Ireland C 100.0 100.0 Power Generation Eastern Green Link 2 Limited England and Wales AI 75.0 \u2013 Power Transmissions Enerfarm 3 Single Member SA Renewable Energy Sources Greece AB 100.0 \u2013 Renewable Development Energia Levante S.r.l. Italy AC 100.0 \u2013 Renewable Development Energiaki Kleidi Single Member S.A. Greece AB 100.0 \u2013 Renewable Development Energiaki Mavrovouniou Single Member Private Company Greece AB 100.0* \u2013 Renewable Development Energiaki Mesovouniou Single Member S.A. Greece AB 100.0 \u2013 Renewable Development Energiaki Platorrachis Single Member S.A. Greece AB 100.0* \u2013 Renewable Development Energiaki Velanidias Single Member S.A. Greece AB 100.0 \u2013 Renewable Development Energiaki Voursana Single Member S.A. Greece AB 100.0 \u2013 Renewable Development Enshunada Offshore Wind Power No. 1 G.K. Japan Y 80.0 80.0 Renewable Development Fibre Fuel Limited England and Wales B 100.0 100.0 Dormant Fibre Power (Slough) Limited England and Wales B 100.0 100.0 Power Generation
Company Country of incorporation
Registered
address
(key)
2023
Holding
%
2022
Holding
% Principal activity
Fusion Heating Limited Northern Ireland Q
100.0
100.0 Energy Related Services
Galway Wind Park Phase 3 Designated
Activity Company
Ireland C
100.0
100.0 Renewable Development
Ganderoy Limited Ireland C
100.0
100.0 Power Generation
Gartnaneane Limited Ireland C
100.0*
100.0* Power Generation
Glenora Wind Farm Designated Activity Company Ireland C
100.0
100.0 Renewable Development
Goto-Fukue Offshore Wind Power G.K. Japan Y
80.0
80.0 Renewable Development
Green Wind Energy (Wexford) Limited Ireland C
100.0*
100.0* Renewable Development
Griffin Wind Farm Limited Scotland A
100.0
100.0 Power Generation
Hadyard Hill Wind Farm Limited Scotland A
100.0
100.0 Dormant
Hydro Electric Pension Scheme Trustees Limited Scotland A
100.0
100.0 Dormant
Izu Islands Offshore Wind Power No. 1 G.K. Japan Y
80.0
80.0 Renewable Development
Keadby Developments Limited England and Wales E
100.0
100.0 Dormant
Keadby Generation Limited England and Wales E
100.0
100.0 Power Generation
Keadby Wind Farm Limited England and Wales B
100.0
100.0 Power Generation
Leanamore Wind Farm Limited Ireland C
100.0
100.0 Power Generation
Limerick West Windfarm Limited Ireland C
100.0
100.0 Power Generation
Littleton Pastures Solar Limited England and Wales B
100.0
100.0 Power Generation
March Winds Limited Ireland C
100.0
100.0 Power Generation
Medway Power Limited England and Wales B
100.0
100.0 Power Generation
Meentycat Limited Ireland C
100.0
100.0 Power Generation
Milane Holdings Limited Ireland C
100.0
100.0 Dormant
Minami-Izu Offshore Wind Power No. 1 G.K. Japan Y
80.0
80.0 Renewable Development
Mullananalt Wind Farm (ROI) Limited Ireland C
100.0
100.0 Power Generation
Niigata Offshore Wind Power No.1 G.K. Japan Y
80.0
80.0 Renewable Development
Oki Islands Offshore Wind Power G.K. Japan Y
80.0
80.0 Renewable Development
Optimal Power Networks Limited England and Wales B
100.0
100.0 Construction of
utility projects
Platin Power Limited Ireland C
100.0
100.0 Dormant
Power from Waste Limited England and Wales B
100.0
100.0 Dormant
Richfield Windfarm (ROI) Limited Ireland C
100.0
100.0 Power Generation
Scottish and Southern Energy Power Distribution
Limited
Scotland A
100.0
100.0 Holding Company
Scottish Hydro Electric Power Distribution plc Scotland A
100.0
100.0 Power Distribution
Scottish Hydro Electric Transmission plc Scotland A
75.0
100.0 Power Transmission
Sheskin South Renewables Power
Designated Activity Company
Ireland C
100.0
100.0 Renewable Development
Sistemas Energ\u00e9ticos \u00c1brego S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Ariel S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Boreas S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Carril S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos C\u00e9firo S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos del Sur S.A.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Eolo S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Erbania 1 S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Erbania 2 S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Gregal S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos J\u00fapiter S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Ladera Negra, S.A. U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Loma del Reposo S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Marte S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Mercurio S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Neptuno S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Terral S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Tomillo S.A. U. Spain AD
100.0
\u2013 Renewable Development
Sistemas Energ\u00e9ticos Urano S.L.U. Spain AD
100.0
\u2013 Renewable Development
Slough Domestic Electricity Limited England and Wales B
100.0
100.0 Dormant
Company Country of incorporation
Registered
address
(key)
2023
Holding
%
2022
Holding
% Principal activity
Slough Electricity Contracts Limited England and Wales B
100.0
100.0 Electricity Contracting
Slough Energy Supplies Limited England and Wales B
100.0
100.0 Dormant
Slough Heat & Power Limited England and Wales B
100.0
100.0 Power Generation
Slough Utility Services Limited England and Wales B
100.0
100.0 Distribution of Electricity
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de Broyes SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de Chaintrix Bierges SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de Champeaux SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de Germainville SAS
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de la Belle Dame SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de la Brie des Etangs SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
de la Monchot SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Pi\u00e8ce
du Moulin SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la
T\u00eate des Boucs SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Moulins
du Puits SAS
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
Pringy SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
Saint Loup de Saintonge SAS
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
Souvans SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
Vernierfontaine SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de
Villiers aux Ch\u00eanes SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
des Fontaines SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des
Six Communes SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des
Voies de Bar SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien d\u2019Orchamps
SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien
du Mont \u00c9gar\u00e9 SARL
France AE
100.0
\u2013 Renewable Development
Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Vireaux
SAS
France AE
100.0
\u2013 Renewable Development
Southern Electric Power Distribution plc England and Wales B
100.0
100.0 Power Distribution
SPV Parco Eolico Libeccio S.r.l. Italy AC
100.0
\u2013 Renewable Development
SPV Parco Eolico Maestrale S.r.l. Italy AC
100.0
\u2013 Renewable Development
SPV Parco Eolico Tramontana S.r.l. Italy AC
100.0
\u2013 Renewable Development
SSE Airtricity Distributed Energy Limited Ireland C
100.0
100.0 Power Distribution
SSE Airtricity Energy Services Limited Ireland C
100.0
100.0 Energy Supply
SSE Airtricity Energy Supply (NI) Limited Northern Ireland F
100.0
100.0 Energy Supply
SSE Airtricity Gas Limited Ireland C
\u2013
100.0 Energy Supply
SSE Airtricity Gas Supply (NI) Limited Northern Ireland F
100.0
100.0 Energy Supply
SSE Airtricity Limited Ireland C
100.0
100.0 Energy Supply
SSE Battery Monk Fryston Limited (formerly
UKPA EnergyMF Limited)
England and Wales B
100.0
\u2013 Power Generation
SSE Battery Salisbury Limited England and Wales B
100.0
100.0 Power Generation
SSE Beatrice Offshore Windfarm Holdings Limited Scotland A
100.0
100.0 Holding Company
SSE BTM HoldCo Limited England and Wales B
100.0
\u2013 Holding Company
SSE Contracting Group Limited England and Wales B
100.0
100.0 Holding Company
SSE Cumars\u00e1id Teoranta Ireland C
100.0
100.0 Telecommunications
SSE DE Battery Holdco Limited England and Wales B
100.0
100.0 Holding Company
SSE DE EV Holdco Limited England and Wales B
100.0
\u2013 Holding Company
Company Country of incorporation
Registered
address
(key)
2023
Holding
%
2022
Holding
% Principal activity
SSE DE Solar Holdco Limited England and Wales B
100.0
\u2013 Holding Company
SSE Digital Services Limited England and Wales B
100.0
\u2013 Holding Company
SSE Energy Supply Limited England and Wales B
100.0
100.0 Energy Supply
SSE Enterprise Limited England and Wales B
100.0
100.0 Corporate Services
SSE EPM Limited England and Wales B
100.0
100.0 Energy Trading
SSE EV M7 Limited England and Wales B
100.0
\u2013 Power Generation
SSE EV Operational Assets Limited
(formerly EV Operational Assets Limited)
England and Wales B
100.0
\u2013 Power Generation
SSE Ferrybridge Battery Limited England and Wales B
100.0
\u2013 Power Generation
SSE Fiddlers Ferry Battery Limited England and Wales B
100.0
\u2013 Power Generation
SSE Foxholes Solar Limited (formerly
Foxholes Solar Limited)
England and Wales B
100.0
\u2013 Power Generation
SSE Galloper Offshore Windfarm
Holdings Limited
England and Wales B
100.0
100.0 Holding Company
SSE Generation Ireland Limited Ireland C
100.0
100.0 Power Generation
SSE Generation Limited England and Wales B
100.0
100.0 Power Generation
SSE Group Limited Scotland A
100.0
100.0 Dormant
SSE Heat Networks (Battersea) Limited England and Wales B
100.0
100.0 Dormant
SSE Heat Networks Limited Scotland A
100.0
100.0 Utility Services
SSE Hornsea Limited England and Wales B
100.0
100.0 Gas Storage
SSE Imperial Park PN Limited England and Wales B
100.0
\u2013 Power Generation
SSE Insurance Limited Isle of Man G
100.0
100.0 Insurance
SSE Knapthorpe Solar Limited (formerly
Knapthorpe Solar Limited)
England and Wales B
100.0
\u2013 Power Generation
SSE Maple Limited England and Wales B
100.0
100.0 Investment Holding
SSE Medway Operations Limited England and Wales B
100.0
100.0 Holding Company
SSE Micro Renewables Limited Scotland A
100.0
100.0 Energy Related Services
SSE Multifuel Generation Holdings Limited England and Wales B
100.0
100.0 Holding Company
SSE Muskham Solar Limited (formerly
Muskham Solar Limited)
England and Wales B
100.0
\u2013 Power Generation
SSE OWS Glasgow Limited Scotland A
100.0
100.0 Property Holding
SSE Pacifico K.K. Japan Y
80.0
80.0 Renewable Development
SSE Production Services Limited England and Wales B
100.0
100.0 Maintenance Services
SSE Renewables (Ireland) Limited Ireland C
100.0
100.0 Holding Company
SSE Renewables (Netherlands) Holdings B.V. Netherlands AA
100.0
100.0 Holding Company
SSE Renewables Developments
(Germany) GmbH
Germany AJ
100.0
100.0 Renewable Development
SSE Renewables Generation Ireland Limited Ireland C
100.0
100.0 Power Generation
SSE Renewables Holdings (Europe) Limited Ireland C
100.0
100.0 Holding Company
SSE Renewables Holdings (UK) Limited Northern Ireland F
100.0
100.0 Holding Company
SSE Renewables Holdings Germany GmbH Germany H
100.0
100.0 Dormant
SSE Renewables Holdings Limited Ireland C
100.0
100.0 Holding Company
SSE Renewables International
Holdings Limited
Scotland A
100.0
100.0 Holding Company
SSE Renewables Limited Scotland A
100.0
100.0 Holding Company
SSE Renewables North America Inc. United States W
100.0
100.0 Renewable Development
SSE Renewables North America Offshore
Wind LLC.
United States W
100.0
100.0 Renewable Development
SSE Renewables North America Services Inc United States W
100.0
\u2013 Renewable Development
SSE Renewables Off Shore Limited Ireland C
100.0
100.0 Holding Company
SSE Renewables Offshore Windfarm
Holdings Limited
Scotland A
100.0
100.0 Holding Company
SSE Renewables Onshore Windfarm
Holdings Limited
Northern Ireland F
100.0
100.0 Holding Company
SSE Renewables Poland Holdings Limited Scotland A
100.0
100.0 Holding Company
SSE Renewables Poland sp z.o.o.
(formerly Virtomille Investments sp z.o.o.)
Poland X
100.0
100.0 Renewable Development
SSE Renewables Services (UK) Limited Northern Ireland F
100.0
100.0 Renewable Development
SSE Renewables UK Limited Northern Ireland F
100.0
100.0 Power Generation
SSE Renewables Wind (Ireland)
Holdings Limited
Ireland C
100.0
100.0 Holding Company
Company Country of incorporation
Registered
address
(key)
2023
Holding
%
2022
Holding
% Principal activity
SSE Renewables Wind Farms (Ireland) Limited Ireland C
100.0
100.0 Power Generation
SSE Renewables Wind Farms (UK) Limited Scotland A
100.0
100.0 Power Generation
SSE Retail Limited Scotland A
100.0
100.0 Energy Related Services
SSE Seabank Investments Limited England and Wales B
100.0
100.0 Dormant
SSE Seabank Land Investments Limited England and Wales B
100.0
100.0 Dormant
SSE Services plc England and Wales B
100.0
100.0 Corporate Services
SSE Southern Group Trustee Limited England and Wales B
100.0
100.0 Dormant
SSE Staythorpe Battery Limited (formerly
Staythorpe Battery Limited)
England and Wales B
100.0
\u2013 Power Generation
SSE Staythorpe Power Limited (formerly
Staythorpe Power Limited)
England and Wales B
100.0
\u2013 Power Generation
SSE Staythorpe SGT Limited (formerly
Staythorpe SGT Limited)
England and Wales B
100.0
\u2013 Power Generation
SSE Staythorpe Solar Limited (formerly
Staythorpe Solar Limited)
England and Wales B
100.0
\u2013 Power Generation
SSE Stock Limited Scotland A
100.0
100.0 Stock Holding
SSE Sunflower Offshore Wind Holdco B.V. Netherlands AA
100.0
100.0 Renewable Development
SSE Sunflower Offshore Wind Limited
Partner 1 B.V.
Netherlands AA
100.0
\u2013 Renewable Development
SSE Sunflower Offshore Wind Limited
Partner 2 B.V.
Netherlands AA
100.0
\u2013 Renewable Development
SSE Sunflower Offshore Wind Limited
Partner 3 B.V.
