NEUCONNECT BRITAIN LTD

Accounting basis

UK-adopted IASs

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company is financed through a mixture of shareholder loans and Senior Debt borrowings. Details of all loans and borrowings are set out in note 16 of these financial statements. Despite incurring material development costs leading up to financial close in July 2022, the Company is operating in accordance with its financial model. The Company has long term committed debt facilities and shareholder equity commitments sufficient to fund the construction of the asset with an appropriate level of contingency. The Directors have therefore concluded that the Company has adequate resources to continue in operational existence for the foreseeable future.”

Significant events

• “The principal activity of the Company is the construction and subsequent operation of a 725km, 1.4GW subsea electricity interconnector between the United Kingdom and Germany. Once in its operational phase, anticipated in 2028, revenues will be forthcoming under existing regulatory regimes in both the United Kingdom and Germany.”
• “Following financial close, the Company commenced construction activities and at the balance sheet date it had incurred £327.2m of construction costs, representing 36.3% of anticipated total spend, and increase of £82.0m (6.6%) on 2023 levels.”
• “During the year, the design of both converter stations has made significant progress and is nearing completion, pending some additional input awaited from both Transmission System Operators (TSOs). Preparatory works for both sites were finalised, which allowed for the start of foundation works (piling) in the UK (May) and in Germany (September).”
• “The manufacturing of the cable has also progressed in both the Arco Felice (Italy) and Osaka (Japan) factories.”
• “During 2024, a first marine campaign allowed the installation of 56 km of cable in the UK near-shore. This is a first important and symbolic milestone, delivered on schedule. Marine works were paused during the winter as planned and will resume as per the schedule in the summer of 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

2

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.