v3.26.1
Investments in joint ventures and associates (Tables)
 12 Months Ended
Mar. 31, 2026
Investments accounted for using equity method [abstract]  
Disclosure of joint ventures
2026
2025
Associates
£m
Joint
ventures
£m
Total
£m
Associates
£m
Joint
ventures
£m
Total
£m
Share of net assets
at 1 April
174
434
608
158
1,262
1,420
Exchange adjustments
(17)
30
13
(4)
(46)
(50)
Additions
23
4
27
23
93
116
Share of post-tax results
for the year
15
61
76
11
62
73
Impairment
—
—
—
—
(303)
(303)
Dividends received
(18)
(82)
(100)
(18)
(53)
(71)
Disposals
—
—
—
(1)
—
(1)
Reclassification to held
for sale (note 10)
—
—
—
—
(582)
(582)
Other movements
—
—
—
5
1
6
Share of net assets
at 31 March
177
447
624
174
434
608
The following table describes the Group’s material joint ventures and associates at 31 March 2026:
Joint venture1
% stake
BritNed Development
Limited1
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 Limited1
50%
Nemo is a joint venture with the Belgian transmission operator,
Elia, and operates the subsea electricity interconnector between
Great Britain and Belgium, which became operational in 2019.
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
2026
2025
2026
2025
£m
£m
£m
£m
Statement of financial position
Non-current assets
338
352
448
447
Cash and cash equivalents
65
76
128
118
All other current assets
59
48
11
8
Non-current liabilities
(38)
(51)
(25)
(3)
Non-current financial liabilities
(33)
(32)
(11)
(32)
Current liabilities
(44)
(39)
(103)
(109)
Net assets
347
354
448
429
Carrying amount of the Group’s investment
174
177
224
215
BritNed Development
Limited
Nemo Link
Limited
2026
2025
2026
2025
£m
£m
£m
£m
Income statement
Revenue
151
108
108
102
Depreciation and amortisation
(16)
(16)
(24)
(23)
Other costs
(20)
(23)
(16)
(16)
Operating profit
115
69
68
63
Net interest (expense)/income
(2)
(1)
1
1
Profit before tax
113
68
69
64
Income tax expense
(26)
(18)
(17)
(16)
Profit for the year
87
50
52
48
Group’s share of post-tax results for the year
44
25
26
24
Disclosure of associates
2026
2025
Associates
£m
Joint
ventures
£m
Total
£m
Associates
£m
Joint
ventures
£m
Total
£m
Share of net assets
at 1 April
174
434
608
158
1,262
1,420
Exchange adjustments
(17)
30
13
(4)
(46)
(50)
Additions
23
4
27
23
93
116
Share of post-tax results
for the year
15
61
76
11
62
73
Impairment
—
—
—
—
(303)
(303)
Dividends received
(18)
(82)
(100)
(18)
(53)
(71)
Disposals
—
—
—
(1)
—
(1)
Reclassification to held
for sale (note 10)
—
—
—
—
(582)
(582)
Other movements
—
—
—
5
1
6
Share of net assets
at 31 March
177
447
624
174
434
608
The following table describes the Group’s material joint ventures and associates at 31 March 2026:
Joint venture1
% stake
BritNed Development
Limited1
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 Limited1
50%
Nemo is a joint venture with the Belgian transmission operator,
Elia, and operates the subsea electricity interconnector between
Great Britain and Belgium, which became operational in 2019.
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
2026
2025
2026
2025
£m
£m
£m
£m
Statement of financial position
Non-current assets
338
352
448
447
Cash and cash equivalents
65
76
128
118
All other current assets
59
48
11
8
Non-current liabilities
(38)
(51)
(25)
(3)
Non-current financial liabilities
(33)
(32)
(11)
(32)
Current liabilities
(44)
(39)
(103)
(109)
Net assets
347
354
448
429
Carrying amount of the Group’s investment
174
177
224
215
BritNed Development
Limited
Nemo Link
Limited
2026
2025
2026
2025
£m
£m
£m
£m
Income statement
Revenue
151
108
108
102
Depreciation and amortisation
(16)
(16)
(24)
(23)
Other costs
(20)
(23)
(16)
(16)
Operating profit
115
69
68
63
Net interest (expense)/income
(2)
(1)
1
1
Profit before tax
113
68
69
64
Income tax expense
(26)
(18)
(17)
(16)
Profit for the year
87
50
52
48
Group’s share of post-tax results for the year
44
25
26
24
Disclosure of aggregate information of associates and joint venture The aggregate information of associates and joint ventures that are not individually material is as follows:
2026
2025
£m
£m
Share of post-tax results for the year
6
24
Impairment
—
(303)
Share of total comprehensive income
6
(279)
Aggregate carrying value of the Group’s interests
226
216