Netherlands AA
100.0
\u2013 Renewable Development
SSE Thermal Energy Holdings Limited England and Wales B
100.0
100.0 Holding Company
SSE Thermal Energy Operations Limited England and Wales B
100.0
100.0 Power Generation
SSE Thermal Generation (Scotland) Limited Scotland A
100.0
100.0 Power Generation
SSE Thermal Generation Holdings Limited England and Wales B
100.0
100.0 Holding Company
SSE Toddleburn Limited Scotland A
100.0
100.0 Power Generation
SSE Trading Limited England and Wales B
100.0
100.0 Energy Trading
SSE Trustees Limited England and Wales B
100.0
100.0 Dormant
SSE Tulip Offshore Wind Holdco B.V. Netherlands AA
100.0
100.0 Renewable Development
SSE Tulip Offshore Wind Limited Partner 1 B.V. Netherlands AA
100.0
\u2013 Renewable Development
SSE Tulip Offshore Wind Limited Partner 2 B.V. Netherlands AA
100.0
\u2013 Renewable Development
SSE Tulip Offshore Wind Limited Partner 3 B.V. Netherlands AA
100.0
\u2013 Renewable Development
SSE Utility Services Limited England and Wales B
\u2013
100.0 Dormant
SSE Utility Solutions Limited England and Wales B
100.0
100.0 Utility Services
SSE Venture Capital Limited Scotland A
100.0
100.0 Investment Holding
SSE Viking Limited England and Wales B
100.0
100.0 Renewable Development
SSE(SE) Quest Trustee Limited England and Wales B
100.0
100.0 Dormant
SSEN Distribution Limited Scotland A
100.0
\u2013 Holding Company
SSEPG (Operations) Limited England and Wales B
100.0
100.0 Power Generation
Strathy Wind Farm Limited Scotland A
100.0
100.0 Power Generation
Sure Partners Limited Ireland C
100.0
100.0 Renewable Development
Tealing Solar Park Limited England and Wales B
100.0
100.0 Power Generation
TESGL Limited England and Wales D
100.0
100.0 Building Energy
Management
The Energy Solutions Group Bidco Limited England and Wales D
100.0
100.0 Dormant
The Energy Solutions Group Midco Limited England and Wales D
100.0
100.0 Dormant
The Energy Solutions Group Topco Limited England and Wales D
100.0
100.0 Dormant
Tournafulla Windfarm (ROI) Limited Ireland C
100.0
100.0 Power Generation
Viking Energy (Scottish Partnership) Scotland I
100.0
100.0 Renewable Development
Viking Energy Wind Farm LLP Scotland Z
100.0
100.0 Renewable Development
Wakayama-West Offshore Wind Power No. 1 G.K. Japan Y
80.0
80.0 Renewable Development
Wakayama-West Offshore Wind Power No.2 G.K. Japan Y 80.0
80.0 Renewable Development
All shares in subsidiary companies are ordinary share capital, unless otherwise stated.
* 100% of voting rights held.
Statutory audit exemptions SSE plc parent company has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of the following companies, which are therefore exempt from audit under the requirements of s479A-479C of the Companies Act 2006. Company Registered number Aberarder Wind Farm LLP OC398487 Bhlaraidh Wind Farm Limited SC663027 Fibre Power (Slough) Limited 02902170 Fusion Heating Limited NI056373 Keadby Wind Farm Limited 06852112 Slough Utility Services Limited 03486590 SSE Beatrice Offshore Windfarm Holdings Limited SC436255 SSE DE Battery Holdco Limited 13561962 SSE DE EV Holdco Limited 14278443 SSE Enterprise Limited 10060563 SSE Imperial Park PN Limited 02631510 SSE Maple Limited 10604848 SSE Medway Operations Limited 02647585 SSE Micro Renewables Limited SC386017 SSE OWS Glasgow Limited SC228283 SSE Production Services Limited 02499702 SSE Renewables Holdings (UK) Limited NI043239 SSE Renewables Offshore Windfarm Holdings Limited SC436251 SSE Renewables Onshore Windfarm Holdings Limited NI049557 SSE Renewables Poland Holdings Limited SC723844 SSE Renewables UK Limited NI048447 SSE Renewables Wind Farms (UK) Limited SC654502 SSE Retail Limited SC213458 SSE Seabank Investments Limited 02631512 SSE Seabank Land Investments Limited 07877772 SSE Thermal Energy Holdings Limited 12650549 SSE Toddleburn Limited SC259104 SSE Viking Limited 06021053 SSEPG (Operations) Limited 02764438 Strathy Wind Farm Limited SC663103 Tealing Solar Park Limited 08783684 A3.1.2 Joint arrangements (incorporated) Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity AtlasConnect Limited Scotland A 50.0 50.0 Dormant Baglan Pipeline Limited England and Wales K 50.0 50.0 Dormant Beatrice Offshore Windfarm Holdco Limited Scotland A 40.0 40.0 Holding Company Beatrice Offshore Windfarm Limited Scotland A 40.0 40.0 Power Generation Cloosh Valley Wind Farm Designated Activity Company Ireland L 25.0 25.0 Power Generation Cloosh Valley Wind Farm Holdings Designated Activity Company Ireland L 25.0 25.0 Holding Company Clyde Windfarm (Scotland) Limited** Scotland A 50.1 50.1 Power Generation DB Operational Base Limited England and Wales J 40.0 40.0 Warehousing and storage facilities Deeside Power (UK) Limited England and Wales AF 50.0 \u2013 Power Generation Deeside Power Operation Limited England and Wales AF 50.0 \u2013 Power Generation Digital Reach Partners Limited Scotland A 50.0 50.0 Telecommunications Doggerbank Offshore Wind Farm Project 1 Holdco Limited England and Wales B 40.0 40.0 Holding Company Doggerbank Offshore Wind Farm Project 1 Projco Limited England and Wales B 40.0 40.0 Renewable Development Doggerbank Offshore Wind Farm Project 2 Holdco Limited England and Wales B 40.0 40.0 Holding Company Doggerbank Offshore Wind Farm Project 2 Projco Limited England and Wales B 40.0 40.0 Renewable Development Doggerbank Offshore Wind Farm Project 3 Holdco Limited England and Wales B 40.0 40.0 Holding Compan Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity Doggerbank Offshore Wind Farm Project 3 Projco Limited England and Wales B 40.0 40.0 Renewable Development Dunmaglass Wind Farm Limited Scotland A 50.1 50.1 Power Generation Everwind Limited Ireland S 49.0 49.0 Power Generation Gatroben Offshore Developments 1 Limited England and Wales B 50.0 50.0 Renewable Development Gatroben Offshore Developments 2 Limited England and Wales B 50.0 50.0 Renewable Development Gatroben Offshore Developments 3 Limited England and Wales B 50.0 50.0 Renewable Development Greater Gabbard Offshore Winds Limited*** England and Wales B 50.0 50.0 Power Generation Green Energy Company Limited Ireland M 47.5 47.5 Dormant Green H2 Developments Hold Co Limited England and Wales B 50.0 \u2013 Holding Company Green H2 Developments Project Co Limited England and Wales B 50.0 \u2013 Renewable Development Green Way Energy Limited Ireland M 50.0 50.0 Holding Company Indian Queens Power Limited England and Wales AF 50.0 \u2013 Power Generation Kerry Power Limited Ireland M 49.0 49.0 Power Generation Lenalea Wind Farm Designated Activity Company Ireland C 50.0 100.0 Renewable Development Marchwood Power Limited England and Wales N 50.0 50.0 Power Generation Marron Activ8 Energies Limited Ireland R 50.0 50.0 Energy Related Services Midas Energy Limited Ireland M 49.0 49.0 Power Generation Neos Networks Limited Scotland A 50.0 50.0 Telecommunications NNXYZ Limited England and Wales B 50.0 50.0 Telecommunications North Falls Offshore Wind Farm Holdco Limited*** England and Wales AG 50.0 50.0 Holding company North Falls Offshore Wind Farm Limited*** England and Wales AG 50.0 50.0 Renewable Development Ossian Offshore Wind Farm Holdings Limited (formerly Scohoco 1 Limited) Scotland A 40.0 40.0 Holding company Ossian Offshore Wind Farm Limited (formerly Scoprojco 1 Limited) Scotland A 40.0 40.0 Renewable Development Saltend Cogeneration Company Limited England and Wales AF 50.0 \u2013 Power Generation Saltend Operations Company Limited England and Wales AF 50.0 \u2013 Power Generation SCCL Holdings Limited England and Wales AF 50.0 \u2013 Holding Company Seabank Power Limited England and Wales O 50.0 50.0 Power Generation Seagreen 1A (Holdco) Limited England and Wales B 49.0 49.0 Holding company Seagreen 1A Limited England and Wales B 49.0 49.0 Renewable Development Seagreen Alpha Wind Energy Limited England and Wales B 49.0 49.0 Renewable Development Seagreen Bravo Wind Energy Limited England and Wales B 49.0 49.0 Renewable Development Seagreen Holdco 1 Limited England and Wales B 49.0 49.0 Holding company Seagreen Wind Energy Limited England and Wales B 49.0 49.0 Renewable Development SSE Slough Multifuel Holdco Limited England and Wales B 50.0 50.0 Holding company SSE Slough Multifuel Limited England and Wales B 50.0 50.0 Power Generation Stronelairg Wind Farm Limited Scotland A 50.1 50.1 Power Generation Sunflower Offshore Wind General Partner B.V. Netherlands AA 50.0 \u2013 Renewable Development Sunflower Offshore Wind Projectco C.V. Netherlands AA 50.0 \u2013 Renewable Development Triton Power Holdings Limited Jersey AH 50.0 \u2013 Holding company Triton Power Intermediate Holdings Limited Jersey AH 50.0 \u2013 Holding company Triton Power Limited Jersey AH 50.0 \u2013 Power Generation Tulip Offshore Wind General Partner B.V. Netherlands AA 50.0 \u2013 Renewable Development Tulip Offshore Wind Projectco C.V. Netherlands AA 50.0 \u2013 Renewable Development ** 50.1% of voting rights held. *** Joint Operation. A3.1.3 Associates Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity St Clements Services Limited England and Wales P 25.0 25.0 Utilities Software A.3.1.4 Registered address key Reference Company registered address A Inveralmond House, 200 Dunkeld Road, Perth PH1 3AQ B No 1 Forbury Place, 43 Forbury Road, Reading RG1 3JH C Red Oak South, South County Business Park, Leopardstown, Dublin 18 D Ocean Court, Caspian Road, Atlantic Street, Altrincham, WA14 5HH E Keadby Power Station, Trentside, Keadby, Scunthorpe, North Lincs DN17 3AZ F 3rd Floor, Millennium House, 17-25 Great Victoria Street, Belfast, BT2 7AQ G Tower House, Loch Promenade, Douglas, Isle of Man H B\u00fcro M\u00fcnchen, Elektrastrasse 6, 81925, M\u00fcnchen, Germany I The Gutters\u2019 Hut, North Ness Business Park, Lerwick, Shetland ZE1 0LZ J One Kingdom Street, London, United Kingdom, W2 6BD K 10 Fleet Place, London, EC4M 7QS L 6th Floor, South Bank House, Barrow Street, Dublin 4 M Lissarda Industrial Park, Lissarda, Macroom, County Cork N Oceanic Way, Marchwood Industrial Park, Marchwood, Southampton SO40 4BD O Severn Road, Hallen, Bristol, BS10 7SP P 4-6 Church Walk, Daventry, NN11 4BL Q Unit 14 Maryland Industrial Estate, Ballygowan Road, Belfast R Dunoge, Carrickmacross, Co. Monaghan, Ireland S Gorthleahy, Macroom, Co. Cork, Ireland T c/o Fiduservice SA, Route de Beaumont 20, 1701 Freiburg, Switzerland U c/o CMS Hasche Sigle, Stadthausbr\u00fccke 1-3, 20355 Hamburg V Rm 1901, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong W 3411 Silverside Road, Tatnall Building #104, Wilmington, New Castle, Delaware, 19810 X Towarowa no.28, suite 00-839, Warsaw, Poland Y Roppongi Grand Tower, 3-2-1 Roppongi, Minato-ku, Tokyo, Japan Z Stewart Building Esplanade, Lerwick, Shetland, Scotland, ZE1 0LL AA Hofplein 20, Rotterdam, 3032 AC, Netherlands AB 16 Kifissias Ave, 11526, Athens, Greece AC Viale Luca Gaurico, 9/11, 00143, Rome, Italy AD Spain: calle Buenos Aires, 12, 48.001, Bilbao, Spain AE 97 all\u00e9e Alexandre Borodine, Immeuble C\u00e8dre 3, 69800, Saint Priest, France AF Saltend Power Station Saltend Chemicals Park, Hedon Road, Hull, East Riding of Yorkshire, England, HU12 8GA AG Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, United Kingdom, SN5 6PB AH 22 Grenville Street, St Helier, Jersey, JE4 SPX AI Cannon Place, 78 Cannon Street, London, United Kingdom, EC4N 6AF AJ c/o Bird & Bird LLP, Maximiliansplatz 22, Munich, 80333, Germany A4. Joint ventures and associates The Directors have assessed that the investments in the following equity accounted joint ventures and associates are of a sufficiently material impact to warrant additional disclosure on an individual basis. Details of the financial position and financial results of the Group: Company Principal activity Country of incorporation Class of shares held Proportion of shares held % Group Interest % Year end date Consolidation basis Seabank Power Limited Power Generation UK Ordinary 50.0 50.0 31 December Equity Marchwood Power Limited Power Generation UK Ordinary 50.0 50.0 31 December Equity SSE Slough Multifuel Limited Power Generation UK Ordinary 50.0 50.0 31 March Equity Clyde Windfarm (Scotland) Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity Seagreen Wind Energy Limited Power Generation UK Ordinary 49.0 49.0 31 March Equity Beatrice Offshore Windfarm Limited Power Generation UK Ordinary 40.0 40.0 31 March Equity Dunmaglass Wind Farm Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity Stronelairg Wind Farm Limited Power Generation UK Ordinary 50.1 50.1 31 March Equity Triton Power Holdings Limited Power Generation Jersey Ordinary 50.0 50.0 31 December Equity Neos Networks Limited Telecoms UK Ordinary 50.0 50.0 31 March Equity Summary information for material joint ventures and associates from unaudited financial statements is as follows: Seabank Power Limited 2023 \u00a3m Marchwood Power Limited 2023 \u00a3m SSE Slough Multifuel Limited 2023 \u00a3m Clyde Windfarm (Scotland) Limited 2023 \u00a3m Seagreen Wind Energy Limited 2023 \u00a3m Beatrice Offshore Windfarm Limited 2023 \u00a3m Dunmaglass Wind Farm Limited 2023 \u00a3m Stronelairg Wind Farm Limited 2023 \u00a3m Triton Power Holdings Limited 2023 \u00a3m Neos Networks Limited 2023 \u00a3m Other 2023 \u00a3m Total 2023 \u00a3m Revenue 274.5 103.8 \u2013 297.5 95.2 376.5 68.7 151.5 1,628.7 159.2 62.3 3, 217.9 Other income \u2013 \u2013 \u2013 \u2013 \u2013 25.5 \u2013 \u2013 \u2013 \u2013 \u2013 25.5 Depreciation and amortisation (6.9) (30.7) \u2013 (29.1) (17.9) (89.6) (7.7) (13.7) (84.0) (95.0) (30.4) (405.0) Other operating costs (216.5) (21.0) \u2013 (56.8) (40.8) (94.8) (12.6) (28.0) (415.1) (80.3) (40.1) (1,006.0) Operating profit 51.1 52.1 \u2013 211.6 36.5 217.6 48.4 109.8 1,129.6 (16.1) (8.2) 1,832.4 Interest expense (0.7) (5.2) \u2013 (18.4) (20.7) (65.4) (6.1) (12.1) (2.4) (20.7) (3.0) (154.7) Profit before tax 50.4 46.9 \u2013 193.2 15.8 152.2 42.3 97.7 1,127. 