June 17, 2020 / 6:50 AM / 20 days ago

BRIEF-SSE Plc Sees £150 Mln To £250 Mln Hit To FY21 Operating Profit

June 17 (Reuters) - SSE PLC:

* FY PRETAX PROFIT FROM CONTINUING OPERATIONS 587.6 MILLION STG VERSUS 1.3 BILLION STG YEAR AGO

* FY ADJUSTED PRETAX PROFIT ROSE 49 PERCENT TO 1.023 BILLION STG

* FY ADJUSTED OPERATING PROFIT ROSE 37 PERCENT TO 1.488 BILLION STG

* FY EPS FROM CONTINUING OPERATIONS 40.6 PENCE

* SSE - FINAL DIVIDEND OF 56P PER SHARE RECOMMENDED

* SSE - PLAN TO INVEST CAPITAL AND INVESTMENT OF AROUND £7.5BN NET IN FIVE YEARS TO 2024/25

* SSE - CORONAVIRUS IMPACTS ON OPERATING PROFIT ESTIMATED BETWEEN £150M AND £250M BEFORE MITIGATION

* SSE - REDUCING PLANNED CASH OUTFLOW (MAINLY CAPEX) BY AT LEAST £250M IN 2020/21

* SSE - TARGETING NET DEBT/EBITDA RATIO AT LOWER END OF 4.5 TO 5 TIMES RANGE BETWEEN 2021/22 AND 2024/25

* SSE - CONTINUING TO TARGET DELIVERY OF FIVE-YEAR 2018/19 TO 2022/23 DIVIDEND PLAN

* SSE - POSSIBLE THAT SOME ADVERSE BUSINESS EFFECTS ARISING FROM CORONAVIRUS MAY CONTINUE IN TO 2021/22 FINANCIAL YEAR

* SSE - PLANS TO REDEEM ITS EUR 600M EUROBOND ON 17 JUNE, AFTER WHICH IT WILL HOLD CASH AND COMMITTED FACILITIES TOTALLING OVER £2BN

* SSE - SSE EXPECTS CASH OUTFLOW TO BE AT LEAST £250M LESS THAN IT HAD PLANNED IN EARLY MARCH 2020

* SSE - THERE WILL BE NO NEW SHARE BUY-BACK PROGRAMMES IN 2020/21 FINANCIAL YEAR

* SSE - WILL NOT BUY BACK SHARES EVEN IF UPTAKE OF SCRIP DIVIDEND FOR 2019/20 DIVIDEND EXCEEDS 20%

* SSE - IN 2020/21 SSE EXPECTS CAPITAL AND INVESTMENT EXPENDITURE TO BE JUST UNDER £1BN Source text for Eikon: Further company coverage:

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