v3.24.1.1.u2
Investments in joint ventures and associates (Tables)
 12 Months Ended
Mar. 31, 2024
Investments accounted for using equity method [abstract]  
Disclosure of joint ventures
2024
2023
Associates
£m
Joint
ventures
£m
Total
£m
Associates
£m
Joint
ventures
£m
Total
£m
Share of net assets at 1 April
154
1,146
1,300
277
961
1,238
Exchange adjustments
(3)
(28)
(31)
20
52
72
Additions
13
319
332
40
157
197
Share of post-tax results for the year
9
28
37
9
162
171
Share of other comprehensive income of associates, net of tax
—
—
—
1
—
1
Dividends received
(15)
(152)
(167)
(30)
(152)
(182)
Disposals¹
(1)
—
(1)
(167)
—
(167)
Other movements²
1
(51)
(50)
4
(34)
(30)
Share of net assets at 31 March
158
1,262
1,420
154
1,146
1,300
1.Disposals in the prior year included the sale of the Group’s 26.25% minority ownership interest in the Millennium Pipeline Company LLC.
2.Other movements relate to tax liabilities for US and certain UK associates and joint ventures which are borne by the Group and the elimination of profits arising from sales to the
Group’s share of joint ventures.
The following table describes the Group’s material joint ventures and associates at 31 March 2024:
Joint venture1
% stake
BritNed Development Limited
50%
BritNed is a joint venture with the Dutch transmission system operator, TenneT, and operates the subsea electricity
interconnector between Great Britain and the Netherlands, commissioned in 2011.
Nemo Link Limited
50%
Nemo is a joint venture with the Belgian transmission operator, Elia, and is a subsea electricity interconnector between
Great Britain and Belgium, which became operational on 31 January 2019.
Emerald Energy Venture, LLC
51%
Emerald is a joint venture with Washington State Investment Board which builds and operates wind and solar assets.
Emerald was acquired on 11 July 2019.
Community Offshore Wind, LLC
27.3%
Community Offshore Wind is a joint venture with RWE Renewables. The joint venture owns six seabed leases in the
northeastern US and is developing an offshore wind project which will play a key role in supplying clean energy to
customers in New York.
1.The joint ventures have reporting periods ending on 31 December with monthly management reporting information provided to the Group.
Summarised financial information as at 31 March, together with the carrying amount of material investments, is as follows:
BritNed Development
Limited
Nemo Link
Limited
Emerald Energy
Venture LLC
Community Offshore
Wind LLC
2024
2023
2024
2023
2024
2023
2024
2023
£m
£m
£m
£m
£m
£m
£m
£m
Statement of financial position
Non-current assets
376
397
478
514
2,171
1,598
1,005
925
Cash and cash equivalents
69
208
46
77
206
169
40
19
All other current assets
36
29
6
8
16
14
42
—
Non-current liabilities
(57)
(55)
(3)
(3)
(249)
(244)
(20)
(19)
Non-current financial liabilities
(31)
(31)
(32)
(32)
(643)
(398)
—
—
Current liabilities
(39)
(34)
(55)
(131)
(217)
(131)
(1)
(3)
Current financial liabilities
—
—
—
—
(10)
(95)
—
—
Net assets
354
514
440
433
1,274
913
1,066
922
Group’s ownership interest
in joint venture/associate
177
257
220
217
650
466
291
251
Group adjustment: elimination
of profits on sales to joint venture
—
—
—
—
(123)
(85)
—
—
Carrying amount of the Group’s investment
177
257
220
217
527
381
291
251
BritNed Development
Limited
Nemo Link
Limited
Emerald Energy
Venture LLC
Community Offshore
Wind LLC
2024
2023
2024
2023
2024
2023
2024
2023
£m
£m
£m
£m
£m
£m
£m
£m
Income statement
Revenue
158
358
109
88
87
75
—
—
Depreciation and amortisation
(16)
(16)
(23)
(23)
(38)
(29)
—
—
Other (costs)/income
(25)
22
(15)
(1)
(152)
(46)
—
1
Operating profit/(loss)
117
364
71
64
(103)
—
—
1
Net interest expense
(2)
(2)
—
(7)
(9)
(6)
—
—
Profit/(loss) before tax
115
362
71
57
(112)
(6)
—
1
Income tax expense
(31)
(82)
(17)
(11)
—
—
—
—
Profit/(loss) for the year
84
280
54
46
(112)
(6)
—
1
Group’s share of profit/(loss)
42
140
27
23
(57)
(3)
—
—
Group adjustment: tax credit
—
—
—
—
15
1
—
—
Group’s share of post-tax results
for the year
42
140
27
23
(42)
(2)
—
—
Disclosure of associates
2024
2023
Associates
£m
Joint
ventures
£m
Total
£m
Associates
£m
Joint
ventures
£m
Total
£m
Share of net assets at 1 April
154
1,146
1,300
277
961
1,238
Exchange adjustments
(3)
(28)
(31)
20
52
72
Additions
13
319
332
40
157
197
Share of post-tax results for the year
9
28
37
9
162
171
Share of other comprehensive income of associates, net of tax
—
—
—
1
—
1
Dividends received
(15)
(152)
(167)
(30)
(152)
(182)
Disposals¹
(1)
—
(1)
(167)
—
(167)
Other movements²
1
(51)
(50)
4
(34)
(30)
Share of net assets at 31 March
158
1,262
1,420
154
1,146
1,300
1.Disposals in the prior year included the sale of the Group’s 26.25% minority ownership interest in the Millennium Pipeline Company LLC.