2 (36.8) (11.2) 1,677.7 Corporation tax (10.6) (6.1) \u2013 (35.6) (3.8) (26.0) (8.1) (19.1) (179.2) \u2013 (4.2) (292.7) Profit after tax 39.8 40.8 \u2013 157.6 12.0 126.2 34.2 78.6 948.0 (36.8) (15.4) 1,385.0 Recognised in other comprehensive income Actuarial gain on retirement benefit schemes \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Cash flow hedges \u2013 \u2013 6.2 \u2013 141.0 152.4 \u2013 \u2013 \u2013 \u2013 807.6 1 , 107.2 Taxation \u2013 \u2013 (1.6) \u2013 (35.3) (38.1) \u2013 \u2013 \u2013 \u2013 (201.8) (276.8) \u2013 \u2013 4.6 \u2013 105.7 114.3 \u2013 \u2013 \u2013 \u2013 605.8 830.4 Total comprehensive income/(loss) 39.8 40.8 4.6 157.6 117.7 240.5 34.2 78.6 948.0 (36.8) 590.4 2,215.4 SSE share of profit (based on % equity) 19.9 20.4 \u2013 78.9 5.9 50.5 17.1 39.3 474.0 (18.4) (24.0) 663.6 Dividends paid to shareholders 47.0 22.4 \u2013 169.1 \u2013 146.5 35.2 93.6 101.4 \u2013 2.0 617.2 Non-current assets 96.2 154.1 353.5 560.4 3,229.8 1,906.0 175.0 330.2 189.6 626.2 6,288.3 13,909.3 Current assets 48.8 53.5 10.0 119.0 19.4 50.5 27.5 58.2 507.0 41.9 59.9 995.7 Cash and cash equivalents 69.3 32.8 8.4 83.4 86.4 91.3 19.0 48.3 16.7 23.3 86.1 565.0 Current liabilities (19.1) (38.3) (23.6) (20.4) (57. 2) (176.3) (4.6) (19.8) (301.7) (144.0) (246.8) (1,051.8) Non-current liabilities (61.6) (65.9) (265.2) (437.3) (2,870.7) (1,800.4) (139.3) (259.0) (18.0) (353.1) (5,241.9) (11,512.4) Net assets 133.6 136.2 83.1 305.1 407.7 71.1 77.6 157.9 393.6 194.3 945.6 2,905.8 Group equity interest 50% 50% 50% 50.1% 49% 40% 50.1% 50.1% 50% 50% Net assets 133.6 136.2 83.1 305.1 407.7 71.1 77.6 157.9 393.6 194.3 945.6 2,905.8 Group\u2019s share of ownership interest 66.8 68.1 41.5 152.8 199.8 28.4 38.8 79.1 196.8 97.2 376.4 1,345.7 Other adjustments (20.3) 0.3 30.9 27.2 141.8 (15.3) 68.1 214.7 57.1 (22.5) 109.3 591.3 Carrying value of Group\u2019s equity interest 46.5 68.4 72.4 180.0 341.6 13.1 106.9 293.8 253.9 74.7 485.7 1,937.0 Seabank Power Limited 2022 \u00a3m Marchwood Power Limited 2022 \u00a3m SSE Slough Multifuel Limited 2022 \u00a3m Clyde Windfarm (Scotland) Limited 2022 \u00a3m Seagreen Offshore Windfarm Limited 2022 \u00a3m Beatrice Offshore Windfarm Limited 2022 \u00a3m Dunmaglass Wind Farm Limited 2022 \u00a3m Stronelairg Wind Farm Limited 2022 \u00a3m Neos Networks Limited 2022 \u00a3m Other 2022 \u00a3m Total continuing operations 2022 \u00a3m SGN- discontinued operation 2022 \u00a3m Revenue 260.9 97.6 \u2013 270.9 111.6 59.6 142.0 156.8 42.7 1,142.1 181.3 Other income \u2013 \u2013 \u2013 \u2013 \u2013 281.3 \u2013 \u2013 \u2013 281.3 \u2013 Depreciation and amortisation (5.7) (32.2) \u2013 (29.8) \u2013 (90.6) (8.0) (14.1) (84.0) (30.5) (294.9) (33.3) Other operating costs (235.6) (21.2) \u2013 (48.9) \u2013 (84.3) (10.8) (25.3) (102.6) (16.5) (545.2) (85.0) Operating profit 19.6 44.2 \u2013 192.2 \u2013 218.0 40.8 102.6 (29.8) (4.3) 583.3 63.0 Interest expense (0.1) (6.6) \u2013 (18.3) \u2013 (69.0) (6.2) (12.5) (24.0) (13.5) (150.2) (46.9) Profit before tax 19.5 37.6 \u2013 173.9 \u2013 149.0 34.6 90.1 (53.8) (17.8) 433.1 16.1 Corporation tax (9.8) (7.6) \u2013 (54.2) \u2013 (55.8) (13.8) (25.4) (4.0) \u2013 (170.6) (259.3) Profit after tax 9.7 30.0 \u2013 119.7 \u2013 93.2 20.8 64.7 (57.8) (17.8) 262.5 (243.2) Recognised in other compreh- ensive income Actuarial gain on retirement benefit schemes \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6.3 Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (7.1) Cash flow hedges \u2013 \u2013 7.2 \u2013 \u2013 131.9 \u2013 \u2013 \u2013 267.1 406.2 (1.9) Taxation \u2013 \u2013 (1.4) \u2013 \u2013 (25.1) \u2013 \u2013 \u2013 (50.4) (76.9) 4.8 \u2013 \u2013 5.8 \u2013 \u2013 106.8 \u2013 \u2013 \u2013 216.7 329.3 2.1 Total compreh- ensive income/(loss) 9.7 30.0 5.8 119.7 \u2013 200.0 20.8 64.7 (57.8) 198.9 591.8 (241.1) SSE share of profit (based on % equity) 4.8 15.0 \u2013 60.0 \u2013 37.3 10.4 32.5 (29.0) (20.3) 110.7 (81.0) Dividends paid to shareholders \u2013 29.2 \u2013 105.9 \u2013 183.2 21.7 47.5 4.4 \u2013 391.9 \u2013 Non-current assets 105.8 194.2 17 7.3 599.5 2,253.8 2,018.7 186.3 350.1 445.5 3,716.5 10,047.7 \u2013 Current assets 58.0 39.7 4.6 110.8 6.1 44.0 23.7 52.6 79.4 41.4 460.3 \u2013 Cash and cash equivalents 29.0 21.5 4.9 69.9 73.7 130.7 13.8 47.5 20.0 93.7 504.7 \u2013 Current liabilities (4.4) (38.2) (7.2) (16.9) (151.1) (167.3) (4.2) (18.1) (145.0) (200.9) (753.3) \u2013 Non-current liabilities (64.8) (100.4) (146.9) (429.2) (2,129.3) (1,892.8) (135.5) (253.5) (278.4) (3,402.9) (8,833.7) \u2013 Net assets 123.6 116.8 32.7 334.1 53.2 133.3 84.1 178.6 121.5 247.8 1,425.7 \u2013 Group equity interest 50% 50% 50% 50.1% 49% 40% 50.1% 50.1% 50% \u2013 \u2013 \u2013 Net assets 123.6 116.8 32.7 334.1 53.2 133.3 84.1 178.6 121.5 247.8 1,425.7 \u2013 Group\u2019s share of ownership interest 61.8 58.4 16.4 167.4 26.1 53.4 42.1 89.5 60.7 99.4 675.2 \u2013 Other adjustments (11.7) 0.8 56.5 25.2 220.2 (53.4) 69.2 224.4 (5.4) 38.5 564.3 \u2013 Carrying value of Group\u2019s equity interest 50.1 59.2 72.9 192.6 246.3 \u2013 111.3 313.9 55.3 1 37.9 1,239.5 \u2013 In addition to the above at 31 March 2023, the Group was owed the following loans from its principal joint ventures: Marchwood Power Limited \u00a325.7m (2022: \u00a339.1m); Triton Power Holdings Limited \u00a3nil (2022: \u00a3nil); Clyde Windfarm (Scotland) Limited \u00a3127.1m (2022: \u00a3127.1m); Dunmaglass Wind Farm Limited \u00a346.6m (2022: \u00a346.5m); Stronelairg Wind Farm Limited \u00a388.7m (2022: \u00a388.2m) Neos Networks Limited \u00a356.0m (2022: \u00a390.2m); Seagreen Offshore Windfarm Limited \u00a3593.1m (2022: \u00a3271.1m) and Slough Multifuel Limited \u00a3128.0m (2022: \u00a362.5m). This represents 96% (2022: 99%) of the loans provided to equity-accounted joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-775": { "value": "A3.1.1 Subsidiary undertakings Details of the Group\u2019s subsidiary undertakings at 31 March are as follows: Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity Aberarder Wind Farm (Scotland) Limited Scotland A 100.0 \u2013 Renewable Development Aberarder Wind Farm LLP England and Wales B 100.0 \u2013 Renewable Development Abernedd Power Company Limited England and Wales B 100.0 100.0 Holding Company Aichi Offshore Wind Power No. 1 G.K. Japan Y 80.0 80.0 Renewable Development Aichi Offshore Wind Power No. 2 G.K. Japan Y 80.0 80.0 Renewable Development Airtricity Windfarm Finance Limited Ireland C 100.0 100.0 Holding Company Arklow Offshore Phase II Company Limited Ireland C 100.0 100.0 Dormant Beithe (HK) Limited Hong Kong V 100.0 100.0 Holding Company Beithe AG Switzerland T \u2013 100.0 Holding Company Berwick Bank A Limited England and Wales B 100.0 100.0 Renewable Development Berwick Bank B Limited England and Wales B 100.0 100.0 Renewable Development Berwick Bank C Limited England and Wales B 100.0 100.0 Renewable Development Berwick Bank Holdings A Limited England and Wales B 100.0 100.0 Holding Company Berwick Bank Holdings B Limited England and Wales B 100.0 100.0 Holding Company Berwick Bank Holdings C Limited England and Wales B 100.0 100.0 Holding Company Berwick Bank Wind Farm Limited Scotland A 100.0 100.0 Renewable Development Bhlaraidh Wind Farm Limited Scotland A 100.0 100.0 Power Generation Bindoo Windfarm (ROI) Limited Ireland C 100.0 100.0 Power Generation BOC1234 Limited (formerly Aberader Wind Farm (Scotland) Limited Scotland A 100.0 \u2013 Dormant Brickmount Limited Ireland C 100.0 100.0 Power Generation Building Automation Solutions Limited England and Wales D 100.0 100.0 Dormant By-Pass Farm Solar Limited England and Wales B 100.0 \u2013 Power Generation Coire Glas Hydro Pumped Storage Limited Scotland A 100.0 100.0 Power Generation Comhlacht Gaoithe Teoranta Ireland C 100.0 100.0 Power Generation Coomacheo Wind Farm Limited Ireland C 100.0 100.0 Power Generation Coomatallin Windfarm (ROI) Limited Ireland C 100.0* 100.0* Power Generation Curragh Mountain Windfarm Limited Ireland C 100.0 100.0 Power Generation Dedondo Limited Ireland C 100.0 100.0 Power Generation Dromada Windfarm (ROI) Limited Ireland C 100.0 100.0 Power Generation Drumnahough Wind Farm Designated Activity Company Ireland C 100.0 100.0 Power Generation Eastern Green Link 2 Limited England and Wales AI 75.0 \u2013 Power Transmissions Enerfarm 3 Single Member SA Renewable Energy Sources Greece AB 100.0 \u2013 Renewable Development Energia Levante S.r.l. Italy AC 100.0 \u2013 Renewable Development Energiaki Kleidi Single Member S.A. Greece AB 100.0 \u2013 Renewable Development Energiaki Mavrovouniou Single Member Private Company Greece AB 100.0* \u2013 Renewable Development Energiaki Mesovouniou Single Member S.A. Greece AB 100.0 \u2013 Renewable Development Energiaki Platorrachis Single Member S.A. Greece AB 100.0* \u2013 Renewable Development Energiaki Velanidias Single Member S.A. Greece AB 100.0 \u2013 Renewable Development Energiaki Voursana Single Member S.A. Greece AB 100.0 \u2013 Renewable Development Enshunada Offshore Wind Power No. 1 G.K. Japan Y 80.0 80.0 Renewable Development Fibre Fuel Limited England and Wales B 100.0 100.0 Dormant Fibre Power (Slough) Limited England and Wales B 100.0 100.0 Power Generation Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity Fusion Heating Limited Northern Ireland Q 100.0 100.0 Energy Related Services Galway Wind Park Phase 3 Designated Activity Company Ireland C 100.0 100.0 Renewable Development Ganderoy Limited Ireland C 100.0 100.0 Power Generation Gartnaneane Limited Ireland C 100.0* 100.0* Power Generation Glenora Wind Farm Designated Activity Company Ireland C 100.0 100.0 Renewable Development Goto-Fukue Offshore Wind Power G.K. Japan Y 80.0 80.0 Renewable Development Green Wind Energy (Wexford) Limited Ireland C 100.0* 100.0* Renewable Development Griffin Wind Farm Limited Scotland A 100.0 100.0 Power Generation Hadyard Hill Wind Farm Limited Scotland A 100.0 100.0 Dormant Hydro Electric Pension Scheme Trustees Limited Scotland A 100.0 100.0 Dormant Izu Islands Offshore Wind Power No. 1 G.K. Japan Y 80.0 80.0 Renewable Development Keadby Developments Limited England and Wales E 100.0 100.0 Dormant Keadby Generation Limited England and Wales E 100.0 100.0 Power Generation Keadby Wind Farm Limited England and Wales B 100.0 100.0 Power Generation Leanamore Wind Farm Limited Ireland C 100.0 100.0 Power Generation Limerick West Windfarm Limited Ireland C 100.0 100.0 Power Generation Littleton Pastures Solar Limited England and Wales B 100.0 100.0 Power Generation March Winds Limited Ireland C 100.0 100.0 Power Generation Medway Power Limited England and Wales B 100.0 100.0 Power Generation Meentycat Limited Ireland C 100.0 100.0 Power Generation Milane Holdings Limited Ireland C 100.0 100.0 Dormant Minami-Izu Offshore Wind Power No. 1 G.K. Japan Y 80.0 80.0 Renewable Development Mullananalt Wind Farm (ROI) Limited Ireland C 100.0 100.0 Power Generation Niigata Offshore Wind Power No.1 G.K. Japan Y 80.0 80.0 Renewable Development Oki Islands Offshore Wind Power G.K. Japan Y 80.0 80.0 Renewable Development Optimal Power Networks Limited England and Wales B 100.0 100.0 Construction of utility projects Platin Power Limited Ireland C 100.0 100.0 Dormant Power from Waste Limited England and Wales B 100.0 100.0 Dormant Richfield Windfarm (ROI) Limited Ireland C 100.0 100.0 Power Generation Scottish and Southern Energy Power Distribution Limited Scotland A 100.0 100.0 Holding Company Scottish Hydro Electric Power Distribution plc Scotland A 100.0 100.0 Power Distribution Scottish Hydro Electric Transmission plc Scotland A 75.0 100.0 Power Transmission Sheskin South Renewables Power Designated Activity Company Ireland C 100.0 100.0 Renewable Development Sistemas Energ\u00e9ticos \u00c1brego S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Ariel S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Boreas S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Carril S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos C\u00e9firo S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos del Sur S.A.