Reportable Segments

RNS Number : 3488A

SSE PLC

30 March 2012

 



SSE plc

REPORTABLE SEGMENTS

SSE plc has completed a review of the reportable segments contained within its financial statements.  The review was undertaken following the creation of SSE's Management Board in January 2011 and following resulting changes in the way that SSE manages, reviews and reports internally its businesses.

As a result of the review, SSE will present its financial statements under three core segments:

·     Networks

·     Retail

·     Wholesale

The Networks part of the financial statements will comprise four reported segments:

·     Electricity Distribution (including Connections)

·     Electricity Transmission

·     Gas Distribution

·     Other Networks (ie Telecoms, Utility Solutions and Lighting Services)

The Retail part of the financial statements will comprise two reported segments:

·     Energy Supply

·     Energy Services (ie Contracting, Metering and Home Services)

The Wholesale part of the financial statements will comprise three reported segments:

·     Electricity Generation and Energy Portfolio Management

·     Gas Storage

·     Gas Production

SSE will present its financial statements for 2011/12 under the core segments of Networks, Retail and Wholesale, with the results for further segments listed under each also presented.  To aid comparability, SSE's results for 2010/11 will be re-stated using the new approach.

These reporting changes are designed to provide further financial transparency in respect of SSE's business activities and are consistent with emerging regulatory and accounting requirements.

Gregor Alexander, Finance Director of SSE, said:

"In last year's Annual Report we said that reporting requirements may evolve and I believe that these changes to SSE's segmental reporting represent a practical step forward which will add further transparency to the business and to the financial performance of each part of it.

"In particular, they are consistent with SSE's continuing work to build customers' trust in energy supply, where there will now be separate reporting of profit in the supply of electricity and gas.  We hope that this will help customers to assess the overall fairness of the price they pay for their energy."

 

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