2.Other movements relate to tax liabilities for US and certain UK associates and joint ventures which are borne by the Group and the elimination of profits arising from sales to the
Group’s share of joint ventures.
The following table describes the Group’s material joint ventures and associates at 31 March 2024:
Joint venture1
% stake
BritNed Development Limited
50%
BritNed is a joint venture with the Dutch transmission system operator, TenneT, and operates the subsea electricity
interconnector between Great Britain and the Netherlands, commissioned in 2011.
Nemo Link Limited
50%
Nemo is a joint venture with the Belgian transmission operator, Elia, and is a subsea electricity interconnector between
Great Britain and Belgium, which became operational on 31 January 2019.
Emerald Energy Venture, LLC
51%
Emerald is a joint venture with Washington State Investment Board which builds and operates wind and solar assets.
Emerald was acquired on 11 July 2019.
Community Offshore Wind, LLC
27.3%
Community Offshore Wind is a joint venture with RWE Renewables. The joint venture owns six seabed leases in the
northeastern US and is developing an offshore wind project which will play a key role in supplying clean energy to
customers in New York.
1.The joint ventures have reporting periods ending on 31 December with monthly management reporting information provided to the Group.
Summarised financial information as at 31 March, together with the carrying amount of material investments, is as follows:
BritNed Development
Limited
Nemo Link
Limited
Emerald Energy
Venture LLC
Community Offshore
Wind LLC
2024
2023
2024
2023
2024
2023
2024
2023
£m
£m
£m
£m
£m
£m
£m
£m
Statement of financial position
Non-current assets
376
397
478
514
2,171
1,598
1,005
925
Cash and cash equivalents
69
208
46
77
206
169
40
19
All other current assets
36
29
6
8
16
14
42
—
Non-current liabilities
(57)
(55)
(3)
(3)
(249)
(244)
(20)
(19)
Non-current financial liabilities
(31)
(31)
(32)
(32)
(643)
(398)
—
—
Current liabilities
(39)
(34)
(55)
(131)
(217)
(131)
(1)
(3)
Current financial liabilities
—
—
—
—
(10)
(95)
—
—
Net assets
354
514
440
433
1,274
913
1,066
922
Group’s ownership interest
in joint venture/associate
177
257
220
217
650
466
291
251
Group adjustment: elimination
of profits on sales to joint venture
—
—
—
—
(123)
(85)
—
—
Carrying amount of the Group’s investment
177
257
220
217
527
381
291
251
BritNed Development
Limited
Nemo Link
Limited
Emerald Energy
Venture LLC
Community Offshore
Wind LLC
2024
2023
2024
2023
2024
2023
2024
2023
£m
£m
£m
£m
£m
£m
£m
£m
Income statement
Revenue
158
358
109
88
87
75
—
—
Depreciation and amortisation
(16)
(16)
(23)
(23)
(38)
(29)
—
—
Other (costs)/income
(25)
22
(15)
(1)
(152)
(46)
—
1
Operating profit/(loss)
117
364
71
64
(103)
—
—
1
Net interest expense
(2)
(2)
—
(7)
(9)
(6)
—
—
Profit/(loss) before tax
115
362
71
57
(112)
(6)
—
1
Income tax expense
(31)
(82)
(17)
(11)
—
—
—
—
Profit/(loss) for the year
84
280
54
46
(112)
(6)
—
1
Group’s share of profit/(loss)
42
140
27
23
(57)
(3)
—
—
Group adjustment: tax credit
—
—
—
—
15
1
—
—
Group’s share of post-tax results
for the year
42
140
27
23
(42)
(2)
—
—