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Eolo S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Erbania 1 S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Erbania 2 S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Gregal S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos J\u00fapiter S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Ladera Negra, S.A. U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Loma del Reposo S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Marte S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Mercurio S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Neptuno S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Ober\u00f3n S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Plut\u00f3n S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Tablero Tabordo, S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Terral S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Tit\u00e1n S.L.U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Tomillo S.A. U. Spain AD 100.0 \u2013 Renewable Development Sistemas Energ\u00e9ticos Urano S.L.U. Spain AD 100.0 \u2013 Renewable Development Slough Domestic Electricity Limited England and Wales B 100.0 100.0 Dormant Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity Slough Electricity Contracts Limited England and Wales B 100.0 100.0 Electricity Contracting Slough Energy Supplies Limited England and Wales B 100.0 100.0 Dormant Slough Heat & Power Limited England and Wales B 100.0 100.0 Power Generation Slough Utility Services Limited England and Wales B 100.0 100.0 Distribution of Electricity Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Broyes SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Chaintrix Bierges SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Champeaux SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Germainville SAS France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Belle Dame SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Brie des Etangs SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Monchot SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la Pi\u00e8ce du Moulin SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de la T\u00eate des Boucs SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Moulins du Puits SAS France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Pringy SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Saint Loup de Saintonge SAS France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Souvans SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Vernierfontaine SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien de Villiers aux Ch\u00eanes SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Fontaines SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Six Communes SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien des Voies de Bar SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien d\u2019Orchamps SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Mont \u00c9gar\u00e9 SARL France AE 100.0 \u2013 Renewable Development Soci\u00e9t\u00e9 d\u2019Exploitation du Parc Eolien du Vireaux SAS France AE 100.0 \u2013 Renewable Development Southern Electric Power Distribution plc England and Wales B 100.0 100.0 Power Distribution SPV Parco Eolico Libeccio S.r.l. Italy AC 100.0 \u2013 Renewable Development SPV Parco Eolico Maestrale S.r.l. Italy AC 100.0 \u2013 Renewable Development SPV Parco Eolico Tramontana S.r.l. Italy AC 100.0 \u2013 Renewable Development SSE Airtricity Distributed Energy Limited Ireland C 100.0 100.0 Power Distribution SSE Airtricity Energy Services Limited Ireland C 100.0 100.0 Energy Supply SSE Airtricity Energy Supply (NI) Limited Northern Ireland F 100.0 100.0 Energy Supply SSE Airtricity Gas Limited Ireland C \u2013 100.0 Energy Supply SSE Airtricity Gas Supply (NI) Limited Northern Ireland F 100.0 100.0 Energy Supply SSE Airtricity Limited Ireland C 100.0 100.0 Energy Supply SSE Battery Monk Fryston Limited (formerly UKPA EnergyMF Limited) England and Wales B 100.0 \u2013 Power Generation SSE Battery Salisbury Limited England and Wales B 100.0 100.0 Power Generation SSE Beatrice Offshore Windfarm Holdings Limited Scotland A 100.0 100.0 Holding Company SSE BTM HoldCo Limited England and Wales B 100.0 \u2013 Holding Company SSE Contracting Group Limited England and Wales B 100.0 100.0 Holding Company SSE Cumars\u00e1id Teoranta Ireland C 100.0 100.0 Telecommunications SSE DE Battery Holdco Limited England and Wales B 100.0 100.0 Holding Company SSE DE EV Holdco Limited England and Wales B 100.0 \u2013 Holding Company Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity SSE DE Solar Holdco Limited England and Wales B 100.0 \u2013 Holding Company SSE Digital Services Limited England and Wales B 100.0 \u2013 Holding Company SSE Energy Supply Limited England and Wales B 100.0 100.0 Energy Supply SSE Enterprise Limited England and Wales B 100.0 100.0 Corporate Services SSE EPM Limited England and Wales B 100.0 100.0 Energy Trading SSE EV M7 Limited England and Wales B 100.0 \u2013 Power Generation SSE EV Operational Assets Limited (formerly EV Operational Assets Limited) England and Wales B 100.0 \u2013 Power Generation SSE Ferrybridge Battery Limited England and Wales B 100.0 \u2013 Power Generation SSE Fiddlers Ferry Battery Limited England and Wales B 100.0 \u2013 Power Generation SSE Foxholes Solar Limited (formerly Foxholes Solar Limited) England and Wales B 100.0 \u2013 Power Generation SSE Galloper Offshore Windfarm Holdings Limited England and Wales B 100.0 100.0 Holding Company SSE Generation Ireland Limited Ireland C 100.0 100.0 Power Generation SSE Generation Limited England and Wales B 100.0 100.0 Power Generation SSE Group Limited Scotland A 100.0 100.0 Dormant SSE Heat Networks (Battersea) Limited England and Wales B 100.0 100.0 Dormant SSE Heat Networks Limited Scotland A 100.0 100.0 Utility Services SSE Hornsea Limited England and Wales B 100.0 100.0 Gas Storage SSE Imperial Park PN Limited England and Wales B 100.0 \u2013 Power Generation SSE Insurance Limited Isle of Man G 100.0 100.0 Insurance SSE Knapthorpe Solar Limited (formerly Knapthorpe Solar Limited) England and Wales B 100.0 \u2013 Power Generation SSE Maple Limited England and Wales B 100.0 100.0 Investment Holding SSE Medway Operations Limited England and Wales B 100.0 100.0 Holding Company SSE Micro Renewables Limited Scotland A 100.0 100.0 Energy Related Services SSE Multifuel Generation Holdings Limited England and Wales B 100.0 100.0 Holding Company SSE Muskham Solar Limited (formerly Muskham Solar Limited) England and Wales B 100.0 \u2013 Power Generation SSE OWS Glasgow Limited Scotland A 100.0 100.0 Property Holding SSE Pacifico K.K. Japan Y 80.0 80.0 Renewable Development SSE Production Services Limited England and Wales B 100.0 100.0 Maintenance Services SSE Renewables (Ireland) Limited Ireland C 100.0 100.0 Holding Company SSE Renewables (Netherlands) Holdings B.V. Netherlands AA 100.0 100.0 Holding Company SSE Renewables Developments (Germany) GmbH Germany AJ 100.0 100.0 Renewable Development SSE Renewables Generation Ireland Limited Ireland C 100.0 100.0 Power Generation SSE Renewables Holdings (Europe) Limited Ireland C 100.0 100.0 Holding Company SSE Renewables Holdings (UK) Limited Northern Ireland F 100.0 100.0 Holding Company SSE Renewables Holdings Germany GmbH Germany H 100.0 100.0 Dormant SSE Renewables Holdings Limited Ireland C 100.0 100.0 Holding Company SSE Renewables International Holdings Limited Scotland A 100.0 100.0 Holding Company SSE Renewables Limited Scotland A 100.0 100.0 Holding Company SSE Renewables North America Inc. United States W 100.0 100.0 Renewable Development SSE Renewables North America Offshore Wind LLC. United States W 100.0 100.0 Renewable Development SSE Renewables North America Services Inc United States W 100.0 \u2013 Renewable Development SSE Renewables Off Shore Limited Ireland C 100.0 100.0 Holding Company SSE Renewables Offshore Windfarm Holdings Limited Scotland A 100.0 100.0 Holding Company SSE Renewables Onshore Windfarm Holdings Limited Northern Ireland F 100.0 100.0 Holding Company SSE Renewables Poland Holdings Limited Scotland A 100.0 100.0 Holding Company SSE Renewables Poland sp z.o.o. (formerly Virtomille Investments sp z.o.o.) Poland X 100.0 100.0 Renewable Development SSE Renewables Services (UK) Limited Northern Ireland F 100.0 100.0 Renewable Development SSE Renewables UK Limited Northern Ireland F 100.0 100.0 Power Generation SSE Renewables Wind (Ireland) Holdings Limited Ireland C 100.0 100.0 Holding Company Company Country of incorporation Registered address (key) 2023 Holding % 2022 Holding % Principal activity SSE Renewables Wind Farms (Ireland) Limited Ireland C 100.0 100.0 Power Generation SSE Renewables Wind Farms (UK) Limited Scotland A 100.0 100.0 Power Generation SSE Retail Limited Scotland A 100.0 100.0 Energy Related Services SSE Seabank Investments Limited England and Wales B 100.0 100.0 Dormant SSE Seabank Land Investments Limited England and Wales B 100.0 100.0 Dormant SSE Services plc England and Wales B 100.0 100.0 Corporate Services SSE Southern Group Trustee Limited England and Wales B 100.0 100.0 Dormant SSE Staythorpe Battery Limited (formerly Staythorpe Battery Limited) England and Wales B 100.0 \u2013 Power Generation SSE Staythorpe Power Limited (formerly Staythorpe Power Limited) England and Wales B 100.0 \u2013 Power Generation SSE Staythorpe SGT Limited (formerly Staythorpe SGT Limited) England and Wales B 100.0 \u2013 Power Generation SSE Staythorpe Solar Limited (formerly Staythorpe Solar Limited) England and Wales B 100.0 \u2013 Power Generation SSE Stock Limited Scotland A 100.0 100.0 Stock Holding SSE Sunflower Offshore Wind Holdco B.V. Netherlands AA 100.0 100.0 Renewable Development SSE Sunflower Offshore Wind Limited Partner 1 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Sunflower Offshore Wind Limited Partner 2 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Sunflower Offshore Wind Limited Partner 3 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Thermal Energy Holdings Limited England and Wales B 100.0 100.0 Holding Company SSE Thermal Energy Operations Limited England and Wales B 100.0 100.0 Power Generation SSE Thermal Generation (Scotland) Limited Scotland A 100.0 100.0 Power Generation SSE Thermal Generation Holdings Limited England and Wales B 100.0 100.0 Holding Company SSE Toddleburn Limited Scotland A 100.0 100.0 Power Generation SSE Trading Limited England and Wales B 100.0 100.0 Energy Trading SSE Trustees Limited England and Wales B 100.0 100.0 Dormant SSE Tulip Offshore Wind Holdco B.V. Netherlands AA 100.0 100.0 Renewable Development SSE Tulip Offshore Wind Limited Partner 1 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Tulip Offshore Wind Limited Partner 2 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Tulip Offshore Wind Limited Partner 3 B.V. Netherlands AA 100.0 \u2013 Renewable Development SSE Utility Services Limited England and Wales B \u2013 100.0 Dormant SSE Utility Solutions Limited England and Wales B 100.0 100.0 Utility Services SSE Venture Capital Limited Scotland A 100.0 100.0 Investment Holding SSE Viking Limited England and Wales B 100.0 100.0 Renewable Development SSE(SE) Quest Trustee Limited England and Wales B 100.0 100.0 Dormant SSEN Distribution Limited Scotland A 100.0 \u2013 Holding Company SSEPG (Operations) Limited England and Wales B 100.0 100.0 Power Generation Strathy Wind Farm Limited Scotland A 100.0 100.0 Power Generation Sure Partners Limited Ireland C 100.0 100.0 Renewable Development Tealing Solar Park Limited England and Wales B 100.0 100.0 Power Generation TESGL Limited England and Wales D 100.0 100.0 Building Energy Management The Energy Solutions Group Bidco Limited England and Wales D 100.0 100.0 Dormant The Energy Solutions Group Midco Limited England and Wales D 100.0 100.0 Dormant The Energy Solutions Group Topco Limited England and Wales D 100.0 100.0 Dormant Tournafulla Windfarm (ROI) Limited Ireland C 100.0 100.0 Power Generation Viking Energy (Scottish Partnership) Scotland I 100.0 100.0 Renewable Development Viking Energy Wind Farm LLP Scotland Z 100.0 100.0 Renewable Development Wakayama-West Offshore Wind Power No. 1 G.K. Japan Y 80.0 80.0 Renewable Development Wakayama-West Offshore Wind Power No.2 G.K. Japan Y 80.0 80.0 Renewable Development All shares in subsidiary companies are ordinary share capital, unless otherwise stated. * 100% of voting rights held.
Statutory audit exemptions
SSE plc parent company has provided guarantees under section 479C of the Companies Act 2006 over the liabilities of the following
companies, which are therefore exempt from audit under the requirements of s479A-479C of the Companies Act 2006.
