I'm not a financial wiz, but it seems like they are playing games here, as a huge chunk of their stated losses for the year is some sort of loan write-off against their parent company.

> £1,271 million of expected credit loss provision recognised against the intercompany loan receivable from TWUL’s immediate parent company, Thames Water Utilities Holdings Limited. This balance is fully provided for, as it is not deemed recoverable

It blows my mind that this is legal in any developed nation. The whole PE playbook seems like embezzlement carried out in broad daylight.