Company Registered number
Aberarder Wind Farm LLP OC398487
Bhlaraidh Wind Farm Limited SC663027
Fibre Power (Slough) Limited 02902170
Fusion Heating Limited NI056373
Keadby Wind Farm Limited 06852112
Slough Utility Services Limited 03486590
SSE Beatrice Offshore Windfarm Holdings Limited SC436255
SSE DE Battery Holdco Limited 13561962
SSE DE EV Holdco Limited 14278443
SSE Enterprise Limited 10060563
SSE Imperial Park PN Limited 02631510
SSE Maple Limited 10604848
SSE Medway Operations Limited 02647585
SSE Micro Renewables Limited SC386017
SSE OWS Glasgow Limited SC228283
SSE Production Services Limited 02499702
SSE Renewables Holdings (UK) Limited NI043239
SSE Renewables Offshore Windfarm Holdings Limited SC436251
SSE Renewables Onshore Windfarm Holdings Limited NI049557
SSE Renewables Poland Holdings Limited SC723844
SSE Renewables UK Limited NI048447
SSE Renewables Wind Farms (UK) Limited SC654502
SSE Retail Limited SC213458
SSE Seabank Investments Limited 02631512
SSE Seabank Land Investments Limited 07877772
SSE Thermal Energy Holdings Limited 12650549
SSE Toddleburn Limited SC259104
SSE Viking Limited 06021053
SSEPG (Operations) Limited 02764438
Strathy Wind Farm Limited SC663103
Tealing Solar Park Limited 08783684
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-733": { "value": "A5. Related party transactions The immediate parent and ultimate controlling party of the Group is SSE plc (incorporated in Scotland). Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. Trading transactions The following transactions took place during the year between the Group and entities which are related to the Group, but which are not members of the Group. Related parties are defined as those in which the Group has control, joint control or significant influence over. 2023 Sale of goods and services \u00a3m 2023 Purchase of goods and services \u00a3m 2023 Amounts owed from \u00a3m 2023 Amounts owed to \u00a3m 2022 Sale of goods and services \u00a3m 2022 Purchase of goods and services \u00a3m 2022 Amounts owed from \u00a3m 2022 Amounts owed to \u00a3m Joint ventures: Seabank Power Limited \u2013 \u2013 \u2013 \u2013 51.9 (49.1) \u2013 \u2013 Marchwood Power Limited 122.4 (228.5) \u2013 (16.8) 104.3 (229.3) \u2013 (7.6) Scotia Gas Networks Limited \u2013 \u2013 \u2013 \u2013 42.9 (10.1) \u2013 \u2013 Clyde Windfarm (Scotland) Limited 4.8 (280.5) 0.1 (49.5) 4.6 (259.3) 0.1 (74.2) Beatrice Offshore Windfarm Limited 4.7 (176.5) 1.0 (8.7) 5.0 (163.7) 0.9 (20.6) Stronelairg Windfarm Limited 2.4 (146.2) \u2013 (21.7) 2.1 (138.5) \u2013 (36.7) Dunmaglass Windfarm Limited 1.1 (66.4) \u2013 (9.1) 1.0 (57.9) \u2013 (13.7) Neos Networks Limited 3.8 (23.8) 46.2 (5.8) 31.2 (27.1) 52.2 (13.8) Seagreen Wind Energy Limited 35.2 (44.4) 22.9 (7.5) 24.9 (0.4) 6.0 (0.3) Doggerbank A, B and C 25.4 \u2013 7.6 \u2013 21.2 \u2013 8.5 \u2013 Triton Power Holdings Limited \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other Joint Ventures 14.0 (219.2) 1.1 (50.8) 8.2 (195.9) 1.3 (23.6) The transactions with Seabank Power Limited and Marchwood Power Limited relate to the contracts for the provision of energy or the tolling of energy under power purchase arrangements. Details of the Group\u2019s 15-year Affiliate Contract for Difference agreement with Seagreen Wind Energy Limited are included in note A7.2 . On 22 March 2022 the Group completed its disposal of its interest in Scotia Gas Networks Limited (\u2018SGN\u2019). In the prior year, the table above included the Group\u2019s gas supply activity which included gas distribution charges and services the Group provided to SGN in the form of a management services agreement for corporate and shared services. The amounts outstanding are trading balances, are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made for doubtful debts in respect of the amounts owed by related parties. Aggregate capital loans to joint ventures and associates are shown in note 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-687": { "value": " SSE plc ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-4": { "value": "SSE plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-5": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-776": { "value": "Trading transactions The following transactions took place during the year between the Group and entities which are related to the Group, but which are not members of the Group. Related parties are defined as those in which the Group has control, joint control or significant influence over. 2023 Sale of goods and services \u00a3m 2023 Purchase of goods and services \u00a3m 2023 Amounts owed from \u00a3m 2023 Amounts owed to \u00a3m 2022 Sale of goods and services \u00a3m 2022 Purchase of goods and services \u00a3m 2022 Amounts owed from \u00a3m 2022 Amounts owed to \u00a3m Joint ventures: Seabank Power Limited \u2013 \u2013 \u2013 \u2013 51.9 (49.1) \u2013 \u2013 Marchwood Power Limited 122.4 (228.5) \u2013 (16.8) 104.3 (229.3) \u2013 (7.6) Scotia Gas Networks Limited \u2013 \u2013 \u2013 \u2013 42.9 (10.1) \u2013 \u2013 Clyde Windfarm (Scotland) Limited 4.8 (280.5) 0.1 (49.5) 4.6 (259.3) 0.1 (74.2) Beatrice Offshore Windfarm Limited 4.7 (176.5) 1.0 (8.7) 5.0 (163.7) 0.9 (20.6) Stronelairg Windfarm Limited 2.4 (146.2) \u2013 (21.7) 2.1 (138.5) \u2013 (36.7) Dunmaglass Windfarm Limited 1.1 (66.4) \u2013 (9.1) 1.0 (57.9) \u2013 (13.7) Neos Networks Limited 3.8 (23.8) 46.2 (5.8) 31.2 (27.1) 52.2 (13.8) Seagreen Wind Energy Limited 35.2 (44.4) 22.9 (7.5) 24.9 (0.4) 6.0 (0.3) Doggerbank A, B and C 25.4 \u2013 7.6 \u2013 21.2 \u2013 8.5 \u2013 Triton Power Holdings Limited \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other Joint Ventures 14.0 (219.2) 1.1 (50.8) 8.2 (195.9) 1.3 (23.6) The transactions with Seabank Power Limited and Marchwood Power Limited relate to the contracts for the provision of energy or the tolling of energy under power purchase arrangements. Details of the Group\u2019s 15-year Affiliate Contract for Difference agreement with Seagreen Wind Energy Limited are included in note A7.2 . On 22 March 2022 the Group completed its disposal of its interest in Scotia Gas Networks Limited (\u2018SGN\u2019). In the prior year, the table above included the Group\u2019s gas supply activity which included gas distribution charges and services the Group provided to SGN in the form of a management services agreement for corporate and shared services. The amounts outstanding are trading balances, are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made for doubtful debts in respect of the amounts owed by related parties. Aggregate capital loans to joint ventures and associates are shown in note 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-734": { "value": "A6. Financial risk management This note presents information about the fair value of the Group\u2019s financial instruments, the Group\u2019s exposure to the risks associated with those instruments, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. Further qualitative disclosures are included throughout these consolidated financial statements. The Group has exposure to the following risks from its use of financial instruments: \u2022 Credit risk \u2022 Liquidity risk \u2022 Commodity risk \u2022 Currency risk \u2022 Interest rate risk The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s policies for risk management are established to identify the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Exposure to commodity, currency and interest rate risks arise in the normal course of the Group\u2019s business and derivative financial instruments are entered into to hedge exposure to these risks. SSE has a Group wide Risk Committee reporting to the Group Executive Committee, which is responsible for reviewing the strategic, market, credit, operational and liquidity risks and exposures that arise from the Group\u2019s operating activities. In addition, the Group has two dedicated Energy Market risk committees reporting to the Group Executive Committee and Board respectively, with the Group Executive Sub-committee chaired by the Group Finance Director (the \u2018Group Energy Markets Exposures Risk Committee\u2019) and the Board Sub-committee chaired by non-Executive Director Tony Cocker (the \u2018Energy Markets Risk Committee (EMRC)\u2019). These Committees oversee the Group\u2019s management of its energy market exposures, including its approach to hedging. During the year ended 31 March 2023, the Group was exposed to exceptional volatility in energy markets impacting the primary commodities to which it is exposed (Gas, Carbon and Power) due to the ongoing impacts from the war in Ukraine and other global factors. The Group\u2019s approach to hedging, and the diversity of its energy portfolios (across Wind, Hydro, Thermal and Customers) has provided significant certain mitigation of these exposures. Exceptional rises and volatility in commodity prices have created a particular challenge in managing counter-party credit and collateral exposures and requirements. Market access to energy markets to enable hedging and prompt optimisation has been maintained by a combination of three key actions. Firstly, bilateral counterparty limits have been increased (subject to Executive Director authorisation) and SSE has continued to utilise market access provided by exchange platforms and auctions. Secondly, the SSE Group Parent Company Guarantee has been increased appropriately to reflect the impact of market volatility on counterparty exposures. Finally, since March 2022, SSE Treasury facilities have been increased by circa \u00a3730m with relationship banks and insurance companies in order to facilitate letters of credit to be posted as collateral instead of cash to support the route to market of the Group. At 31 March, the Group\u2019s collateral position was as follows: Note 2023 \u00a3m 2022 \u00a3m Collateral posted included within trade and other receivables 18 316.3 74.7 Net collateral posted/(received) 316.3 74.7 Exposure to the commodity, currency and interest rate risks noted arise in the normal course of the Group\u2019s business and derivative financial instruments are entered into to hedge exposure to these risks. The objectives and policies for holding or issuing financial instruments and similar contracts, and the strategies for achieving those objectives that have been followed during the year are explained below. A6.1 Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations. Credit risk arising from the Group\u2019s normal commercial operations is controlled by individual business units operating in accordance with Group policies and procedures. Generally, for significant contracts, individual business units enter into contracts or agreements with counterparties having investment grade credit ratings only, or where suitable collateral or other security has been provided. Counterparty credit validation is undertaken prior to contractual commitment. Credit risk management for the Group\u2019s SSEN Transmission and SSEN Distribution businesses is performed in accordance with industry standards as set out by the Regulator and is financially controlled by the individual business units. The Group\u2019s greatest credit risks lie with the operations of the Customers business, the wholesale procurement activities conducted by Energy Portfolio Management (\u2018EPM\u2019) under a trust arrangement and the activities carried out by the Group\u2019s Treasury function. In all cases, specific credit risk controls that match the risk profile of those activities are applied. Exposure to credit risk in the retail supply of electricity and gas to end user customers arises from the potential of a customer defaulting on their invoiced payables. The Group exposure to retail supply customers is limited to customers of the Group\u2019s Airtricity business. The creditworthiness of these customers is reviewed from a variety of internal and external information. The financial strength and creditworthiness of business customers is assessed prior to commencing, and for the duration of, their contract of supply. Exposure to credit risk in the procurement of wholesale energy and fuel is managed by reference to agreed transaction credit limits which are determined by whether the counterparty: \u2022 holds an investment grade credit rating; or \u2022 can be assessed as adequately creditworthy in accordance with internal credit rules using information from other external credit agencies; or \u2022 can provide a guarantee from an investment grade rated entity or post suitable collateral or provide other acceptable assurances in accordance with group procedures where they have failed to meet the above conditions; or \u2022 can be allocated a non-standard credit limit approved by the relevant authority as delegated by the Group Board. Credit support clauses and Master Netting Agreements are typically included or entered into in order to mitigate the impact to the Group against counterparty failure or non-delivery. As part of its normal activities, EPM transacts significant volumes of commodity derivative products through cleared exchanges to mitigate credit risk. Such exchanges are subject to strict regulation by the UK Financial Conduct Authority (FCA) and participants in these exchanges are obliged to meet rigorous capital adequacy requirements. Individual counterparty credit exposures are monitored regularly and are subject to approved limits. At 31 March 2023, EPM had pledged \u00a3443.6m (2022: \u00a3545.9m) of cash collateral and letters of credit and had received \u00a3110.8m (2022: \u00a395.8m) of cash collateral and letters of credit principally to reduce exposures on credit risk. Bank credit exposures, which are monitored and reported on daily, are calculated on a mark-to-market basis and adjusted for future volatility and probability of default. Any issues relating to these credit exposures are presented for discussion and review by the Tax and Treasury Committee. Cash and cash equivalents comprise cash in hand and deposits which are readily convertible to cash. These are subject to insignificant risk of change in value or credit risk. Derivative financial instruments are entered into to cover the Group\u2019s market risks \u2013 commodity risk, interest rate risk, currency risk \u2013 and are consequently covered elsewhere in this note. Trade receivables represent the most significant exposure to credit risk and are stated after an allowance for impairment. A6.2 Concentrations of risk Trade receivables recorded by reported segment held at the 31 March were: 2023 \u00a3m 2022 \u00a3m SSEN Transmission 8.0 7.9 SSEN Distribution 137.2 122.3 SSE Renewables 88.3 84.1 SSE Thermal 41.0 21.2 Gas Storage 1.5 1.4 Energy Customer Solutions Business Energy 386.9 231.3 SSE Airtricity 125.1 231.6 Distributed Energy 31.8 38.4 EPM 567.5 679.3 Corporate Unallocated 16.7 16.4 Total SSE Group 1,404.0 1,433.9 Energy Customers Solution (Business Energy and SSE Airtricity) accounts for 36.5% (2022: 32.3%) of the Group\u2019s trade receivables from continuing operations. Trade receivables associated with the Group\u2019s 1.2 million electricity and gas customers are recorded within this business unit. The Group also has significant trade receivables associated with its EPM activities which are generally settled within two to four weeks from invoicing. The Group\u2019s exposure to credit risk is therefore subject to diversification with no exposure to individual retail customers totalling >10% of trade receivables. The largest customer balance, due from an EPM customer (also an EPM supplier), is 8% (2022: 7%) of the total trade receivables. The ageing of trade receivables at the reporting date was: 2023 \u00a3m 2022 \u00a3m Not past due 1,229.0 1,167.7 Past due but not individually impaired: 0 \u2013 30 days 116.3 185.3 31 \u2013 90 days 65.6 60.8 Over 90 days 162.3 98.3 1,573.2 1,512.1 Less: allowance for impairment (169.2) (78.2) Net trade receivables 1,404.0 1,433.9 The Group has past due debt which has not had an impairment allowance set aside to cover potential credit losses. The Group has certain procedures to pursue customers in significant arrears and believes its impairment policy in relation to such balances is appropriate. The increased ageing of the trade receivables results in an increase in provisions held in respect of them under the provision matrix approach employed. The Group also considers various risk factors when assessing the level of provision to recognise. Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. The Group has other receivables which are financial assets totalling \u00a312.8m (2022: \u00a34.9m). The movement in the allowance for impairment of trade receivables (continuing operations only) was: 2023 \u00a3m 2022 \u00a3m Balance at 1 April 78.2 7 7.1 Increase/(decrease) in allowance for impairment 116.8 (16.8) Impairment losses recognised (25.8) 17.9 Balance at 31 March 169.2 78.2 At the end of each reporting period a review of the allowance for impairment of trade receivables (or bad debt provision) is performed by the respective businesses. Trade receivables do not contain a significant financing element, and therefore expected credit losses are measured using the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised on initial recognition. A provision matrix is utilised to estimate the lifetime expected credit losses, based on the age, status and risk of each class of receivable, which is updated periodically to include changes to both forward-looking and historical inputs. A6.3 Liquidity risk and Going Concern Liquidity risk, the risk that the Group will have insufficient funds to meet its liabilities, is managed by the Group\u2019s Treasury function. The Group can be exposed to significant movements in its liquidity position due to changes in commodity prices, working capital requirements, the impact of the seasonal nature of the business and phasing of its capital investment and recycling programmes. Treasury is responsible for managing the banking and liquidity requirements of the Group, risk management relating to interest rate and foreign exchange exposures, and for managing the credit risk relating to the banking counterparties with which it transacts. Short term liquidity is reviewed daily by Treasury, while the longer-term liquidity position is reviewed on a regular basis by the Board. The department\u2019s operations are governed by policies determined by the Board and any breaches of these policies are reported to the Tax and Treasury Committee and Audit Committee. In relation to the Group\u2019s liquidity risk, the Group\u2019s policy is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. During the year, the Group\u2019s internal approach to managing liquidity was to seek to ensure that the Group had available committed borrowings and facilities equal to at least 105% of forecast borrowings over a rolling 6 month period. The Group uses cash flow forecasts to monitor its ongoing borrowing requirements. Typically, the Group will fund any short-term borrowing positions by issuing commercial paper or borrowing from committed and uncommitted bank lines and will invest in money market funds when it has a cash surplus. Details of the Group\u2019s borrowings are disclosed at note 21. In addition to the borrowing facilities listed at note 21.3, the Group has \u00a350m of uncommitted bank lines and a \u00a315m overdraft facility. The refinancing requirement in the 23/24 financial year is \u00a31.6bn, being the \u00a335m and \u00a3120m of US Private Placement maturing 28 April 2023 and 6 September 2023 respectively; \u00a3929m of short-term Commercial Paper that matures between April and June; \u20ac700m (\u00a3514m) Eurobond maturing 8 September 2023; \u00a350m of EIB loans maturing in August 2023. The directors are confident in the ability of the Group to maintain a funding level above 105% for the going concern assessment period based on the strong credit standing and borrowing history of the Group for both fixed debt and commercial paper, as discussed more fully below. Given the committed bank facilities of \u00a33.5bn, \u00a32.75bn excluding Scottish Hydro Electric Transmission plc facilities, maintained by the Group and the current commercial paper market conditions, the Directors have concluded that both the Group and SSE plc as parent company have sufficient headroom to continue as a going concern. In coming to this conclusion, the Directors have taken into account the Group\u2019s credit rating and the successful issuance of \u00a314.4bn of medium to long term debt and Hybrid equity since February 2012, including \u00a31.6bn of long term funding in the 22/23 financial year being a \u20ac1bn NC6 Hybrid at 4% in April 2022 to re-finance the $900m and \u00a3300m Hybrids whose first call date was 16 September 2022, a 7 year \u20ac650m Eurobond at a coupon of 2.875% with an all-in cost of funding rate of just below 3% once fees and cost of pre-hedging have been included and a \u00a3350m dual tranche US Private Placement with Pricoa Capital being a \u00a3175m 10-year at 3.13% and a \u00a3175m 15-year at 3.24% giving an all-in average rate of 3.185% across both tranches. The Group\u2019s period of Going Concern assessment is performed to 31 December 2024, 21 months from the balance sheet date, which is at least 12 months from the filing deadline of its subsidiary companies. As well as taking account of the factors noted, the Going Concern conclusion is arrived at after applying stress testing sensitivities to the Group\u2019s cash flow and funding projections including removal of proceeds from unconfirmed future divestments, negative and positive sensitivities on operating cash flows and uncommitted capex and other adjustments. The Group has also considered its obligations under its debt covenants. There have been no breaches of covenant in the year and the Group\u2019s projections support the expectation that there will be no breach of covenants over the period to 31 December 2024. The statement of going concern is included in the Audit Committee Report. As at 31 March 2023, the value of outstanding cash collateral posted in respect of mark-to-market related margin calls on exchange traded positions was \u00a3316.3m (2022: cash posted \u00a374.7m). A6.3 Liquidity risk and Going Concern continued The contractual cash flows shown in the following tables are the contractual undiscounted cashflows under the relevant financial instruments. Where the contractual cashflows are variable based on a price, foreign exchange rate or index in the future, the contractual cashflows in the following tables have been determined with reference to the relevant price, foreign exchange rate, interest rate or index as at the balance sheet date. In determining the interest element of contractual cashflows in cases where the Group has a choice as to the length of interest calculation periods and the interest rate that applies varies with the period selected, the contractual cashflows have been calculated assuming the Group selects the shortest available interest calculation periods. Where the holder of an instrument has a choice of when to redeem, the amounts in the following tables are on the assumption the holder redeems at the earliest opportunity. The following are the undiscounted contractual maturities of financial liabilities, including interest and excluding the impact of netting agreements: Liquidity risk 2023 Carrying value \u00a3m 2023 Contractual cash flows \u00a3m 2023 0-12 months \u00a3m 2023 1-2 years \u00a3m 2023 2-5 years \u00a3m 2023 > 5 years \u00a3m Financial liabilities Loans and borrowings Commercial paper and cash advances 1,019.2 (1,029.8) (1,029.8) \u2013 \u2013 \u2013 Loans \u2013 floating 200.0 (253.4) (10.7) (10.7) (232.0) \u2013 Loans \u2013 fixed 1,574.7 (2,064.5) (96.5) (194.3) (917.7) (856.0) Unsecured bonds \u2013 fixed 5,705.5 (7,596.0) (182.8) (681.3) (2,040.7) (4,691.2) Fair value adjustment 154.6 \u2013 \u2013 \u2013 \u2013 \u2013 8,654.0 (10,943.7) (1,319.8) (886.3) (3,190.4) (5,547. 2) Lease liabilities 405.9 (613.0) (94.5) (55.8) (146.6) (316.1) 9,059.9 (11,556.7) (1,414.3) (942.1) (3,337.0) (5,863.3) Derivative financial liabilities Operating derivatives designated at fair value 1,152.8 (1,841.9) (1,770.2) (97.5) 1.0 24.8 Interest rate swaps used for hedging 37.4 (37.4) (8.5) (8.5) (17.2) (3.2) Interest rate swaps designated at fair value 55.2 (55.2) (5.0) (4.9) (13.2) (32.1) Forward exchange contracts held for hedging 11.5 (337.7) (292.0) (42.3) (3.4) \u2013 Forward exchange contracts designated at fair value 7.4 2.0 (50.7) 66.4 (13.7) \u2013 1,264.3 (2,270.2) (2,126.4) (86.8) (46.5) (10.5) Other financial liabilities Trade payables 694.6 (694.6) (694.6) \u2013 \u2013 \u2013 694.6 (694.6) (694.6) \u2013 \u2013 \u2013 Total 11,018.8 (14,521.5) (4,235.3) (1,028.9) (3,383.5) (5,873.8) Derivative financial assets Financing derivatives (239.3) 638.9 518.2 82.1 37.0 1.6 Operating derivatives designated at fair value (765.9) 1,445.5 970.5 40.9 127.9 306.2 (1,005.2) 2,084.4 1,488.7 123.0 164.9 307.8 Net total(i) 10,013.6 (12 ,437.1) (2,746.6) (905.9) (3,218.6) (5,566.0) Liquidity Risk 2022 Carrying value \u00a3m 2022 Contractual cash flows \u00a3m 2022 0-12 months \u00a3m 2022 1-2 years \u00a3m 2022 2-5 years \u00a3m 2022 > 5 years \u00a3m Financial liabilities Loans and borrowings Commercial paper and cash advances 506.1 (507.1) (507.1) \u2013 \u2013 \u2013 Loans \u2013 floating 200.0 (209.7) (1.6) (1.6) (4.9) (201.6) Loans \u2013 fixed 1,508.1 (1,913.7) (358.9) (240.5) (905.4) (408.9) Unsecured bonds \u2013 fixed 6,425.4 (8,392.3) (1,529.7) (681.1) (1,985.5) (4,196.0) Fair value adjustment 31.6 \u2013 \u2013 \u2013 \u2013 \u2013 8,671.2 (11,022.8) (2,397.3) (923.2) (2,895.8) (4,806.5) Lease liabilities 393.5 (581.2) (88.7) (61.7) (162.0) (268.8) 9,064.7 (11,604.0) (2,486.0) (984.9) (3,057.8) (5,075.3) Derivative financial liabilities Operating derivatives designated at fair value 828.7 (3,079.0) (2,790.0) (178.0) (111.0) \u2013 Interest rate swaps used for hedging 129.2 (129.0) (55.3) (19.0) 43.3 (98.0) Interest rate swaps designated at fair value 246.2 (246.2) (16.1) (15.6) (46.0) (168.5) Forward exchange contracts held for hedging 43.4 (521.8) (347.9) (1 37.2) (36.7) \u2013 Forward exchange contracts designated at fair value 3.6 (208.2) (194.4) (13.8) \u2013 \u2013 1,251.1 (4,184.2) (3,403.7) (363.6) (150.4) (266.5) Other financial liabilities Trade payables 919.7 (919.7) (919.7) \u2013 \u2013 \u2013 919.7 (919.7) (919.7) \u2013 \u2013 \u2013 Total 11,235.5 (16,707.9) (6,809.4) (1,348.5) (3,208.2) (5,341.8) Derivative financial assets Financing derivatives (182.9) 441.3 382.4 41.6 15.6 1.7 Operating derivatives designated at fair value (3,130.5) 3,057.3 2, 597.6 311.1 148.6 \u2013 (3,313.4) 3,498.6 2,980.0 352.7 164.2 1.7 Net total (i) 7,922.1 (13,209.3) (3,829.4) (995.8) (3,044.0) (5,340.1) (i) The Group believes the liquidity risk associated with out-of-the-money operating derivative contracts needs to be considered in conjunction with the profile of payments or receipts arising from derivative financial assets. It should be noted that cash flows associated with future energy sales and commodity contracts which are not IFRS 9 financial instruments are not included in this analysis, which is prepared in accordance with IFRS 7 \u2018Financial Instruments: Disclosures\u2019. A6.4 Commodity risk The Group\u2019s Energy Portfolio Management (\u2018EPM\u2019) business implements the hedging policy through trading in the commodity markets and manages the requirement for the delivery of the Group\u2019s physical commodity needs as part of its normal course of business. The risk management activity carried out by EPM arises from the Group\u2019s requirement to source gas, electricity or other commodities such as renewable obligation certificates for Business Energy and SSE Airtricity, and to procure fuel and other commodities and provide a route-to-market for SSE Renewables, SSE Thermal, Gas Storage and the now disposed and discontinued Gas Production business. A6.4 Commodity risk continued Current hedging approach The Group has traded in three principal commodities during the year, as well as the spreads between two or more commodity prices: power (baseload and other products); gas; and carbon (emissions allowances). Each commodity has different liquidity characteristics, which impacts on the degree of hedging possible. Similarly, each of the Group\u2019s assets carries different exposures to the commodity market and thus requires a different approach to hedging. As such, the Group\u2019s current hedging approach varies by each class of asset as follows: Asset class Minimum Hedge Target Principal Commodity Exposures GB Wind Target to hedge less than 100% of anticipated wind energy output for the coming 12 months, progressively establishing the hedge over the 36 months prior to delivery. From May 2021, this has been around 90%. Power, Gas, Carbon Hydro 85% of forecast generation 12 months in advance of delivery, progressively established over the 36 months prior to delivery. Power, Gas, Carbon GB Thermal 100% of expected output 6 months in advance of delivery, progressively established over the 18 months prior to delivery. Power, Gas, Carbon Gas Storage The annual auction to offer gas storage capacity contracts from Atwick for the 2020/21 (and 21/22) financial year resulted in no third party contracts being secured. The assets were commercially operated throughout the year and the business managed its exposure to changes in the spread between summer and winter prices, market volatility and plant availability. Gas Business Energy Sales to contract customers are 100% hedged: at point of sale for fixed, upon instruction for flexi and on a rolling basis for tariff customers. Power, Gas However, there are three principal areas where significant variations in earnings cannot be fully mitigated through hedging: \u2022 The impact of the weather on the volume of electricity produced from renewable sources; \u2022 The impact of operational matters such as unplanned outages; and \u2022 The ability of flexible thermal power stations to earn extrinsic income by providing services to the electricity system and by responding to shorter-term electricity market conditions. Hedging is carried out by each asset class trading internally with EPM to effect these hedges and EPM then trading onwards with external counterparties and markets. EPM is only able to accept internal trades when there is sufficient liquidity to offset them in the external market or they can be offset with internal trades from other asset classes. In this way, the commodity risks to which EPM is individually exposed, are minimised. The volumetric extent to which assets are hedged are reported monthly to the Group Energy Markets Exposures Risk Committee, and to the Energy Markets Risk Committee (\u2018EMRC\u2019) on at least a quarterly basis. Variations to the hedging approach above will be required as markets and other factors (such as asset disposals) change. The EMRC also receives reporting on credit risk, other risk measures, and market liquidity in assessing whether any variations to the hedging approach are required. The Group measures and manages the Commodity Risk associated with the financial and non-financial commodity contracts it is exposed to. However, within the Group\u2019s financial statements only certain commodity contracts are designated as financial instruments under IFRS 9. As a result, it is only the fair value of those IFRS 9 financial instruments which represents the exposure of the Group\u2019s commodity price risk under IFRS 7. This is a consequence of the Group\u2019s accounting policy which stipulates that commodity contracts which are designated as financial instruments under IFRS 9 should be accounted for on a fair value basis with changes in fair value reflected in profit or equity. Conversely, commodity contracts that are not designated as financial instruments under IFRS 9 will be accounted for as \u2018own use\u2019 contracts. As fair value changes in own use contracts are not reflected through profit or equity, these do not represent the IFRS 7 commodity price risk. Furthermore, other physical contracts can be treated as the hedging instrument in documented cash flow hedging relationships where the hedged item is the forecast future purchase requirement to meet production or customer demand. The accounting policies associated with financial instruments are explained in the Accompanying Information section A1 . Sensitivity analysis The Group\u2019s exposure to commodity price risk according to IFRS 7 is measured by reference to the Group\u2019s IFRS 9 commodity contracts. IFRS 7 requires disclosure of a sensitivity analysis for market risks that is intended to illustrate the sensitivity of the Group\u2019s financial position and performance to changes in market variables impacting upon the fair value or cash flows associated with the Group\u2019s financial instruments. Therefore, the sensitivity analysis provided discloses the effect on profit or loss and equity at the balance sheet date assuming that a reasonably possible change in the relevant commodity price had occurred and been applied to the risk exposures in existence at that date. The reasonably possible changes in commodity prices used in the sensitivity analysis were determined based on calculated or implied volatilities where available, or historical data. The sensitivity analysis has been calculated on the basis that the proportion of commodity contracts that are IFRS 9 financial instruments remains consistent with those at that point. Excluded from this analysis are all commodity contracts that are not financial instruments under IFRS 9. 2023 2022 Base Price (i) Reasonably possible increase/ decrease in variable Base Price (i) Reasonably possible increase/ decrease in variable Commodity prices UK gas (p/therm) 113 +90/-71 313 +190/-190 UK power (\u00a3/MWh) 149 +89/-72 250 +119/-119 UK carbon (\u00a3/tonne) 74 +54/-39 76 +73/-73 EU emissions (\u20ac/tonne) 98 +69/-54 79 +76/-76 UK oil (US$/bbl) 597 +290/-244 260 +145/-145 IRL power (\u20ac/MWh) 172 +138/-108 310 +120/-120 (i) The base price represents the weighted average forward market price over the duration of the active market curve used to calculate the sensitivity analysis. The reasonably possible increase/decrease in market prices has been determined via SSE EPM price model simulations and the volatility assumptions of the model have been calibrated from a look-back analysis over the previous five year period. The impacts of reasonably possible changes in commodity prices on profit after taxation based on the rationale described are as follows: Incremental profit/(loss) 2023 Impact on profit and equity (\u00a3m) 2022 Impact on profit and equity (\u00a3m) Commodity prices combined \u2013 increase 399.3 2,349.8 Commodity prices combined \u2013 decrease (306.3) (2,349.8) The sensitivity analysis provided is hypothetical and is based on the exposure to energy-related commodities, and their corresponding valuation under IFRS 9, that the Group has at each period end. This analysis should be used with caution as the impacts disclosed are not necessarily indicative of the actual impacts that would be experienced given it does not consider all interrelationships, consequences and effects of such a change in those prices. A6.5 Currency risk The Group publishes its consolidated financial statements in Sterling but also conducts business in foreign currencies. As a result, it is subject to foreign currency exchange risk arising from exchange rate movements which will be reflected in the Group\u2019s transaction costs or in the underlying foreign currency assets of its foreign operations. The Group\u2019s policy is to use forward contracts, swaps and options to manage its exposures to foreign exchange risk. All such exposures are transactional in nature, and relate primarily to procurement contracts, commodity purchasing and related freight requirements, commodity hedging, long term plant servicing and maintenance agreements and the purchase and sale of carbon emission certificates. The policy is to seek to hedge 100% of its currency requirements arising under all committed contracts excepting commodity hedge transactions, the requirements for which are significantly less predictable. The policy for these latter transactions is to assess the Group\u2019s requirements on a rolling basis and to enter into cover contracts as appropriate. The Group has foreign operations with significant Euro-denominated and JPY-denominated net assets. The Group\u2019s policy is to hedge its net investment in its foreign operations by ensuring the net assets whose functional currency cash flows are denominated in foreign currencies are matched by borrowings in the same currency. For SSE Pacifico, whose functional currency is JPY but which presently has limited capital commitments, SSE has no JPY denominated borrowings and hence has no current net investment hedge. For the acquired net assets whose functional cash flows are in Sterling, the Group will ensure Sterling denominated borrowings are in place to minimise currency risk. Significant exposures are reported to, and discussed by, the Tax and Treasury Committee on an ongoing basis and additionally form part of the bi-annual Treasury report to the Audit Committee . A6.5 Currency risk continued At the balance sheet date, the total nominal value of outstanding forward foreign exchange contracts that the Group has committed to is: 2023 \u00a3m 2022 \u00a3m Forward foreign exchange contracts 2,516.5 4,176.4 The Group\u2019s exposure to foreign currency risk was as follows: 2023 2022 SEK (million) $ (million) \u20ac (million) CNH (million) SEK (million) $ (million) \u20ac (million) CHF (million) Loans and borrowings \u2013 564.0 3,700.0 \u2013 \u2013 1,719.0 3,625.0 \u2013 Purchase and commodity contract commitments 420.9 7.9 123.9 334.2 1,694.8 17.8 713.3 58.3 Gross exposure 420.9 571.9 3,823.9 334.2 1,694.8 1,736.8 4,338.3 58.3 Forward exchange/swap contracts 420.9 571.9 2,266.1 334.2 1,694.8 1,736.8 3,163.8 58.3 Net exposure (in currency) \u2013 \u2013 1,557.8 \u2013 \u2013 \u2013 1,174.5 \u2013 Net exposure (in \u00a3m) \u2013 \u2013 1,369.6 \u2013 \u2013 \u2013 990.7 \u2013 This represents the net exposure to foreign currencies, reported in pounds Sterling, and arising from all Group activities. All sensitivity analysis has been prepared on the basis of the relative proportions of instruments in foreign currencies being consistent as at the balance sheet date. This includes only monetary assets and liabilities denominated in a currency other than Sterling and excludes the translation of the net assets of foreign operations but not the corresponding impact of the net investment hedge. The sensitivity analysis is indicative only and it should be noted that the Group\u2019s exposure to such market rate changes is continually changing. The calculations are based on linear extrapolations of rate changes which may not reflect the actual result which would impact upon the Group. A 10% change in foreign currency exchange rates would have had the following impact on profit after taxation, based on the assumptions presented above: Equity Income statement At 31 March 2023 \u00a3m At 31 March 2022 \u00a3m At 31 March 2023 \u00a3m At 31 March 2022 \u00a3m US Dollars \u2013 \u2013 \u2013 \u2013 Euro 98.9 89.2 24.4 \u2013 SEK \u2013 \u2013 \u2013 \u2013 CHN \u2013 \u2013 \u2013 \u2013 CHF \u2013 \u2013 \u2013 \u2013 98.9 89.2 24.4 \u2013 The impact of a decrease in rates would be an identical reduction in the annual charge. A6.6 Interest rate risk Interest rate risk derives from the Group\u2019s exposure to changes in the value of an asset or liability or future cash flows through changes in interest rates. The Group\u2019s policy is to manage this risk by stipulating that a minimum of 50% of Group borrowings be subject to fixed rates of interest, either directly through the debt instruments themselves or through the use of derivative financial instruments. The floating rate borrowings are provided by banks including the European Investment Bank (EIB). Such instruments include interest rate swaps and options, forward rate agreements and, in the case of debt raised in currencies other than Sterling, cross currency swaps. These practices serve to reduce the volatility of the Group\u2019s financial performance. Although interest rate derivatives are primarily used to hedge risk relating to current borrowings, under certain circumstances they may also be used to hedge future borrowings. Any such pre-hedging is unwound at the time of pricing the underlying debt, either through cash settlement on a net present value basis or by transacting offsetting trades. The floating rate borrowings mainly comprise cash advances from the European Investment Bank (EIB), however the Group is currently carrying a surplus cash position of \u00a3891.8m. The impact of a change in interest rates is dependent on the specific details of the financial asset or liability in question. Changes in fixed rate financial assets and liabilities, which account for the majority of cash, loans and borrowings, are not measured at fair value through the income statement. In addition to this, changes to fixed-to-floating hedging instruments which are recorded under cash flow hedge accounting also do not impact the income statement. Changes in hedged items and hedging instruments recorded under fair value hedge accounting are recorded through the income statement. The exposure measured is therefore based on variable rate debt and instruments. The net exposure to interest rates at the balance sheet date can be summarised thus: 2023 Carrying amount \u00a3m 2022 Carrying amount \u00a3m Interest bearing/earning assets and liabilities: \u2013 fixed (8,473.9) (8,543.6) \u2013 floating 441.0 328.9 (8,032.9) (8,214.7) Represented by: Cash and cash equivalents 891.8 1,049.3 Derivative financial liabilities 135.2 (199.3) Loans and borrowings (8,654.0) (8,671.2) Lease liabilities (405.9) (393.5) (8,032.9) (8,214.7) Following from this, the table below represents the expected impact of a change of 100 basis points in short term interest rates at the reporting date in relation to equity and income statement. The analysis assumes that all other variables, in particular foreign currency rates, remain constant. An increase in exchange rates would be a change to either the income statement or equity. The assessment is based on a revision of the fair value assumptions included in the calculated exposures in the previous table. All sensitivity analysis has been prepared on the basis of the proportion of fixed to floating instruments being consistent as at the balance sheet date and is stated after the effect of taxation. The sensitivity analysis is indicative only and it should be noted that the Group\u2019s exposure to such market rate changes is continually changing. The calculations are based on linear extrapolations of rate changes which may not reflect the actual result which would impact upon the Group. 2023 \u00a3m 2022 \u00a3m Income statement 3.7 2.5 The impact of a decrease in rates would be an equal reduction in the annual charge. There is no impact on equity as the analysis relates to the Group\u2019s net exposure at the balance sheet date. Contracts qualifying for hedge accounting are, by definition, part of the Group\u2019s covered position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-777": { "value": "A6.1 Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations. Credit risk arising from the Group\u2019s normal commercial operations is controlled by individual business units operating in accordance with Group policies and procedures. Generally, for significant contracts, individual business units enter into contracts or agreements with counterparties having investment grade credit ratings only, or where suitable collateral or other security has been provided. Counterparty credit validation is undertaken prior to contractual commitment. Credit risk management for the Group\u2019s SSEN Transmission and SSEN Distribution businesses is performed in accordance with industry standards as set out by the Regulator and is financially controlled by the individual business units. The Group\u2019s greatest credit risks lie with the operations of the Customers business, the wholesale procurement activities conducted by Energy Portfolio Management (\u2018EPM\u2019) under a trust arrangement and the activities carried out by the Group\u2019s Treasury function. In all cases, specific credit risk controls that match the risk profile of those activities are applied. Exposure to credit risk in the retail supply of electricity and gas to end user customers arises from the potential of a customer defaulting on their invoiced payables. The Group exposure to retail supply customers is limited to customers of the Group\u2019s Airtricity business. The creditworthiness of these customers is reviewed from a variety of internal and external information. The financial strength and creditworthiness of business customers is assessed prior to commencing, and for the duration of, their contract of supply. Exposure to credit risk in the procurement of wholesale energy and fuel is managed by reference to agreed transaction credit limits which are determined by whether the counterparty: \u2022 holds an investment grade credit rating; or \u2022 can be assessed as adequately creditworthy in accordance with internal credit rules using information from other external credit agencies; or \u2022 can provide a guarantee from an investment grade rated entity or post suitable collateral or provide other acceptable assurances in accordance with group procedures where they have failed to meet the above conditions; or \u2022 can be allocated a non-standard credit limit approved by the relevant authority as delegated by the Group Board. Credit support clauses and Master Netting Agreements are typically included or entered into in order to mitigate the impact to the Group against counterparty failure or non-delivery. As part of its normal activities, EPM transacts significant volumes of commodity derivative products through cleared exchanges to mitigate credit risk. Such exchanges are subject to strict regulation by the UK Financial Conduct Authority (FCA) and participants in these exchanges are obliged to meet rigorous capital adequacy requirements. Individual counterparty credit exposures are monitored regularly and are subject to approved limits. At 31 March 2023, EPM had pledged \u00a3443.6m (2022: \u00a3545.9m) of cash collateral and letters of credit and had received \u00a3110.8m (2022: \u00a395.8m) of cash collateral and letters of credit principally to reduce exposures on credit risk. Bank credit exposures, which are monitored and reported on daily, are calculated on a mark-to-market basis and adjusted for future volatility and probability of default. Any issues relating to these credit exposures are presented for discussion and review by the Tax and Treasury Committee. Cash and cash equivalents comprise cash in hand and deposits which are readily convertible to cash. These are subject to insignificant risk of change in value or credit risk. Derivative financial instruments are entered into to cover the Group\u2019s market risks \u2013 commodity risk, interest rate risk, currency risk \u2013 and are consequently covered elsewhere in this note. Trade receivables represent the most significant exposure to credit risk and are stated after an allowance for impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-778": { "value": "A6.3 Liquidity risk and Going Concern Liquidity risk, the risk that the Group will have insufficient funds to meet its liabilities, is managed by the Group\u2019s Treasury function. The Group can be exposed to significant movements in its liquidity position due to changes in commodity prices, working capital requirements, the impact of the seasonal nature of the business and phasing of its capital investment and recycling programmes. Treasury is responsible for managing the banking and liquidity requirements of the Group, risk management relating to interest rate and foreign exchange exposures, and for managing the credit risk relating to the banking counterparties with which it transacts. Short term liquidity is reviewed daily by Treasury, while the longer-term liquidity position is reviewed on a regular basis by the Board. The department\u2019s operations are governed by policies determined by the Board and any breaches of these policies are reported to the Tax and Treasury Committee and Audit Committee. In relation to the Group\u2019s liquidity risk, the Group\u2019s policy is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. During the year, the Group\u2019s internal approach to managing liquidity was to seek to ensure that the Group had available committed borrowings and facilities equal to at least 105% of forecast borrowings over a rolling 6 month period. The Group uses cash flow forecasts to monitor its ongoing borrowing requirements. Typically, the Group will fund any short-term borrowing positions by issuing commercial paper or borrowing from committed and uncommitted bank lines and will invest in money market funds when it has a cash surplus. Details of the Group\u2019s borrowings are disclosed at note 21. In addition to the borrowing facilities listed at note 21.3, the Group has \u00a350m of uncommitted bank lines and a \u00a315m overdraft facility. The refinancing requirement in the 23/24 financial year is \u00a31.6bn, being the \u00a335m and \u00a3120m of US Private Placement maturing 28 April 2023 and 6 September 2023 respectively; \u00a3929m of short-term Commercial Paper that matures between April and June; \u20ac700m (\u00a3514m) Eurobond maturing 8 September 2023; \u00a350m of EIB loans maturing in August 2023. The directors are confident in the ability of the Group to maintain a funding level above 105% for the going concern assessment period based on the strong credit standing and borrowing history of the Group for both fixed debt and commercial paper, as discussed more fully below. Given the committed bank facilities of \u00a33.5bn, \u00a32.75bn excluding Scottish Hydro Electric Transmission plc facilities, maintained by the Group and the current commercial paper market conditions, the Directors have concluded that both the Group and SSE plc as parent company have sufficient headroom to continue as a going concern. In coming to this conclusion, the Directors have taken into account the Group\u2019s credit rating and the successful issuance of \u00a314.4bn of medium to long term debt and Hybrid equity since February 2012, including \u00a31.6bn of long term funding in the 22/23 financial year being a \u20ac1bn NC6 Hybrid at 4% in April 2022 to re-finance the $900m and \u00a3300m Hybrids whose first call date was 16 September 2022, a 7 year \u20ac650m Eurobond at a coupon of 2.875% with an all-in cost of funding rate of just below 3% once fees and cost of pre-hedging have been included and a \u00a3350m dual tranche US Private Placement with Pricoa Capital being a \u00a3175m 10-year at 3.13% and a \u00a3175m 15-year at 3.24% giving an all-in average rate of 3.185% across both tranches. The Group\u2019s period of Going Concern assessment is performed to 31 December 2024, 21 months from the balance sheet date, which is at least 12 months from the filing deadline of its subsidiary companies. As well as taking account of the factors noted, the Going Concern conclusion is arrived at after applying stress testing sensitivities to the Group\u2019s cash flow and funding projections including removal of proceeds from unconfirmed future divestments, negative and positive sensitivities on operating cash flows and uncommitted capex and other adjustments. The Group has also considered its obligations under its debt covenants. There have been no breaches of covenant in the year and the Group\u2019s projections support the expectation that there will be no breach of covenants over the period to 31 December 2024. The statement of going concern is included in the Audit Committee Report. As at 31 March 2023, the value of outstanding cash collateral posted in respect of mark-to-market related margin calls on exchange traded positions was \u00a3316.3m (2022: cash posted \u00a374.7m). The contractual cash flows shown in the following tables are the contractual undiscounted cashflows under the relevant financial instruments. Where the contractual cashflows are variable based on a price, foreign exchange rate or index in the future, the contractual cashflows in the following tables have been determined with reference to the relevant price, foreign exchange rate, interest rate or index as at the balance sheet date. In determining the interest element of contractual cashflows in cases where the Group has a choice as to the length of interest calculation periods and the interest rate that applies varies with the period selected, the contractual cashflows have been calculated assuming the Group selects the shortest available interest calculation periods. Where the holder of an instrument has a choice of when to redeem, the amounts in the following tables are on the assumption the holder redeems at the earliest opportunity. The following are the undiscounted contractual maturities of financial liabilities, including interest and excluding the impact of netting agreements: Liquidity risk 2023 Carrying value \u00a3m 2023 Contractual cash flows \u00a3m 2023 0-12 months \u00a3m 2023 1-2 years \u00a3m 2023 2-5 years \u00a3m 2023 > 5 years \u00a3m Financial liabilities Loans and borrowings Commercial paper and cash advances 1,019.2 (1,029.8) (1,029.8) \u2013 \u2013 \u2013 Loans \u2013 floating 200.0 (253.4) (10.7) (10.7) (232.0) \u2013 Loans \u2013 fixed 1,574.7 (2,064.5) (96.5) (194.3) (917.7) (856.0) Unsecured bonds \u2013 fixed 5,705.5 (7,596.0) (182.8) (681.3) (2,040.7) (4,691.2) Fair value adjustment 154.6 \u2013 \u2013 \u2013 \u2013 \u2013 8,654.0 (10,943.7) (1,319.8) (886.3) (3,190.4) (5,547. 2) Lease liabilities 405.9 (613.0) (94.5) (55.8) (146.6) (316.1) 9,059.9 (11,556.7) (1,414.3) (942.1) (3,337.0) (5,863.3) Derivative financial liabilities Operating derivatives designated at fair value 1,152.8 (1,841.9) (1,770.2) (97.5) 1.0 24.8 Interest rate swaps used for hedging 37.4 (37.4) (8.5) (8.5) (17.2) (3.2) Interest rate swaps designated at fair value 55.2 (55.2) (5.0) (4.9) (13.2) (32.1) Forward exchange contracts held for hedging 11.5 (337.7) (292.0) (42.3) (3.4) \u2013 Forward exchange contracts designated at fair value 7.4 2.0 (50.7) 66.4 (13.7) \u2013 1,264.3 (2,270.2) (2,126.4) (86.8) (46.5) (10.5) Other financial liabilities Trade payables 694.6 (694.6) (694.6) \u2013 \u2013 \u2013 694.6 (694.6) (694.6) \u2013 \u2013 \u2013 Total 11,018.8 (14,521.5) (4,235.3) (1,028.9) (3,383.5) (5,873.8) Derivative financial assets Financing derivatives (239.3) 638.9 518.2 82.1 37.0 1.6 Operating derivatives designated at fair value (765.9) 1,445.5 970.5 40.9 127.9 306.2 (1,005.2) 2,084.4 1,488.7 123.0 164.9 307.8 Net total(i) 10,013.6 (12 ,437.1) (2,746.6) (905.9) (3,218.6) (5,566.0) Liquidity Risk 2022 Carrying value \u00a3m 2022 Contractual cash flows \u00a3m 2022 0-12 months \u00a3m 2022 1-2 years \u00a3m 2022 2-5 years \u00a3m 2022 > 5 years \u00a3m Financial liabilities Loans and borrowings Commercial paper and cash advances 506.1 (507.1) (507.1) \u2013 \u2013 \u2013 Loans \u2013 floating 200.0 (209.7) (1.6) (1.6) (4.9) (201.6) Loans \u2013 fixed 1,508.1 (1,913.7) (358.9) (240.5) (905.4) (408.9) Unsecured bonds \u2013 fixed 6,425.4 (8,392.3) (1,529.7) (681.1) (1,985.5) (4,196.0) Fair value adjustment 31.6 \u2013 \u2013 \u2013 \u2013 \u2013 8,671.2 (11,022.8) (2,397.3) (923.2) (2,895.8) (4,806.5) Lease liabilities 393.5 (581.2) (88.7) (61.7) (162.0) (268.8) 9,064.7 (11,604.0) (2,486.0) (984.9) (3,057.8) (5,075.3) Derivative financial liabilities Operating derivatives designated at fair value 828.7 (3,079.0) (2,790.0) (178.0) (111.0) \u2013 Interest rate swaps used for hedging 129.2 (129.0) (55.3) (19.0) 43.3 (98.0) Interest rate swaps designated at fair value 246.2 (246.2) (16.1) (15.6) (46.0) (168.5) Forward exchange contracts held for hedging 43.4 (521.8) (347.9) (1 37.2) (36.7) \u2013 Forward exchange contracts designated at fair value 3.6 (208.2) (194.4) (13.8) \u2013 \u2013 1,251.1 (4,184.2) (3,403.7) (363.6) (150.4) (266.5) Other financial liabilities Trade payables 919.7 (919.7) (919.7) \u2013 \u2013 \u2013 919.7 (919.7) (919.7) \u2013 \u2013 \u2013 Total 11,235.5 (16,707.9) (6,809.4) (1,348.5) (3,208.2) (5,341.8) Derivative financial assets Financing derivatives (182.9) 441.3 382.4 41.6 15.6 1.7 Operating derivatives designated at fair value (3,130.5) 3,057.3 2, 597.6 311.1 148.6 \u2013 (3,313.4) 3,498.6 2,980.0 352.7 164.2 1.7 Net total (i) 7,922.1 (13,209.3) (3,829.4) (995.8) (3,044.0) (5,340.1) (i) The Group believes the liquidity risk associated with out-of-the-money operating derivative contracts needs to be considered in conjunction with the profile of payments or receipts arising from derivative financial assets. It should be noted that cash flows associated with future energy sales and commodity contracts which are not IFRS 9 financial instruments are not included in this analysis, which is prepared in accordance with IFRS 7 \u2018Financial Instruments: Disclosures\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-735": { "value": "A7. Fair value of financial instruments A7.1 Fair value of financial instruments within the group The fair values of the primary financial assets and liabilities of the Group together with their carrying values are as follows: 2023 Amortised cost(i) \u00a3m 2023 FVTPL/ FVTOCI(ii) \u00a3m 2023 Total carrying value \u00a3m 2023 Fair value \u00a3m 2022 Amortised cost (i) \u00a3m 2022 FVTPL/ FVTOCI (ii) \u00a3m 2022 Total carrying value \u00a3m 2022 Fair value \u00a3m Financial assets Current Trade receivables 1,404.0 \u2013 1,404.0 1,404.0 1,433.9 \u2013 1,433.9 1,433.9 Other receivables 12.7 \u2013 12.7 12.7 4.9 \u2013 4.9 4.9 Cash collateral and other short term loans 316.3 \u2013 316.3 316.3 83.8 \u2013 83.8 83.8 Cash and cash equivalents 891.8 \u2013 891.8 891.8 1,049.3 \u2013 1,049.3 1,049.3 Derivative financial assets \u2013 759.2 759.2 759.2 \u2013 2,941.8 2,941.8 2,941.8 2,624.8 759.2 3,384.0 3,384.0 2,571.9 2,941.8 5,513.7 5,513.7 Non-current Unquoted equity investments \u2013 27.4 27.4 27.4 \u2013 8.7 8.7 8.7 Loan note receivable 149.5 \u2013 149.5 149.5 136.4 \u2013 136.4 136.4 Loans to associates and jointly controlled entities 1,114.6 \u2013 1,114.6 1,114.6 736.9 \u2013 736.9 736.9 Derivative financial assets \u2013 246.0 246.0 246.0 \u2013 371.7 371.7 371.7 1,264.1 273.4 1 ,537.5 1,537.5 873.3 380.4 1,253.7 1,253.7 3,888.9 1,032.6 4,921.5 4,921.5 3,445.2 3,322.2 6,767.4 6,767.4 Financial liabilities Current Trade payables (694.6) \u2013 (694.6) (694.6) (919.7) \u2013 (919.7) (919.7) Outstanding liquid funds \u2013 \u2013 \u2013 \u2013 (9.1) \u2013 (9.1) (9.1) Loans and borrowings (1,738.5) \u2013 (1,738.5) (1,747.8) (1,118.7) \u2013 (1,118.7) (1,162.4) Lease liabilities (82.1) (243.3) (82.1) (82.1) (72.1) \u2013 (72.1) (72.1) Derivative financial liabilities \u2013 (243.3) (243.3) (243.3) \u2013 (701.5) (701.5) (701.5) (2,515.2) (243.3) (2,758.5) (2,767.8) (2,119.6) (701.5) (2,821.1) (2,864.8) Non-current Loans and borrowings (6,760.9) (154.6) (6,915.5) (6,458.4) (7,520.9) (31.6) (7,552.5) (8,133.7) Lease liabilities (323.8) \u2013 (323.8) (323.8) (321.4) \u2013 (321.4) (321.4) Derivative financial liabilities \u2013 (1,021.0) (1,021.0) (1,021.0) \u2013 (549.6) (549.6) (549.6) (7,084.7) (1,175.6) (8,260.3) (7,803.2) (7,842.3) (581.2) (8,423.5) (9,004.7) (9,599.9) (1,418.9) (11,018.8) (10,571.0) (9,961.9) (1,282.7) (11,244.6) (11,869.5) Net financial liabilities (5,711.0) (386.3) (6,097. 3) (5,649.5) (6,516.7) 2,039.5 (4,477.2) (5,102.1) (i) Financial assets and liabilities that are measured at amortised cost. (ii) Financial assets and liabilities that are measured at either Fair Value through Profit and Loss (Derivative Financial Assets and Liabilities) or Fair Value through Other Comprehensive Income (Unquoted Equity Investments). A7.1.1 Basis of determining fair value Certain assets and liabilities have been classified and carried at amortised cost on inception in line with IFRS 9 criteria. The carrying value of these assets are approximately equivalent to fair value due to short term maturity aside from loans and borrowings which are subject to longer maturity dates. All other financial assets and liabilities are measured at either Fair Value through Profit and Loss (\u2018FVTPL\u2019) or Fair Value through Other Comprehensive Income (\u2018FVTOCI\u2019). Fair values for energy derivatives are based on unadjusted quoted market prices, where actively traded. For energy derivatives that are not actively traded, interest rate instruments, foreign currency hedge contracts and cross currency swap contracts associated with foreign currency denominated long-term fixed rate debt, the fair values are determined by reference to closing rate market prices for similar instruments. Fair values for unquoted equity instruments are derived from venture capital or growth equity firm valuation statements. The fair values are stated at a specific date and may be different from the amounts which will actually be paid or received on settlement of the instruments. The fair value of items such as property, plant and equipment, internally generated brands or the Group\u2019s customer base are not included as these are not considered financial instruments. A7.2 Fair value hierarchy The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2022 Level 1 fair value measurements are those derived from unadjusted quoted market prices for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data. 2023 Level 1 \u00a3m 2023 Level 2 \u00a3m 2023 Level 3 \u00a3m 2023 Total \u00a3m Financial assets Energy derivatives \u2013 743.9 22.0 765.9 Interest rate derivatives \u2013 227.8 \u2013 227.8 Foreign exchange derivatives \u2013 11.5 \u2013 11.5 Unquoted equity investments \u2013 \u2013 27.4 27.4 \u2013 983.2 49.4 1,032.6 Financial liabilities Energy derivatives (189.6) (939.4) (23.8) (1,152.8) Interest rate derivatives \u2013 (92.6) \u2013 (92.6) Foreign exchange derivatives \u2013 (18.9) \u2013 (18.9) Loans and borrowings \u2013 (154.6) \u2013 (154.6) (189.6) (1,205.5) (23.8) (1,418.9) There were no significant transfers out of Level 1 into Level 2 and out of Level 2 into Level 1 during the year ended 31 March 2023. There were no significant transfers out of Level 2 into Level 3 or out of Level 3 into Level 2 during the year ended 31 March 2023. During the year, the Group entered a 15-year Affiliate Contract for Difference (\u2018ACfD\u2019) agreement with Seagreen Wind Energy Limited (\u2018SWEL\u2019). SWEL is a wholly owned subsidiary of Seagreen Holdco 1 Limited, a joint venture between the Group (49%) and TOTAL SE (51%). The Group also has some smaller commercial CfD arrangements entered into with non-government third parties that are also classified as derivatives. The ACfD and the commercial CfDs meet the definition of financial instruments and are classified as Level 3 on the fair value hierarchy due to significant unobservable inputs in the determination of fair value. The fair value measurement impact in the income statement attributable to Level 3 CfDs was a loss of \u00a31.8m (2022: \u00a3nil). The fair value was determined using the income approach with reference to future market prices which are beyond the liquid period in the forward market. The non-government CfDs were issued for \u00a3nil consideration, being the deemed transaction price. The Group has calculated that the contracts had a fair value on day 1, being the difference between the strike price per the contract and the forward market spot price. This valuation is based on unobservable inputs and is considered judgemental. Key assumptions applied when deriving the fair value are related to discount rates; electricity volumes; and electricity prices. In line with IFRS 9, the Day 1 gain is deferred and will be recognised over the life of the contract. The Group\u2019s remaining Level 3 instruments are unquoted equity investments to which the Group made cash contributions of \u00a319.1m to in the year. The remaining movement (\u00a30.4m) was recognised in other comprehensive income. A7.2 Fair value hierarchy continued The following table represents the difference between the Level 3 financial instruments at fair value at the start of the reporting period and at the reporting date: \u00a3m Level 3 financial instrument fair value as at 31 March 2022 8.7 Additions (cash contributions) 19.1 Remeasurement loss recognised in income statement (1.8) Remeasurement loss recognised in other comprehensive income (0.4) Additions \u2013 new instruments entered in the year 400.1 Deferred Day 1 gains on instruments entered in the year (400.1) Level 3 financial instrument fair value as at 31 March 2023 25.6 The following table details the valuation technique, significant unobservable inputs and the range of values for the energy derivative measured at fair value on a recurring basis and classified as Level 3. Carrying value (net) \u00a3m Valuation technique Significant unobservable input Market price range (min-max) \u00a3/MwH 31 March 2023 1.8 Discounted cash flow Electricity prices, Generation volumes 68 \u2013 147 Deferred measurement differences \u00a3m Deferred measurement difference as at 31 March 2022 \u2013 Deferred measurement difference arising during the year on new instruments 400.1 Deferred measurement difference as at 31 March 2023 400.1 The following table shows the impact on the fair value of the Level 3 energy derivative when applying reasonably possible alternative assumptions to the valuation obtained using the discounted cash flow model. At 31 March 2023 Assumption Increase/decrease in assumption Effect on fair value of deferred measurement differences \u00a3m Discount rate +1%/-1% (29.5)/35.3 Increase in volumes +10%/-10% 39.8/(39.8) Prices +10%/-10% 108.7/(108.7) 2022 Level 1 \u00a3m 2022 Level 2 \u00a3m 2022 Level 3 \u00a3m 2022 Total \u00a3m Financial assets Energy derivatives 884.1 2,246.4 \u2013 3,130.5 Interest rate derivatives \u2013 176.8 \u2013 176.8 Foreign exchange derivatives \u2013 6.1 \u2013 6.1 Unquoted equity investments \u2013 \u2013 8.7 8.7 884.1 2,429.3 8.7 3,322.1 Financial liabilities Energy derivatives \u2013 (828.7) \u2013 (828.7) Interest rate derivatives \u2013 (376.1) \u2013 (376.1) Foreign exchange derivatives \u2013 (46.3) \u2013 (46.3) Loans and borrowings \u2013 (31.6) \u2013 (31.6) \u2013 (1,282.7) \u2013 (1,282.7) There were no significant transfers out of level 1 into level 2 and out of level 2 into level 1 during the year ended 31 March 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-736": { "value": "A8. Hedge accounting A8.1 Cash flow hedges The Group designates contracts which qualify as hedges for accounting purposes either as cash flow hedges or fair value hedges. Cash flow hedges are contracts entered into to hedge a forecast transaction or cash flow risk generally arising from a change in interest rates or foreign currency exchange rates and which meet the effectiveness criteria prescribed by IFRS 9. The Group\u2019s accounting policy on cash flow hedges is explained in the Accompanying Information section A1 . The following table indicates the contractual maturities of the expected transactions and the qualifying cash flow hedges associated. Non-Sterling denominated contractual cash flows have been converted at the forward foreign exchange rate. Cash flow hedges 2023 Carrying amount 2023 Expected cash flows 2023 0 \u2013 12 months 2023 1-2 years 2023 2-5 years 2023 > 5 years 2022 Carrying amount 2022 Expected cash flows 2022 0 \u2013 12 months 2022 1-2 years 2022 2-5 years 2022 > 5 years Interest rate swaps: Assets 25.2 28.1 6.5 5.5 15.8 0.3 5.7 6.1 \u2013 2.3 3.4 0.4 Liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 25.2 28.1 6.5 5.5 15.8 0.3 5.7 6.1 \u2013 2.3 3.4 0.4 Cross currency swaps: Assets 178.9 194.0 110.1 56.0 27.9 \u2013 160.5 169.9 27.8 96.5 45.6 \u2013 Liabilities (37.4) (30.3) (17.8) (17.6) (10.6) 15.7 (132.7) (127.9) (54.2) (19.0) (47.7) (7.0) 141.5 163.7 92.3 38.4 17.3 15.7 27.8 42.0 (26.4) 77.5 (2.1) (7.0) Forward exchange contracts: Assets 2.4 (120.4) (106.9) (11.7) (1.8) \u2013 0.6 9.6 9.6 \u2013 \u2013 \u2013 Liabilities (11.5) (337.7) (292.0) (42.3) (3.4) \u2013 (43.4) 521.8 348.0 137.1 36.7 \u2013 (9.1) (458.1) (398.9) (54.0) (5.2) \u2013 (42.8) 531.4 357.6 1 37.1 36.7 \u2013 A8.2 Net investment hedge The Group\u2019s net investment hedge consists of debt issued in the same currency (\u20ac) as the net investment in foreign subsidiaries with \u20ac denominated functional currencies being the Airtricity Supply business, the thermal plants in Ireland and wind farms in Ireland and Southern Europe. The hedge compares the element of the net assets whose functional cash flows are denominated in \u20ac to the matching portion of the \u20ac borrowings held by the Group. This therefore provides protection against movements in foreign exchange rates. There is no net investment hedge in relation to SSE Pacifico as the Group has no JPY denominated debt. Gains and losses in the hedge are recognised in equity and will be transferred to the income statement on disposal of the foreign operation (2023: \u00a343.1m loss, 2022: \u00a39.4m gain). Gains and losses on the ineffective portion of the hedge are recognised immediately in the income statement (2023: \u00a3nil, 2022: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-6": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-7": { "value": "Corporate Affairs Inveralmond House 200 Dunkeld Road Perth PH1 3AQ UK", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300KI75VYLLMSK856", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } } } }